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UAE: GMIS to Establish New Approach in Future Industries

Global Manufacturing and Industrialization Summit logo
Global Manufacturing and Industrialization Summit logo
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UAE: GMIS to Establish New Approach in Future Industries

Global Manufacturing and Industrialization Summit logo
Global Manufacturing and Industrialization Summit logo

The third edition of the Global Manufacturing and Industrialization Summit (GMIS2020) will be held virtually on September 4-5 to discuss the role of the leaders of the industrial sector in confronting the coronavirus pandemic by formulating a new global approach for a sustainable future.

GMIS was established in 2015 as a joint initiative between UNIDO and the Ministry of Energy and Industry of the UAE to help create new partnerships, initiatives and actions connected to digital manufacturing.

Under the theme: “Glocalization: Towards Sustainable and Inclusive Global Value Chains,” the GMIS2020 virtual summit will feature about 100 influential global leaders from the public and private sector, including heads of states, ministers, and thought-leaders from some of the world’s leading organizations.

The summit will feature more than 20 virtual sessions to discuss pathways to accelerate the role of Fourth industrial revolution (4IR) technologies to build more resilient global value chains and restore prosperity in a post-pandemic world.

The opening session will cover the “trillion-dollar question: in an age of digital restoration, how are leaders repurposing our economies to deal with a post-crisis era?”

Saudi Minister of Energy, Prince Abdulaziz bin Salman, will be joined by his Russian counterpart, Alexander Novak, and UAE Minister Suhail al-Mazrouei to discuss “Energies of future: the time for clean energy is now”.

The discussion will focus on addressing climate change through decarbonizing the energy-intensive manufacturing sector with affordable, low-carbon technologies.

The Russian Minister said that the movement towards "green" energy takes on the nature of pressure on the energy industry in some cases.

He noted that all decisions made must be weighed, warning that energy inequalities are still widespread, and fossil energy sources can also be environmentally neutral considering the development and application of modern technologies.

“Natural gas remains very promising as a low-carbon energy source, the prospects for expanding the share of its use in the energy balance are quite high, including in electricity generation, despite the increase in the share of renewable energy sources."

Saudi Minister of Industry and Mineral Resources Bandar al-Khorayef will deliver a keynote addressing: “The Policymakers' Challenge: navigating through a recession.”

It will be followed by a discussion with Minister of Industries of Bangladesh Nurul Majid Mahmud, Minister of Trade and Industry of Rwanda Soraya Hakuziyaremye, and Chairman of Skolkovo Foundation Arkady Dvorkovich, to address these issues further.

In light of the crisis caused by the pandemic, many countries began to look for renewable energy sources and encourage their use through stimulus packages launched to achieve long-term economic recovery in line with the United Nations' sustainable development goals.

Head of GMIS' organizing committee Badr al-Olama called on delegates participating in the virtual summit to step up and contribute in the post-COVID-19 transformation of the global economy.

Olama stressed that the world is at a defining moment and the coronavirus crisis has presented a unique window of opportunity to create a new paradigm of collaborative management, “one where all stakeholders can work together in delivering a more inclusive, sustainable and prosperous future for all of humanity.”

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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
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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.