His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the launch of a new strategic planning cycle for the UAE Federal Government, with artificial intelligence (AI) at its core.

As reported by the Dubai Media Office, the initiative places AI front and center in transforming government planning, streamlining processes, optimising resources, and enhancing financial efficiency, aligning with the broader objectives of the We the UAE 2031 vision.

His Highness affirmed, “We have launched the new strategic planning cycle for the Federal Government for 2031. This plan prioritises artificial intelligence in government planning, process simplification, resource optimisation, and enhanced financial efficiency.”

Related news: Sheikh Mohammed announces launch of ‘We The UAE 2031’

“While in the past government success was measured by regulatory strength and comprehensive procedures, today it hinges on regulatory agility, streamlined processes, and intelligent resource management, a significantly more complex undertaking. Tools and priorities change, but the unwavering commitment to serve the people of the UAE remains constant,” he added.

Smarter, shorter, and AI-powered

Marking a significant shift in how government strategies are conceived and executed, the planning cycle has been shortened from five years to three. The goal is to keep pace with rapid technological change and global shifts, ensuring greater flexibility and responsiveness.

Key federal bodies, including 38 entities, will align their strategies using proactive, AI-driven methodologies. The initiative mandates integration of strategic intelligence, smart forecasting, and big data analysis, allowing decision-makers to anticipate future challenges and act preemptively.

During a strategic workshop led by the Prime Minister’s Office at the Ministry of Cabinet Affairs, directors of strategy and finance from various federal entities explored how AI and advanced analytics can drive better decision-making. The updated cycle emphasises automation, predictive modelling, and integrated performance indicators tailored to real-world, real-time scenarios.

Strategic collaboration for smarter governance

The workshop reinforced the importance of collective intelligence and inter-agency coordination, fostering innovation and alignment with the national agenda. Participants examined how AI and digital tools can enhance performance, reduce red tape, and shift focus toward strategic projects rather than day-to-day administrative functions.

Her Excellency Huda Al Hashimi, Head of Strategy and Government Innovation for the UAE Government, stressed the importance of these technological shifts. She outlined the critical role federal entities play in transforming the 2031 Vision into impactful national initiatives. “The previous cycle saw the launch of major strategies like the National Cybersecurity Strategy and the National Investment Strategy,” she noted.

As part of the government’s digital transformation journey, the new model reflects the UAE’s aspiration to serve as a global benchmark for governance powered by AI, agility, and innovation.

Saudi Arabia, the world’s biggest oil exporter, on Sunday hiked August prices for Asian and European buyers by more than $1 a barrel as domestic crude demand is expected to rise, reducing exports, and consumption from China is likely to increase.

State energy firm Saudi Aramco raised the official selling price for its flagship Arab light crude to Asia loading in August to $2.20 a barrel above the Oman/Dubai average, the highest in four month and $1 up from July. The price hike exceeded expectations of 50-80 cents a barrel in a Reuters survey early last week.

Read-Oil prices rise on strong demand signals ahead of OPEC+ decision

The Gulf country also increased the prices for all crude grades it sells to refiners in Northwest Europe and the Mediterranean by $1.40 a barrel from the previous month.

Aramco’s price hikes came a day after eight OPEC+ members agreed to raise production by 548,000 barrels per day (bpd) in August, higher than the 411,000 bpd expected by the market, further accelerating output increases.

The prices reflect higher crude demand in Saudi Arabia to meet peak summer power demand while buying appetite from Chinese refineries is strong as some of them lifted less volumes in previous months, two refining sources in Asia said.

Analysts are expecting Saudi to burn more crude oil this summer for power generation, limiting exports.

The OSPs for Asian supplies were expected to rise for August as the premium of benchmark cash Dubai to swaps averaged $1.88 a barrel in June, up 61 cents from the May average.

The tensions between Iran and Israel last month boosted Middle East crude prices on fears of supply disruptions, increasing volatility in the market.

Cash Dubai’s premium to swaps jumped to a near four-month peak of $3.34 on June 19 before closing the month at $2.73.

The tables below show free-on-board prices for August in US dollars.

Finesse, a global provider of AI solutions & leading digital system integrators, has successfully collaborated with ME Solaris Commodities, one of the largest grain traders operating in the Middle East, to centralise their payment processes via Kyriba Treasury Management System (TMS).

This partnership has enabled ME Solaris Commodities to overcome significant challenges in payment decentralisation, thereby enhancing operational efficiency.

The comprehensive solution encompasses bank and cash management, delivering real-time insight into global cash positions, along with streamlining payment capabilities and enhanced fraud protection. This implementation has optimised ME Solaris’s payment processes, ensuring secure transactions and providing real-time visibility.

“We are delighted to partner with Finesse to achieve full global visibility and control of our finances through Kyriba” – Khalid Mammadov, Chief Accountant. “This has been a game-changer, allowing the treasury team to focus on strategic growth instead of operational issues”, said Andrey Ivanov, Group Head of Treasury.

“We are proud to have partnered with ME Solaris on their Kyriba implementation. Special thanks to Mr. Andrey Ivanov for his innovative ideas and steadfast support, which were instrumental in the success of this project. It was a pleasure collaborating with such a forward-thinking team” said Manoj Panicker VP – Sales Finesse.

“We’re delighted to have supported ME Solaris Commodities in unlocking greater treasury efficiencies with Kyriba. Special thanks to Mr. Andrey Ivanov for championing innovation and steering this project to success” said Dhwani Sejpal, VP – Treasury Transformations at Finesse. Adding to this Dheeraj Khanna Pendum, AVP – Kyriba Projects commented “We value the trust ME Solaris Commodities placed in us for this strategic implementation. Working alongside this team, whose vision and commitment inspired us throughout, has been truly rewarding.”

ME Solaris Commodities is now better equipped to handle complexities, using real-time data and analytics for strategic decisions. The implementation has provided benefits such as real-time cash visibility across currencies and regions, streamlined payments, and improved financial control. Finesse thanks ME Solaris Commodities for trusting us with this initiative. Their cooperation and commitment were key to the project’s success. We look forward to supporting ME Solaris’s ongoing growth.

Commodities have long served as a barometer of global economic health. Today, they are sending a mixed and somewhat cautious message. Some prices have rebounded, while others remain subdued. The question is whether this signals resilience or reflects deeper uncertainty in the global economy.

The backdrop is important. Recent efforts to cool trade tensions between the US and other economies have brought some optimism to financial markets. But that optimism is tempered by the reality that tariffs remain higher than before.

The US’ more aggressive stance on trade policy is prompting concern about its potential impact on global growth.

While equity markets have largely recovered from earlier declines, commodity markets have not fully followed suit.

Rise and fall: What commodities show us

Different types of commodities are telling different stories. Gold, for example, has been rising strongly, which suggests that investors are still seeking safety. This may reflect ongoing worries about global debt levels and geopolitical uncertainty.

Energy commodities like oil have lagged behind. Prices were impacted by an increase in production from oil-producing countries around the time of key trade policy announcements. Despite hopes of stronger demand, oil prices remain well below their recent highs, although they could remain sensitive to any increase in tensions in the Middle East. Industrial metals, including copper, have recovered slightly, but remain vulnerable to any slowdown in global growth. Agricultural commodities have also seen modest losses, which could be linked to shifting demand patterns and supply dynamics.

These trends echo what we have seen in previous periods of economic stress. During past US recessions, gold tended to perform well, while commodities like copper and oil struggled. That pattern appears to be emerging again. Although not all signs point to a recession, the behaviour of these assets suggests that markets are still weighing the risks carefully.

It is worth noting that commodity prices do not always move in lockstep with economic indicators. Their performance can be influenced by a variety of factors, including supply chain disruptions, policy decisions, and investor sentiment. In this cycle, the aftermath of the pandemic and shifting geopolitical alliances have only added complexity.

Still, the year-to-date divergence among commodity returns reflects one thing clearly: uncertainty. Gold’s strength may be linked to fears about geopolitics or debt. The weakness in oil and copper may reflect doubts about whether global growth can gain momentum.

Even agricultural goods are behaving cautiously, lacking any strong upward pressure.

Commodities should not be overlooked in investment portfolios

In this context, the role of commodities in investment portfolios should not be overlooked. While gold may continue to offer diversification, other commodities could remain sensitive to changes in growth expectations. A sharper slowdown could weigh heavily on cyclical assets like energy and metals, especially if trade disruptions persist.

Ultimately, commodities are not just passive indicators. They are active participants in how investors interpret the world. Right now, they seem to be flashing a yellow light — not full alarm, but a warning to remain attentive. As trade policy continues to evolve and global uncertainties persist, commodity markets may be a crucial piece in the mosaic of where we truly stand.

The writer is a multi-asset strategist at Invesco.

Read: GCC, tariffs and the new world trade order

The Gulf’s personal luxury market is thriving, bucking global trends with $12.8bn in sales and a 6 per cent year-on-year growth in 2024, according to Chalhoub Group’s landmark GCC Personal Luxury 2024: Unstoppable report.

In this interview, Jasmina Banda, chief strategy officer and president of Joint Ventures at Chalhoub Group, unpacks the key findings — from the booming beauty segment and rising digital luxury adoption to the growing influence of tourism and the emergence of next-gen luxury brands in the region.

Tell us about the key findings of the report; what intelligence did your team harness to develop this landmark report?

As we analyse the findings of our latest GCC Personal Luxury report, one of the most significant findings is that the luxury sector in our region continues to demonstrate resilience and adaptability despite global economic challenges.

With retail sales reaching $12.8bn and a growth trajectory that outpaces the international average, we see tremendous potential for brands to leverage this momentum.

This document consolidates data from Chalhoub Group, its partners, and estimates for both offline and online markets across six GCC countries: the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain, and Oman.

Within its scope, the report analyses luxury trends across four categories: 77 high-end fashion brands, over 1,000 prestige beauty brands and retailers, 30 luxury watch brands, and 16 fine jewellery brands.

Consumer insights are grounded in proprietary Chalhoub Group research studies conducted between 2023 and 2025 across various GCC markets.

The GCC luxury market grew over 6 per cent in 2024, defying global declines. What key factor is driving this regional resilience and momentum?

Several key factors are propelling the upward trajectory of luxury in the GCC:

Favourable economic conditions: Strong government initiatives, particularly in Saudi Arabia and the UAE, foster a conducive environment for luxury spending.

Retail expansion: The luxury retail landscape is evolving with new store openings and high-end mall developments enhancing consumer access to luxury brands.

Consumer spending habits: Resilient consumer confidence and rising disposable incomes drive robust demand for luxury goods.

Tourism resilience: Despite regional geopolitical challenges, an influx of affluent tourists continues to drive luxury sales.

E-commerce growth: The transition towards online shopping is accelerating, with the e-commerce luxury segment outpacing global growth rates as consumer behaviours evolve.

Fashion remains the largest category, while beauty saw the fastest growth at over 12 per cent. What are the consumer behaviours and trends behind this shift?

In 2024, fashion remained the largest luxury category in the GCC, accounting for 43 per cent of total personal luxury spend, with a strong over 6 per cent year-on-year growth, mainly driven by ultra high-end brands and new store openings.

However, prestige beauty outpaced all categories, registering the fastest growth at over 12 per cent, with skincare emerging as the top-performing subcategory, growing over 17 per cent versus 2023. Fragrance continues to dominate the beauty mix, contributing 49 per cent of total beauty sales.

This shift reflects resilient consumer sentiment, with 97 per cent of GCC consumers intending to maintain or increase spending over the next three months. This is also driven by the ongoing retail expansion in the region — enabling greater access and visibility for luxury beauty brands.

Despite luxury e-commerce in the GCC accounting for only 13 per cent of sales, it grew over 13 per cent — far ahead of the global average. What’s enabling this digital acceleration, and where do you see the biggest opportunities online – either via AI, new products, new client segments?

The GCC region is experiencing a surge in luxury e-commerce, with online sales now accounting for 13 per cent of the market — still below the global average of 20 per cent, but showing strong growth potential. In 2024, the region’s online luxury channel grew by over 13 per cent, significantly outpacing the global market, which saw a decline of minus 4 to minus 1 per cent.

This digital acceleration is fuelled by several factors: high domestic demand, an influx of affluent international shoppers, strong adoption of digital and omnichannel experiences, and the rapid expansion of emerging categories such as skincare and Asian beauty.

With tourism rebounding and affluent visitors like Russians making up 16 per cent of luxury spend, how are tourist flows influencing purchasing patterns across categories — any specific categories to monitor?

Tourism is playing a critical role in shaping luxury consumption in the UAE. With international visitors — particularly affluent travellers from markets like Russia, China, and India — making up a significant share of luxury spend, we’re seeing strong demand across categories such as leather goods, watches, and jewellery.

Dubai offers a strong concentration of top brands from these categories and remains a renowned destination for luxury shopping.

The report notes a strong Q1 2025, helped by store openings and the Ramadan effect. How critical is physical retail — especially new mall developments — to sustaining growth in the region?

Physical retail remains absolutely critical. Despite the rise of e-commerce, in-store experiences continue to drive discovery, brand engagement, and high-value purchases — especially in luxury, where sensory experience and personalised service are essential.

In Q1 2025, fashion grew by over 11 per cent and beauty by over 23 per cent, with part of this growth driven by the opening of Solitaire Mall in February in Saudi Arabia.

Seven new malls featuring luxury brands are scheduled to open across the UAE and Saudi Arabia by 2027, and these developments will definitely help boost the GCC luxury sector further.

What opportunities do you see for newer-to-region luxury brands like Jacquemus and Zimmermann, and how are they tailoring their approach to the GCC market?

We’re seeing strong momentum from a new generation of luxury brands expanding in the region. The recent flagship openings of Jil Sander and Maison Margiela at Mall of the Emirates reflect growing demand for new and emerging brands in the GCC. This next phase will be driven by rising consumer expectations, generational shifts, and a stronger desire for emotional connection, storytelling, and curated experiences.

Looking ahead, new retail developments will give brands more opportunities to elevate service and experience to meet the evolving expectations of the GCC consumer.

With the market expected to reach $15 bn by 2027, what new or emerging categories (for example, skincare, wellness, athleisure, Asian beauty) do you expect to drive the next wave of growth?

The GCC personal luxury market is poised for continued growth, projected to reach $15bn by 2027, driven by:

• Robust local spending along with continued inflow of tourists and wealthy expats

• New retail developments, particularly in Saudi Arabia and UAE (eight malls with luxury brands)

• New generation of luxury brands entering and expanding in the region (for example, Jil Sander, Zimmermann, Jacquemus)

• Development of new categories (for example, skincare, wellness, athleisure, Asian beauty)

• E-commerce acceleration, particularly pure players