UAE committed to ensure global oil market stability, says minister

Suhail Bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, said that the Ministry is currently working on upgrading the UAE’s electric vehicle (EV) system by adding new stations and concluding more partnerships with major global companies to turbocharge the sector’s growth.

“This will increase the number of EVs used in the UAE and reduce the carbon footprint of the transportation sector,” Al Mazrouei told the Emirates News Agency (WAM) on the sidelines of the World Governments Summit (WGS) 2024, which began on Monday in Dubai. “The Ministry aims to set fair prices for the private sector to incentivise it to invest in fast-charging EV stations, establishing the UAE among the world’s top countries in terms of EV infrastructure and speed of charging.”

Regarding his outlook on the global oil market in light of the ongoing global shifts, he said that the UAE is committed to working with OPEC+ partners to study the market and make decisions that will ensure the stability of the global oil market, noting that the global oil market is vast and involves many variables and equations, including the geopolitical situations worldwide.

Al Mazrouei said that the World Governments Summit 2024 is seeing widespread global interest, as evidenced by the remarkable turnout, from heads of state and government, industry leaders and experts, high-level officials and representatives of international companies from around the world.

Meanwhile, the US-UAE Business Council launched a report at the World Governments Summit (WGS) 2024, taking place in Dubai from 12th-14th February.

The report provides a comprehensive overview of the UAE’s ambitions to become a global AI player and focuses on US-UAE AI business collaborations. Across a range of strategic sectors, US companies are investing and partnering in the UAE’s emerging digital technology ecosystem through the deployment of AI.

Readers will find a detailed overview of the UAE’s AI strategy as well as leading UAE AI institutions, startup programmes, and the US-UAE AI commercial partnerships. The report places particular emphasis on the role of startups and AI exports.

Commenting on the significance of this report being published at the World Governments Summit 2024, Mohamed Al Sharhan, Managing Director of the WGS Organisation, said, “As the world embraces the transformative potential of artificial intelligence, our commitment to a comprehensive national strategy is paramount. Through collaborative partnerships and robust investment in research, education, and infrastructure, we pave the way for sustainable growth and socio-economic development. This report, unveiled at the World Governments Summit, exemplifies our dedication to shaping a responsible AI ecosystem that empowers individuals, businesses, and governments alike. Together, we stand at the forefront of the AI revolution, championing principles of fairness, transparency, and human-centric design. With courage and foresight, we navigate the complexities of this digital age, ensuring that the UAE emerges as a global leader in harnessing AI for the betterment of humanity.”

For his part, Danny Sebright, Business Council President, said, “The UAE has identified AI and advanced technology as a key pillar of its economic development, which offers opportunities for US technology giants and innovative startups leading in this field to leverage partnerships within the UAE’s AI and digital technology ecosystem to advance cutting-edge innovations.”

Sebright further elaborated that “the US-UAE Business Council intends to promote AI research and development between US and UAE private sector companies, research institutions, and academic institutions in key verticals of energy, defence, healthcare, logistics, financial services, and food security through a newly created AI Task Force”.

During the Launch, Talal Al Kaissi, EVP and Chief Product & Global Partnerships Officer at Core42 was present, as well as other esteemed members of the Council.

The Business Council, through its Digital Domain Working Group, has set up an AI Task Force that will provide a platform for UAE leadership to engage with the industry about their vision for AI. This task force will also convene industry to discuss international best practices, advocate for policies that underpin the responsible regulation of AI, and explore the transformative potential of AI in all sectors, including education, healthcare, and energy.

More than 4,000 participants from the public and private sectors will participate in 110 interactive sessions at WGS 2024, including 200 speakers from 85 international organisations including the UN, the World Bank, the International Monetary Fund, the World Health Organisation, the International Atomic Energy Agency and the Arab League. It will also welcome eight Nobel prize winners, and provide a platform for 23 ministerial meetings in the presence of more than 300 ministers. In partnership with a select group of knowledge partners, the Summit will launch more than 25 strategic reports, focusing on the most important practices and trends in vital sectors.

WAM