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Chief Scientist discusses collaboration with UAE in innovation and technology

by THEFUTURE.TEAM

September 16, 2024

Chief Scientist for Research, Innovation, and Technology Demetris Skourides attended a meeting at the Dubai Chamber recently, where the foundations were laid for collaboration, particularly in the areas of innovation and technology.

Skourides met with Hans Larsen from the Dubai Chamber of Digital Economy and George Partasides, Commercial Counsellor of the Cyprus Trade Centre in the UAE.

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The meeting laid the foundations for exciting collaborations, particularly in the areas of innovation and technology, according to a post on the Cyprus Trade Centre in Dubai’s LinkedIn page. “We discussed the upcoming participation of leading Cypriot companies at GITEX GLOBAL 2024 (October 14-18) in Dubai, where they will showcase their cutting-edge solutions, digital services and IT applications at Cyprus national pavilion,” it added.

“Together, we are opening new doors for Cypriot businesses to expand into the UAE and vice versa since Cyprus has a high-level success to European Funds.”

Cyprus is positioning itself as a gateway for research and innovation, which in turn provides UAE companies with seamless access to Europe’s dynamic digital ecosystem. “Through initiatives like the Cyprus Innovation Initiative, we aim to create mutual value by connecting our vibrant ecosystems, strengthening Cyprus’ presence on the global digital map,” the post said.

Following the success of this meeting and the fruitful exchange of ideas, the aim is to arrange further engagements, including a meeting with a high level UAE delegation and the Cyprus delegation during Expand North Star/GITEX in October.

“Looking forward to continuing this journey of deeper collaboration between our countries, where Cyprus can serve as a crucial link for the UAE to Europe,” the post concluded.

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AI’s Economic Benefits Surpass Emissions Concerns According to IMF

by News Editor

April 27, 2025

The International Monetary Fund (IMF) has recently highlighted the potential economic benefits of artificial intelligence (AI), projecting a global output boost of approximately 0.5% per year from 2025 to 2030. This growth is expected to surpass the environmental costs associated with higher carbon emissions from AI-driven data centers.

The report, showcased at the IMF’s spring meeting, emphasizes the need for equitable distribution of these economic gains while managing the adverse effects on our climate. The forecast indicates that AI’s contribution to GDP growth will outweigh the financial impacts of emissions, though it points out the necessity for policymakers and businesses to mitigate societal costs.

Energy Demands and Environmental Footprint

AI is set to escalate global electricity demand, potentially reaching 1,500 terawatt-hours (TWh) by 2030, mirroring the energy consumption of countries like India today.

The increasing demand for data processing capacity could result in higher greenhouse gas emissions, but the AI industry aims to offset these with advancements in renewable energy technologies.

AI: A Driver for Energy Efficiency?

Analysts suggest that AI could potentially reduce carbon emissions through improved energy efficiency, fostering advancements in low-carbon technologies across sectors such as power, food, and transport. Grantham Research Institute stresses the significance of strategic action from governments and industries to facilitate this transition.

The role of AI in the global economy continues to evolve, stirring debates not only about its economic potential but also its environmental impact.