UAE Launches Fourth Industrial Revolution Protocol

 A side of the Global Future Councils sessions that concluded on Sunday in Dubai. Asharq Al-Awsat Arabic.
A side of the Global Future Councils sessions that concluded on Sunday in Dubai. Asharq Al-Awsat Arabic.
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UAE Launches Fourth Industrial Revolution Protocol

 A side of the Global Future Councils sessions that concluded on Sunday in Dubai. Asharq Al-Awsat Arabic.
A side of the Global Future Councils sessions that concluded on Sunday in Dubai. Asharq Al-Awsat Arabic.

In partnership with the World Economic Forum (WEF), the Emirate government launched Sunday the Fourth Industrial Revolution (4IR) Protocol.

During the second Annual Meeting of the Global Future Councils (AMGFC) in Dubai, the 4IR protocol was launched and it is an initiative that sets a regulatory framework for the tools and technologies already driving the next wave of human progress.

It encompasses three primary pillars: providing an integrated and secure data environment; formulating policies and legislation of the Fourth Industrial Revolution and building a unified system of values and ethics to guide 4IR technologies.

Mohammad Abdullah al-Gergawi, the Minister of Cabinet Affairs and The Future and Co-chair of the Global Future Councils, said that the Fourth Industrial Revolution Protocol not only consolidates the UAE government’s efforts to adopt 4IR tools and technologies, but demonstrates its commitment to addressing the moral and ethical concerns surrounding them.

Gergawi added: “The Fourth Industrial Revolution’s unprecedented technological capabilities require us to change the mechanisms that govern the work of vital sectors.”

The launching of the Fourth Industrial Revolution represents an initiative from the UAE, that presents perceptions for the vital sectors’ future and puts a framework for the regulating legislatives and policies in a way that contributes in empowering governments to provide better services for the community.

The Protocol will establish a massive integrated data environment to simulate the Fourth Industrial Revolution, permitting experts to meet its challenges via extensive data sharing and artificial intelligence.

It will also work to ensure privacy for the community, contribute to human happiness by instilling values and ethics into technological advances and address the inherent challenges new technologies bring to identify and combat possible negative effects on humankind.



Oil Prices Ease as Markets Weigh China Stimulus Hopes

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 Prices Ease as Markets Weigh China Stimulus Hopes

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 edged lower on Thursday in light holiday trade as the dollar's strength offset hopes for additional fiscal stimulus in China, the world's biggest oil importer.

Brent crude futures settled down 32 cents, or 0.43%, at $73.26 a barrel. US West Texas Intermediate crude closed at $69.62, down 0.68%, or 48 cents, from Tuesday's pre-Christmas settlement.

Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported on Tuesday, citing two sources, as Beijing ramps up fiscal stimulus to revive a faltering economy.

"Injecting a stimulus into a nation's economy creates increased demand, and increased demand pushes prices higher," said Tim Snyder, chief economist at Matador Economics, Reuters reported.

The World Bank on Thursday raised its forecast for China's economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year.

The US dollar continued to edge up higher after hitting a milestone last week. A stronger dollar makes oil more expensive for holders of other currencies.

The latest weekly report on US inventories, from the American Petroleum Institute industry group, showed crude stocks fell last week by 3.2 million barrels, market sources said on Tuesday.

Traders will be waiting to see if the official inventory report from the Energy Information Administration confirms the decline. The EIA data is due at 1 p.m. EST (1800 GMT) on Friday, later than normal because of the Christmas holiday.

Analysts in a Reuters poll expect crude inventories fell by about 1.9 million barrels in the week to Dec. 20, while gasoline and distillate inventories are seen falling by 1.1 million barrels and 0.3 million barrels respectively.

Elsewhere, southbound traffic in Turkey's Bosphorus Strait was set to resume on Thursday, having been halted earlier in the day after a tanker suffered an engine failure, shipping agent Tribeca said.