India, robotics and space on the agenda at Dubai World Government Summit

Updated 11 February 2018
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India, robotics and space on the agenda at Dubai World Government Summit

DUBAI: Relations between India and the Arabian Gulf will figure prominently when 4,000 leaders from the worlds of business, politics and Hollywood celebrity descend on Dubai on Sunday for the formal opening of the 2018 World Government Summit.
Prime Minister Narendra Modi of India, which has been named guest country this year, will deliver the inaugural address on day one of the three day event, in a line up that also features the themes of artificial intelligence, robotics and space travel, which are among the UAE’s man policy priorities.
Mohamed Al-Gergawi, the UAE’s minister for cabinet affairs and the future, who will open the event alongside Klaus Schwab of the World Economic Forum, said the summit — now in its sixth year — “has become a permanent knowledge event available to all governments and their activities throughout the year. Through the summit, we seek to create new models for economic co-operation.”
More than 120 sessions will focus on the theme of the 2018 summit, “Shaping future governments.”
A special section of the event, entitled “From India to the world,” will discuss the country’s development in technology, innovation and services, highlighting India’s advances in health care and education.
Leaders of Indian business and public policy will address the question “Will India lead the global economy of the future?”
The UAE has the largest number of Indian immigrants and guest workers in the world.
In addition to the high-level policymakers at the event, Hollywood stars Robert De Niro and Forrest Whittaker will also lead panels on climate change and gender issues.
Some of the attendees gathered yesterday (Sat) for a series of informal sessions on the theme of “Happiness”, which the UAE has identified as the main aim of its public policy.
Christine Lagarde, managing director of the International Monetary Fund, will speak on the subject of “using the global recovery to create a fairer world,” but is also likely to discuss the recent turbulence in global financial markets. She warned in January — before the share price falls of last week — that there were still threats to the stability of the world financial system.
Adena Friedman, president and chief executive of the New York based Nasdaq stock exchange, will offer her opinions on “how to tame a volatile market.”
From Saudi Arabia, Bandar Hajjjar, president of the Islamic Development Bank, will participate in a discussion with other leading figures from the world of developmental finance on the theme “catalizing regional development.”
Sultan bin Suleyam, chairman of global ports business DP World, will be questioned on the issue of “smart trade, transport and logistics solutions.”
Four global awards have also been organized to coincide with the summit. The winners of the GovTech Prize, Best Minister Award, Edge of Government Innovation Award and Global Universities Challenge Award will all be announced at the event.


Global watchdog gives Iran until June to strengthen anti-money laundering rules

Updated 58 sec ago
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Global watchdog gives Iran until June to strengthen anti-money laundering rules

  • Iran was already given until February to complete reforms that would bring it in line with global norms, or face consequences
  • The FATF concluded this week at a meeting that ‘there are still items not completed’

PARIS: Iran has until June to strengthen its anti-money laundering legislation, or financial institutions operating there will face increased international scrutiny, a global watchdog said on Friday.
Last October, the Paris-based Financial Action Task Force (FATF) watchdog had already given Iran until February to complete reforms that would bring it in line with global norms, or face consequences.
The FATF concluded this week at a meeting that “there are still items not completed” and said in a statement it “expects Iran to proceed swiftly in the reform path.”
“If by June 2019, Iran does not enact the remaining legislation in line with FATF Standards, then the FATF will require increased supervisory examination for branches and subsidiaries of financial institutions based in Iran,” it said.
Foreign businesses say compliance and Iran’s removal from the FATF’s blacklist is key for making investments in the country, especially after the United States re-imposed sanctions on Iran.
France, Britain and Germany have tied this compliance angle with the use of a new channel for non-dollar trade with Iran to avert US sanctions.
Those countries have said they expected Iran would swiftly put into place all elements of its FATF action plan.