Dubai: World Government Summit Organizes ‘Shaping Future Governments: Global Universities Challenge’

General view of Sheikh Zayed Road in Dubai, United Arab Emirates, December 29, 2018. (Reuters)
General view of Sheikh Zayed Road in Dubai, United Arab Emirates, December 29, 2018. (Reuters)
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Dubai: World Government Summit Organizes ‘Shaping Future Governments: Global Universities Challenge’

General view of Sheikh Zayed Road in Dubai, United Arab Emirates, December 29, 2018. (Reuters)
General view of Sheikh Zayed Road in Dubai, United Arab Emirates, December 29, 2018. (Reuters)

The World Government Summit will be held in Dubai during the 13th -15th of February 2023 and is set to organize the ‘Shaping Future Governments: Global Universities Challenge’.

The global initiative will bring together students from 15 global universities, including Harvard Kennedy School, MIT Sloan, Princeton School of Public and International Affairs, Tuck School of Business, and London Business School, will participate in this edition of the challenge.

In 2018, the WGS has announced the launch of ‘Shaping Future Governments: Global Universities Challenge’, as the first of its kind challenge in the world that gathers the brightest minds from renowned universities across the globe to help shaping the future of government, state news agency WAM reported.

The Shaping Future Governments: Global Universities Challenge is by invitation only and exclusive to select graduate students of public policy, government relations, political science, and business administration. The Challenge targets participation from top graduate universities and schools from each continent.

The Global Universities Challenge aims to enable the youth and encourage them to innovate in order to build a sustainable future. Each team is asked to design and develop a practical plan and solutions, helping governments in shaping the future and preempting its challenges. The judging panel which comprises high-level government officials and C-suite individuals from renowned corporations, will assess the impact of presented solutions on the governmental work.

The Challenge stimulates competition among students and encourages cooperation and innovation to develop comprehensive ecosystems that serves humanity.

The evaluation process involves the following criteria: 40% for novelty and innovation, 25% for impact and comprehensiveness, 20% for viability & feasibility, and 15% for presentation.

Each participating university is represented by 5 of its most brilliant students. Total of 17 teams will be asked to design and develop a practical plan for the future governments. Each team will choose one student to present their project to the panel of judges within 6 minutes.



Oil Retreats on US Tariff Uncertainty and OPEC+ Supplies

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Retreats on US Tariff Uncertainty and OPEC+ Supplies

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices slipped on Thursday as the possibility of US tariffs being reinstated raised demand concerns ahead of an expected supply boost by major producers.

Brent crude futures fell 58 cents, or 0.8%, to $68.53 a barrel by 0942 GMT. US West Texas Intermediate crude declined 57 cents, or 0.9%, to $66.88.

Both contracts had hit one-week highs on Wednesday as Iran suspended cooperation with the UN nuclear watchdog, raising concerns the lingering dispute over its nuclear program could again devolve into armed conflict.

A preliminary trade deal between the US and Vietnam also boosted prices.

Tariff uncertainty looms large, however. The 90-day pause on the implementation of higher US tariffs ends on July 9, with several large trading partners yet to wrap up trade deals, including the European Union and Japan.

The OPEC+ group of oil producers, meanwhile, is expected to agree to raise output by 411,000 barrels per day (bpd) at its policy meeting this weekend. Adding to negative sentiment, a private-sector survey showed that service activity in China - the world's biggest oil importer - expanded at its slowest pace in nine months in June as demand weakened and new export orders declined. A surprise build in US crude inventories also highlighted demand concerns in the world's biggest crude consumer.

The US Energy Information Administration said on Wednesday that domestic crude inventories rose by 3.8 million barrels to 419 million barrels last week. Analysts in a Reuters poll had expected a drawdown of 1.8 million barrels.

The market will be watching for the US monthly employment report on Thursday, which is likely to shape expectations over the depth and timing of interest rate cuts by the Federal Reserve in the second half of the year, analysts said.

Lower interest rates could spur economic activity that would boost oil demand.