WEF futures gathering closes with new initiatives from UAE government

Updated 12 November 2017
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WEF futures gathering closes with new initiatives from UAE government

DUBAI: The World Economic Forum (WEF) wound up its two-day brainstorming session on future policy with commitments to new initiatives in technology, robotics and artificial intelligence (AI) by the government of the UAE.
The annual meeting of 700 thought-leaders from the WEF’s global future councils was formally closed by Mohammed Al-Gergawi, UAE minister for Cabinet affairs and the future, who announced a plan to develop a center for future readiness, and a global framework to assess progress toward it.
He also unveiled plans to create new positions as “future ambassadors” for the UAE, and to work towards global protocols for artificial intelligence and the “Fourth Industrial Revolution” — the WEF’s term for the rapid technological transformation of society and economies.
“This meeting is a key performance indicator for governments in the world. The commitment to the future continues to grow in momentum. A human-centric strategy, ministerial council and governance framework are now in place,” Al-Gergawi said.
He added that the Global Futures Councils would meet again to assess progress and decide on other initiatives next November. The WEF council on AI and robotics agreed to act as an adviser to the UAE’s new ministry for artificial intelligence.
The meeting also heard that young people in the Middle East expect a “massive disruption” to their lives and work patterns from changes in technology, but that many feel comfortable with living and working in an environment where robots exist alongside humans, according to a WEF survey.
The WEF polled 1,600 people between the ages of 18 and 35 in the summer, and found that 58 percent of them in the Middle East and North Africa expect to experience significant changes to their jobs and careers as a result of technological change, while 52 percent believe that studying and learning will be similarly affected. But 23 percent said they would trust a decision made by a robot on their behalf.
In the same survey, 24 percent of respondents said that they had shared a news article on the Internet or social media that they later learned was fake, with a further 17 percent admitting that they probably had done so without realizing it.
The gathering was told that the world’s cities have to become more active in influencing climate change policy, because they are responsible for 75 percent of global carbon emissions.
“Shanghai, Dhaka, Karachi, Hong Kong and Miami are literally going under water,” said Robert Muggah, research director of the Igarapé Institute, Brazil.
By 2050, 70 percent of the world’s population will be urbanized. Tokyo’s GDP is already greater than that of Russia, South Korea or Canada.
“If we get our cities right, we just might achieve the 2030 sustainable development goals and we may limp through the 21st century, but if we get our cities wrong — we’re doomed,” he added.
“Global decision-making remains dominated by nation states. It’s time to offer the cities a place at the negotiating table. Cities also need greater freedom to solve their own problems by focusing on becoming greener and smarter,” said Muggah.
Jean Marie Guehenno, chief executive of Brussels-based International Crisis Group, said that cities are becoming more fragile, and urban violence is on the rise in many parts of the world.
Regional rivalries in the Middle East and Asia have become more pressing. “A function of the retreat of the US is that all countries feel more on their own,” he added, warning that this rising violence, along with unprecedented levels of forced migration, were posing major risks to developing countries.


Gold slips over 1 percent on strong dollar, easing rate-cut bets

Updated 12 March 2026
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Gold slips over 1 percent on strong dollar, easing rate-cut bets

  • Chile central bank issues first gold purchase in decades
  • BMI expects silver to average $93/oz in 2026

Gold prices fell more than 1 percent on Thursday, pressured by a stronger dollar and diminishing hopes for a reduction in borrowing costs as the ongoing Iran war stoked inflation concerns.
Spot gold dipped 1.1 percent at $5,118.16 per ounce by 1:31 p.m. ET (1731 GMT). US gold futures for April delivery settled 1 percent lower at $5,125.80.
The dollar gained for a third consecutive session. The greenback is a competitive ‌safe-haven asset, and ‌a stronger US currency makes gold more ​expensive ‌for ⁠holders ​of other currencies.
“The ⁠higher dollar index, rising treasury yields and lack of interest-rate cuts are the negative factors, but the conflict in the Middle East has been generating some safe-haven flows,” said Phillip Streible, chief market strategist at Blue Line Futures.
Two tankers were ablaze in Iraqi waters in an apparent escalation in Iranian attacks that have cut off ⁠Middle East energy supplies. In reaction, oil prices ‌rose sharply for the day.
Iran will avenge ‌the blood of its martyrs, keep ​the Strait of Hormuz closed and ‌attack US bases, new Supreme Leader Ayatollah Mojtaba Khamenei said.
Higher crude ‌prices feed into inflation by raising transportation and production costs. Gold is considered an inflation hedge, but high interest rates weigh on it by making yield-bearing assets more attractive.
“If they can prevent oil prices from climbing ‌further, gold should be in a good place... On the bullish side for gold, the main argument is ⁠that central ⁠bank buying and steady exchange-traded fund inflows, which have remained positive all year,” Streible added.
Chile’s central bank issued its first major gold purchase since at least 2000. In February, the bank boosted its gold reserves to $1.108 billion, up from $42 million in January, equivalent to 2.2 percent of total reserves.
Elsewhere, spot silver eased 1 percent to $84.90. Prices gained more than 146 percent last year.
Analysts at BMI wrote in a note they expect silver to average $93 per ounce in 2026, with strong investment demand consolidating the gains witnessed in 2025, and offsetting price-induced ​demand destruction in solar ​panels and jewelry.
Spot platinum lost 1.1 percent to $2,145.75, and palladium fell 1 percent to $1,620.86.