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Arabian Business
2 days ago
- Business
- Arabian Business
Dubai Crown Prince Sheikh Hamdan visits world's largest diamond tender facility
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, visited the DMCC, the leading international business district that steers the flow of global trade through Dubai, exploring of the Dubai Diamond Exchange (DDE), the largest diamond tender facility in the world. Sheikh Hamdan's visit occurred at the same time as a defining moment for the UAE's diamond industry, as DMCC announced the milestone of over 1 billion carats of diamonds traded over the past five years, strengthening its position as the dominant force in global diamond trade. Hamdan bin Mohammed visits Dubai Multi Commodities Centre (DMCC), the leading international business district driving global trade through Dubai, and tours the Dubai Diamond Exchange (DDE), the world's largest diamond tender facility. — Dubai Media Office (@DXBMediaOffice) June 2, 2025 Throughout the trip, Sheikh Hamdan was accompanied during the visit by Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications. Sheikh Hamdan was also welcomed by Dr. Hamad Buamim, Chairman of the Board of DMCC; Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC; and Feryal Ahmadi, DMCC's Deputy Chief Executive Officer and Chief Operating Officer. Dubai's diamond exchange showcased The Dubai Crown Prince visited the Dubai Diamond Exchange tender floors, where he was briefed about the trade practices in place for diamonds, lab-grown stones and other gemstones. He also received information on DMCC's comprehensive diamond ecosystem, including the strategic expansion of the Gemological Institute of America (GIA) into DMCC's new district, Uptown Dubai. 'The visit provided the opportunity to see first-hand how DMCC continues to play a central role in driving global trade and investment flows to Dubai, positioning the emirate as a world-class business hub. As we advance our economic diversification journey under the Dubai Economic Agenda D33, DMCC is leading the way in building high-performance, globally connected ecosystems that attract innovation, talent and capital across priority sectors,' Sheikh Hamdan said in a statement. He was also updated on the regulatory, policy and infrastructure advancements that have driven the UAE to become the leading hub for rough diamond trade worldwide. His Highness was also briefed on DMCC's latest regulatory, policy, and infrastructure advancements that have positioned the UAE as the world's leading hub for rough diamond trade. — Dubai Media Office (@DXBMediaOffice) June 2, 2025 The rapid growth of the UAE in polished and lab-grown sector, added united with its leadership role as both Chair and Custodian Chair of the Kimberley Process, has positioned Dubai as a progressive, forward-thinking, and globally trusted centre of excellence for the diamond industry. Alongside the visit, DMCC announces Strategy 2033, an ambitious roadmap that places its specialised industry ecosystems at the centre of its growth over the next decade. From globally recognised hubs in diamonds, gold, and energy to forward-looking platforms in AI, Web3, blockchain, and gaming, the strategy aims to drive the expansion of key international sectors. It does so through a suite of value-added services, including customised licensing options, state-of-the-art infrastructure, and streamlined access to capital and industry expertise. Built on a proven model that has positioned DMCC as one of the world's most dynamic and fastest-growing free zones, Strategy 2033 leverages this strong foundation. Surging trade ecosystems With growing momentum across all areas, DMCC is set to surpass 26,000 member companies by year-end. DMCC's success is due to the consistent expansion of both legacy and frontier sectors. Over the past five years, the precious stones ecosystem has climbed by 177 per cent, precious metals by 74 per cent, and energy by 72 per cent, while the coffee and tea trade continue growth. Meanwhile, DMCC's newer technology ecosystems have accelerated, mirroring Dubai's rise as a global centre for innovation. This has coincided with a period of stable growth for DMCC, which now makes up 15 per cent of Dubai's foreign direct investment and 7 per cent of its GDP. Sheikh Hamdan's visit also highlighted the further transformation of the Jumeirah Lakes Towers (JLT) and Uptown districts into flourishing business and lifestyle destinations. Today, DMCC is home to over 25,000 companies and has recently seen mounting growth from new industries such as Web3, crypto, gaming and AI. Towards the end of his visit, he received a luxury edition of DMCC's 2024 Future of Trade report, which describes the shifting dynamics of international commerce and predicts key trends shaping global markets. 'It was an honour to welcome His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum to DMCC and the Dubai Diamond Exchange today. This visit is a powerful endorsement of DMCC's role, not only in positioning the UAE as the global leader in diamond trade, but also in advancing Dubai's position as a centre of excellence across a wide range of future-focused industries,' Dr. Hamad Buamim, Chairman of the Board, DMCC said. 'Through long-term investment, bold policy frameworks and a commitment to international partnerships, DMCC has built an ecosystem that enables growth across commodities, technology, services and innovation. As Dubai accelerates the goals of D33, our integrated model will continue to be central to attracting global business and reinforcing Dubai as a leading hub for international trade,' he added. 'It was a privilege to welcome His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum to DMCC at this historic moment for our diamond industry. As we continue to scale our impact through our world-class districts of JLT and Uptown Dubai, attract global institutions, and lead industry dialogues across sectors, DMCC is shaping the future of trade from the heart of Dubai. From precious stones and energy to emerging fields such as AI, Web3 and blockchain, we are building the connected, future-ready ecosystems that global businesses need to thrive – and expecting to surpass 26,000 companies this year,' Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, explained further adding that by driving innovation, integrity and sustainable growth, 'DMCC is proud to support the national economic agenda and continue to cement Dubai's status as a world-leading hub for trade and commerce.' Feryal Ahmadi, Deputy CEO & Chief Operating Officer, DMCC, added: 'From transforming the global tender landscape in diamonds to advancing growth in Web3, AI and sustainable trade, DMCC is building the next generation of global commerce. His Highness' visit is a strong validation of DMCC's Strategy 2033 that will elevate our future-ready, connected ecosystems to ultimately support innovation, ensure resilience and deliver long-term value. As international markets evolve, Dubai is perfectly positioned to meet the needs of businesses, investors and entrepreneurs across sectors, reinforcing its reputation as a dynamic, responsible and forward-looking global hub.' Leading global diamond hub Since 2021, the UAE has rapidly expanded its presence and led the world in rough diamond trade and polished and lab-grown segments. Polished diamonds now represent nearly half of the total diamond trade value, while the lab-grown segment has exceeded AED 3.7 billion in trade in the past year. DMCC has been instrumental in establishing Dubai as a leading global hub for the diamond and precious stones industry. Anchored by the Dubai Diamond Exchange (DDE) and a thriving ecosystem of over 1,350 member companies, DMCC has developed the specialised infrastructure, regulatory framework, and international networks necessary to facilitate smooth and efficient trade across all segments of the diamond market. In 2024, the DDE hosted 85 tenders, emphasising its crucial role as a hub for the global diamond community. This position is strengthened by the presence of the Kimberley Process Office, the DMCC Vault and a suite of high-impact networking and industry initiatives, including the Tender Best Practice Forum, all of which uphold the highest standards of security, compliance and market engagement. The expansion of globally renowned institutions like the Gemological Institute of America (GIA) into Uptown Dubai further enhances the city's comprehensive offering, reinforcing its position as a world-leading hub for the diamond trade across every stage of the value chain. The DMCC continues to serve as a key driver in shaping the future of global trade across a wide range of sectors. With a significant community of over 25,000 member companies from 180 countries, it offers world-class infrastructure, regulatory frameworks, and tailored industry ecosystems that foster growth in commodities, financial services, and emerging technologies. Through specialised hubs such as the DMCC Crypto Centre, Gaming Centre, AI Centre, and Tea and Coffee Centres, DMCC is not only solidifying Dubai's position as a nexus for both traditional and digital trade but also powering the next wave of enterprise, innovation, and global business.
TECHx
22-05-2025
- Business
- TECHx
GITEX EUROPE Officially Launched in Berlin
Home » Other Tech Events » GITEX Expands to Europe with Berlin Event in 2025 GITEX GLOBAL has announced the launch of GITEX EUROPE. The event will take place in Berlin, Germany, from May 21–23, 2025. This marks the first European edition of the world's largest tech and startup show. GITEX EUROPE will be organized by KAOUN International, the international affiliate of Dubai World Trade Centre (DWTC), in partnership with Messe Berlin. According to the organizers, Berlin was selected for its central location, diverse tech ecosystem, and thriving startup culture. The city hosts over 500 growth-stage startups and unicorns. The launch was revealed during a press conference at a leading business tech festival in Germany. Leaders from Messe Berlin and KAOUN International shared their vision for this landmark event. Omar Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, attended the announcement. He emphasized the importance of global collaboration in advancing technology. GITEX EUROPE 2025 will feature AI, cybersecurity, mobility, and deep tech. It will welcome industry leaders, governments, and global tech innovators. Organizers reported that the event aligns with GITEX's mission to promote global digital transformation. It will also support European innovation by connecting startups with global investors and partners. Messe Berlin's CEO, Dirk Hoffmann, stated that GITEX EUROPE will strengthen Europe's position as a global tech hub. He added that Berlin is ready to host a future-driven event of this scale. The debut of GITEX EUROPE expands the GITEX brand's global presence following successful editions in Dubai, Morocco, and Africa.
The National
21-05-2025
- Business
- The National
Sheikh Hamdan hails UAE industry after visiting Make it in the Emirates forum
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, has said the UAE's industrial sector is a vital component of the national economy. Sheikh Hamdan made his comments after visiting the Make it in the Emirates manufacturing conference, taking place this week in Abu Dhabi. "The national industrial sector is a fundamental pillar of the UAE economy and a key driver advancing its vision for greater diversification and innovation," said Sheikh Hamdan, as reported by the Dubai Government Media Office. The industrial sector is more than just an economic segment, he added, it is "fundamental to national sovereignty and the growth of human and technological capacities". The manufacturing forum affirms the UAE's readiness to lead industrially at regional and global levels, backed by a clear vision, robust infrastructure and extensive expertise, with public-private partnerships underpinning its industrial future, said Sheikh Hamdan. During the visit, he explored the latest projects from Emirati companies, featuring artificial intelligence, robotics, energy, manufacturing and real estate developments. He was accompanied on his visit by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Omar Al Olama, Minister of State for AI, Digital Economy and Remote Work Applications.
The National
21-04-2025
- Business
- The National
UAE to evaluate government departments on AI use, minister says
The UAE will begin evaluating all government departments on the effectiveness of their artificial intelligence adoption, as part of a wider push to ensure meaningful implementation across the public sector, Omar Al Olama, Minister of State for AI, Digital Economy and Remote Work Applications, said at Dubai's AI Retreat. 'Every single government department is going to be assessed, rated and classified based on how well they use artificial intelligence and how beneficial it is for their entity,' Mr Al Olama told the gathering at the Museum of the Future, which marked the start of the inaugural Dubai AI Week. The move is part of a broader strategy to ensure AI integration across the UAE leads to tangible public benefit rather than superficial adoption. Departments will not be rewarded for merely using AI but for how effectively it enhances operations and improves residents' quality of life. 'We don't want to leverage artificial intelligence just for the sake of AI,' Mr Al Olama said. 'We want to ensure that the application actually improves the quality of life of citizens in the UAE and in Dubai specifically.' The retreat – now in its second edition – brings together more than 1,000 AI experts, policymakers and executives from companies including Microsoft, Meta, Google and IBM, as well as delegations from more than 100 countries. The aim is to foster international collaboration and accelerate the UAE's vision of becoming a global AI leader. 'This is the continuation of a journey that started last year – a journey where we, in Dubai and the UAE, decided that the time is now for us to plant a flag in the path towards leadership in AI for the region,' Mr Al Olama said. He outlined the UAE's three-part framework for approaching AI: innovation, regulation and a third pillar he described as 'acceleration'. 'We believe that we should not compromise regulation for the sake of innovation, but we must also focus on accelerating the positive use of this technology in the best way possible,' he said. To demonstrate the risks of overregulation, he referred to the 19th-century UK Locomotive Act, which required a person to walk ahead of vehicles waving a red flag – effectively limiting cars to walking speed. 'It was not until that regulation was removed that the UK was able to proliferate the use of cars on its roads,' he said. 'In Dubai, our belief is the same. We do not want to overregulate for the sake of regulation.' Referring to the use of smart gates at Dubai airports as a model, he said: 'That is an exceptional use of artificial intelligence that improves quality of life … AI that is frictionless. AI that you don't feel. And AI that improves your quality of life overall.' Since last year's retreat, the UAE has taken several concrete steps to build its AI infrastructure. Targets set by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, included appointing a chief AI officer in every government department, launching AI-focused incubators and training a million people in prompt engineering. 'We've attracted over Dh20 billion [$5.44 billion] into this domain,' Mr Al Olama said, referring to major investments such as KKR's deal with Gulf Data Hub. To bring transparency to the growing AI ecosystem, he said 325 companies had now been classified through the UAE's AI classification system. 'We need to clarify what is real AI and what is not,' he said. 'Whether the domain of expertise actually fits what you want as an entity or an individual, and whether you can actually work with that company.' He also called for deeper collaboration between the government and private sector, saying Dubai does not seek to build everything in-house but aims to be the most business-friendly city for AI innovation. 'We know that we can work with the best and the brightest – some of you in this room – to ensure that Dubai is the place where artificial intelligence is deployed and where the benefits are reaped," he added. 'Dubai understands business. And in our dream, we are a city that is a business hub, but that's also an accelerator of artificial intelligence.' The UAE is positioning itself as a global leader in AI as part of its broader strategy to diversify beyond oil. In 2019, the country launched the Mohamed bin Zayed University of Artificial Intelligence, the world's first university dedicated exclusively to AI. More recently, the UAE has also developed several large language models – a key building block in the deployment of advanced AI systems across sectors.
The National
21-04-2025
- Business
- The National
The UAE is claiming its spot in the AI race
Over the past decade, the UAE has been making significant strides in the world of artificial intelligence and steadily climbing the global ranks in tech leadership. During the course of Dubai AI week that starts today, when representatives of giant international tech firms, from Microsoft, Meta, Google and IBM will be in the UAE, along with industry leaders from 100 countries, collaborations are likely to be struck that further boost the country's wide-ranging AI goals. We can expect them to build networks, highlight the role of AI in reimagining government services to make them even more efficient, thereby accelerating economic growth, and ultimately preparing societies for a future that is driven by technology and importantly, which benefits people at large. As the UAE continues to diversify its economy, AI already informs much of the UAE's thinking and performance across sectors. From shaping health care, education, transport to increasing government efficiencies and integrating AI into security systems, the reach of AI extends every year. To this end, a few notable collaborations are already cemented, such as Abu Dhabi's G42 tie-up with chipmaker Nvidia for AI-led climate solutions, and a $1.5billion investment from Microsoft in G42 last April. None of this, however, has happened overnight. The UAE's strategic thinking and the work that has been done to lay a solid foundation for AI go back several years. In October 2017, the UAE appointed the world's first Minister of State for Artificial Intelligence, Omar Al Olama. Subsequently, in early 2019, almost exactly six years ago, the UAE adopted an ambitious plan called the National Artificial Intelligence Strategy 2031 – to become one of the leading nations in AI by 2031. In the same year, the country established the world's first graduate-level, research-based university that was dedicated to AI, the Mohamed bin Zayed University of Artificial Intelligence. And in January, Abu Dhabi launched its Digital Strategy 2025-2027, which aims to transform the emirate into the world's first fully artificial intelligence-powered government by 2027. With the UAE's focus on how technology can help improve lives and be used for public good, the goals are within reach. At the World Governments Summit this February, Mohammed Al Gergawi, Minister of Cabinet Affairs, said that over the next 25 years, artificial intelligence would move civilisation ahead faster than at any stage in history. Given all these developments, this is undoubtedly an exciting time for innovators and those in the tech world. It is also nothing short of revolutionary for ordinary people who can experience the marvels of technology for themselves, in trying out AI assistant tools such as ChatGPT or DeepSeek or Gemini. But given such rapid progress of technology, and the power of AI tools, the issue of preparing workforces and societies, responsible use, security and ethics also come into play. Cognisant of this reality, Mr Al Olama, the UAE's AI minister, has spoken about the need for governments to introduce boundaries for AI, and a proactive approach in regulating AI. These are important and urgent issues. As the UAE advances in its pursuit of AI goals, and factors in security concerns, it is on track to achieve milestones in the field of futuristic technology and inspire countries, in the Middle East and North Africa region and around the world, to similarly strive for success.
