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UAE Approves Strategy to Double Contribution of Digital Economy to GDP Within 10 Years

Sheikh Mohammed bin Rashid chairing a cabinet session on Monday, April 11, 2022. (WAM)
Sheikh Mohammed bin Rashid chairing a cabinet session on Monday, April 11, 2022. (WAM)
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UAE Approves Strategy to Double Contribution of Digital Economy to GDP Within 10 Years

Sheikh Mohammed bin Rashid chairing a cabinet session on Monday, April 11, 2022. (WAM)
Sheikh Mohammed bin Rashid chairing a cabinet session on Monday, April 11, 2022. (WAM)

The UAE cabinet on Monday approved a digital economy strategy to double the contribution of the digital economy to the GDP from 9.7% to 19.4% within the next 10 years. It also aims to transfer the UAE into a hub for digital economy regionally and globally.

The strategy includes more than 30 initiatives and programs targeting six sectors and five new areas of growth.

It will define the digital economy in the country, with a unified mechanism for measuring its growth while measuring its indicators periodically.

The strategy will define the priorities of digital economy in the country, ensuring the contribution of all other economic sectors to promote and support the digital economy.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said: “Our goal is to increase the contribution of the digital economy sector to the non-oil GDP by 20 percent over the next 10 years.”

“We formed a Council for Digital Economy chaired by Omar bin Sultan al-Olama, the UAE Minister of State for Artificial Intelligence, Digital Economy, and Teleworking Applications,” he added.

The cabinet also approved a federal law about the public finance. It compels federal authorities to coordinate with the Ministry of Finance to achieve the financial strategy’s objectives.

It approved executive regulation of the federal decree-law on private education aimed at regulating the work of private schools in the country, in accordance with the objectives of the private education law, the provisions of which apply to all private schools in the UAE.

The executive regulation aims to enhance a high-level educational system that regulates the licensing mechanism for private schools, to ensure the quality of education and to place students among the best in the world in knowledge assessment tests.

The cabinet further adopted a unified framework to coordinate and organize the humanitarian and development work of the charitable institutions.

It includes a guide that organizes the seasonal work of all UAE donors concerned with foreign aids, in accordance with international standards, and in line with the UAE foreign aid policy and strategy.

This framework includes the establishment of coordinating offices in the country's missions abroad for foreign aid.

It will contribute to regulating financial transfers to donors, and the UAE charitable institutions in the beneficiary countries.

In addition to reviewing and discussing several reports, the cabinet approved an agreement to linking payment systems among GCC countries, an agreement with Brazil, two agreements with Denmark and an agreement with the United States.

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Business

Iraq Studies Alternative Options for Oil Exports

Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
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Iraq Studies Alternative Options for Oil Exports

Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty

Iraq is studying alternative measures to export crude oil after disruptions to the process amid the US-Israeli war against Iran. At the same time, the country intends to continue producing crude oil at a level of 1.4 million barrels per day.

Iraqi Oil Minister Hayyan Abdul Ghani told the official television channel Al-Iraqiya News that oil exports account for 90 percent of Iraq’s revenues, and that the ministry has decided to continue producing crude oil at 1.4 million barrels per day.

He emphasized that the production and supply of petroleum products to meet domestic demand have not stopped.

He added that refineries are operating at full design capacity to cover local needs, and that sufficient quantities of liquefied gas are available to fully meet domestic needs.

Regarding exports, he explained that the export process has stopped in the south, prompting the government to search for possible alternatives to export crude oil. He revealed that an agreement is close to being signed to export oil through the Turkish Ceyhan pipeline.

Abdul Ghani added that the ministry has prepared a comprehensive plan to manage the current phase, particularly after the new circumstances in the Strait of Hormuz, noting that a plan has been activated to transport 200,000 barrels per day by tanker trucks through Türkiye, Syria, and Jordan.

In a separate context, the oil minister denied that tankers targeted in Iraqi waters belonged to Iraq, explaining that they were not Iraqi vessels and were carrying naphtha.

Iraq recently lost its entire oil export capacity of 3.35 million barrels per day after Iran closed the Strait of Hormuz following escalating conflict in the region.

Iraq relies on crude oil sales for about 95 percent of its revenues to meet the needs of the country’s annual federal budget. This means that the country would face a critical situation if the conflict in the Gulf region and the Strait of Hormuz continues.

Business

Gold Set for Weekly Drop as Oil Price Surge Weighs on Rate-cut Hopes

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
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Gold Set for Weekly Drop as Oil Price Surge Weighs on Rate-cut Hopes

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo

Gold prices were on track for a second consecutive weekly drop, despite edging up on Friday, as surging energy prices due to the Middle East war dimmed prospects for near-term US interest rate cuts.

Spot gold was up 0.3% at $5,095.55 per ounce, as of 0633 GMT on Friday. US gold futures for April delivery fell 0.1% to $5,100.20.

The US 10-year Treasury yields eased, increasing the appeal of the non-yielding bullion. Bullion, however, has ‌lost more ‌than 1% so far this week. Since the war ‌started ⁠on February 28, ⁠it has dropped over 3% so far.

Fears of inflation and questions about the Federal Reserve's ability to cut interest rates if high oil prices persist are somewhat counteracting gold's appeal, said Tim Waterer, KCM Trade chief market analyst.

"Given the ongoing uncertainty about the duration and scope of the conflict in the Middle East, I expect gold to remain on the ⁠radar for investors as a safety play." Heightening geopolitical ‌tensions, Iran's Supreme Leader Mojtaba Khamenei said ‌on Thursday that Tehran will keep the strategic Strait of Hormuz closed as ‌leverage against the US and Israel, which has stoked concerns about ‌global energy supply and risk assets.

Oil prices rose above $100 a barrel, as attacks on oil tankers in the Gulf and warnings from Iran shattered prospects of quick de-escalation in the Middle East conflict. As oil prices surged, US President Donald ‌Trump again demanded Fed Chair Jerome Powell cut interest rates.

Traders, however, expect the Fed to keep rates ⁠steady in the current ⁠3.5%-3.75% range at the end of its two-day meeting on March 18, according to CME Group's FedWatch tool. While recent inflation data suggest price growth is under control, the war and the resulting spike in crude prices have yet to filter through the data.

Investors are awaiting the release of the delayed January Personal Consumption Expenditures Index, expected on Friday. Gold discounts in India widened this week to their deepest point in nearly a decade as demand stayed subdued and some traders steered clear of paying import duties, while the escalating Middle East war boosted safe-haven demand in China.

Spot silver was down 1% at $82.91 per ounce. Spot platinum lost 1% to $2,111.45 and palladium fell 1% to $1,603.

Business

Iran War and Rising Fuel Costs Could Boost Panama Canal Traffic, Administrator Says

A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
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Iran War and Rising Fuel Costs Could Boost Panama Canal Traffic, Administrator Says

A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)

Panama Canal Administrator Ricaurte Vásquez said Thursday that the conflict in the Middle East and rising fuel costs could ultimately benefit the interoceanic waterway as global shippers adjust routes.

In an interview with The Associated Press, Vásquez said that higher energy, fuel and navigation costs could make the Panama Canal a more attractive option for commercial traffic.

“When costs increase, in general when the price of marine fuel rises, the Panama Canal becomes a more attractive route,” Vásquez said.

Oil prices have risen amid the war in the Middle East, which has led to the temporary closure of the Strait of Hormuz by Iran in response to US and Israeli attacks. About one-fifth of the world’s oil passes through the waterway at the mouth of the Gulf.

If higher energy costs persist, routing cargo through Panama can cut voyages by between three and 15 days, depending on the route, while reducing fuel consumption, he said.

Vásquez said higher fuel costs are expected to affect container ships, bulk carriers and tankers transporting liquefied natural gas. If Middle Eastern supplies are disrupted, shipments may be replaced by other sources, including the United States, which could redirect some LNG cargo from Europe to Asia via Panama.

Gerardo Bósquez, an executive with the Panama Maritime Chamber, said a prolonged conflict could reshape global trade routes, with gas transport among the segments likely to benefit.

Vásquez cautioned that any changes will not be immediate and will depend on how long cargo operators expect the conflict and instability in the Gulf last.