UAE Current Affairs - 2020

World Government Summit 2019

The seventh annual World Government Summit is being held in Dubai (UAE). The World Government Summit is a forum dedicated to shaping the future of governments. The Summit is being attended by 4,000 decision-makers from 140 countries including heads of state, ministers and business leaders.

World Government Summit

The World Government Summit is a global platform dedicated to shaping the future of governments worldwide. The Summit:

  • Sets the agenda each year for the next generation of governments, focusing on how they can harness innovation and technology to solve universal challenges facing humanity.
  • Provides a unique platform to showcase and exchange best practices and smart solutions to the challenges that nations face.

About the Organisation

The World Government Summit is a neutral, non-profit organization at the intersection of government and innovation. The World Government Summit functions as a knowledge exchange platform for leaders in the public and private sectors to convene and collaborate with world-renowned experts to create a positive impact for citizens worldwide.

The Organisation comprises a wide network of leaders of the public and private sectors and inspires them to think collectively and creatively about disruptive intersections between government and innovation, with the ultimate goal of promoting development and prosperity.

Digital currency: Aber

The central banks of the UAE and Saudi Arabia will launch a common digital currency called Aber. Aber will be used for financial settlements between the two countries through Blockchains and Distributed Ledgers technologies.

Benefits of the Digital Currency

The digital currency would be launched to explore the following benefits:

  • The digital currency would aid in studying the impact on the improvement and reduction of remittance costs and the assessments of risks.
  • Aber will establish an additional means for the central financial transfer systems of the two countries and enable banks to directly deal with each other in conducting financial remittances.

Initially, the use of the digital currency will be restricted to a limited number of banks. By studying the various technical, economic and legal requirements, the use of the digital currency would be expanded.

Digital Currency Aber relies on the use of a distributed database between the central banks and the participating banks from both sides. Digital Currency is part of the efforts to adopt new technologies like Blockchain, Artificial Intelligence, Internet of Things, etc., in line with the Fourth Industrial Revolution that is reshaping governments and corporates around the world.