World Government Summit Discusses AI

The opening session of the World Government Summit (WGS) in Dubai (Asharq Al-Awsat)
The opening session of the World Government Summit (WGS) in Dubai (Asharq Al-Awsat)
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World Government Summit Discusses AI

The opening session of the World Government Summit (WGS) in Dubai (Asharq Al-Awsat)
The opening session of the World Government Summit (WGS) in Dubai (Asharq Al-Awsat)

The governments' adoption of Artificial Intelligence (AI) technologies has become inevitable, which is no longer an option, according to the UAE Minister of Cabinet Affairs and Chairman of the World Government Summit (WGS) Organization, Mohammad al-Gergawi.

Gergawi is expected to witness an upcoming biological revolution surpassing the technological revolution, and 90 percent of media production would be through AI without human intervention.

During his opening session, "A Decade of Change," on the first day of the 10th WGS, Gergawi touched on the refugee crisis, noting that on November 15, 2022, the world crossed the threshold of eight billion people.

The world will witness a radical change in illiteracy and skills, saying illiterates would be those who can't deal with AI technologies.

The Minister indicated that natural disasters cost humanity about $3 trillion, noting that climate change, which could displace more than 1 billion refugees by 2050, costs a $23 trillion loss for the world.

In his keynote speech at the Summit, the Founder and President of the World Economic Forum (WEF) (Davos), Klaus Schwab, stressed the urgency to develop new mechanisms that strengthen international cooperation in today's multipower world.

Schwab also stressed the need for concerted efforts to implement structural transformations within various strategic sectors, including the economy, technology, and politics, in light of the humanitarian crisis the world is witnessing.

He said technological transformation and the Fourth Industrial Revolution would impact the world for years.

"Governments in different parts of the world should play leading roles in keeping pace with changes," Schwab said.

Regarding structural transformations to be witnessed in various vital economic sectors, Schwab said there will be about 10 billion people in need of energy by 2050. He stressed the need to achieve the goals of the Paris Agreement and reach zero carbon emissions.

Schwab pointed to the political changes taking place in the world, which are transforming the globe from a unipolar world to a multipolar world.

Schwab said: "A few years ago, we considered some technologies a science fiction that was difficult to implement, but today it has become a reality that we live through artificial intelligence, new space technology, and industrial biology, which heralds a major change coming during the next ten years, and requires governments to be ambitious in their decisions."

For her part, the director general of the World Trade Organisation, Ngozi Okonjo-Iweala, urged member states to accelerate the delivery of humanitarian aid to crisis-stricken countries and disaster zones to speed the recovery of impacted countries.

Okonjo-Iweala explained that the organization highlighted the importance of accelerating support operations for countries affected by disasters and attributed the decline in trade to global economic shocks.

Concerning trade disputes between member states, Okonjo-Iweala said that 99 percent of the organization's members want to reform the dispute system, which will be accomplished in the future.



Dar Global and Trump Organization Launch $1 Billion Project in Jeddah

The project, called Trump Plaza Jeddah, will include executive and premium residences, home offices, retail outlets and curated dining offerings. (Asharq Al-Awsat) 
The project, called Trump Plaza Jeddah, will include executive and premium residences, home offices, retail outlets and curated dining offerings. (Asharq Al-Awsat) 
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Dar Global and Trump Organization Launch $1 Billion Project in Jeddah

The project, called Trump Plaza Jeddah, will include executive and premium residences, home offices, retail outlets and curated dining offerings. (Asharq Al-Awsat) 
The project, called Trump Plaza Jeddah, will include executive and premium residences, home offices, retail outlets and curated dining offerings. (Asharq Al-Awsat) 

Dar Global and the Trump Organization announced on Monday the official launch of Trump Plaza Jeddah, valued at over $1 billion.

Dar Global, a London-listed luxury real estate developer, said the project marks its third collaboration with the Trump Organization in the Kingdom.

This landmark project, strategically located within the expansive Amaya development along King Abdulaziz Road, is poised to redefine luxury urban living in Jeddah's thriving real estate landscape, following the launch of Trump Tower Jeddah in December 2024.

Dar Global described the project as one of the most integrated urban destinations in Jeddah, saying it includes home offices, retail spaces, dining venues and a private club.

Residential offerings include fully furnished 1, 2, and 3-bedroom Trump Executive Residences; premium 2, 3, and 4-bedroom Trump Park Residences; and exclusive 4-bedroom Trump Townhouses.

Together with thoughtfully designed home offices, premium retail, and curated dining, the project redefines modern living by blending convenience and luxury into a single, connected destination.

Optional rental management services further enhance the appeal for international owners seeking a turnkey ownership experience.

“Expanding our presence in Saudi Arabia with Trump Plaza Jeddah underscores our commitment to world-class quality and iconic design,” said Eric Trump, executive vice president of the Trump Organization. “This project reflects the strength of our relationship with Dar Global and our confidence in Jeddah as a dynamic, globally relevant city.”

Trump affirmed that Trump Plaza Jeddah will set a new benchmark for integrated urban destinations.

For his part, Ziad El Chaar, CEO of Dar Global, said the launch of Trump Plaza Jeddah represents a major milestone in the company’s Saudi portfolio.

“This is not a single-use development, but a carefully curated urban ecosystem designed for global residents who want to live, work, and connect within the best address in Jeddah,” he said.

“Anchored by a private park and supported by world-class amenities, Trump Plaza Jeddah introduces a new model for modern city living in the Kingdom,” El Chaar noted.

The project also features an exclusive 4,000-square-meter Vitality Club, with golf simulators, a spa, sports medicine and recovery facilities, swimming pools, dining, and high-performance wellness spaces.

Destination retail and dining, including Trump Grill, Trump Daily, an artisan bakery, and a fitness pro shop, reinforce its positioning as a district day and night.

 

 


Oil Extends Climb on Iran Supply Disruption Concerns

FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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Oil Extends Climb on Iran Supply Disruption Concerns

FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

Oil prices extended gains on Tuesday as heightened concerns surrounding Iran and potential supply disruptions outweighed the prospect of increased crude supply from Venezuela.

Brent futures rose 22 cents, or 0.3%, to $64.09 a barrel by 0430 GMT, hovering near a two-month high struck in the previous session. US West Texas Intermediate crude climbed 23 cents, or 0.4%, to $59.73.

"The price increase comes amid intensifying protests in Iran, raising the possibility of some form of intervention ‌by the US," ING ‌commodities strategists said on Tuesday.

Iran, one of ‌the ⁠biggest producers ‌of the Organization of the Petroleum Exporting Countries, is facing its biggest anti-government demonstrations in years, drawing a warning from US President Donald Trump of possible military action over lethal violence against protesters.

Trump is expected to meet senior advisers on Tuesday to discuss options on Iran, a US official told Reuters.

The US president said on Monday that any country that does business with Iran will be subjected ⁠to a tariff rate of 25% on any business conducted with the United States. Iran exports ‌much of its oil to China.

"With the US ‍and China having reached a trade ‍truce, we question whether the US would want to rock the boat ‍again with additional tariffs on China," the ING strategists said.

The political developments matter for oil markets as Iran is a major sanctioned producer and any escalation could disrupt supply or add a geopolitical risk premium.

"Unrest in Iran has added about $3-4/barrel in geopolitical risk premium in oil prices, in our view," Barclays said in a note.

Markets are also grappling with concerns of additional crude supply ⁠hitting the market due to Venezuela's anticipated return to exports. Following the ouster of President Nicolas Maduro, Trump said last week the government in Caracas is set to hand over as much as 50 million barrels of oil subject to Western sanctions to the US.

Global oil trading houses have emerged as early winners in the race to control Venezuelan crude flows, getting ahead of US energy majors.

Elsewhere, geopolitical tensions escalated as Russian forces launched attacks on Ukraine's two largest cities early on Tuesday, Ukrainian officials said.

In the United States, the Trump administration renewed its attacks on the Federal Reserve, underscoring concerns in markets about the central ‌bank's independence and adding to uncertainty about future economic conditions and oil demand.


Morocco Targets $10 Billion AI Contribution to GDP by 2030

 People wave Morocco's flag in the old town of Rabat, on January 9, 2026 prior the Africa Cup of Nations (CAN) quarter-final football match Morocco v Cameroon. (AFP)
People wave Morocco's flag in the old town of Rabat, on January 9, 2026 prior the Africa Cup of Nations (CAN) quarter-final football match Morocco v Cameroon. (AFP)
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Morocco Targets $10 Billion AI Contribution to GDP by 2030

 People wave Morocco's flag in the old town of Rabat, on January 9, 2026 prior the Africa Cup of Nations (CAN) quarter-final football match Morocco v Cameroon. (AFP)
People wave Morocco's flag in the old town of Rabat, on January 9, 2026 prior the Africa Cup of Nations (CAN) quarter-final football match Morocco v Cameroon. (AFP)

Morocco is targeting a 100 billion dirhams ($10 billion) boost to its gross domestic product from artificial intelligence by 2030, the minister in charge of digital transition said on Monday, as the country steps up its investment in training programs, sovereign data centers and cloud services.

Morocco, whose current GDP comes to around $170 billion, plans to invest in artificial intelligence centers linked ‌to universities and ‌the private sector, and ‌to ⁠integrate AI solutions ‌into public administration and industry, Minister Amal El Fallah Seghrouchni told a conference in Rabat.

The GDP boost would largely come from expanding domestic data-processing capacity through sovereign data centers, scaling up cloud and fiber-optic infrastructure, and building an AI-skilled workforce ⁠to support the deployment of AI solutions across industry ‌and government, she said.

Under the ‍plan, Morocco expects ‍to create 50,000 AI-related jobs and train ‍200,000 graduates in AI skills by 2030.

As part of that effort, Seghrouchni on Monday signed a partnership agreement with France's Mistral AI to support the development of generative AI tools in Morocco.

"We want to turn Morocco into ⁠a future excellence hub in AI and data science," Seghrouchni said.

The government is also preparing legislation governing artificial intelligence, according to the minister.

Morocco has earmarked 11 billion dirhams ($1.2 billion) for its digital transformation strategy for 2024–2026, covering AI initiatives and the expansion of fiber-optic infrastructure. It is separately planning a 500-megawatt, renewable energy-powered data center in the southern city of Dakhla ‌to boost the security and sovereignty of national data storage.