India’s Modi puts his country’s faith in technology for ‘inclusive growth’

Indian Prime Minister Narendra Modi gives a speech at the World Government Summit in Dubai on Sunday. (AP)
Updated 12 February 2018
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India’s Modi puts his country’s faith in technology for ‘inclusive growth’

DUBAI: Indian Prime Minister Narendra Modi launched an eloquent advocacy of the power of technology to reduce poverty and bring about “inclusive growth for everyone” at the World Government Summit in Dubai.

Modi, who had previously addressed thousands of his compatriots at the Dubai Opera, told the summit that 21st century technology was essential for his country to face its big challenges: Poverty, unemployment, housing, education and natural disasters.

“Technology, from the Stone Age to the industrial revolution to the digital revolution, has fundamentally altered the condition of man for the better. It is a source of disruptive change, empowering men and women, minimizing government and maximizing governance,” he said.

But he warned that governments have a responsibility to see that technology is not used for negative ends.

“It is the job of governments to ensure that the power of technology is used for the good of the common man. Technology has got to be a constructive, positive force. Man sometimes fashions technology into destructive and violent areas, like when cyberspace is used for the spread of extremism.”

In a speech preceded by traditional Indian dancing and studded with references in Sanskrit, the ancient Indian language, Modi said: “Sometimes it seems like man is making the cardinal mistake of using technology to come into conflict with nature. Man has to coexist with nature, as India has done with yoga.”

It was his second visit to the UAE since he became prime minister in 2014. He said the UAE was a “home from home” for 3.3 million Indian workers.

“The vision of Dubai is backed by technology, innovation and enterprise, but it is not confined to the laboratories. It is applied in the real world, in Masdar (Abu Dhabi’s sustainable city) and the Future Accelerator in Dubai.”

He added: “In establishing ministries of happiness and the future, the UAE has recognized the idea of maximizing human happiness.”

Modi highlighted India’s achievements in biometric profiling, linking identities to financial details and mobile phone numbers, which he said was leading to the creation of a “cashless society” in his country, and also the commitment to solar energy use and Internet-based “long distance” education.


Closing Bell: Saudi main index closes in red at 11,183

Updated 16 February 2026
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Closing Bell: Saudi main index closes in red at 11,183

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.

The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.

The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.

The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.

The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.

Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.

On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.

Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.

On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.

In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”

Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.

The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.