UAE Launches Fourth Industrial Revolution Protocol

 A side of the Global Future Councils sessions that concluded on Sunday in Dubai. Asharq Al-Awsat Arabic.
A side of the Global Future Councils sessions that concluded on Sunday in Dubai. Asharq Al-Awsat Arabic.
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UAE Launches Fourth Industrial Revolution Protocol

 A side of the Global Future Councils sessions that concluded on Sunday in Dubai. Asharq Al-Awsat Arabic.
A side of the Global Future Councils sessions that concluded on Sunday in Dubai. Asharq Al-Awsat Arabic.

In partnership with the World Economic Forum (WEF), the Emirate government launched Sunday the Fourth Industrial Revolution (4IR) Protocol.

During the second Annual Meeting of the Global Future Councils (AMGFC) in Dubai, the 4IR protocol was launched and it is an initiative that sets a regulatory framework for the tools and technologies already driving the next wave of human progress.

It encompasses three primary pillars: providing an integrated and secure data environment; formulating policies and legislation of the Fourth Industrial Revolution and building a unified system of values and ethics to guide 4IR technologies.

Mohammad Abdullah al-Gergawi, the Minister of Cabinet Affairs and The Future and Co-chair of the Global Future Councils, said that the Fourth Industrial Revolution Protocol not only consolidates the UAE government’s efforts to adopt 4IR tools and technologies, but demonstrates its commitment to addressing the moral and ethical concerns surrounding them.

Gergawi added: “The Fourth Industrial Revolution’s unprecedented technological capabilities require us to change the mechanisms that govern the work of vital sectors.”

The launching of the Fourth Industrial Revolution represents an initiative from the UAE, that presents perceptions for the vital sectors’ future and puts a framework for the regulating legislatives and policies in a way that contributes in empowering governments to provide better services for the community.

The Protocol will establish a massive integrated data environment to simulate the Fourth Industrial Revolution, permitting experts to meet its challenges via extensive data sharing and artificial intelligence.

It will also work to ensure privacy for the community, contribute to human happiness by instilling values and ethics into technological advances and address the inherent challenges new technologies bring to identify and combat possible negative effects on humankind.



Egypt's Net Foreign Assets Slid in October

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
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Egypt's Net Foreign Assets Slid in October

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)

Egypt's net foreign assets (NFAs) dropped by $1.12 billion in October after a rise in September, central bank data shows.

NFAs declined to the equivalent of $9.21 billion at the end of October from $10.33 billion at the end of September, according to Reuters calculations based on the official central bank currency rates. The decline followed a $591 million gain in September.

Egypt had been using NFAs, which include foreign assets at both the central bank and commercial banks, to help to prop up its currency since as long ago as September 2021.

NFAs turned negative in February 2022 and only returned to positive territory in May this year.

Foreign assets rose at the central bank in October but dipped at commercial banks while foreign liabilities climbed at both commercial banks and the central bank.