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UAE Signs 12 MoUs to Develop Area 2071

The signing ceremony overseen by Sheikh Mohammed bin Rashid Al Maktoum (Media Office of Government of Dubai)
The signing ceremony overseen by Sheikh Mohammed bin Rashid Al Maktoum (Media Office of Government of Dubai)
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UAE Signs 12 MoUs to Develop Area 2071

The signing ceremony overseen by Sheikh Mohammed bin Rashid Al Maktoum (Media Office of Government of Dubai)
The signing ceremony overseen by Sheikh Mohammed bin Rashid Al Maktoum (Media Office of Government of Dubai)

The United Arab Emirates (UAE) signed 12 memorandums of understanding (MoU) on Monday with a number of future partners to develop an innovation and manufacturing area, which will help enhance its strategic plan "UAE Centennial 2071".

The MoUs tackle several sectors such as aviation, transport and logistics, health, retail, consumer goods, technology and more, adding up to over 11 vital sectors.

Vice President and Prime Minister of UAE, Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum attended the signing ceremony of the MoU “Partners of the future 2071” between Area 2071 and a number partners representing local and international companies.

The signing ceremony was attended by Crown Prince of Dubai and Chairman of Dubai Executive Council Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Minister of Cabinet Affairs and The Future Mohammad bin Abdullah Al Gergawi, Minister of State for Financial Affairs Obaid bin Humaid Al Tayer, Minister of State for Happiness and Wellbeing Ohoud bint Khalfan Al Roumi, and Minister of State for Artificial Intelligence Omar bin Sultan Al Olama.

During the event, Sheikh Mohammed stated that Area 2071 was launched to provide a zone dedicated to innovation and industry of the future.

He explained that 12 MoUs were signed with various partners in 11 vital sectors.

"Area 2071 will see specialized labs and partnerships between governments and global tech leaders, who will work together to design the future," announced bin Rashid.

Last May, Mohammed Bin Rashid inaugurated the "2071 Zone" at the Emirates Towers in Dubai to serve as an incubator for future design and manufacturing partners and as a venue for companies, services and smart laboratories worldwide.

Several entities signed MoUs with Area 2071, including the United Nations, Pfizer, Proctor and Gamble, Ernst and Young, the Mohammed bin Rashid Center for Government Innovation, the Dubai Department for Economic Development, Pico Capital, Genco General Contracting, IBM International, E11, 1776, DP World, and Wamda Capital.

Area 2071 currently includes the UAE’s Government Accelerators as part of the government’s mission to intensify efforts and accelerate government work by addressing challenges facing various public sectors.

It also includes Dubai Future Accelerators which seek to develop an innovative system that links government entities in the UAE with the most important international experts in order to best serve the various vital sectors in the country.

The Youth Hub is also part of Area 2071 as one of the world’s best centers for youth under the age of 30 to work and develop innovative ideas.

Area 2071 seeks to attract more world-class institutions, specialized laboratories, research center and creative people including scientists and researchers, to enhance innovative solutions to development challenges facing the UAE and the world.

The area will seek to help humanity as a whole by providing a model, developed by the finest minds, experiences and resources in the world, to face the most pressing humanitarian challenges and build our future societies.

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Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.