Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, and Anwar Ibrahim, Prime Minister of Malaysia, witnessed the signing of a memorandum of understanding (MoU) aimed at enhancing joint investment in artificial intelligence (AI) and advancing technological collaboration between the UAE and Malaysia.

The agreement, signed during a high-level ceremony attended by Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi, seeks to support the Malaysia Madani Artificial Intelligence (MMAI) initiative.

The partnership will leverage AI and advanced data analytics to enhance national security, community safety, and operational efficiencies across both nations.

The MoU will see the two countries promoting technical cooperation in several key areas.

These include the development of AI-driven national security systems, the establishment of high-performance computing data centres and national security operations centres, and improvements in customs tax collection and other operational processes.

The agreement was officially signed by Mohamed Hassan Alsuwaidi, the UAE Minister of Investment, and Saifuddin Nasution Ismail, Malaysia’s Minister of Home Affairs.

Fostering technological innovation

Speaking at the event, Mohamed Hassan Alsuwaidi emphasised the importance of the collaboration to help foster technological innovation for sustainable development.

“This MoU represents a significant step toward enhancing cooperation in artificial intelligence and operational efficiency, contributing to the well-being of our societies and improving quality of life for our communities,” he said. “We are confident that this new partnership will deepen the connections between the UAE and Malaysia, delivering significant long-term benefits for both countries.”

Saifuddin Nasution Ismail highlighted Malaysia’s ambition to become a global leader in AI. “This partnership with the UAE represents a crucial step in advancing Malaysia’s ambitions to become a key player in the global AI landscape,” he said. “By leveraging cutting-edge AI and advanced data analytics, we aim to address complex challenges, including public safety, while driving greater operational efficiencies.”

UAE-Malaysia MoU builds on CEPA

The signing of the MoU follows the confirmation of the Comprehensive Economic Partnership Agreement between the countries in October 2024.

The deal builds on a growing economic relationship, with non-oil trade between the two nations reaching $2.5bn in H1 2024, marking a 7 per cent increase from the same period in 2023.

Malaysia is the UAE’s 12th-largest trading partner in Asia and fifth among ASEAN nations, while the UAE is the Asian country’s second-largest trade partner in the Arab world, accounting for 32 per cent of its trade with the region.

Malaysian PM meets Sheikh Mohammed

In other news, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, also met with the Malaysian Prime Minister at Za’abeel Palace in Dubai, during the Malaysian leader’s official visit.

The meeting, attended by senior UAE officials including Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum and Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, focused on strengthening the longstanding ties between the UAE and Malaysia. Sheikh Mohammed highlighted the importance of deepening bilateral relations, emphasizing the need for greater collaboration in sectors like trade, investment, tourism, and innovation.

Prime Minister Anwar Ibrahim praised the UAE’s remarkable achievements and expressed his country’s interest in leveraging the UAE’s expertise in development, innovation, and sustainability.

Both leaders discussed expanding their strategic partnership, particularly in areas such as renewable energy, food security, technology, and data centres, with a shared commitment to advancing sustainable development and supporting mutual goals for future growth.

Pakistan has discovered $2.87bn (800 billion Pakistani Rupees) worth of gold reserves in Attock.

According to a report in the Economic Times, the precious metal has been found spread across a 32-kilometre long stretch in the city of Punjab.

The announcement was made by Ibrahim Hasan Murad, the former Mining Minister of Punjab on X.

“This milestone marks a significant step towards unlocking Pakistan’s mineral wealth, setting the stage for economic revitalisation and new opportunities for future generations”, his statement said.

Gold discovery

The discovery of 2.8 million tolas of gold (32.66 metric tonnes), was validated by the Geological Survey of Pakistan, after conducting a thorough sampling from 127 sites.

The UAE has also agreed to roll over the payment of $2bn due by Pakistan this month, the nation’s Prime Minister Shehbaz Sharif said on January 7, 2025.

Sharif said he met with UAE President Sheikh Mohammed bin Zayed Al Nahyan while he was on a personal visit to Pakistan.

“In a one-on-one meeting he said…there is a $2bn dollar repayment due and we are extending this,” Sharif told reporters in a televised press conference.

Pakistan’s economy

Pakistan’s $350bn economy has struggled for decades with boom-and-bust cycles, needing 23 IMF bailouts since 1958.

READ MORE: IMF approves $1.1bn funding tranche to help Pakistan’s economy

Gold prices eased on January 13, as strong US jobs data reinforced the Federal Reserve’s cautious stance on interest rate cuts and boosted the dollar, though underlying safe-haven demand amid uncertainty around President-elect Donald Trump’s policies curbed losses.

Trump will take office on January 20 and some economists say his proposed tariffs could potentially ignite trade wars and inflation. In such a scenario, gold, considered a hedge against inflation and economic uncertainty, is likely to perform well.

(With inputs from Reuters reports)

As the UAE braces for cost adjustments in various sectors, residents are already exploring ways to manage their expenses effectively.

Here’s a concise list of key price hikes this year.

New Salik toll pricing

Salik’s dynamic pricing system is set to begin at the end of January.

Motorists will pay Dh6 during peak hours (6–10am, 4–8pm), Dh4 at other times, and free from 1am to 6am.

This marks Salik’s first toll revision since 2007, expected to generate Dh60m to Dh110m annually.

Alcohol sales tax returns

Dubai is reinstating its 30 per cent municipality tax on alcoholic beverages starting January 1.

This follows a two-year suspension aimed at boosting tourism and retail sectors.

Increased sewerage tariffs

Sewerage fees will increase gradually over three years:

1. 2025: 1.5 fils per gallon
2. 2026: 2 fils per gallon
3. 2027: 2.8 fils per gallon

This is the first update in a decade, aimed at enhancing water conservation and infrastructure.

Higher insurance premiums

Health and motor insurance premiums are set to rise starting January.

Factors include increased healthcare costs, inflation, and vehicle repair expenses. Health insurance is expected to see steeper hikes.

New EV charging tariffs

UAEV, the UAE’s government-owned EV charging network, will charge Dh1.20 per kWh for DC chargers and Dh0.70 per kWh for AC chargers, plus VAT, starting in January.

UAEV will also launch an app to locate charging stations and enable seamless payments.

Dubai parking fees

Effective from March, premium parking areas will cost Dh6 per hour during peak times (8–10 am, 4–8 pm).

Non-peak hours for premium parking will be Dh4 per hour. Standard parking fees remain Dh4 per hour from 8 am to 10 pm.

Event parking zones near venues like the Dubai World Trade Centre will charge Dh25 per hour during major events.

Sharjah’s Al Dhaid City will also implement paid parking starting January 1.

Read: UAE set to roll out 15% tax for global corporate giants

Government issues decrees to regulate prices of essential goods

In other news, The UAE Ministry of Economy has implemented a new pricing policy for nine categories of essential consumer goods, aiming to enhance market transparency and protect consumers.

The policy, guided by three ministerial decrees, introduces measures to regulate price increases and promote fair competition, ensuring stability across the nation’s markets.

The policy regulates the prices of nine essential goods: cooking oil, eggs, dairy, rice, sugar, poultry, legumes, bread, and wheat.

Retailers and suppliers must obtain prior approval from the Ministry before increasing prices.

The measures aim to prevent sudden price fluctuations caused by external economic factors, maintain product quality, and curb monopolistic practices. By balancing supply and demand, the policy seeks to foster fair competition among suppliers, retailers, and digital merchants.

Key provisions under the new decrees

Price monitoring: Ministerial Decision No 246 of 2024 mandates a dedicated team to monitor price changes and review price-increase requests. The team will also handle consumer complaints related to pricing violations. The decree stipulates that price hikes can only occur six months apart, subject to ministry approval.

Transparency in unit pricing: Ministerial Decision No 245 of 2024 requires large retailers and online merchants to display unit prices clearly, helping consumers make informed purchasing decisions. Non-compliance could result in penalties or corrective actions.

Code of conduct: Ministerial Decision No 247 of 2024 establishes ethical guidelines for contractual relationships between suppliers and retailers. The code aims to ensure transparency and fairness in the consumer goods sector.

The ministry emphasised its supervisory role, empowering consumers to report violations. It also reiterated its dedication to fostering a culture of sustainable consumption, urging collaboration among stakeholders to ensure the policy’s success.

AKCEL GP, a newly established motorsport team, officially launched on Sunday at the Armani Hotel in Dubai, marking its entry into global racing with ambitions to compete in the Euro Cup 3, Formula Regional Middle East Championship (FRMEC), and Formula 4 (F4) series.

The team aims to identify and develop young racing talent while leveraging cutting-edge technology and engineering innovation. It will race in circuits across Europe and the Middle East, offering a pathway for drivers aspiring to reach Formula 1.

“AKCEL GP represents more than a racing team; it is a showcase of cutting-edge technology, visionary talent, and a commitment to sustainability,” said Amit Kaushal, group chairman of AKCEL GP.

The team’s initial driver lineup includes India’s Jaden Pariat and Aditya Kulkarni, UAE’s Hamda Al Qubaisi, Dutch racer Reno Francot, and Romania’s David Cosma. AKCEL GP’s management team comprises Team Principal Rohit Koul and Team Director Gaurav Dhall.

With the global motorsport industry generating over $10bn annually, the team is targeting sponsorship opportunities through tiered packages offering branding, VIP access, and meet-and-greet sessions with drivers.

“Our focus is on precision and performance, ensuring our drivers have the best resources to excel and compete at the highest levels,” said Koul.

AKCEL GP also highlights diversity and inclusion as core values, featuring a multinational driver lineup and promoting greater representation of women in motorsport.

The team will utilise FIA-standard cars for each championship, with a focus on advanced data analytics and telemetry systems to optimise driver performance.

As AKCEL GP prepares for its first competitive season, it is looking to establish partnerships and expand its presence in international motorsport.

TotalEnergies, Basra Oil Company, and QatarEnergy have commenced work on a $250m project to capture gas from the Ratawi oil field in the Basra region of southern Iraq.

The ArtawiGas25 facility, which is part of the gas growth integrated project (GGIP), will process 50 million cubic feet per day (Mcf/d) of gas previously flared. The gas will supply local power plants, covering the demand of approximately 200,000 households in the Basra region.

The $250m investment is part of the $10bn GGIP. The project is expected to create up to 160 direct and indirect jobs during the construction phase and 30 permanent positions once operational.

“We are very pleased to launch the ArtawiGas25 project: it will give the Iraqi people a tangible insight into the benefits of the GGIP, which will provide more energy with less emissions. We look forward to the next GGIP milestones in the coming weeks with the start of construction of the 1 gigawatt (GW) solar project,” said Julien Pouget, senior vice president of Middle East & North Africa, Exploration & Production at TotalEnergies.

TotalEnergies agreed with the Iraqi Government to proceed with the long-delayed $27bn energy project in 2023, a deal that is expected to boost the country’s oil and gas production and enhance solar energy generation.

The project includes a large-scale gas processing plant, which aims to recover gas flared on three oil fields and supply it to power plants. It also involves redeveloping the Ratawi field and building a large solar farm and seawater treatment plant.

Last October, QatarEnergy agreed to acquire a 50 per cent stake in the solar power project, while TotalEnergies will retain the remaining 50 per cent.

The solar power project, which will be one of the largest in the world upon its completion, will consist of 2 million high-efficiency bifacial solar panels mounted on single-axis trackers and can produce up to 1.25 GW.

Read: QatarEnergy buys 50% stake in TotalEnergies solar project in Iraq