DP World is collaborating with leading financial institutions and technology providers to tackle inefficiencies in cross-border payment systems that have long hindered global commerce.

The company aims to address critical challenges faced by customers in emerging markets, particularly in Asia and Africa, where businesses often struggle with slow settlement times, limited access to finance, and a lack of payment transparency.

This transformative payment solution was officially launched at the World Economic Forum in Davos, where DP World is engaging with industry leaders, policymakers, and technology innovators to build a more resilient and efficient global trading system. The solution is part of DP World’s broader strategy to offer end-to-end solutions for its customers and facilitate seamless global trade.

By partnering with firms from Singapore, India, the UAE, and other key regions, DP World plans to introduce stablecoin-based payment solutions that offer businesses faster, more transparent, and cost-effective international transactions.

The initiative is designed to simplify and accelerate cross-border payments, ultimately helping businesses in emerging economies navigate the complexities of global trade and unlock new growth opportunities.

DP World group chairman and CEO, Sultan Ahmed bin Sulayem, emphasised the importance of the initiative, stating, “By introducing stablecoin-based payment options, we are not just addressing a critical gap in the trade ecosystem but also reaffirming our commitment to innovation and leadership in global commerce. This initiative aligns with DP World’s broader mission to enhance trade flows and economic development in regions that need it most. We believe this initiative will redefine the way businesses engage in cross-border trade, particularly in regions where financial barriers have limited potential. DP World is committed to creating a more inclusive and efficient trade ecosystem.”

Key benefits of DP World’s new initiative

The new payment system is designed to drastically reduce settlement costs and times for cross-border transactions. For example, a textile manufacturer in Ethiopia that exports raw cotton to an Indian fabric producer currently faces significant delays in receiving payments due to the traditional correspondent banking systems, which require multiple intermediaries.

This process often leads to settlement times extending over several days, or even weeks. By adopting stablecoin-based payments, DP World aims to streamline this process, reducing both the time and cost associated with cross-border transactions.

The initiative also seeks to improve financial accessibility for businesses of all sizes. In the Ethiopian example, the textile supplier faces cash flow constraints that limit its ability to scale operations or meet new orders. Similarly, the Indian fabric producer is often unsure whether shipments will be dispatched on time due to payment delays. The stablecoin solution will provide more predictable, real-time transactions that can help both businesses plan and manage their operations more efficiently.

Additionally, the stablecoin-based payment system promises enhanced transparency and trust in international trade transactions. Currently, the lack of real-time tracking for cross-border payments leaves parties uncertain about when a transaction will be completed.

DP World’s new solution aims to bring more visibility to payment processes, boosting confidence between trading partners.

GEMS Education has unveiled a new, large-scale scholarship initiative, the GEMS Genius programme, aimed at supporting highly talented students across multiple disciplines, including academics, sports, arts, technology, and entrepreneurship.

The programme, designed to attract exceptional students, will award 65 fully funded scholarships annually, totalling nearly Dhs5m. Scholarships will be offered at 13 GEMS schools, spanning various curricula, and available to students entering Year 9 (Grade 8) and Year 12 (Grade 11). The scholarships are made possible with the backing of corporate partners.

Scholarships will be awarded in the following categories:

• Academics
• Sports and athletics
• Visual arts
• Performing arts
• Technology, gaming, and innovation
• Arabic studies
• Entrepreneurship

Each scholarship is guaranteed for a minimum of two years, providing recipients with both financial support and the opportunity to immerse themselves in their chosen fields of excellence.

Available at various GEMS schools

The GEMS Genius Scholarships will be available at various GEMS institutions, including GEMS Modern Academy, GEMS New Millennium School—Al Khail, GEMS Millennium School—Sharjah, and others across Dubai and Abu Dhabi. The full list of participating schools can be found on the GEMS Education website.

Lisa Crausby OBE, group chief education officer at GEMS Education, expressed the company’s vision, stating, “At GEMS Education, we believe that excellence should have no barriers. We are ambitious for all students and work tirelessly with every GEMS student to enable them to find their genius.”

Crausby further added, “Our new scholarship programme is a testament to our commitment to nurturing the brightest and most talented students, regardless of background. By providing access to a world-class education, we are empowering the next generation of leaders, innovators, and changemakers to reach their full potential.”

Steve Arnold, head of Gifted and Talented at GEMS Education, underscored the inclusive nature of the programme, saying, “At GEMS, we believe that a world-class education should be accessible to any exceptionally talented student, regardless of their background. This scholarship programme is a testament to our commitment to nurturing excellence across multiple disciplines, ensuring that the most gifted young minds have the opportunity to thrive in an environment that challenges, inspires, and supports them.”

The GEMS Genius Scholarships are open to both current and prospective students, with the programme seeking to identify top talent regionally and internationally. It is a highly merit-based initiative, with opportunities available to students both within and outside the GEMS network.

Additionally, GEMS Education is inviting corporate partners to support the programme, offering them the chance to become early ambassadors for gifted students.

For more information on the GEMS Genius Scholarships, including eligibility criteria and application deadlines, please visit www.gemseducation.com/scholarships.

Just as the UAE was a leader in pearl diving 150 years ago, the country is now aiming to become the number one nation in artificial intelligence, according to the country’s Minister of AI.

Read: Oracle boosts UAE cloud capacity fivefold as GCC embraces AI

The UAE has been seamlessly incorporating AI into people’s daily lives, Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, said at the Oracle CloudWorld Tour, held in Dubai on Wednesday, January 22nd.

Must know: Oracle unveils world’s first zettascale cloud computing cluster

A clear example of this is the seamless passage of travelers through Dubai Airport (DXB). Passengers can move through the smart tunnel or smart gates, exiting the plane without interacting with a single human or showing their passports. After experiencing that, any other airport in the world feels slow and inefficient.

“That’s the power of AI when deployed effectively”, Al Olama reiterated.

Digital Dubai

Digital Dubai also represents the city’s fourth revolution, building on the Dubai government’s vision and the smart city mission.

Important: Sheikh Hamdan reveals Dubai’s ‘Universal Blueprint for Artificial Intelligence’

“One major achievement has been the launch of a unified medical system in 2017, where most city processes are integrated, allowing for seamless interactions within the government’s digital ecosystem. This has greatly improved service delivery and reduced inefficiencies”, Khalifa Al Marris, CEO of Shared Government Service Sector, Digital Dubai Government Establishment, Digital Dubai said at the keynote session at the Oracle CloudWorld Tour.

Dubai has already established itself as a leader in digital transformation. Many other governments are now looking at its model to improve their own operations and enhance service delivery, Al Marris emphasised.

AI-driven growth

According to a sectoral report, issued by the Abu Dhabi Chamber of Commerce and Industry (February 2024), the following UAE sectors are expected to grow astronomically through the incorporation of AI strategies into their day-to-day functioning:

• The adoption of AI in the financial sector is expected to increase GDP by 14 per cent by 2035
• The healthcare market size is expected to witness an expansion of CAGR (Compounded Annual Growth Rate) 42 per cent to reach over Dhs3bn by 2029
• The tourism and hospitality sector of the UAE is also expected to generate an estimated output increase in current prices of Dhs3bn by 2030
• The construction arm of the UAE economy is also primed to add Dhs39bn upon the integration of AI tools into its functioning
• The world as we see it today is jumping on the AI bandwagon, with the UAE leading the way to becoming a world leader in this technology.

This is evident in the fact that the UAE is the only country in the world to have had a minister for AI since 2017 and the UAE government ranks 18th on the Oxford AI Readiness Index 2021 out of 160 countries.

According to a PwC report, the potential impact of AI for the Middle East is expected to be $320bn by 2030, with the UAE expected to see the largest impact of close to 14 per cent of 2030 GDP.