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

MIT Sloan Management Review Middle East, in collaboration with Astra Tech, has released a comprehensive white paper titled Leveraging Actionable Gen AI in the Middle East, exploring the transformative opportunities posed by large language models (LLMs), small language models (SLMs), and large action models (LAMs).

The report aims to provide valuable insights into how businesses in the UAE and the broader Middle East are adopting these AI technologies to gain a competitive edge amid the region’s rapid technological evolution.

The survey, which forms the basis of the white paper, highlights the UAE’s leading role in AI adoption, with over half (53.25 per cent) of respondents based in the country.

The findings emphasise the UAE’s strong focus on utilising LLMs and SLMs, particularly in areas such as customer service and product development.

Nearly half (44.74 per cent) of companies in the UAE are deeply integrating AI into these sectors, underscoring the country’s commitment to enhancing customer experiences and personalising product offerings.

“The findings from this whitepaper highlight the immense potential AI holds for transforming industries in the Middle East,” said Hassan Al Noon, SVP of Technology at Astra Tech. “By gathering feedback on best practices, user experiences, and the specific needs of the Middle East market, this whitepaper provides a localised perspective that addresses cultural sensitivities and compliance, ensuring that our AI initiatives are both impactful and sustainable.”

Localising AI solutions

Al Noon further emphasised the importance of localisation in AI solutions, which he said would help maximise the effectiveness and acceptance of these technologies within the region’s unique cultural and regulatory landscape.

Ravi Raman, publisher of MIT Sloan Management Review Middle East, also commented on the report’s significance. “MIT Sloan Management Review is known for its in-depth research and insightful analysis of data. This white paper serves as a comprehensive guide for business leaders, technologists, and policymakers interested in understanding the transformative potential of these advanced technologies,” he said.

The report’s findings show a growing enthusiasm for AI across the Middle East. According to the survey, 27 per cent of businesses are actively exploring AI technologies, while 36 per cent are in the early stages of adoption. Additionally, 13 per cent of companies have already integrated AI deeply into their operations, and another 13 per cent are leveraging AI in innovative ways.

Nine per cent are focused on monetising AI capabilities, reflecting the region’s increasing recognition of AI’s transformative potential.

In particular, the UAE stands out for its AI-driven customer experience initiatives.

The survey reveals that 46 per cent of users in the UAE engage with AI primarily for information retrieval, indicating a strong reliance on smart systems for quick and accurate data.

Another 33 per cent of users utilise AI for customer service and support, while 13 per cent turn to AI for personalised recommendations, highlighting the growing importance of tailored consumer experiences.

UAE retailers leading the way; using AI models to streamline customer experience

Retailers in the Middle East, particularly in the UAE, are leading the way in integrating LLMs/SLMs and LAMs to deliver personalised shopping experiences at scale. By analysing customer purchase history and browsing behaviour, AI models help businesses offer product recommendations that enhance satisfaction and streamline the shopping journey.

The report also addresses security and privacy concerns in the region, particularly in the UAE. Some companies are developing in-house language models trained with locally relevant compliance data.

These models are being used as conversational bots to assist compliance officers in answering regulatory questions, improving efficiency, and ensuring adherence to local rules.

The white paper draws on insights from a wide range of senior executives and decision-makers across industries, with a strong representation from the UAE, further solidifying the country’s leadership in AI adoption in the Middle East.