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Iran war sparks worst energy crisis in history, warns IEA chief

Disruptions in the Strait of Hormuz and a lingering fallout from Russia’s war in Ukraine combine to squeeze global oil and gas supplies

Reuters
Reuters

21 April, 2026

Iran war sparks worst energy crisis in history, warns IEA chief

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The conflict between Iran, the US and Israel is creating the worst energy crisis ever faced by the world, the head of the International Energy Agency (IEA) said on Tuesday.

“This is indeed the biggest crisis in history,” Dr Fatih Birol told France Inter radio in an interview broadcast on Tuesday.

“The crisis is already huge, if you combine the effects of the petrol crisis and the gas crisis with Russia,” he added.

The war in the Middle East has choked up maritime traffic in the Strait of Hormuz, which is a conduit for a fifth of global oil and liquefied natural gas flows.

Fatih Birol, executive director of the International Energy Agency (IEA), speaks at the National Press Club in Canberra, Australia, on Monday, March 23, 2026. More than 40 energy assets across nine countries in the Middle East have been “severely or very severely” damaged by the war in Iran, said Birol. Photographer: Rohan Thomson/Bloomberg

It has also come on top of the effects of Russia’s war with Ukraine, which had already severed Russian gas supplies to Europe.

Birol had said earlier this month that he viewed the current situation in global energy markets as worse than previous crises in 1973, 1979 and 2022 combined.

In March, the IEA agreed to release a record 400 million barrels of oil from strategic stockpiles to combat rising oil prices caused by the U.S.-Israeli war with Iran.

Polynome Group’s Alexander Khanin on closing the AI leadership gap in the UAE

The founder of Polynome Group explains why leadership, not technology, is holding back AI at scale and how the AI Academy aims to change that

Neesha Salian
Neesha Salian

21 April, 2026

Polynome Group’s Alexander Khanin on closing the AI leadership gap in the UAE
Image: Getty Images/ For illustrative purposes

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As governments and businesses race to turn AI ambition into real economic value, a gap is becoming harder to ignore; strategy is moving faster than execution. In the UAE, where national targets for AI-driven growth are among the most ambitious globally, the challenge is no longer access to technology, but whether leadership is equipped to deploy it at scale.

Alexander Khanin, founder of Polynome Group, is working at that intersection through the Polynome AI Academy, an initiative designed to prepare senior decision-makers for an AI-led future.

In this conversation, he breaks down why leadership, not technology, is now the bottleneck, and what it will take to bridge the gap between experimentation and real-world impact.


The AI Academy was launched last year by Polynome Group and unveiled during the Machines Can See Summit. Tell us about the AI Academy and why it was created?

Polynome AI Academy was launched by Polynome Group and unveiled during the Machines Can See Summit in the presence of Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence.

We built this initiative because we saw a critical disconnect. The UAE has one of the most ambitious AI strategies in the world, targeting Dhs335bn in additional economic growth by 2031, but many business leaders responsible for executing that strategy are not fully prepared to leverage AI at scale. According to 2025 research by Boston Consulting Group (BCG), only 5 per cent of companies globally generate substantial value from AI at scale. The gap is not access to technology; it lies in leadership capability.

AI is expected to guide half of all business decisions by 2027. The AI Academy’s goal is to produce leaders who can make those decisions confidently. We aim to create a new generation of AI-literate executives who actively drive AI adoption, equipping them with strategic frameworks, governance models, and practical implementation knowledge to do so responsibly.

Every graduate from our first cohort has either launched new AI initiatives, accelerated existing ones, or is planning new frameworks for implementation within six months. This level of conversion demonstrates the real and pressing need for AI leadership development.

What programmes does the AI Academy currently offer, and which leadership roles and industries are you primarily targeting? When is the latest upcoming programme about?

Our flagship is the Executive Program for Chief AI Officer, developed in partnership with Abu Dhabi School of Management, a 10-day intensive in Abu Dhabi comprising 10 modules, executive seminars, case labs, site visits to UAE AI institutions, and policymaker roundtables.

The programme is designed for senior leaders, including chief AI officers, CTOs, CIOs, CISOs, and advisors, in both the public and private sectors. It targets leaders across energy, finance, healthcare, government, and logistics.

The faculty includes experts from leading organisations such as NVIDIA, BCG, Mubadala, G42, AI71, NYU Abu Dhabi, Khalifa University, and ETH Zürich.

The AI Academy plans to expand internationally with a May programme in Munich focused on robotics, industrial automation, and physical AI. Our vision is to become the go-to institution for AI leadership education.

What are some of the questions asked during training?

Many organisations are already testing multiple AI initiatives simultaneously. The challenge is deciding which ones actually deliver business value and deserve further investment, so the question we consistently hear is, “We have 40 AI pilots, how do we know which ones to scale?”

That tells you everything about where most organisations are stuck. Other recurring themes: How do I evaluate AI vendor claims without a technical background? What does responsible AI governance actually look like in practice, not in a policy document? How do I restructure my team when AI changes what half of them do?

These may sound like technical questions, but in reality, they expose a leadership issue. The bottleneck is strategic clarity, and that is exactly where we focus.

The UAE ranks among the top countries for AI readiness and investment. What are some of the changes we are seeing in the country in terms of AI that will support future economic growth?

The UAE is moving from strategy to infrastructure at a remarkable speed. The AI market here is projected to generate over $46bn by 2030. Several federal entities have already brought in chief AI officers to steer initiatives and make sure projects actually deliver impact.

Public-private partnerships are supporting this growth as well. The US-UAE AI Acceleration Partnership is creating the largest AI campus outside the US, while Microsoft’s $15.2bn investment and the development of sovereign cloud capabilities are providing the foundation for advanced AI projects. These efforts are helping the UAE build sovereign AI capability, keeping the value local and setting the stage for sustainable, long-term economic growth.

The UAE is expected to add over one million jobs by 2030, with demand for tech roles rising by 54 per cent. What skills are organisations missing right now, and how can leaders close this gap quickly? How is the Academy helping organisations address the AI skills gap and shape practical AI roadmaps for real-world deployment across industries?

Research shows that 47 per cent of C-suite leaders say their organisations deploy AI too slowly, with 46 per cent citing talent skill gaps as the top reason. The real gap is at the leadership level: executives who can evaluate AI use cases, restructure workflows, manage change, and govern AI responsibly. Boston Consulting Group (BCG) found that when leaders demonstrate strong support for AI, employee adoption confidence jumps from 15 per cent to 55 per cent. Leadership is the multiplier.

The academy addresses this directly. We don’t teach executives to code. We teach them to ask the right questions, build operating models, and make investment decisions they can defend.

From our first cohort: 93 per cent say their AI strategy and roadmap capabilities improved, 86 per cent have already changed their organisation’s AI governance or operating model, and 57 per cent apply programme frameworks weekly or monthly. Participants leave with an AI roadmap specific to their business, not a generic framework.

What to ask before deploying AI at scale: the executive checklist for readiness, from data foundations to change adoption and workforce capability?

Five questions every leader should answer before scaling AI.

First, data foundations: Is your data accessible, governed, and trustworthy, or trapped in silos? Second, problem-value fit: Are you solving a real business problem or chasing a trend? Only 20 per cent of organisations have redesigned workflows when deploying AI, the rest just layered it on top. Third, governance: Who is accountable when AI makes a consequential decision? If you can’t answer that in one sentence, you’re not ready. Fourth, change adoption: Have you invested in training? Employees with at least five hours of structured AI training are significantly more likely to become effective users. Fifth, workforce capability: Do you have the talent to operate AI systems after deployment and not just during the pilot? If any answer is unclear, that’s where to start.

UAE racer Amna Al Qubaisi to become first woman in Porsche Carrera Cup Asia Pro class

Indonesian cosmetics group Wardah said it had appointed Al Qubaisi as its global ambassador, aligning her participation in the 2026 season with its “Own Your Finish” campaign focused on women’s empowerment

Neesha Salian
Neesha Salian

21 April, 2026

UAE racer Amna Al Qubaisi to become first woman in Porsche Carrera Cup Asia Pro class
Image: Supplied

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Emirati driver Amna Al Qubaisi will become the first woman to compete in the pro category of the Porsche Carrera Cup Asia in the 2026 season, marking a milestone for female participation in the regional one-make championship.

Al Qubaisi will race a Porsche 911 GT3 Cup (992.2) with Team Jebsen, with the season set to begin at the Shanghai International Circuit.

Her move into the Pro class follows a series of firsts in her career, including becoming the first Arab woman to win a race in the Formula 4 UAE Championship in 2019 at Yas Marina Circuit.

She has also competed in the F1 Academy and participated in a Formula E test programme in Saudi Arabia.

Indonesian cosmetics group Wardah said it had appointed Al Qubaisi as its global ambassador, aligning her participation in the 2026 season with its “Own Your Finish” campaign focused on women’s empowerment.

The company also launched a new product, Staylock Lip Matte, which it said is designed for long wear in high-intensity conditions, including heat.

Al Qubaisi said racing required focus and resilience. “Being on the race-track is not just about speed, but about the courage to finish what we started,” she said.

Amna Al Qubaisi: Expanding pathways for female drivers in the sport

Her participation in the Pro class comes as motorsport series expand pathways for female drivers into higher tiers of competition, with regional and international programmes aimed at increasing representation.

The Porsche Carrera Cup Asia is one of the region’s leading single-make racing series, featuring professional and amateur drivers across circuits in Asia.

China’s yuan steady against dollar amid Iran ceasefire uncertainty

Analysts said the yuan was set to strengthen over the long run supported by China’s economic resilience

Reuters
Reuters

21 April, 2026

China’s yuan steady against dollar amid Iran ceasefire uncertainty

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China’s yuan held steady against the dollar on Monday, as markets await a political resolution to the Iran war, even as rising tensions over the weekend put the ceasefire in doubt.

The dollar recovered on growing uncertainty over potential talks between the US and Iran, but analysts said the yuan was set to strengthen over the long run supported by China’s economic resilience and wariness toward the greenback.

The onshore yuan changed hands at 6.8191 per dollar around midday, barely changed from the previous session’s close.

The dollar index rose slightly as concerns grew on Monday that the ceasefire between the United States and Iran might not hold after the US said it had seized an Iranian cargo ship that tried to run its blockade and Iran vowed to retaliate.

Tehran also said it would not take part in a second round of negotiations that the US had hoped to kick off before its two-week ceasefire with Iran expires on Tuesday.

“The market appears unwilling to pay extra risk premiums for the US-Iran talks. Each dollar rebound triggered by geopolitical risks is becoming weaker and weaker,” Huatai Futures said in a report.

The brokerage said that the market is focused on whether the ceasefire will be extended beyond the April 22 deadline and the direction of US monetary policy.

“If the ceasefire holds, and oil prices fall back further, rate cut expectations could be revived,” a scenario bad for the dollar, Huatai Futures said.

Nanhua Futures said that geopolitical uncertainty around the Middle East conflict means the yuan will likely fluctuate between 6.78-6.85 per dollar.

“But the yuan’s long-term upward trend is certain,” supported by China’s robust exports and limited exposure to oil price shocks.

Huatai Futures agreed that China’s 5 per cent GDP growth in the first quarter reflects the country’s economic resilience, while US growth is losing momentum, so “economic expectations lean towards a stronger yuan.”

UAE thwarts Iran-linked terror plot, arrests network members

Authorities say group planned sabotage operations, recruited Emirati youth and channelled funds to suspicious foreign entities

Gareth van Zyl
Gareth van Zyl

21 April, 2026

UAE thwarts Iran-linked terror plot, arrests network members
Image: WAM

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The UAE’s State Security Department has dismantled a terrorist organisation operating in the country and arrested its members over plans to carry out sabotage attacks and undermine national unity, according to state news agency Emirates News Agency (WAM).

In a statement issued on Monday, authorities said investigations revealed the group was preparing “systematic terrorist and sabotage operations” within UAE territory, while maintaining links with external entities.

The network was found to have held clandestine meetings both inside and outside the country, as part of coordinated efforts to expand its reach and target sensitive locations.

Officials said the group attempted to recruit Emirati youth by spreading misleading ideas and promoting loyalty to foreign parties. It also sought to incite against the UAE’s foreign policy and internal measures by portraying the country negatively.

Authorities added that members collected funds through unofficial channels before transferring them to suspicious entities abroad.

Investigations further indicated ideological links to Iran’s “Wilayat al-Faqih” doctrine, a political-religious system that underpins governance in the Islamic Republic.

Those arrested face charges including establishing and managing a secret organisation, pledging allegiance to external parties, and undermining national unity and social stability.

The State Security Department said it remains committed to confronting threats to public safety and called on citizens and residents to report suspicious activity through official channels.

The announcement was followed by a wave of regional support for the UAE amid news of the foiling of the plot.

Countries including Bahrain, Egypt, Jordan and Kuwait, alongside organisations such as the Muslim Council of Elders, issued statements condemning the attempt and praising UAE security authorities for their swift action.

The development comes against a backdrop of heightened regional tensions. The UAE has shot down over 2,000 of missiles and drones since late February amid ongoing hostilities involving Iran.

Last month, authorities also announced the dismantling of another network linked to Hezbollah and Iran, which was accused of using commercial fronts to launder money and finance activities threatening national security.

Is hiring slowing in the UAE? Here’s what’s really happening

While reports of hiring freezes have emerged in some sectors, James Randall, Middle East sales director at HireRight, emphasises that these are typically targeted rather than systemic

Rajiv Pillai
Rajiv Pillai

21 April, 2026

Is hiring slowing in the UAE? Here’s what’s really happening
Image: Getty Images/Image for illustrative purpose

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Article Summary
Hiring in the UAE and wider Gulf remains active but is becoming more strategic. Companies are prioritising operational roles and focusing on workforce quality over rapid expansion, driven by geopolitical uncertainty and a need for greater risk management.

Hiring across the UAE and wider Gulf is not slowing down; it is becoming more deliberate.

Amid ongoing geopolitical uncertainty, companies are recalibrating their workforce strategies, shifting away from rapid expansion toward more targeted, risk-aware hiring. The result is a labour market that remains active, but increasingly defined by precision rather than pace.

“What we are seeing is not a contraction in hiring, but a recalibration,” says James Randall, Middle East sales director at HireRight. “Organisations across the UAE and wider Gulf remain growth-oriented, but they are approaching hiring with greater discipline and precision.”

Despite external pressures, underlying labour market sentiment remains strong. According to Gallup’s State of the Global Workplace 2026 report, 76 per cent of employees in the UAE believe it is a good time to find a job—well above the regional average.

For employers, this confidence is translating into a more focused approach to recruitment.

“Businesses are prioritising roles tied to operational continuity, revenue generation, and regulatory compliance,” Randall explains. “Rather than scaling headcount aggressively, organisations are focusing on workforce quality, resilience, and long-term value.”

Government measures aimed at supporting labour market stability have also reinforced employer confidence, ensuring that hiring continues even as companies navigate a more complex risk environment.

James Randall, Middle East sales director at HireRight

Selective hiring replaces broad freezes

While reports of hiring freezes have emerged in some sectors, Randall emphasises that these are typically targeted rather than systemic.

“In most cases, organisations are not pausing hiring altogether; but they are becoming more selective and more rigorous in how decisions are made,” he says.

The shift is most visible in how companies assess talent. With the cost of a poor hiring decision rising, employers are placing greater emphasis on verified credentials and consistent screening processes.

“We are seeing organisations move away from fragmented or ad hoc hiring checks towards more structured, source-driven screening frameworks,” Randall notes, adding that this is particularly critical in the Gulf’s highly international workforce.

Hiring timelines are also extending slightly—not due to hesitation, but because of deeper due diligence. “Hiring is no longer just about filling roles quickly, but about making defensible, high-confidence decisions,” he adds.

The current environment is also exposing a clear divergence between cyclical and structural sectors.

Industries tied to discretionary spending—such as tourism, hospitality, and parts of retail—are more sensitive to short-term disruptions. Similarly, sectors with complex supply chains are adjusting hiring as they manage operational risk.

In contrast, long-term growth sectors continue to show resilience.

“Technology, construction, energy, financial services, and the public sector continue to show steady hiring demand,” Randall says. These industries are underpinned by national development strategies, infrastructure investment, and ongoing economic diversification.

The distinction, he explains, is fundamental. “The divergence is primarily driven by the distinction between cyclical and structural demand.”

With over 60 per cent of Middle East CEOs continuing to invest in digital transformation and workforce growth, according to PwC, demand for future-facing skills remains firmly intact.

Cross-border hiring adds complexity

As workforce mobility increases, particularly among expatriate talent, companies are also facing new challenges around verification and compliance.

“The international nature of the Gulf workforce remains a key strength, but it also introduces greater complexity,” Randall says.

Employers are now required to validate candidate information across multiple jurisdictions, each with its own regulatory frameworks and data standards. This has elevated background screening from an administrative step to a strategic priority.

“Background screening is no longer a back-end process; rather it is a critical enabler of hiring confidence,” he explains.

The ability to verify talent accurately, across borders and at speed, is becoming essential—not just for compliance, but for maintaining business continuity in a highly mobile workforce.

In this evolving landscape, hiring is increasingly intersecting with risk, regulation, and corporate governance.

“A resilient hiring strategy today is defined by balance, combining accuracy, speed, and compliance without compromising any of them,” Randall says.

This includes structured recruitment frameworks, consistent identity verification processes, and a growing shift toward continuous screening, particularly in regulated or high-risk roles.

“In a highly mobile workforce, risk is not static,” he notes. “Organisations increasingly recognise the need for ongoing visibility rather than relying solely on point-in-time checks.”

Trust becomes the new currency

Ultimately, the most significant shift may be less about hiring volumes and more about the role of trust in workforce strategy.

“As hiring becomes more global, digital, and fast-moving, organisations face increased exposure to risks around identity fraud, misrepresentation, and compliance gaps,” Randall says.

At the same time, regulatory expectations are rising, pushing companies to adopt more transparent and auditable hiring practices.

In this context, hiring is no longer just a human resources function—it is a core business capability tied to risk management and long-term resilience.

“The organisations best positioned to succeed will be those that recognise hiring as a strategic capability,” Randall adds. “Building a workforce that can be trusted, across borders, at scale… is becoming essential.”

Read: Salary cuts amid regional tensions? What UAE employees need to know

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