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UAE Targets Advanced Technology Exports Worth $4b Annually

Sheikh Mohammed bin Rashid Al Maktoum announcing the national program to accelerate the pace of technological transformation on Wednesday in Abu Dhabi (WAM)
Sheikh Mohammed bin Rashid Al Maktoum announcing the national program to accelerate the pace of technological transformation on Wednesday in Abu Dhabi (WAM)
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UAE Targets Advanced Technology Exports Worth $4b Annually

Sheikh Mohammed bin Rashid Al Maktoum announcing the national program to accelerate the pace of technological transformation on Wednesday in Abu Dhabi (WAM)
Sheikh Mohammed bin Rashid Al Maktoum announcing the national program to accelerate the pace of technological transformation on Wednesday in Abu Dhabi (WAM)

The UAE launched on Wednesday the national program to accelerate the pace of technological transformation in priority sectors.

This comes as part of the national strategy for industry and advanced technology, which seeks to enhance the sector’s global competitiveness and sustainability, accelerate the pace of technology in the sector, enable the national capacities, and empower technology entrepreneurs and technology emerging companies in the digital transformation journey.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, said: "We have launched a national program to accelerate the pace of technological transformation in the industrial and production sectors.”

“The program aims to develop 1,000 technology projects, and includes the establishment of national centers for industrial empowerment and aims to export advanced Emirati technological products at a value of 15 billion dirhams ($4 billion) annually,” he said.

"The employment of advanced technology in industries and projects is an essential pillar for developing our national economy in partnership with the private sector. The UAE represents a global center in the fields of research, development and innovation in future technology," Sheikh Mohammed affirmed.

"Through advanced technology, we see opportunities to achieve our national priorities and ambitions for the next fifty years. The program will make it possible for technology developers, entrepreneurs and emerging technology companies to experiment with technology in the UAE and launch from it for global transformational projects with a tangible impact," he added.

The program was launched during a special event in the capital Abu Dhabi.

The program is tailored to achieve a set of goals, primarily raising industrial sector’s contribution to the gross domestic product by 110 billion dirhams ($30 billion), enabling 15 billion dirhams ($4 billion) worth of advanced technology exports annually, investing 11 billion dirhams ($2.9 billion) in advanced technology, achieving 15 billion dirhams ($4 billion) annually of industrial productivity, in addition to nurturing Emirati talent across advanced technology projects within 10 years.

This program aims to launch 1,000 technological projects in several key productive sectors at the state level until 2031, in line with the national priorities of the UAE.

Some of these priorities are: building a flexible and competitive national economy based on knowledge and innovation, achieving sustainable development goals and climate neutrality, attaining self-sufficiency, raising productivity level in the national economy, enhancing the quality of life, and reinforcing the UAE’s status as a global hub for sciences and technology.

The program will be set in motion through the launch of five initiatives.

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Business

Iraq Raises Southern Oil Output to 1.75 Million bpd

Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)
Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)
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Iraq Raises Southern Oil Output to 1.75 Million bpd

Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)
Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)

Iraq has increased crude oil production from its southern fields by 250,000 barrels per day to around 1.75 million barrels per day as more tankers load crude from the country's ports, Iraqi oil officials told Reuters on Friday, Reuters reported.

 

The officials said Iraq plans to raise production further to two million barrels per day in the coming few days.

 

Iraq, like other Gulf oil producers, has suffered the biggest drop in oil revenue as a result of the effective closure of the Strait of Hormuz amid the US-Iran War.

 

 

 

Business

Saudi Arabia Showcases Tourism Success at FII Europe Summit

The minister's participation in the leading global forum aims to underline the global success story of Saudi Arabia's tourism sector - SPA
The minister's participation in the leading global forum aims to underline the global success story of Saudi Arabia's tourism sector - SPA
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Saudi Arabia Showcases Tourism Success at FII Europe Summit

The minister's participation in the leading global forum aims to underline the global success story of Saudi Arabia's tourism sector - SPA
The minister's participation in the leading global forum aims to underline the global success story of Saudi Arabia's tourism sector - SPA

Minister of Tourism Ahmed Al-Khateeb participated in the FII PRIORITY Europe Summit, held in Rome from June 17 to 19, 2026, where he showcased Saudi Arabia's remarkable transformation of its tourism sector in line with the ambitious goals of Saudi Vision 2030.

As part of the summit's official program, the minister participated in a fireside chat titled "Resilient by Design: Vision 2030 and the Architecture of Enduring Value." During the session, he shared insights into the evolution of Saudi Arabia's tourism sector, highlighting its robust performance amid regional challenges over the past six months and emphasizing the sector's resilience, its ability to recover quickly, and its continued momentum toward sustained growth, SPA reported.

Al-Khateeb also underscored the Kingdom's significant investments in developing world-class tourism destinations, noting the tangible economic and social impact these investments are generating, including the creation of employment opportunities for Saudi nationals.
Addressing the role of emerging technologies, Al-Khateeb spoke about the integration of artificial intelligence (AI) in the tourism sector: "In Saudi Arabia, we are using AI, and we will continue to use AI, because we are very advanced when it comes to technology.

At the same time, we are committed to preserving the human element in the sector. We want AI to empower people, support them, and help them in welcoming our guests and sharing our culture and hospitality".

The minister's participation in the leading global forum aims to underline the global success story of Saudi Arabia's tourism sector, which in less than a decade has evolved into a dynamic, integrated ecosystem, offering a wide range of investment opportunities across destinations, hospitality, infrastructure, digital services, and human capital development.

The participation also served as a platform to highlight what the Kingdom's tourism sector offers European partners: a fast-growing and stable market, positioned as a global gateway for collaboration in investment, artificial intelligence, and innovation.

On the sidelines of FII PRIORITY Europe, Al-Khateeb held a series of bilateral meetings with international investors and industry leaders, focused on strengthening strategic partnerships and unlocking new opportunities for investment and tourism experience development in the Kingdom.

Coinciding with the summit, the Ministry of Tourism released its annual statistical report 2025, showing how Saudi Arabia's tourism sector moved from ambition to scale, emerging as one of the Kingdom's strongest growth drivers in non-oil sectors.

According to the report, Saudi Arabia recorded historic results in 2025 with around 123 million inbound and domestic tourists, representing growth of approximately 6% compared to 2024. This included 29.3 million inbound tourists and 93.3 million domestic tourists. Total tourism spending reached approximately SAR304 billion, reflecting growth of 7% compared to 2024, with inbound tourism contributing SAR176.6 billion and domestic tourism contributing SAR127.1 billion.

Business

Gold Heads for Third Weekly Loss on Firm Dollar, Hawkish Fed Signals

FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa
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Gold Heads for Third Weekly Loss on Firm Dollar, Hawkish Fed Signals

FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa

Gold prices were on track for a third consecutive weekly fall, slipping more than 1% on Friday, as a stronger dollar and hawkish signals from the US Federal Reserve weighed on the greenback-priced metal.

Spot gold was down 1.1% at $4,156.26 per ounce, as of 0715 GMT, its lowest level since June 11. The contract was down 1.4% so far this week.

US gold futures for August delivery fell 1.7% to $4,173.30.

Markets in mainland China and Hong Kong were closed for the Dragon Boat Festival holiday, thinning market activity.

The dollar rose to a one-year high, making bullion more expensive for other currency holders, Reuters reported.

"Gold's rally on the back of the US-Iran peace deal proved short-lived. The resurgent dollar, powered by the Fed's newly hawkish tone under Kevin Warsh, has stolen the spotlight," said Tim Waterer, chief market analyst at KCM Trade.

"The new chairman's firm stance has effectively neutralised the geopolitical tailwind, reminding everyone that monetary policy still calls the shots."

Nine of the US central bank's 19 policymakers believe they will need to raise the policy rate this year.

That would be in line with several global central banks either raising borrowing costs or signalling moves to tame Iran war-induced inflationary pressure.

Traders see an 87% chance of a US rate hike in December, from 61% before the Fed decision, according to the CME FedWatch Tool.

Gold tends to lose appeal when rates are high, as it does not yield interest.

On the geopolitical front, planned US-Iran talks in Switzerland were called off after Vice President JD Vance dropped plans to travel to the country, adding to uncertainty over a lasting truce.

On the physical front, gold demand was modest in India this week as prices fell to their lowest level in two-and-a-half months and remained volatile, while top consumer China flipped to a discount.

Spot silver fell 1.5% to $64.81 per ounce, platinum lost 0.8% to $1,681.53, and palladium shed 0.8% to $1,268.31. The metals were on track for weekly losses.