Investor confidence in Gulf remains strong despite war, says World Economic Forum's regional chief
Investor confidence in the region remains strong despite the economic fall-out from the Iran war , with efforts to diversify their economies helping to shield them from the crisis, a senior World Economic Forum official has said. Kelsey Goodman, head of Middle East and North Africa at the World Economic Forum (WEF), told The National that the region’s economic fundamentals remained solid despite…
Senior World Economic Forum official Kelsey Goodman stated that investor confidence in the Gulf remains strong despite the economic fallout from the Iran war. Goodman highlighted the region's solid economic fundamentals, which have shielded it from the crisis due to diversification efforts. During the WEF's Annual Meeting of Global Future Leaders in Dubai, Goodman emphasized the importance of dialogue and cooperation, stating that such measures are crucial during times of geopolitical and technological crises.
The meeting also featured foresight simulations, with participants practicing responses to anticipated challenges. Goodman noted that the UAE has been prioritizing investments in artificial intelligence, with trillions of dollars allocated for the technology, including the construction of data centers. A recent WEF report indicated that AI could unlock up to $1 trillion in value for the region by 2030.
However, Goodman cautioned that regional uncertainty could pose barriers to realizing this potential. She stressed that achieving AI's full value would require cooperation across all sectors, including long-term planning from governments, the development of adequate regulation, energy infrastructure, and business applications. In addition to economic challenges, the war has also impacted labour markets in the Gulf, as trade routes are blocked, petrol prices have risen, and the tourism sector faces difficulties.
The UAE labor force comprises approximately 8.7 million migrant workers, highlighting the region's reliance on a mobile workforce.
Written by urgent.news from The National Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
