The Middle East, traditionally known for its vast oil reserves and as a global energy powerhouse, is increasingly turning towards renewable energy sources.

This shift is driven by the need to address global warming, diversify energy sources, and prepare for a post-oil era. Countries across the region are investing in solar, wind, and other renewable technologies, leveraging their abundant natural resources for sustainable energy production.

Strategies for Overcoming Oil Dependency

Governments are formulating strategic plans to reduce the heavy reliance on oil exports that has characterized the region’s economies for decades.

These strategies include substantial investment in renewable energy infrastructure, regulatory reforms to encourage sustainable practices, and economic diversification efforts aimed at creating new industries and jobs unrelated to fossil fuels.

Major Renewable Energy Initiatives and Their Impact

Several landmark projects highlight the Middle East’s commitment to renewable energy. The Mohammed bin Rashid Al Maktoum Solar Park in the UAE and Saudi Arabia’s Vision 2030 renewable energy targets exemplify major initiatives. These are not only reducing carbon footprints but also, over time, altering the geographic landscape of global energy influence.

The Economic Benefits of Adopting Renewable Energy

The pivot towards green energy is expected to yield significant economic benefits. By diversifying energy sources, Middle Eastern countries can stabilize their economies against oil price volatility. Renewable energy projects also stimulate job creation in new sectors, from technology and engineering to project management and fieldwork.

Barriers to Renewable Energy Adoption

Despite the clear benefits, the transition faces obstacles. These include the high initial costs of renewable energy projects, infrastructural challenges, and the need for regulatory and market reforms. Further, the entrenched interests of the fossil fuel industry pose a significant barrier to change.

The Role of International Cooperation in Energy Transition

International partnerships are pivotal for the Middle East’s energy transition. Knowledge exchange, financial investment, and technology transfer from countries with advanced renewable energy capabilities can accelerate regional projects. Multinational agreements on climate change further encourage nations to commit to sustainable energy paths.

Sustainability Goals and Renewable Energy Targets

Many Middle Eastern countries have set ambitious renewable energy targets as part of their sustainability goals. These targets are central to national strategies for reducing greenhouse gas emissions and promoting environmental stewardship while ensuring energy security and economic growth.

Advancements in Renewable Energy Storage Solutions

Innovations in energy storage are critical to overcoming the intermittency of renewable energy sources. Advancements in battery technology and other storage methods enable the efficient capture and dispatch of solar and wind energy, ensuring a consistent and reliable power supply.

Renewable Energy as a Driver for Job Creation

The renewable energy sector is becoming a significant job creator. From research and development in new energy technologies to construction and maintenance of infrastructure, renewable energy is fostering employment opportunities across a wide range of skill levels and disciplines.

Case Studies: Successful Renewable Energy Projects

Success stories from across the region underscore the potential of renewable energy.

Jordan’s Shams Ma’an Power Generation project and Egypt’s Benban Solar Park serve as benchmarks for what can be achieved with commitment and innovation.

These projects not only contribute to their countries’ energy needs but also serve as a model for other nations considering similar paths.
The Middle East’s journey towards renewable energy is a clear indication of the region’s commitment to sustainable development and environmental responsibility.

By embracing green technologies, these nations are not only securing their own futures but are also contributing to global efforts against climate change.

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According to the IBM Global AI Adoption Index 2023, 42 percent of businesses in the UAE have already incorporated artificial intelligence (AI) in their day-to-day operations.

This indicates the country’s continuous efforts towards technological advancement and digital transformation.

IBM conducted two studies that revealed the growing acceptance of AI in business operations and the retail sector, not only in the UAE but also in the wider Middle East and Africa (MEA) region.

The first study, the 2023 Global AI Adoption Index by Morning Consult, provides insights from companies in the UAE. The second study, ‘Revolutionize retail with AI everywhere: Customers won’t wait’, focuses on the retail sector.

These studies demonstrate the transformative effect of AI on reshaping business strategies, enhancing operational efficiency, and revolutionizing the retail landscape to meet evolving consumer expectations.

The IBM Global AI Adoption Index 2023 surveyed over 8,500 IT professionals, including some from the UAE. The study shows a rapid adoption and integration of AI into different business sectors, with 65 percent of IT professionals in the UAE reporting an increase in AI adoption over the past two years.

This has resulted in reshaping the way businesses operate, and increased efficiency, innovation, and competitiveness in the UAE market.

With 42 percent of companies already using Artificial intelligence, the UAE is emerging as a frontrunner in technological advancement in the region.

The study also reveals that 34 percent of companies in the UAE have a comprehensive AI strategy, while an additional 30 percent are in the process of developing one.

The reasons for Artificial intelligence adoption in the UAE include the increasing integration of AI in standard business applications, cost reduction, and automation of essential processes.

In addition to the UAE findings, IBM’s retail and AI research highlights consumer preferences and demands in the MEA region. Despite a preference for physical stores, only three percent of MEA consumers are satisfied with the in-store experience.

However, 75 percent of MEA consumers are supplementing their in-store experiences with mobile applications, indicating a shift towards a digitally integrated shopping experience.

It has immense potential to enhance the shopping journey, with nine out of every ten consumers expressing interest in AI applications for shopping.

Meanwhile, 75 percent of MEA respondents are eager for AI applications, and 67 percent for Artificial intelligence enhancements like virtual assistants.

IBM:

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Dubai’s 81st meeting of the Supreme Council of Energy was chaired by H.H. Sheikh Ahmed bin Saeed Al Maktoum, the council’s Chairman.

The meeting was held virtually and attended by Saeed Mohammed Al Tayer, the Vice Chairman of the Dubai Supreme Council of Energy.

Other attendees included Ahmed Buti Al Muhairbi, the Secretary-General of the Dubai Supreme Council of Energy, and board members from various organizations.

The council discussed the Demand Side Management Strategy for 2030 and 2050, which aims to reduce water and electricity consumption through green building activities, building retrofits, efficient operation of industrial and government facilities, and the use of treated wastewater, external lighting, and cooling.

The council is committed to making Dubai a leading example in efficient energy and water demand management.

Al Tayer mentioned that the council regularly reviews programs to reduce water and electricity consumption with the participation of public and private organizations, in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, to promote a green economy and sustainable development.

The council’s efforts aim to achieve standards and mechanisms that demonstrate the effectiveness of implementation and the percentages achieved in energy resource management.

Al Muhairbi noted that updating the council’s existing strategies reflects the degrees of achievement of the set goals to ensure the effectiveness of the existing programs, aligned with the desired goals in the areas of sustainable development for Dubai.

The council also discussed recommendations to increase the infrastructure for electric vehicle charging stations across the Emirate.

The council looks forward to supporting private companies in building and installing charging stations in line with the public-private partnership model.

As of the end of January, the number of electric and hybrid vehicles in Dubai reached 49,300, and more than 390 charging stations were installed.

The number of charging stations will increase in the coming years.

More on Visions:

vision2030.

vision2040.

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The Qatar Civil Aviation Authority (QCAA) has released its aviation statistics for February 2024, which show a significant increase in the number of aircraft movements and passengers.

According to the preliminary air transport data for the month, there was a 30.1 percent increase in aircraft movement compared to February 2023.

The total number of aircraft movements registered in February was 22,736, while the same period in 2023 saw a total of 17,479 flight movements.

The number of passengers also witnessed a huge surge during the month, with a 34.9 percent increase compared to February 2023.

QCAA reported that the country recorded over 4 million passengers in February, with over 3 million arrivals.

In addition, air cargo and mail showed an increase of 15.4 percent last month compared to the same period in 2023.

The air cargo and mail carried 198,639 tonnes during February 2024, as compared to 172,085 tonnes in February 2023.

The data also showed an increase of 23.8 percent in aircraft movements during January 2024 compared to the same period last year.

The region registered 23,994 flight movements in January 2024, while the same period in the previous year saw 19,377 aircraft movements.

Passengers travelling through Qatar’s Hamad International Airport also significantly increased during the month by over 27 percent compared to January 2023.

The month registered 4.5 million passengers, while last year’s data showed a total number of 3.5 million individuals arriving in Qatar.

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Aman, a Swiss-based hospitality brand, is currently developing its first hotel property in Dubai.

The company sees Dubai’s opening as part of a move to expand its presence in the Middle East, along with its sister concern Janu.

The development of the hotel has been partnered with Bright Start, a UAE-based real estate investment company that already owns the Four Seasons in Dubai. H&H Development, a real estate developer, will be leading the delivery of the Dubai project.

While some details are still under wraps, Aman Dubai is expected to be located in Jumeirah 2 neighborhood with an expansive private beach.

The hotel will feature all-suite rooms, a spa of over 2,000 sqm, several restaurants, and an Aman Club.

Additionally, a limited number of Aman branded residences will also be available. The hotel will be designed by Singapore-based Kerry Hill Architects, with a minimal and contemporary design aesthetic while incorporating Arabian heritage.

The property will also have nine acres of gardens.

Aman Dubai is currently in the development phase, and the luxury hotel group has been expanding its pipeline in the Middle East over the last few years.

It has plans to open three properties in Saudi Arabia, including a tented camp, a desert ranch-style resort, and Hegra in AlUla.

Janu, its sister hospitality brand, also has a pipeline that includes a project in the UAE.

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Dubai has been recognized as one of the best cities in the world for work and being livable.

According to the latest Global Expat Index, Dubai has secured the 9th spot with a score of 6.80, surpassing other popular destinations such as Toronto, Sydney, and Lisbon.

Additionally, the emirate has been ranked as the third most preferred city in Asia for expats, with a score of 6.81, while Abu Dhabi has landed on the 8th spot with a score of 6.09.

As per the report by Preply, an online language learning marketplace, Dubai is known for its luxurious lifestyle, however, its cost of living is relatively high, standing at $3,787 per month.

Nevertheless, the average tax-free salary in Dubai is the second highest among all Asian cities, with a figure of $3,894.

Moreover, the UAE’s favorable tax laws, which include no income tax, can benefit those earning more than $64,000 annually.

Dubai has also scored high on the safety index, with a score of 83.40, making it the third-safest city in the ranking.

Meanwhile, the average cost of living in Abu Dhabi, Dubai’s neighboring emirate, was $3,501, with the tax-free salary averaging $3,597.

Abu Dhabi has also been ranked as the safest livable city in Asia, with a score of 86.71.

Other top expat cities

Tallinn, Estonia topped the list with the highest overall expat score of 7.35 out of 10, making it the best city for work and living.

Estonia’s capital city also scored a high safety index of 77 out of 100, placing it among the top 10 safest cities for expats. Bern, Switzerland ranked second with a score of 7.32, followed by Singapore and Basel, Switzerland, jointly occupying the third spot with a score of 7.08.

Toronto and Sydney jointly ranked 11th on the list with a score of 6.76, while Lisbon was at 16 with a score of 6.54

On the Asia index, Singapore took first place as the ideal city for expats looking for the best-suited areas to move to in 2024, with a score of 7.20.

The top three positions were rounded off by Bangkok in second place with a score of 6.96, followed by Dubai at 6.81.

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Kuwait Telecommunications Company (stc) has announced the first commercial deployment of 5G RedCap Fixed Wireless Access (FWA) service in the Middle East.

This advancement is set to transform broadband connectivity by providing unparalleled reliability and speed to both residential and commercial users.

The aim is to make 5G adoption more accessible while enhancing the overall customer experience. The 5G RedCap FWA service promises stable and cost-effective high-speed internet access, which is great news for users.

Amer Atoui, Chief Consumer Officer of stc Kuwait, said, “Launching 5G RedCap FWA marks a groundbreaking chapter for internet connectivity in the Middle East.

We take pride in being the region’s pioneer, reaffirming our commitment to delivering innovative solutions that enrich our customers’ lives.”

The announcement of the new service was made at the second forum of the ELITE FWA Club, which was attended by industry leaders on the sidelines of the Mobile World Congress (MWC) 2024 in Barcelona.

About STC:

The Saudi Telecom Company (STC) Group is a leading digital enabler and integrated telecommunication services provider in the Middle East and North Africa region.

They have a strong presence in the Kingdom of Saudi Arabia, as well as in 11 other countries, where they cater to over 170 million customers. STC has a remarkable record of being a pioneer in the industry, especially in launching 5G networks.

They have already deployed around 6,500 5G towers, making them one of the fastest globally in deploying 5G networks.

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According to the state-owned Saudi Press Agency, the international technology conference LEAP 24 has attracted investment deals worth $888 million. 

The investments include funds for venture capital and start-ups and are intended to support innovation and tech entrepreneurship in the region.  

Investcorp launched a $500 million fund to target Saudi businesses in their growth stages. 

 The National Development Fund and the Social Development Bank established the $40 million Gaming and Esports Investment Fund, managed by Impact46. 

Merak Capital also established an $80 million fund to back game accelerators in the kingdom.  

Furthermore, another fund worth $50 million was launched by Takamol Holdings to support early-stage firms, while Plug and Play and X by Unifonic announced two more funds to support technology start-ups and business software services for young businesses.  

In addition, Saudi-based start-ups raised a total investment of $53.4 million. Among them, BRKZ, an international information technology firm secured $8 million in a Series A round. 

 FanZ, an AI-enabled sport tech secured $1.5 million in pre-seed funding, and Lawazem, an online B2B supplies player secured $8 million, among many others. 

About LEAP 2024: 

LEAP 2024 was a highly successful technological conference that attracted 50,000 guests from outside the Kingdom.  

Al-Khamisi proudly declared it as the most attended conference of its kind in the world, with a total of 215,000 visitors. 

This contributed to a surge in hotel occupancy rates in Riyadh, which reached 99 percent during the conference. Furthermore, many new projects were announced at the event. 

investments totaling $13.4 billion, showcasing the Kingdom’s growing economy in the global tech landscape. 

 Read More about LEAP 2024

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Saudi Arabia has recently increased its stake in oil giant Aramco by transferring an 8% stake to the Public Investment Fund.

With this move, the PIF’s direct and indirect holding in Aramco has doubled, which is a part of the kingdom’s plan to reduce its reliance on oil and diversify its economy.

According to LSEG data, this stake is worth around $163.6 billion based on Aramco’s current market capitalization.

The PIF already owned a 4% stake in Aramco, which was directly transferred in 2022, and another 4% indirectly transferred to Sanabil, which is wholly owned by PIF.

Reuters had previously reported that Saudi Arabia is planning to sell more shares of Aramco, which will help finance the Kingdom’s Vision 2030 program. Aramco raised a record $29.4 billion from its initial public offering before the pandemic.

The PIF declined to comment on which entities the shares would be transferred to. However, the transfer is in line with Saudi Arabia’s long-term initiatives to diversify the national economy, expand investment opportunities, and boost the country’s economy.

More on Saudi Aramco:

According to the state news agency SPA, Crown Prince Mohammed bin Salman, who chairs PIF, stated that “the transfer will also solidify PIF’s strong financial position and credit rating.”

PIF is the centerpiece of the de facto ruler’s ambitious plan to diversify the economy by building “giga projects” and new industries.

It has transformed from a sleepy sovereign investor into a global investment vehicle that makes multi-billion-dollar bets on various sectors such as technology and sports.

PIF invested $31.5 billion last year, making it the world’s top spending sovereign wealth fund. Before the new transfer, it had roughly $700 billion in assets under management.

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The opening day featured presentations from tech giants such as HTC, Accenture, and Microsoft. Dr Yaser Al-Onaizan, CEO of SDAIA, inaugurated the event by introducing the day’s theme as “The Dawn of AI” in front of a diverse audience of international thought leaders, practitioners, policymakers, and academics from different fields.

Al-Onaizan revealed that this week’s participants include people from big companies such as Google, Meta, and Huawei, as well as entrepreneurs and smaller companies, and people working in AI from some of the world’s leading universities, such as Stanford and Berkeley.

The opening ceremony also marked the public debut of Mohammad the Humanoid Robot, QSS Systems’ latest Saudi-made bilingual robot, and the male counterpart of SARA, the first humanoid robot built in the Kingdom. Mohammad addressed the audience in flawless Arabic while gesticulating with his hands, introducing himself as the first Saudi robot in the form of a man.

He explained that he was developed in the Kingdom of Saudi Arabia as a national project to showcase the country’s achievements in the field of artificial intelligence and inspire a new generation of AI enthusiasts.

On the DeepMedia Stage, Waseem Sayegh, Head of Live Ops at TikTok METAP, delivered a keynote address about the evolution of media from the first public television demonstration in 1927 to the present-day internet age. He highlighted the power of online creation and how TikTok users can showcase Saudi culture to the world, build partnerships, relationships, and careers.

He also mentioned the recent tribute to Saudi Arabia launched on TikTok, which celebrated Foundation Day and broadcasted Saudi culture to billions of people worldwide through thousands of hours of content created by thousands of creators.

Sayegh then provided examples of regional creators who have used TikTok accounts to develop their careers, from a Saudi cooking influencer who renowned chef Jamie Oliver invited to review his restaurant, to a UAE-based fashion influencer who has launched her own clothing label and is in the process of creating her first makeup At the DeepFest Main Stage, Omar Hatamleh, the award-winning Chief Advisor of AI and Innovation at NASA, delivered a 20-minute presentation that covered various topics.

He spoke about racial and gender bias in AI, 3D printing of biological organs based on genetics, collective learning in the automobile industry, and the economic impact of longevity. He also highlighted the potential negative impact on humans’ cognitive skills through increased use of AI.

Hatamleh, who holds four engineering degrees and speaks four languages, showed a short video of two men attacking a mechanical robot and asked the audience if they felt empathy for the faceless, metal robot. Only a few hands went up.

He then posed a philosophical question, “What if this robot looked like a human, understood you, and was able to empathize with you on a deeper level than anybody else in the world?” Hatamleh has received multiple awards and recognitions from NASA, including the Silver Achievement Medal, the NASA Innovation Award, and the Superior Achievement Award.

In his closing comments, Hatamleh urged strategists to see things from different perspectives. He compared it to how astronauts look at the globe from space and see an incredibly beautiful planet without borders or countries. He then comes back to Earth with a transformed mind.

Gary Sorrentino, the Global CIO at Zoom Inc., shared his perspective on the new economy of ‘New Collar Workers’ who are becoming a challenge for employers today. These workers have proved they can do high-level work as well as showing they do not need to do it in an office.

Sorrentino urged corporate leaders to learn from past technological advancements. He emphasized that when it comes to AI, you can’t just turn it on. Instead, you need to figure out how to operationalize it and teach employees how to use it.

He used spreadsheets as an example, stating that even though the most famous spreadsheet software was created 30 years ago, we still only use two percent of it.

DeepFest, which runs from March 4-7 at the Riyadh Exhibition and Convention Centre in Malham, continues Tuesday with presentations from Google, Meta, the US Chamber of Commerce, Noon, and many others. The event also includes live demos, training sessions, and start-up pitches.hes.

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