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)
TT
20

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.



China’s Economy Set to Slow in Q2 as Pressure from US Tariffs Mounts

 A laborer works on the glass wall of a building near a luxury brand logo in Beijing, China, Friday, July 11, 2025. (AP)
A laborer works on the glass wall of a building near a luxury brand logo in Beijing, China, Friday, July 11, 2025. (AP)
TT
20

China’s Economy Set to Slow in Q2 as Pressure from US Tariffs Mounts

 A laborer works on the glass wall of a building near a luxury brand logo in Beijing, China, Friday, July 11, 2025. (AP)
A laborer works on the glass wall of a building near a luxury brand logo in Beijing, China, Friday, July 11, 2025. (AP)

China's economy is likely to have cooled in the second quarter after a solid start to the year, as trade tensions and a prolonged property downturn drag on demand, raising pressure on policymakers to roll out additional stimulus to underpin growth.

The world's No. 2 economy has so far avoided a sharp slowdown in part due to a fragile US-China trade truce and policy support, but markets are bracing for a weaker second half as exports lose momentum, prices continue to fall, and consumer confidence remains low.

Data due Tuesday is expected to show gross domestic product (GDP) grew 5.1% year-on-year in April-June, slowing from 5.4% in the first quarter, according to a Reuters poll. The projected pace would still exceed the 4.7% forecast in a Reuters poll in April and remains broadly in line with the official full-year target of around 5%.

"While growth has been resilient year-to-date, we still expect it to soften in the second half of the year, due to the payback of front-loaded exports, ongoing negative deflationary feedback loop, and the impact of tariffs on direct exports to the US and the global trade cycle," analysts at Morgan Stanley said in a note.

"The third-quarter growth could slow to 4.5% or lower, while Q4 faces unfavorable base effect, putting the annual growth target at risk," the analysts said. They expect Beijing to introduce a 0.5-1 trillion yuan ($69.7 billion-$139.5 billion) supplementary budget from late in the third quarter.

China's exports regained some momentum in June while imports rebounded, as factories rushed out shipments to capitalize on a fragile tariff truce between Beijing and Washington ahead of a looming August deadline.

GDP data is due on Tuesday at 0200 GMT. Separate data on June activity is expected to show both industrial output and retail sales slowing.

On a quarterly basis, the economy is forecast to have expanded 0.9% in the second quarter, slowing from 1.2% in January-March, the poll showed.

China's 2025 GDP growth is forecast to cool to 4.6% - falling short of the official goal - from last year's 5.0% and ease even further to 4.2% in 2026, according to the poll.

BALANCING ACT

Investors are closely watching for signs of fresh stimulus at the upcoming Politburo meeting due in late July, which is likely to shape economic policy for the remainder of the year.

Analysts polled by Reuters expect a 10-basis point cut in the seven-day reverse repo rate - the central bank's key policy rate - in the fourth quarter, along with a similar cut to the benchmark loan prime rate (LPR).

Beijing has ramped up infrastructure spending and consumer subsidies, alongside steady monetary easing. In May, the central bank cut interest rates and injected liquidity as part of broader efforts to cushion the economy from US President Donald Trump's trade tariffs.

But China observers and analysts say stimulus alone may not be enough to tackle entrenched deflationary pressures, with producer prices in June falling at their fastest pace in nearly two years.

Expectations are growing that China could accelerate supply-side reforms to curb excess industrial capacity and find new ways to boost domestic demand.

It's a stiff challenge, analysts say, as Chinese leaders face a delicate balancing act in their quest to cut production while maintaining employment stability in the face of a worsening labor market outlook.