DUBAI / WAM Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, stressed that data sector will significantly contribute to the future of the UAE economy, as the reliance on Artificial Intelligence (AI) technology incre-ases, becoming a base for many vital activities of future societies. Promoting investment in this rapidly evolving global economic sector comes as part of …

Abu Dhabi / Emirates Business With Expo 2020 on the horizon and the Middle East representing high growth potential for the travel industry, WTM London 2018 which takes place on November 5-7 and is placing a spotlight on the region with a host of key speakers lined up for the show’s new regionally-focussed Inspiration Zones. As Dubai gears up for …

DUBAI / WAM Policymakers, industry hea-vyweights, economists, pro-minent CEOs and business leaders from the world will share insights and predictions on key trends that are expected to reshape future of the global Islamic economy when they gather in Dubai for 4th Global Islamic Economy Summit (GIES 2018). Dubai Chamber and the Dubai Islamic Economy Development Centre (DIEDC) will organise high-level …

Bloomberg Aramco and Total SA signed an engineering and design contract for a $9 billion petrochemical complex in Saudi Arabia that will convert fossil fuels into building blocks for plastics. The Amiral complex will be able to produce 2.7 million tonnes of chemicals annually, according to Amin Nasser, state-run Saudi Aramco’s chief executive officer. The project will be completed by …

Bloomberg The world must invest $2.4 trillion in clean energy every year through 2035 and cut the use of coal-fired power to almost nothing by 2050 to avoid catastrophic damage from climate change, according to scientists convened by the United Nations. Their report published on Monday adds pressure on policymakers and businesses to step up their response to global warming, …

Bloomberg Hyflux Ltd., the embattled Singapore water-treatment and power company, is in advanced talks with at least two potential investors about taking a strategic equity stake in the group as part of a restructuring plan. The discussions with these investors are taking place concurrently with efforts to sell its desalination plant known as Tuaspring, its legal adviser WongPartnership LLP said …

Bloomberg Macquarie Group Ltd. has agreed to invest in a wind and solar power development in Australia’s Pilbara region, which will provide electricity to mines and mineral processing operations in the region. The Asian Renewable Energy Hub has also increased its planned generation capacity to more than 11 gigawatts, from 9 gigawatts, according to a statement on Monday on the …

Bloomberg The run-up to $100 oil is giving some investors pause.This year’s longest buildup of hedge-fund bets on higher Brent crude prices is faltering, with bulls retreating for the first time in six weeks. After fears of dramatic shortfalls from Iran sent the global benchmark on a tear and triggered speculation that it will reach three digits, the rally is …

Bloomberg US equity futures fell with European shares as fresh concern about Italy’s defiance of EU officials added to an already gloomy mood across stocks, with those in China tumbling after a one-week vacation ended. The dollar rose as Treasuries took a holiday before a busy week of debt sales. Oil companies and banks led the Stoxx Europe 600 Index …

Bloomberg If the Federal Reserve tightens US monetary policy too far, investors in the bull market’s biggest winners will feel the pain first, according to Bank Julius Baer & Co. That’s tech stocks. Strong economic growth will encourage the Fed to keep raising interest rates, even if the tightening sucks out more liquidity than financial markets can tolerate, said Yves …