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UAE launches Global TradeTech Sandbox at Davos

The TradeTech Sandbox aims to spark innovation in trade technology and establish best practices for its global adoption…reports Asian Lite News

The UAE government, during its participation in the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland, launched a Global TradeTech Sandbox, as part of the TradeTech Initiative, in partnership with the Ministry of Economy, the Abu Dhabi Department of Economic Development, and the World Economic Forum (WEF).

This came through a memorandum of understanding signed during the WEF in the presence of Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, and Klaus Martin Schwab, the WEF Founder and Executive Chairman. The MoU was signed by Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Ahmed Al Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, and Sean Doherty, Head, International Trade and Investment, and Member of the WEF Executive Committee.

The TradeTech Sandbox aims to spark innovation in trade technology and establish best practices for its global adoption. It will achieve this by implementing flexible and forward-looking regulatory frameworks that unlock the potential of these technologies. By streamlining the interaction between exporters, logistics companies, ports, regulators, and customs officials, it will create a smoother and more efficient trade environment.

Al Zeyoudi said: “The adoption of advanced technologies is accelerating in various sectors, and it is important that international trade keeps pace with these developments now more than ever. We need to re-evaluate the current regulatory frameworks in order to keep pace with the digital transformation and address the future.”

He added: “Global TradeTech Sandbox is designed to keep pace with technological developments in all fields, to provide means for start-ups to access markets. It also provides a platform through which forward-looking regulatory policies can be adopted that adapt to the future, enhance innovation, protect stakeholders, and ensure the flexibility of global trade systems.”

The minister called on innovators in the field of global trade technology to visit the United Arab Emirates and benefit from its business environment to develop, refine, and disseminate their innovations that would stimulate the growth of global trade and increase its contribution to achieving comprehensive development around the world, in line with the aspirations of the world for the 21st century.

For his part, Ahmed Al Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, said that this partnership and other influential partnerships on the international scene showcase the UAE’s commitment to spearheading solutions for the rise of automation in logistics, demonstrating proactive leadership and paving the way for a more efficient and equitable global trade system. “This initiative embodies the imperative for collaborative efforts in shaping a better future for all. By adopting bold policies and fostering international partnerships, the UAE is setting a powerful example for proactive leadership in the face of a changing global economy,” he added. (ANI/WAM)

Abu Dhabi’s ‘Falcon Economy’ in the limelight at WEF 2024

The Abu Dhabi Department of Economic Development (ADDED) led the Emirate’s official economic delegation to the 54th Annual Meeting of the World Economic Forum (WEF), which concluded yesterday in Davos-Klosters, Switzerland, to showcase ‘Falcon Economy’s attributes, ample growth opportunities, and commitment to transformative strategies, steering towards a sustainable, green economy that positions Abu Dhabi at the forefront of global initiatives leading to Net Zero, driven by innovation and technology.

The high-level delegation, led by ADDED, comprised key entities including Abu Dhabi Global Market (ADGM), Abu Dhabi Investment Office (ADIO), Hub71, and Abu Dhabi Residence Office (ADRO). Together, they formed a robust platform representing leading economic powerhouses in Abu Dhabi, dedicated to exploring business opportunities and fostering strategic relations with global leaders.

Over the course of four days, the delegation actively engaged in more than 50 bilateral meetings with industry leaders and representatives of both the public and private sectors worldwide. This participation underscores Abu Dhabi’s commitment to contributing to global economic conversations and fostering collaborative efforts towards a sustainable future.

The delegation’s discussions with global economy leaders in Davos focused on enhancing cooperation and attracting talents, businesses, and investments to grow, thrive and expand out of Abu Dhabi.

Ahmed Jasim Al Zaabi, Chairman of ADDED, said, “During the past few days at Davos, we met with many esteemed delegates from across the world and shared our efforts to transform into a ‘Green Falcon Economy’ through innovation and entrepreneurialism. As the global economy is experiencing multi-faceted transformations impacting all geographies and industries, we believe a collaborative and proactive approach is needed to guide our world to a better future. To this end, we are engaging with global powerhouses to devise innovative solutions to current and future challenges,”.

“Our soaring ‘Falcon Economy’ presents a model of harmonising between advanced technologies, sustainability, human development, and economic growth. Our initiatives to further enhance a vibrant, globally competitive, and entrepreneurial ecosystem to generate opportunities for all, enabling them to reach their full potential are paying off. Foreign investments in Abu Dhabi witnessed a significant 9.7% increase, reaffirming the Emirate’s attractiveness to investors and its rising position as Capital of Capital,” Al Zaabi added.

ADDED was part of UAE’s largest delegation to the World Economic Forum (WEF), with over 100 senior representatives of federal and local government entities, and a special pavilion to highlight the UAE’s initiatives to elevate its stature as a hub for global business, finance, trade, and innovation by offering a unique environment of security, stability, global networks, and business opportunities.

Al Zaabi shared his views on UAE’s approach to bridging East and West by enhancing trade and investment flows, and the country’s commitment to fostering regional economic integration, referring to the vital role played by Comprehensive Economic Partnership Agreements (CEPAs) signed with key partners.

He also highlighted Abu Dhabi’s efforts to become the regional hub for entrepreneurship and innovation, high-tech Manufacturing, digital and automation, and finance. He elaborated that Abu Dhabi’s future growth model focuses on accelerating the move towards exporting goods, services, and innovations. (ANI/WAM)

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-Top News Tech Lite

Artificial Intelligence takes centre stage in Davos

Later, in 2023, as the crypto winter set in, firms pulled back on splashing the cash at Davos; however, there was still a heavy presence from the industry, including a mysterious orange bitcoin car...reports Asian Lite News

In a sudden shift, artificial intelligence (AI) has pushed cryptocurrency firms aside at the 2024 World Economic Forum and has been seen dominating the main strip in Davos, as reported by the CNBC. For the last few years, crypocurrency firms have been dominating the main strip in Davos, hence promoting their waves; however, in 2024, it has changed, Arjun Kharpal and MacKenzie Sigalos said in a CNBC report. Some of the world’s biggest companies are pushing their AI products and services, with one declaring, “The future is AI.” This shift highlighted the rapid surge in AI investments and interest last year, which were sparked by the explosion of popularity of ChatGPT, the AI chatbot developed by OpenAI that was launched at the end of 2022, according to CNBC. Moreover, global technology companies are struggling and pushing to take a lead in AI and are likely hoping their big statements on the Davos Promenade will serve to prove their expertise in the field. The companies, from US semiconductor firm Intel to Salesforce, had AI slogans on the properties they took over. Moreover, there was an “AI House”, an event space that was hosted by companies including Swiss telecommunications firm Swisscom, as reported by CNBC. Reportedly, AI dominated the Promenade far more than crypto firms and has reversed a trend from the past few years. For instance, at the World Economic Forum in 2022, firms were touting “Bitcoin Pizza Day” and so-called non-fungible tokens, even after the price of cryptocurrencies had collapsed.

Later, in 2023, as the crypto winter set in, firms pulled back on splashing the cash at Davos; however, there was still a heavy presence from the industry, including a mysterious orange bitcoin car. The AI dominance made sense, CNBC reported. Additionally, PitchBook’s Emerging Tech Indicator, which tracks angel, seed, and early stage investments at the world’s 15 most successful venture firms, found that AI and machine learning startups gained far more investment in the third quarter.

The buzzy tech pulled in around USD 600 million over the three months, compared to just over USD 100 million for Web3 and decentralised finance companies, as reported by CNBC. Moreover, Nvidia, which was the poster child for AI in the public markets, saw a 239 per cent rally in its stock in 2023. The buzz for AI showed little signs of fading. However, the crypto industry seemed to be OK with the shift at Davos. Dante Disparte, the chief strategy officer for Circle, the issuer of the popular US dollar-pegged stablecoin USDC, has been a Davos regular. Disparte said that for the last eight years, the blockchain and crypto industry have had to “tell the story of the technology as opposed to the story of results.” “Today, there are very few crypto houses along the Promenade. They’re all AI houses, which is good,” Disparte said, adding, “That suggests that this is becoming a background technology.” According to Disparte, who has worked extensively with lawmakers on Capitol Hill to pass legislation on stablecoins, the companies and players left standing will converge on traditional banking, finance and payments, as reported by CNBC. “It’s not dissimilar to the way the internet had to go through its dotcom bubble phase to hand over the development of the Internet to more durable, trusting and safe hands,” he said. “There’s a new technology kid on the block, which means that I get to become a vintage player. And I don’t have to explain the technology so much so that’s encouraging,” he added. Moreover, its not like there are no crypto firms present. The circle had a big presence on the promenade, as reported by CNBC. A Swiss non-profit industry body called the Global Blockchain Business Council also had an event space.

Moreover, blockchain firm CasperLabs, which has been attending for the past few years, also had a large space. But overall, it was certainly more muted, despite the crypto industry and investors appearing to have had a better year in 2023 than in 2022. Reportedly, Bitcoin rallied more than 150 per cent in 2023. Furthermore, there is a narrative running in the industry that crypto companies no longer have to prove themselves, Kharpal and Sigalos said in a CNBC report, adding that some of them looks at the approval of a bitcoin ETF by the US Securities and Exchange Commission last week as a moment that has locked in crypto’s place as a legitimate asset class. (ANI)

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Arab News Economy UAE News

UAE discusses economy, space, education at Davos

The UAE Delegation participated in the first day of the World Economic Forum held in Davos, Switzerland. The 2023 delegation included a number of officials and ministers of the Federal Government and local governments, in addition to businessmen and economic figures from the private sector.

During the first day of the Forum, Ahmed Belhoul Al Falasi Minister of Education participated in a session intitled “Meeting of the Reskilling Revolution Champions”, where he discussed the influence of the technological changes, the COVID-19 pandemic and the green transition on people’s livelihoods.

Al Falasi discussed the importance of updating our learning programmes to prepare a qualified generation with the appropriate skills for the future, stressing the need of urgent investment in human capital to create a fairer world by ensuring people are given the chance to fulfil their potential and thrive.

As part of the UAE Pavilion Ohood Khalfan Al Roumi, Minister of State for Government Development and The Future announced the launch of Future Possibilities Index which comes in cooperation with Newsweek Vantage and Horizon Research Group.

The index will focus on identifying future opportunities, studying the market value, and evaluating the readiness of countries for future opportunities in terms of proactive policies, flexible legislations, talents readiness and the overall business environment.

As part of the UAE participation in Davos 2023 under the slogan “Impossible is Possible”, the UAE Pavilion hosted a dialogue session held by the UAE Space Agency entitled “The Future of Our Planet – Low Earth Orbit Politics of the 21st Century”.

Also, the Pavilion hosted a fireside chat about the Economic Clusters Development in the UAE, where Badr Al-Olama, the Executive Director at the UAE Clusters, Mubadala discussed the economic clusters have helped the UAE by luring foreign investments and enhancing economic development and diversification.

The country’s participation in the World Economic Forum’s annual meetings in Davos demonstrates the UAE’s commitment to global engagement and the continued dedication to advancing the growth of its economy. The UAE’s Pavilion at Davos 2023, aims at highlighting the country’s commitment to strengthening economic ties and promoting economic and social growth.

ALSO READ: Cooperation, globalization under spotlight at Davos

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India News

Andhra to highlight investment opportunities at Davos


The chief minister will be holding discussions towards a decarbonised economy focusing on Industrialisation 4.0…reports Asian Lite News

Andhra Pradesh’s pavilion at the World Economic Forum (WEF) annual meeting at Davos will highlight the investment opportunities.

The pavilion with the slogan ‘People – Progress – Possibilities’ will reiterate the state’s commitment for decarbonised economy and would focus on investment opportunities

A high-level delegation, led by Chief Minister Y. S. Jagan Mohan Reddy will be participating in the meeting scheduled from May 22-26.

The chief minister will be holding discussions towards a decarbonised economy focusing on Industrialisation 4.0, officials said.

The state will showcase the strategy followed to curb Covid pandemic using Testing – Tracing- Treatment method and also the revolutionary measures taken by the government in education, health and development sectors, they said.

Andhra Pradesh will also focus on conventional energy resources and industrial waste treatment. The government intends to make room for the industrialisation of interconnectivity, real-time data, mechanisation and automation as part of the goal of sustainable economic progress and the chief minister and the state delegation will take part in the extensive discussions in Davos in this regard.

The resources and opportunities available to the state to become the right platform for industrialisation 4.0 will also be explained at the event.

The conference will also showcase opportunities in the Bangalore-Hyderabad, Chennai-Bangalore and Visakhapatnam-Chennai corridors to various industry bodies and entrepreneurs. It also describes how well-trained human resources are being developed. The state will also showcase how ports will contribute to Industrialization 4.0.

The state will also focus on changes that need to be made in industrial strategies. The state will focus on the best companies for partnership in areas of strengthening the process of delivering products directly to the doorstep, integrating it with digitalisation, further enhancing the manufacturing sector in the state, and developing the best resources.

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