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.



Gold Holds Steady with All Eyes on Trump's Tariff Plans

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
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Gold Holds Steady with All Eyes on Trump's Tariff Plans

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa

Gold prices held steady on Wednesday following a 2% decline in the previous session, while investors focused on US President Donald Trump's tariff plans, which have raised concerns about a trade war.

Spot gold was little changed at $2,912.69 an ounce, by 1120 GMT, after hitting a more than one-week low on Tuesday. Trump's trade policies, seen as inflationary and with potential to spark tiffs with trade partners, saw safe-haven gold hitting a record high of $2,956.15 on Monday.

US gold futures rose 0.3% to $2,926.70.

"The sharp correction in gold followed equities and bitcoin lower, but the bullion market saw some good bargain-hunting on the lows and unlike other asset classes, recovered its composure," independent analyst Ross Norman said, Reuters reported.

The dip in prices is "likely to stimulate good physical offtake and provide an entry point for those that may have missed the bull run," he added.

Wall Street's main indexes touched a one-month low on Tuesday and bitcoin slumped 5.6%.

Trump opened yet another front on Tuesday in his assault on global trade norms, ordering a probe into potential new tariffs on copper imports.

Rising price pressures due to tariffs could force the Federal Reserve to keep interest rates higher. Bullion is a preferred hedge against uncertainty and inflation, but higher rates can reduce its appeal as it yields no interest.

Focus was also on the US Personal Consumption Expenditures (PCE) report, the Fed's preferred inflation gauge, due on Friday.

The recent gains, which took gold within striking distance of $3,000, appeared to run out of steam, suggesting some traders had taken the opportunity to lock in profits, Frank Watson, market analyst at Kinesis Money, said in a note.

"Central bank behaviour will be key to gold's fortunes, as they have been an important element for demand in recent years."

Spot silver gained 0.1% to $31.77, platinum rose 0.9% to $974.86 and palladium added 1.6% to $942.29.