The United Arab Emirates (UAE) announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) as a result of the destabilization caused by the Iran-Contra conflict and its consequences in the Strait of Hormuz.

The lack of a strong stance from the Gulf bloc regarding the Iran conflict was one of the arguments for its withdrawal from OPEC, as well as the need to meet domestic needs amidst the volatility of the energy market.

Despite the UAE’s withdrawal from the organization, it will maintain collaboration with its partners in the oil industry and participate in the production chain.

M.Pino

With information from national and international media and social networks

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Cryptocurrencies are an asset that continues to gain traction in the global market. By 2025, there will be five countries where these assets will be tax-free: El Salvador, the Cayman Islands, the United Arab Emirates, and Germany.

This situation stems from strong regulatory frameworks and an openness to transactions with Bitcoin and other cryptocurrencies, thanks to their security, speed, and transparency.

Regarding tax exemption, in the case of the Cayman Islands, cryptocurrencies do not pay income, capital gains, or corporate taxes, making them the ideal instrument for crypto traders and funds.

In the United Arab Emirates, zero tax applies to “all cryptocurrency activity,” and transactions also benefit from a strong and clear regulatory framework.

El Salvador, in Central America, declared Bitcoin legal tender with full tax exemption. The market’s leading cryptocurrency continues to gain national adoption.

Germany, on the other hand, allows cryptocurrency holdings for more than 12 months with zero tax.

Finally, in the case of Portugal, “long-term cryptocurrency gains remain tax-free; the NHR program boosts benefits for expats.”

M.Pino

Source: cointelegraph

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The recent decision by eight OPEC+ members to maintain the increase in crude oil production in May led prices to extend their previous losses.

On Thursday, April 3, Russia, Saudi Arabia, the United Arab Emirates, Kuwait, Iraq, Algeria, Kazakhstan, and Oman decided to maintain the increase in production in May, at 411,000 barrels of oil per day.

“Oil prices, which had already lost more than 4 % following US President Donald Trump’s announcement of imposing tariffs on his trading partners, deepened their decline,” the statement said. On the other hand, OPEC+ also announced that there will be another 3.65 million bpd in production cuts through the end of 2026 to support the market.

The eight OPEC+ members had considered increasing production by 135,000 bpd next month “as part of a plan to gradually unwind their most recent layer of cuts.”

However, at last week’s virtual meeting, they approached their decision differently. Upon learning of the measure, OPEC justified the decision by citing “the continuation of healthy market fundamentals and the positive market outlook,” which “includes the increase originally planned for May, in addition to two monthly increases.”

The eight member countries will meet again on May 5 to decide on the production quota for the month of June.

M.Pino

Source: finanzasdigital

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Abu Dhabi inaugurated the first higher education center for artificial intelligence. It is the Mohamed bin Zayed University of Artificial Intelligence, headed by scientist Eric Xing.

The university is “one of the government’s efforts in its willingness to invest in the development of sectors capable of reducing its economic dependence on hydrocarbons.”

The United Arab Emirates is advancing in the field of teaching in everything related to AI to implement it in all areas of knowledge. Xing is aware that regulations adapted to the new challenges are required at a global level and defends the thesis of an adequate orientation of AI to free humans from repetitive tasks and the memorization of formulas that, without a doubt, this technology will execute better.

With the help of AI, human beings will have more time to dedicate themselves to other areas, strengthening their creative capacities.

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Source: portafolio

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