Category: Trading

DUBAI: Artificial Intelligence (AI) is unlikely to trigger mass unemployment, and some predictions of specific job losses will go wrong, according to Sebastian Kurz, a former Chancellor of Austria.

‘I have always been fundamentally optimistic about technological progress. The fear that machines would take away jobs from humans has been around since the first wave of industrialization,’ he said in a recent interview with the Emirates News Agency (WAM) in Dubai.

Becoming the Chancellor of Austria at 31 in 2017, Kurz was one of the world’s youngest ever democratically elected heads of government. In December 2021, he left politics and is now working as a globally operating entrepreneur, consultant and investor.

Acknowledging that some jobs would be lost to AI, he said certain predictions in this regard would go wrong.

New jobs will emerge, but contrary to expectations, AI will replace office jobs before those of truck drivers and warehouse workers, Kurz added.

He argued that chatbots such as ChatGPT and oth
er generative AIs [type of AI that can produce various types of content, including text, imagery, audio and synthetic data] have impressively demonstrated this possible scenario.

‘This is a development that many did not expect and that many may be afraid of.’

Cybersecurity, misinformation threats

As an advocate of technological progress, he firmly believes in its potential of positive impact on humanity; however, he is also concerned about the risks that accompany these advancements, such as cyber threats and the spread of disinformation.

‘In the digital world, the absence of national borders demands a re-evaluation of the approach to cybersecurity. The potential for cyberattacks to cause not only financial damage but also endanger lives cannot be underestimated,’ the former chancellor warned.

The rapid digitisation has caught many off guards, particularly regarding the scale of cyber threats, he observed.

Kurz said his experiences with cyber-attacks during his time as Chancellor, including those on his
party and the Foreign Ministry, led him to co-found Dream, a cybersecurity company that uses AI to safeguard critical infrastructures.

Fake news

Kurz pointed out the significant challenge posed by AI-generated disinformation through manipulated digital content, including videos.

Asked his take on some experts equating fake news to a threat like climate change, Kurz said that fake news, cyberattacks, and climate change share a commonality-they are global issues transcending national borders, requiring united efforts for resolution.

The UAE has demonstrated true leadership here, further solidifying its role as a global hub for dialogue and international cooperation, he added. The recently held World Government Summit in Dubai was the latest example in this regard, said Kurz who was a prominent speaker in the Summit.

‘I also do not want to leave COP28 unmentioned, because it was a particularly positive example of international cooperation and bridge-building.’

COP28 success proves diplomacy works

The UAE’
s successful organisation of COP28, the UN Climate Conference in Dubai in December, was a proof that despite many geopolitical tensions, diplomacy is alive and can function, Kurz emphasised.

‘It was a particularly positive example of international cooperation and bridge-building. The UAE has proven to be the right country at the right time to host the climate conference.’

He commended the UAE’s innovative efforts in renewable sector in the country with massive investments in solar power, and the strategy for hydrogen.

Masdar’s [Abu Dhabi Future Energy Company] international initiatives, for example in the wind, solar and geothermal energy sectors, are admirable; other parts of the world can learn a lot from their approach, the former chancellor said.

Austria-UAE ties

The strategic partnership between Austria and the UAE is both close and historically developed, he stressed.

The UAE is not just an important economic partner but also plays a significant role in the fields of innovation and technology, as
well as in the fight against terrorism, Kurz emphasised.

Recalling his visits to the UAE as Chancellor and the fruitful engagements, he said two countries then were able to further deepen the relationships, for example with hydrogen alliance in 2021.

‘I have always harboured a great fascination for the region.’

Source: Emirates News Agency

ABU DHABI: The World Trade Organization’s (WTO) 13th Ministerial Conference (MC13) in Abu Dhabi next week is an opportunity for the organization to equip itself to meet the global challenges, Japanese Foreign Minister Yoko Kamikawa told the Emirates News Agency (WAM).

MC13 is taking place as the rules-based multilateral trading system, with WTO at its core, faces multiple geopolitical and economic challenges, she pointed out in an email interview with WAM from Tokyo.

‘The conference is called the ‘Reform Ministerial.’ We must use this opportunity to transform the WTO to demonstrate that the organization can effectively respond to these global challenges by advancing the necessary reform of all key functions,’ Kamikawa emphasised.

UAE at forefront

The UAE will host MC13 from 26th to 29th February 2024 in Abu Dhabi, after successfully organising COP28, the UN Climate Conference in Dubai in December 2023.

Around 164 nations and trading blocs will participate in Ministerial Conference, the WTO’s top decision
-making body, which meets usually every two years.

The Japanese top diplomat appreciated the UAE Government and Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and MC13 Chair, for their efforts and leadership in hosting and chairing this conference.

‘I would also like to express my deep respect for the UAE for having always been at the forefront in upholding the value of free trade.’

As major trading partners that share the value of free trade, Japan and the UAE are currently working together for the success of MC13 with a view to strengthening a rules-based multilateral trading system with the WTO at its core, Kamikawa affirmed.

WTO reforms

Elaborating on her views about the WTO reforms, the foreign minister suggested that the members must make progress in this regard to make the WTO well- equipped to tackle new global challenges such as climate change, supply chain disruptions, the widening gap among countries, and barriers in promoting digital trade.

She emphasised the inclusivity
in global trade to ensure the participation of all people, regardless of their gender or background.

Kamikawa expressed her country’s ‘strong hopes’ for a positive outcome on dispute settlement reform at MC13, paving the way for a fully and well-functioning dispute settlement system accessible to all members by 2024.

Reinforcement of the deliberative function of the WTO is also important, she said, hence the global body can address the challenges that international trade faces today, such as effectively addressing trade-distortive industrial subsidies.

Other priorities

Japan is looking forward to the early enforcement of the Agreement on Fisheries Subsidies, Kamikawa noted.

In this regard, accelerating the second wave of the negotiation is also important not only for the rule-making function of the WTO, but also for sustainable development achieved through fisheries resource management as well as the achievement of the Sustainable Development Goals (SDGs), she explained.

Furthermore, the top diplomat st
ressed, the continuation of the moratorium on imposing customs duties on electronic transmissions is essential to further foster certainty and predictability for businesses and avoid significant disruptions to international trade and investment.

Support for developing countries

The foreign minister pointed out that Japan has been supporting developing countries’ participation in the multilateral trading system, especially women’s participation in digital trade, through contribution to the Aid for Trade (AfT) projects of the International Trade Centre (ITC).

As for sustainable development, she pointed out, Japan is the first member to contribute to the WTO Fisheries Funding Mechanism, which facilitates implementation of the Agreement on Fisheries Subsidies by developing countries including least developed countries (LDCs).

In this regard, Japan welcomes the adoption of the decision on the extension of support measures for LDC graduating countries by the General Council in October last year, as well as the
expected accessions of Comoros and Timor-Leste, both of which can be successful outcomes of MC13, Kamikawa affirmed.

Moreover, she explained that advancement of plurilateral initiatives including the Joint Statement Initiatives (JSIs) on e-commerce, Investment Facilitation for Development, and Services Domestic Regulation currently being pursued at the WTO by likeminded members, will be a growth driver for a wide range of members and bring about benefits for many people.

‘Japan strongly supports incorporating the outcomes of JSIs into the legal framework of the WTO.’

Japan-UAE ties

Japan and the UAE celebrated the 50th anniversary of the establishment of diplomatic relations in 2022, the top diplomat noted.

‘Japan and the UAE will deepen their cooperation beyond the traditional areas such as energy and economy, to include a wide range of fields including climate change, education, science and technology, outer space and defence, under the ‘Comprehensive Strategic Partnership Initiative (CSPI)’. Such coop
eration could be further expanded in the field of international trade as well.’

In addition, Japan values the UAE’s efforts on establishing and strengthening legal frameworks to promote international trade. In this context, Japan looks forward to resuming negotiations for a Japan-GCC Free Trade Agreement (FTA) this year, Kamikawa noted.

‘Japan also appreciates the fact that the UAE is providing a safe venue with appropriate protection for international companies to expand their business in the Middle East and Africa,’ the foreign minister concluded.

Source: Emirates News Agency

ABU DHABI: ADQ, an Abu Dhabi-based investment and holding company, has unveiled plans to invest US$35 billion in Egypt. ADQ will acquire the development rights for Ras El-Hekma for $24 billion to develop the region into one of the largest new city developments by a private consortium. As part of this investment, ADQ will also convert $11 billion of deposits that will be utilised for investment in prime projects across Egypt to support its economic growth and development.

Ras El-Hekma is a coastal region in Egypt located approximately 350 kilometres northwest of Cairo. The significant investment marks a pivotal step towards establishing Ras El-Hekma as a leading first-of-its-kind Mediterranean holiday destination, financial centre and free zone equipped with world-class infrastructure to strengthen Egypt’s economic and tourism growth potential. The Egyptian government will retain a 35 percent stake in the Ras El-Hekma development.

Spanning over 170 million square meters, Ras El-Hekma will be a next-generatio
n city comprising mainly of tourism amenities, a free zone and an investment zone combining, among else, residential, commercial, and recreational spaces with seamless connectivity domestically and internationally. ADQ, leveraging its expansive portfolio and partners, aims to unlock the appeal of Ras El-Hekma as a premium international financial and tourism destination adopting the latest cutting edge digital and technological smart city solutions. ADQ intends to leverage Egyptian and international partners as part of its development and investment plans. Work is expected to commence in early 2025.

ADQ’s decision to invest in Ras El-Hekma is underpinned by its extensive track record of smart-growth planning and investing in similar large-scale infrastructure and development projects in the region. ADQ’s experience in providing fully integrated infrastructure solutions across a broad range of services, including energy, water, transportation and real estate, promises to bring significant benefits to the new d
evelopment and Egypt’s economy, and is expected to attract over $150 billion in investments.

Ras El-Hekma’s master plan will pioneer innovative solutions that deliver a positive and lasting impact that is designed to attract foreign direct investment, boost trade, support Egypt’s private sector via an in-country localisation program and drive job creation to maximise economic benefits.

Mohamed Hassan Al Suwaidi, Managing Director and Chief Executive Officer of ADQ, said, ‘ADQ is a long-standing investment partner in Egypt, and we have demonstrated our ability to select opportunities that are aligned with our investment framework and benefit the Egyptian economy. This investment underscores our commitment to developing Ras El-Hekma into one of Egypt’s most attractive coastal destinations through the enablement of mega-infrastructure and development projects, working with partners such as Modon Properties and Talaat Moustafa Group, which will deliver value across multiple sectors of Egypt’s vibrant economy.’

E
gypt’s North Coast has garnered tremendous interest from global investors and tourists, showcasing its aptitude to benefit from international partnerships. Ras El-Hekma will be a world-class destination in the Mediterranean with unmatched attractions, including hotels, yacht marinas and entertainment facilities.

Sustainability is a key feature of the envisaged master plan, ensuring local ecosystems are preserved to create a highly attractive place to live, work and play in one of the most prestigious destinations in Egypt.

Source: Emirates News Agency

ABU DHABI: Etihad Airways is celebrating the arrival of three new Boeing 787-9 aircraft this weekend. The national airline of the UAE welcomed the latest additions to its expanding fleet at Abu Dhabi Zayed International Airport.

The new aircraft will begin operations this month, helping Etihad to expand in line with its ambitious roadmap which will see it fly to 125 destinations with more than 160 aircraft by 2030.

Antonoaldo Neves, Chief Executive Officer, Etihad Airways, said, ‘We are thrilled to welcome these brand-new, state-of-the-art Boeing 787 Dreamliners to Abu Dhabi. Their arrival is key to our network expansion strategy and comes at the perfect time as we continue to add multiple new destinations and expand frequencies into key markets.

‘These new aircraft support our commitment to Abu Dhabi, allowing us to bring more guests to experience the incredible capital of the UAE, either as their end destination or on a stopover when connecting across our expanding network.’

The 787-9s will further bols
ter Etihad’s fleet as it launches additional destinations over the coming months. Etihad will begin flying to Boston, its fourth US gateway, on 31st March, and will add Nairobi and Bali to the network as well as summer routes to Nice, Malaga, Mykonos and Santorini.

Boeing’s 787 Dreamliners are up to 25 percent more fuel efficient than many comparable aircraft of their size. In total, Etihad now operates 43 Dreamliners and a total fleet of 88 aircraft including the Airbus A380, A350, A320 family, and Boeing 777.

Source: Emirates News Agency

ABU DHABI: Hamid Al Zaabi, Director-General of the Executive Office for Anti-Money Laundering and Counter Terrorism Financing (AML/CFT), said that the United Arab Emirates plays a leading global role in combating financial crimes, noting that the UAE will begin the next Mutual Evaluation Report (MER) of the Financial Action Task Force (FATF) in 2026.

In statements to the Emirates News Agency (WAM), Al Zaabi said that the FATF’s announcement on the UAE’s completion of all 15 recommendations of its Action Plan is a culmination of the tireless efforts of various federal, local, and private sector entities in the country in accordance with the national strategy and action plan.

He said that the UAE has established a sophisticated monitoring and reporting system using digital tools and involving more than 90 national entities. “The Federal Competitiveness and Statistics Centre, which is part of the Executive Office, retains this data, which is used to ensure that entities continue to comply with national objecti
ves and international standards.”

Al Zaabi explained that in the context of international cooperation, the UAE has increased the number of Mutual Legal Assistance Treaties (MLATs) and has so far signed 45 treaties, with more to be signed this year. In the area of financial information exchange, the UAE sent 200 outgoing MLAT requests between January and October 2023 to facilitate investigations into terrorist financing, money laundering, and predicate crimes.

In regard to suspicious transaction/activity reports (STRs), the first ten months of this year saw an increase in the participation of all sectors in this process and the number of reports submitted compared to 2022. The Designated Non-Financial Businesses and Professions (DNFBP) sector achieved a 266 percent increase in STRs, while the real estate sector increased its STRs by 106 percent. The Corporate Service Providers and Trust Funds sector achieved a 49 percent increase in STRs, while the total STRs submitted by all DNFBPs reached 90 percent.

The
Director-General of the AML/CFT Executive Office said that in terms of law enforcement measures, the value of fines imposed by regulatory authorities in the field of AML/CFT between January and October reached AED 249.2 million, compared to AED 76 million in 2022, a three-fold increase. In terms of targeted financial sanctions, regulatory authorities collected a total of over AED 10 million in fines imposed as targeted financial sanctions between July and October 2023. The amount recorded on 31st October 2023, for fines related to targeted financial sanctions represents a 448 percent increase compared to the fines imposed in 2022.

He highlighted that last year, the Executive Office headed official delegations to the United States of America, the Republic of Singapore, and the Republic of Serbia to hold bilateral meetings. It also headed the UAE delegation to participate in the annual meetings of regional bodies such as the FATF, the Asia Pacific Group (APG), and the Eurasian Group (EAG), adding that the UAE
will host the APG Annual Meeting in Abu Dhabi in September next year, the first time the meeting has been held in the region.

Al Zaabi noted that Memoranda of Understanding (MoUs) provide a good framework for exchanging best practices, as the Executive Office has signed MoUs with its counterparts in the Arab Republic of Egypt, the Kingdom of Morocco, and the Republic of Kazakhstan to enhance bilateral cooperation.

He emphasised that the UAE’s next National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, covering the period 2024-2027, will be launched in the coming months.

Al Zaabi added that later this year, the results and recommendations of the latest National Risk Assessment (NRA), which began last year with the support of the World Bank Group, are also expected to be announced.

Source: Emirates News Agency