Data is ‘oil of the future,’ Dubai government summit told

Mohamed Al-Gergawi, UAE minister for cabinet affairs and the future
Updated 11 February 2018

Data is ‘oil of the future,’ Dubai government summit told

DUBAI: Data is the “oil of the future,” Mohammad Al-Gergawi, UAE minister for cabinet affairs and the future, told the opening session of the World Government Summit in Dubai.
A packed audience heard the minister set out the agenda for the three-day event, which has attracted 4,000 leaders from the worlds of business and economic and public policy. Digital communications giants such as Google and Facebook would soon know more about individuals than governments do, Al-Gergawi said.
“By 2045, we will be able to transfer and upload the contents of the human mind to a data center. Governments must be prepared for these coming changes. The aim of this summit is to find answers and set priorities to meet these challenges and opportunities.”
The theme of the summit is “shaping future governments,” and Al-Gergawi detailed the challenges policymakers will face in health, artificial intelligence, crypto currencies and their impact on global finance, climate change and the issues of digital connectivity.
Klaus Schwab, founder and chairman of the World Economic Forum, who also spoke at the opening session, harked back 10 years to the onset of the global financial crisis, which he said threatened a series of other crises in economies, in societies and between generations.
“We avoided a complete breakdown of the financial system, but there was a cost. The world’s debts now add up to 200 per cent of global GDP,” he said.
Schwab said most experts, such as the Organisation for Economic Co-operation and Development and the International Monetary Fund, were forecasting two years of  “sound, comprehensive growth,” but he said financial markets were still addicted to low interest rates and cheap capital.
There were still risks of a social crisis, he said, with levels of inequality and an unfair system of wealth distribution, as well as a generational crisis. “The world’s education systems do not satisfy the requirements of the 21st century.”
He highlighted global risks such as geopolitical issues, inequality, cybersecurity, gender parity and failures of leadership.
The pace of technological change was increasing all the time and adding to the pressures on policymakers, Schwab said. “Never before has the speed of change been so fast as in 2018. But also, never again will the speed of change be so slow as it is in 2018.”


Aramco international listing ‘still on the cards’: Saudi finance minister

Updated 17 min 11 sec ago

Aramco international listing ‘still on the cards’: Saudi finance minister

  • The minister said that he was “very confident” that the Saudi economy was picking up speed
  • He said that international investors had responded positively to ongoing reforms in the Kingdom

LONDON: Saudi Finance Minister Mohammed Al-Jadaan said that an international listing of Saudi Aramco was “still on the cards” but likely won’t happen soon.
He made the disclosure in an interview with Bloomberg News at the World Economic Forum’s annual meeting in Davos, Switzerland on Wednesday.
The minister also said that he was “very confident” that the Saudi economy was picking up speed, as the Kingdom successfully completed a $5 billion bond sale this week after receiving orders for four times as much.
“Yesterday showed very clearly that demand for Saudi credit is very high and very healthy. We are very pleased not only with the level of debt but also the pricing,” he said. “Demand is very positive. We are starting seeing results of Vision 2030. The numbers are proving that reform is working. We are basically cashing on the successes.
The minister said that international investors had responded positively to ongoing reforms in the Kingdom.
“I think investors are focusing on fundamentals,” he said. “They see the growth they see the potential. We are seeing a growth in FDI, a growth in the number of applications for licenses. The confidence is back in a strong way.”