Business
Global AI market to reach $4.8 trillion by 2033, impacting 40% of jobs: UNCTAD
UNCTAD warns AI could affect 40% of jobs, boosting productivity but raising job displacement concerns.
NEW YORK, April 3: The United Nations (UN) has projected that the global artificial intelligence (AI) market could reach $4.8 trillion by 2033, equivalent to the size of Germany’s economy, raising concerns over the potential impact on jobs worldwide. According to a new report from the UN Conference on Trade and Development (UNCTAD), nearly half of jobs globally could be affected by the rapid advancement of AI.
While AI is seen as a transformative force that can drive economic growth and create opportunities, the report warns that the technology may also exacerbate existing inequalities. UNCTAD highlighted that AI could impact up to 40% of jobs globally, offering productivity gains but also raising significant concerns about automation and job displacement.
Historically, previous waves of technological advancements have primarily impacted blue-collar jobs. However, UNCTAD noted that AI is poised to affect knowledge-intensive sectors the most, making advanced economies particularly vulnerable. These economies, while more capable of leveraging the benefits of AI, will face challenges in managing the widespread effects on employment.
The report also cautioned that the benefits of AI-driven automation often favor capital over labor, which could deepen inequalities. The displacement of low-cost labor in developing countries could reduce their competitive advantage, further widening the gap between developed and developing economies.
In her statement, UNCTAD Secretary-General Rebeca Grynspan stressed the importance of placing people at the center of AI development. She urged stronger international cooperation to focus on “people-first” policies and enable countries to co-create a global AI framework that fosters inclusive economic growth.
“History has shown that while technological progress drives economic growth, it does not, on its own, ensure equitable income distribution or promote inclusive human development,” Grynspan said.
The UNCTAD report also revealed that in 2023, frontier technologies such as AI, blockchain, 5G, and 3D printing represented a $2.5 trillion market. This figure is expected to grow sixfold, reaching $16.4 trillion by 2033, with AI emerging as the dominant technology in this sector. By 2033, AI is expected to constitute a $4.8 trillion market.
However, the report warned that access to AI infrastructure and expertise is currently concentrated in a few economies, particularly the United States and China, which together account for 40% of global corporate research and development spending.
“Countries should act now,” the agency advised, emphasizing that by investing in digital infrastructure, building capabilities, and strengthening AI governance, nations can harness AI’s potential for sustainable development.
UNCTAD also highlighted that AI is not solely about job displacement but has the potential to create new industries and empower workers. To fully capitalize on these opportunities, the agency stressed the importance of investing in reskilling, upskilling, and workforce adaptation.
The report underscored the need for global participation in AI governance discussions, noting that 118 countries, mostly in the Global South, are currently absent from major AI policy-making platforms. As AI regulation and ethical frameworks continue to develop, UNCTAD emphasized that developing nations must be included in these conversations to ensure that AI serves global progress, rather than the interests of a select few.
As AI continues to shape the economic landscape, the UN agency calls for a concerted effort to ensure the technology is deployed in a way that benefits all nations and promotes equitable development worldwide.
Kuwait enhances Stock Exchange access for emerging firms with amendments to listing rules.
KUWAIT CITY, July 1: Kuwait’s Capital Markets Authority (CMA) has officially launched a new regulatory environment to support the listing and trading of emerging companies on the Kuwait Stock Exchange (KSE), in cooperation with Boursa Kuwait. The initiative includes the creation of a dedicated platform for these companies, alongside key amendments to existing listing rules.
In a statement released on Tuesday, the CMA confirmed that the move is part of broader efforts to adopt international best practices, promote capital market development, diversify investment tools, and enhance both market competitiveness and transparency — all aimed at bolstering investor protection.
The approved amendments focus on strengthening listing standards by requiring companies to maintain certain conditions, including minimum thresholds for free float shares and their market value. These measures are designed to improve liquidity and ensure sustained compliance with regulatory obligations.
The Authority emphasized that supporting emerging companies is crucial to driving economic growth and aligns with Kuwait’s broader strategic vision. The newly launched market will offer an attractive financing environment for smaller and growing enterprises while providing investors with fresh opportunities governed by high transparency standards.
The regulatory framework is the result of a comprehensive study conducted by the CMA, which formed the basis for drafting specific rules to govern the emerging companies market. The platform is intended to serve as both a support system for these businesses and a dynamic investment space in line with global benchmarks.
The CMA also underscored the importance of continuously evolving the rules that govern listing conditions. This includes safeguarding investor interests by removing companies that fail to meet their obligations and ensuring adequate liquidity by enforcing minimum requirements for free float shares in both the primary and secondary market segments.
Additionally, the Authority reaffirmed its commitment to enhancing executive regulations that protect investors and empower small shareholders to actively participate in corporate decision-making processes.
This latest move is seen as a significant step toward further modernizing Kuwait’s financial sector and creating a more inclusive and diversified capital market landscape.
The Kuwait government approves tougher measures to tackle financial crimes.
KUWAIT CITY, June 30: Kuwait is intensifying efforts to combat money laundering and terrorist financing by enhancing its legislative framework, announced Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam on Monday.
The minister spoke in a statement issued by the Ministry of Finance following the publication of Decree Law No. (76) of 2025 in the official gazette, Kuwait Today. This decree introduces important amendments to Law No. (106) of 2013, reflecting Kuwait’s integrated government efforts to strengthen measures against financial crimes.
During the Cabinet meeting on June 17, the draft of the amended decree law was approved, underlining Kuwait’s commitment to raising the effectiveness of the national response to money laundering and terrorism financing. The amendments align with the requirements of the Financial Action Task Force (FATF) and relevant international standards.
The new decree law includes two significant amendments:
- Article One replaces Article (25) of Law No. (106) of 2013, empowering the Council of Ministers, upon the recommendation of the Minister of Foreign Affairs, to issue necessary decisions to implement United Nations Security Council resolutions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction under Chapter VII of the UN Charter. These decisions will take effect immediately upon issuance, consistent with Security Council Resolution No. 1373 of 2001. The executive regulations will define the rules for publishing these decisions, appealing them, authorizing the release of frozen funds for essential living expenses, and managing such assets.n
- Article Two adds a new Article (33 bis) to Law No. (106) of 2013, stating that any violation of decisions issued under Article (25) will result in fines ranging from 10,000 to 500,000 Kuwaiti dinars per violation. This penalty complements any additional sanctions imposed by regulatory authorities on financial institutions or designated non-financial businesses.n
The Ministry emphasized that these amendments support the National Committee for Combating Money Laundering and Terrorism Financing by broadening its powers to apply targeted financial sanctions in compliance with FATF standards. This includes the mandatory freezing of assets belonging to individuals and entities listed locally as terrorists, effective immediately upon decision issuance.
Furthermore, the amendments enable the Committee to impose fines on violators and require publishing the national list of designated terrorists on the Committee’s official website, enhancing transparency and meeting international obligations.
Minister Al-Fassam concluded that the updated legislative measures reaffirm Kuwait’s strong commitment to fighting financial crimes, safeguarding national security and stability, and fulfilling its global responsibilities.
Exit permit now mandatory for expat workers
CMA launches regulatory framework for emerging companies on KSE
Visa Fraud Gang Busted In Kuwait; International Network Exposed
-
Business21 hours agoSecond phase of merging Kuwait oil companies underway
-
Latest News21 hours agoKuwait inaugurates unmanned surface vessels to boost defense capabilities
-
Latest News18 hours agoMoD underlines preparedness during crises
-
Latest News16 hours agoOil Ministry highlights nuclear radiation risks, underscores preventive measures
-
Business23 hours agoKuwait enhances laws to combat money laundering and terror funding
-
Latest News22 hours agoInterior Minister inaugurates unmanned surface vessels to bolster maritime security
-
Latest News17 hours agoCBK: Broad money supply declines 0.3%
-
Politics16 hours agoFake UK Apartments Scam Lands Kuwaiti Woman In Jail