عربي English Türkçe اردو فارسى
Logo
Latest News
Business

UAE Announces 'Projects of the 50'

Minister of Cabinet Affairs Mohammad Al Gergawi during a press conference Sunday. (Asharq Al-Awsat)
Minister of Cabinet Affairs Mohammad Al Gergawi during a press conference Sunday. (Asharq Al-Awsat)
TT
TT

UAE Announces 'Projects of the 50'

Minister of Cabinet Affairs Mohammad Al Gergawi during a press conference Sunday. (Asharq Al-Awsat)
Minister of Cabinet Affairs Mohammad Al Gergawi during a press conference Sunday. (Asharq Al-Awsat)

UAE plans to launch 50 new economic initiatives to boost the country's competitiveness and attract 550 billion dirhams ($150 billion) in foreign direct investment in the next nine years, government officials said on Sunday.

The projects, a few of which were unveiled on Sunday, include investing in technology and creating new visas to attract residents and skilled workers.

Among the projects, the UAE and the Emirates Development Bank will invest 5 billion dirhams in industrial technology and technology-heavy sectors, Minister of Industry and Advanced Technology Sultan al Jaber said during a media briefing.

Two new visa categories - one for freelancers and one for entrepreneurs and skilled workers - will be created to attract and retain foreigners with desirable skills, officials said.

The new "green visa" for skilled workers will have more flexibility for sponsoring family members and will allow more time to find a new job after one employment ends, they added.

The 10 x 10 program aims to achieve a 10 percent annual increase in UAE exports to 10 global markets.

Invest.ae is a portal that unites investment-related local entities and 14 economic entities, presenting investment opportunities throughout the UAE.

To boost the UAE’s position as the main gateway for global trade and investment, the government is undertaking comprehensive economic partnership agreements with eight key global markets around the world.

In addition to adopting the National Value Added Program by directing 42 percent of the purchases of federal bodies and major national companies to local markets, it will raise purchases from 35 billion dirhams (9.5 billion dollars) to 55 billion dirhams (14.9 billion dollars) within four years.

The newly launched Project 5Bn will see AED5 billion ($1.3 billion) allocated to support Emirati projects.

The UAE government also launched ‘Tech Drive’, a 5 billion-dirham ($1.3 billion) program to support advanced technology adoption in the industrial sector.

Established in partnership with the Emirates Development Bank, the fund will support the industrial sector’s shift towards the applications of the Fourth Industrial Revolution over the next five years.

Fourth Industrial Revolution Network will seek to grow 500 national companies through the application of advanced technology over five years.

Minister of Cabinet Affairs Mohammad Al Gergawi explained that the vision for the next 50 years is to make the UAE the global capital of investment and economic creativity, an integrated incubator for entrepreneurship and emerging projects, and an advanced laboratory for new economic opportunities.

He stressed how the "Projects of the 50" provides an impetus for investment in the digital and circular economies, and those based on the applications of artificial intelligence and the fourth industrial revolution.

Sarah Al Amiri, Minister of State for Advanced Technology, said that the Smart Industry Readiness Index has been created in partnership with international tech giants and will support the digital transformation of 200 industrial companies after evaluating the efficiency of digital operations.

A leadership strategy has also been created to support industry leaders with 100 business leaders set to receive training initially.

The plan is to create a “smart industry powered by technology”, Amiri said.

Most Viewed

 
 
Business

IFAD to Asharq Al-Awsat: Repercussions of Hormuz Closure Trigger Global Food Security Shock

A container ship is seen in the Strait of Hormuz off the coast of Qeshm Island, Iran, Saturday, April 18, 2026. (AP Photo/Asghar Besharati)
A container ship is seen in the Strait of Hormuz off the coast of Qeshm Island, Iran, Saturday, April 18, 2026. (AP Photo/Asghar Besharati)
TT
TT

IFAD to Asharq Al-Awsat: Repercussions of Hormuz Closure Trigger Global Food Security Shock

A container ship is seen in the Strait of Hormuz off the coast of Qeshm Island, Iran, Saturday, April 18, 2026. (AP Photo/Asghar Besharati)
A container ship is seen in the Strait of Hormuz off the coast of Qeshm Island, Iran, Saturday, April 18, 2026. (AP Photo/Asghar Besharati)

The International Fund for Agricultural Development (IFAD) said the repercussions of the closure of the Strait of Hormuz have triggered a global food security shock, warning that disruptions to fertilizer and fuel supplies, rising input costs, and declining purchasing power are threatening production at a critical point in the agricultural season. This is driving food prices higher and will severely affect the world’s most vulnerable populations.

Gerardine Mukeshimana, Vice President of IFAD, told Asharq Al-Awsat that the repercussions of the US-Israeli-Iranian conflict have led to a global food security shock that has already begun to manifest in local food crises, particularly for small-scale producers and rural populations.

On this Mukeshimana said “The ripple effects of the conflict have triggered a global food security shock that is already translating into local food crises, particularly for small-scale producers and rural populations. While it is too early to quantify a precise global ‘food gap,’ nor foresee all possible consequences, we do know that many of the women and men who produce our food are already under pressure.”

Critical timing and heightened risks

Mukeshimana stressed the seriousness of the timing, as farmers across nearly half the world are entering critical agricultural seasons between March and June. Any shortage of inputs at this stage will inevitably lead to lower yields and reduced food availability in the coming months.

“Between March and June, farmers across nearly half the world enter critical planting seasons, meaning that input shortfalls and price spikes today risk lower harvests and tighter food availability in the months ahead. As past crises have shown, these shocks do not originate at the farm level, but they ultimately land there, among those with the least capacity to absorb them.”

Impact of shipping disruptions on agricultural production

On the repercussions of the closure of the Strait of Hormuz on the passage of ships carrying agricultural inputs and fertilizers, and estimates of losses over the past 40 days, Mukeshimana said: “The abrupt halt and severe disruption of shipping through the Strait of Hormuz and Bab el-Mandeb has had immediate repercussions for fertilizers, fuel and other agricultural inputs. While exact volume losses over the past 40 days vary by commodity and route, evidence from IFAD investments points to significant shipment delays, curtailed exports and cascading market effects, from reduced planting to distorted farm-gate prices and declining rural incomes, as gathered in detail by the position paper, ‘Global shock, local crisis,’ published by Alvaro Lario, President of IFAD this week.”

She noted that these impacts are clearly reflected in shrinking cultivated areas, distortions in agricultural price structures, and a deterioration in farmers’ net incomes, as documented in the position paper issued this week by IFAD President Alvaro Lario titled “Global shock, local crisis,” which warned that international logistical disruptions are translating into severe local livelihood crises.

Vice-President of IFAD Gerardine Mukeshimana (Asharq Al-Awsat)

Import-dependent countries in a double bind

“The supply chain disruptions are cutting off farmers’ access to markets to both purchase inputs – such as seeds, veterinary medicines, and equipment – and sell their products both domestically and as exports. The result: farmers’ expenses rise as their income drops.”

Mukeshimana said this represents a global risk, as small-scale farmers produce about one-third of the world’s food, and up to 70 percent in Africa. When their production declines due to input shortages, it leads to reduced output, higher prices, deeper vulnerability, and rising hunger.

She warned that these repercussions directly translate into lower production levels, rising prices, and worsening economic vulnerability, ultimately expanding the scope of hunger.

Mukeshimana added that countries that rely on imports face a double bind, as fertilizer shortages and rising costs compound existing pressures from climate shocks, armed conflict, and accumulated debt, making it extremely difficult for these countries to withstand the current crisis.

“In import-dependent countries, fertilizer shortages and price spikes amplify existing pressures from climate shocks, conflict, and debt. Left unaddressed, these shocks can drive wider development setbacks, hunger, increasing humanitarian needs, forced migration, conflict and political instability.”

Business

Inflation Woes and Firmer Dollar Drag Gold Lower as US-Iran Tensions Revive

A display of gold bars, each weighing 1000 grams, at a gold and silver refinery in Vienna (AFP)
A display of gold bars, each weighing 1000 grams, at a gold and silver refinery in Vienna (AFP)
TT
TT

Inflation Woes and Firmer Dollar Drag Gold Lower as US-Iran Tensions Revive

A display of gold bars, each weighing 1000 grams, at a gold and silver refinery in Vienna (AFP)
A display of gold bars, each weighing 1000 grams, at a gold and silver refinery in Vienna (AFP)

Gold prices fell on Monday owing to a stronger US dollar and renewed inflation fears after another closure of the Strait of Hormuz pushed oil prices higher.

Spot gold was down 0.8% at $4,790.59 per ounce, as of 1103 GMT, after hitting its lowest since April 13 earlier in the session.

US gold futures for June delivery fell 1.4% to $4,811.

"Oil's surge after the weekend's chaotic events surrounding the Strait of Hormuz ensure that inflation risks remain palpable, offsetting gold's allure as a safe-haven asset. The precious metal has taken a backseat to the dollar's role as the preferred safe haven throughout the conflict so far," said Han Tan, chief market analyst at Bybit, Reuters reported.

"Barring meaningful and sustained de-escalations in the ongoing conflict, spot gold is expected to keep treading water in these sub-$5,000 levels."

The US said on Sunday that it had took over an Iranian cargo ship that tried to break through its blockade while Iran said it would retaliate, heightening fears of a resumption of hostilities.

Oil prices jumped around 5% on fears that the ceasefire between the United States and Iran could collapse and traffic through the Strait of Hormuz remained largely halted.

The dollar index strengthened, making greenback-priced bullion more expensive for holders of other currencies. Benchmark 10-year US Treasury yields gained, increasing the opportunity cost of holding non-yielding bullion.

Although gold is considered an inflation hedge and a safe haven during geopolitical and economic uncertainty, rising energy costs stemming from the war in Iran have stoked inflation concerns and pushed the yellow metal lower on expectations of monetary tightening by the US Federal Reserve.

"Nonetheless, gold retains the ability to extend its recent rebound as structural demand drivers persist. Central bank buying, de-dollarization and currency debasement trends may have faded but remain alive and can support bullion," said Nikos Tzabouras, senior market analyst at Jefferies-owned Tradu.com.

Among other metals, spot silver lost 2.1% to $79.07 per ounce, platinum fell 1.7% to $2,066.90, and palladium was down 1.6% at $1,533.64.

Business

European Shares Slip as Hopes for US-Iran Peace Fade

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 17, 2026. (Reuters)
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 17, 2026. (Reuters)
TT
TT

European Shares Slip as Hopes for US-Iran Peace Fade

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 17, 2026. (Reuters)
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 17, 2026. (Reuters)

European ‌shares declined on Monday, as hopes for peace in the Middle East ebbed with tensions reigniting after Washington seized an Iranian cargo ship that tried to run its blockade and Tehran vowed to retaliate.

Investors have grown increasingly jittery as the US-Iran ceasefire, set to expire Tuesday, appears fragile.

Iran rejected fresh peace talks with the US just hours after President Donald Trump said he would dispatch envoys to Pakistan ‌while threatening new ‌strikes unless Tehran accepts his terms.

The ‌pan-European ⁠STOXX 600 index ⁠was down 0.8% to 621.52 points as of 0717 GMT.

Major regional markets also fell, with France's CAC and Germany's DAX down 0.9% and 1%, respectively.

The uncertainty marks a sharp reversal from Friday's optimism, when the STOXX 600 jumped more than 1% and ⁠secured its fourth consecutive weekly gain after ‌Iran declared the Strait ‌of Hormuz open.

Energy shares gained 1.9% as crude prices ‌surged., while utilities and telecommunication stocks rose 0.7% and 0.2%, ‌respectively.

Travel and leisure sector led the declines, bearing, down 2%. Banks and automobile stocks dropped 1.8% each.

Among other movers, cash logistics company Loomis was top loser on the European ‌benchmark index after Goldman Sachs downgraded the stock to "neutral" from "buy".

The setback in the ⁠Middle ⁠East conflict comes despite tentative signs of normalization at the Strait of Hormuz.

Although Iran has reimposed a closure of the critical waterway, Kpler data revealed more than 20 vessels carrying oil, metals, gas, and fertilizer passed through on Saturday - the busiest traffic day since March 1.

Elevated oil prices continue to weigh heavily on energy-dependent European economies, keeping investors cautious.

The strait is a conduit for one-fifth of global energy shipments. Brent crude futures advanced 5.3% to $95.19 a barrel after tumbling 9% on Friday.