Sheikh Mohammed says Gitex reflects confidence of global tech players in the UAE

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, toured Gitex Global 2024 conference on the opening day of the technology show on Monday

He said the "remarkable increase in international participation at Gitex 2024" confirms Dubai's position "as a global hub for advanced technologies such as artificial intelligence".

There has been a nearly 40 per cent increase in global participation at this year’s Gitex, with more than 400 government and digital agencies, and a host of new participants.

"We have a clear vision to advance the UAE’s leadership in the global digital and technology landscape, making it the world’s most future-ready nation. And Gitex is a testament to this vision," Sheikh Mohammed added.

“By fostering a culture of innovation and excellence, we are unlocking new opportunities for both established industry players and emerging entrepreneurs to grow and thrive.

"While we remain dedicated to nurturing homegrown talent and expertise, we are equally focused on forging strong partnerships with global technology leaders to accelerate progress and shape the future of this vital sector.”

Sheikh Mohammed also reviewed advancements in technology while visiting the pavilions of Etisalat, Huawei, H3C, Oracle, G42, Microsoft and IBM, and highlighted how Gitex "further accelerates the momentum set by [the country's] latest initiatives like the 'Dubai Universal Blueprint for Artificial Intelligence’".

The event will deliver more than 120 hours of AI-focused content and will feature the launch of the region’s largest Data Centre Symposium, which sets the stage for AI Everything Global 2025.

It also creates "an environment that nurtures innovation and empowers companies to explore the vast potential of emerging technologies", Sheikh Mohammed added.

Gitex 2024 is set to provide a strong boost to the goals of the Dubai Economic Agenda D33 to double the emirate’s GDP and generate an annual Dh100 billion contribution from digital transformation by 2033.

The 44th Gitex will bring together more than 6,500 exhibitors from at least 180 countries and run until October 18.

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Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.

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Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg