UAE to Launch 50-Year Development Strategy Based on Knowledge Economy

A view of Abu Dhabi, UAE. (Getty Images)
A view of Abu Dhabi, UAE. (Getty Images)
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UAE to Launch 50-Year Development Strategy Based on Knowledge Economy

A view of Abu Dhabi, UAE. (Getty Images)
A view of Abu Dhabi, UAE. (Getty Images)

The United Arab Emirates declared that 2020 will be the launchpad of preparations for the next 50 years, ahead of its milestone Golden Jubilee in 2021. The country is targeting the post-oil stage via a knowledge economy.

Sheikh Mohammed bin Rashid, the Vice President and Ruler of Dubai, and Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, announced that next year will be used to deliver a roadmap for the future and make preparations for grand celebrations to mark the 50th anniversary of the nation.

They ordered forming two UAE cabinet committees.

One committee, to be headed by Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, with Mohammed al-Gergawi, Minister of Cabinet Affairs and the Future, serving as his deputy, will lay out a comprehensive development plan for the next 50 years. Its responsibilities will include developing vital sectors including health, education, housing, transport and food security across the country.

The committee will be tasked with mapping out the Emirates’ Golden Jubilee celebrations.

“The UAE approaches its Golden Jubilee in 2021, a new milestone that celebrates 50 years of our young country and begins the journey to the next 50 years. Preparations for our new journey start next year 2020. Together, we welcome 2020: Towards the next 50,” said Sheikh Mohammed bin Rashid on Saturday.

He added: “Today, we announce 2020: Towards the next 50. We shall develop our plans and projects and reinvent new ideas. 50 years ago, the founding fathers shaped our life today, and next year, we will shape the coming five decades for the future generations.”

“In 2020, we will work on making giants leaps in our economy, education, infrastructure, health and media to share the UAE’s new story with the world. Together, we will build the Emirates of the future in 2020 with the winning spirit of the union. Our development journey has no end,” he continued.

“We will work together as citizens and residents across all sectors towards the next 50. United, we can make significant changes and raise our aspirations. We want 2020, the year before our Golden Jubilee, to be similar to 1970 when a new journey was being drafted for this nation.”

The Abu Dhabi Crown Prince stated: “With the willpower and unity of our people, we will work tirelessly to achieve our goal in making the UAE among the best countries in the world by the UAE centennial in 2071.”

“Given the significant role of 2020 in preparing for an unprecedented developmental leap, the UAE's readiness for the next 50 years does not start today or next year. Rather, it goes back to the long-term developmental plans, visions and strategies established and implemented throughout different phases of the country's history,” he stressed.

“Today, we continue preparing and foreseeing the future and building a strong foundation to meet our goals with full confidence and persistence in a rapidly-changing world.”



Oil Falls from Recent Highs as Investors Weigh Uncertainty over US-Iran Strikes

A drone view shows the Imperial Oil refinery in Sarnia's Chemical Valley industrial corridor in Sarnia, Ontario, Canada, September 2, 2026. REUTERS/Carlos Osorio
A drone view shows the Imperial Oil refinery in Sarnia's Chemical Valley industrial corridor in Sarnia, Ontario, Canada, September 2, 2026. REUTERS/Carlos Osorio
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Oil Falls from Recent Highs as Investors Weigh Uncertainty over US-Iran Strikes

A drone view shows the Imperial Oil refinery in Sarnia's Chemical Valley industrial corridor in Sarnia, Ontario, Canada, September 2, 2026. REUTERS/Carlos Osorio
A drone view shows the Imperial Oil refinery in Sarnia's Chemical Valley industrial corridor in Sarnia, Ontario, Canada, September 2, 2026. REUTERS/Carlos Osorio

Oil prices edged lower on Thursday as investors weighed the uncertainty of renewed military strikes between the US and Iran that risk disrupting supplies from the Middle East.

Brent crude futures fell 56 cents, or 0.6%, to $95.07 a barrel at 0752 GMT, while US West ‌Texas Intermediate crude ‌futures were down 50 cents, or 0.6%, ‌at $90.51. ⁠It was the first ⁠fall in four sessions for both contracts, said Reuters.

Iran's health minister said eight people were killed and 108 wounded in Tuesday night's US strikes across Iran. The Iranian Red Crescent said four people were killed and 67 wounded at a wedding ceremony near the coast of the Strait of Hormuz.

The latest attacks were the ⁠most substantial exchange of fire between the US ‌and Iran since July, with ‌the war now in its seventh month.

Brent and WTI swung between gains ‌of as much as $2 a barrel and losses of $1 a ‌barrel during the previous trading session. The session highs for both benchmarks were the highest since July 24.

Six commodity vessels transited the Strait of Hormuz on Wednesday, down from 11 a day earlier and ‌well below the 10-day average of around 13, preliminary shipping data showed on Thursday.

Meanwhile, Iran added ⁠more ships ⁠to the list of vessels it deems non-compliant and subject to fines, confiscation or detention if they try to sail through the strait.

Elsewhere, Iraq increased its oil exports to around 2.34 million barrels per day in August from about 1.35 million bpd in July, two Iraqi energy officials said on Wednesday, with September exports also expected to increase as heavy discounts and Iranian approvals for Iraqi tankers to pass through Hormuz encouraged buyers.

In broader markets, traders have recently increased bets on a Federal Reserve interest rate hike in the middle of the month.


Turkish August Monthly Inflation at 1.84%, Just Below Forecast

People shop at a fresh food market in Istanbul (Reuters)
People shop at a fresh food market in Istanbul (Reuters)
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Turkish August Monthly Inflation at 1.84%, Just Below Forecast

People shop at a fresh food market in Istanbul (Reuters)
People shop at a fresh food market in Istanbul (Reuters)

Turkish consumer price inflation rose to 1.84% month-on-month in August, just below expectations, while the annual figure was 31.51%, data from the Turkish Statistical Institute showed on Thursday.

In a Reuters poll, the monthly inflation rate was forecast to be 1.93% and the annual rate 31.62%, as rising oil prices driven by tension between Iran and the United States continue to pose an upward risk to inflation.

Price rises in August were led by ‌education which ‌rose more than 8%, alcoholic beverages and ‌tobacco ⁠products which rose some ⁠7%, and transportation which rose 4.8%.

In order to limit the impact of volatility in oil prices due to the Iran war, Türkiye removed a special consumption tax on diesel through the end of August, after which the tax will be gradually reinstated. Gasoline and liquefied ⁠petroleum gas will remain under a sliding-scale fuel ‌tax system until October ‌1 to ease the rise in prices.

In July, consumer prices rose ‌1.78% month-on-month and 31.75% year-on-year.

Late last month, Türkiye's central ‌bank resumed one-week repo auctions, which have been suspended since March in order to control the inflationary impact of the Iran war. Turkish lira overnight interest rates dropped to 37% from ‌the previous 40%.

In August, Türkiye's central bank raised its inflation forecast for the end ⁠of 2026 ⁠to 28% from 26% driven by the developments in prices of diesel oil, natural gas, and some other commodities.

Economists slightly lowered their year-end inflation forecast to 29.5% in the August poll, still remaining above the central bank's projection.

Markets expect the central bank to leave its policy rate unchanged at its next meeting on September 10. However, investors are closely monitoring new tensions in the Iran war.

The data also showed the domestic producer index rose 2.57% month-on-month in August for an annual increase of 27.95%.


Saudi Vision 2030 Exhibition at LEAP 2026 Highlights Transformation Journey

The Saudi Vision 2030 exhibition, participating in LEAP 2026, offers visitors an immersive experience showcasing the transformations the vision has led since its launch in 2016. (SPA)
The Saudi Vision 2030 exhibition, participating in LEAP 2026, offers visitors an immersive experience showcasing the transformations the vision has led since its launch in 2016. (SPA)
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Saudi Vision 2030 Exhibition at LEAP 2026 Highlights Transformation Journey

The Saudi Vision 2030 exhibition, participating in LEAP 2026, offers visitors an immersive experience showcasing the transformations the vision has led since its launch in 2016. (SPA)
The Saudi Vision 2030 exhibition, participating in LEAP 2026, offers visitors an immersive experience showcasing the transformations the vision has led since its launch in 2016. (SPA)

The Saudi Vision 2030 exhibition, participating in LEAP 2026, offers visitors an immersive experience showcasing the transformations the vision has led since its launch in 2016, the Saudi Press Agency reported on Thursday.

The exhibition tells the story of one of the Kingdom of Saudi Arabia’s greatest transformation success stories, whose impact has extended across vital and development sectors in various regions of Saudi Arabia.

Presented in both Arabic and English, the exhibition offers visitors a comprehensive tour across five sections.

The journey begins with the vision story section, which provides a concise and comprehensive overview of the vision, why it was launched, its foundations, its three pillars, the strategic objectives derived from them, and the tools used to implement them.

The exhibition also takes visitors through the vision’s stages and journey from 2016 to the present, following the completion of its first 10 years and its entry in 2026 into its third phase, extending through 2030.

This phase focuses on maintaining implementation momentum and consolidating the gains of transformation to ensure its impact continues beyond 2030.

The following section highlights the economic, social, and development transformations Saudi Arabia has witnessed over these years, including employment, housing, economic diversification, investment, and quality of life.

An interactive screen tracks progress across more than 13 performance indicators directly linked to the strategic objectives of Saudi Vision 2030, enabling visitors to review the indicators’ performance based on the latest data and statistics. This reflects the mechanisms used to measure progress, monitor achievements, and assess their impact.

The visitor journey concludes with stories of people, indicators, and achievements, highlighting a national transformation whose impact has extended to citizens, places, and sectors.