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5261 - 5270 from 16718 . In "BUSINESS"
Kim Fournais
Saxo Bank, Geely Holding to form fintech joint venture
DUBAI — Saxo Bank A/S and Geely Sweden Holdings AB, a subsidiary of Zhejiang Geely Holding Group Co. Ltd, (Geely), announced that the two parties have signed an agreement to establish a technological joint venture (JV) to provide financial and regulatory technology solutions to financial institutions such as banks and fintechs in China. The ownership structure of the new joint venture will be an equal fifty percent split between Saxo Bank and Geely.The JV will leverage Saxo Bank’s world leading financial and regulatory technology and more than two decades of experience in providing technological investment platform development and digital services to clients globally. The JV will utilize cutting edge technologies such as cloud-based services, big data and artificial intelligence to...
December 18, 2019

Saxo Bank, Geely Holding to form fintech joint venture

Lenovo and Intel partner for enabling research in climate change
Lenovo, Intel partner for Vienna Scientific Cluster-4 Supercomputer
DUBAI — Lenovo and Intel on Wednesday announced their collaboration to modernize HPC infrastructure at Austria’s most powerful supercomputer – the Vienna Scientific Cluster-4 (VSC-4). Built on Lenovo ThinkSystem servers and 2nd generation Intel Xeon Scalable processors, VSC-4 supports more than 300 research projects led by scientists from higher education institutions throughout Austria, covering life-enhancing challenges such as meteorology to materials science, quantum chemistry to genetics.The VSC itself is a consortium of five major Austrian universities: TU Wien; the University of Vienna; the University of Natural Resources and Life Sciences, Vienna; the Graz University of Technology; and the University of Innsbruck. Their collaboration enables them to procure and operate...
December 18, 2019

Lenovo, Intel partner for Vienna Scientific Cluster-4 Supercomputer

The Middle East is driving smart city innovation
Smart Cities tech market to reach $1.7trn by 2023
ABU DHABI — Increased adoption of automation will play a crucial role in boosting the global smart cities market to $1.7 trillion by 2023, industry experts said on Wednesday ahead of the World Future Energy Summit to be staged in Abu Dhabi in January 2020.The event’s 2020 edition is set to feature the launch of a dedicated Smart Cities Expo & Forum, which will explore smart city innovations across six verticals: smart and autonomous transportation; cybersecurity and public safety in smart cities; green buildings; energy efficiency; and urban planning. The Middle East is driving smart city innovation, from the UAE’s Masdar City, Bee’ah headquarters, and hyperloop connecting Abu Dhabi to Dubai, to Saudi Arabia’s NEOM smart city, and Egypt’s New Administrative Capital in East...
December 18, 2019

Smart Cities tech market to reach $1.7trn by 2023

PIF launches Fund of Funds to brace SMEs
RIYADH — Saudi Arabia’s Public Investment Fund (PIF) launched a new company under the name of Fund of Funds (Jada) to support and empower small and medium enterprises (SMEs).The SR4 billion company will invest in venture capital and private equity funds, PIF said on its official Twitter account.PIF expected Jada to have a significant impact through creating jobs, diversifying local economy, as well as boosting SMEs’ contribution to the Kingdom’s gross domestic product (GDP).Jada is a first of its kind to stimulate SMEs, as it seeks to generate lucrative returns to ensure fiscal sustainability, in line with Saudi Arabia’s key objective to enable SMEs. — SG
December 18, 2019

PIF launches Fund of Funds to brace SMEs

UAE fit-out sector one of fastest growing industries in the GCC
DUBAI — Leading international construction consultancy Linesight has reinforced its expertise in delivering cost management services for commercial fit-out projects following the successful completion of Hewlett Packard Enterprise’s (HPE) office in Dubai Internet City, on time and within budget.Having worked successfully on a number of HPE projects across the globe in recent years, Linesight was commissioned to provide full cost management services for their new Middle East HQ, which was completed in September 2019.Ciaran McCormack, Regional Director for the Middle East, Linesight, said: “We oversaw all pre and post-contract cost management services, including the initial budget validation, cost estimates as well as advice and management of costs for design changes throughout the...
December 18, 2019

UAE fit-out sector one of fastest growing industries in the GCC

Board of Directors of the Saudi Ports Authority (Mawani) holds fifth meeting for the current year
Mawani pledges to adopting int’l best standards in ports operation
RIYADH — The Board of Directors of the Saudi Ports Authority (Mawani) conducted its fifth meeting for the current year at Mawani’s headquarters in Riyadh. The meeting was presided by the Minister of Transport and Mawani’s Chairman Eng. Saleh bin Nasser Al Jaser in the presence of dignitaries and board members.During the meeting, the board reviewed Mawani’s transformation plan and the attained initiatives, and further deliberated on implementation plans for the recently signed concession contracts. They also reviewed Mawani’s operational and financial performance during the first ten months of the running year, and discussed the budget for the upcoming year and the human resources development project.The meeting was concluded with a series of recommendations, most prominently...
December 18, 2019

Mawani pledges to adopting int’l best standards in ports operation

Simon Lowden
Collaboration key to achieve more sustainable food system
RIYADH — The modern food system, no doubt, has many challenges – from climate change and resource scarcity, to packaging waste and income inequality – and therefore, partnership and collaboration is more important than ever to address the issue, states Simon Lowden, Chief Sustainability Officer, PepsiCo, recently. He was one of the speakers in the two-day Misk Forum 2019 in Riyadh.He said steering the food system towards sustainability is a big project that will take considerable efforts from multiple parties, and as a responsible industry leader, “we want to play an active part. The scale of transformation required can only be achieved when all stakeholders in the food system are working together, including industry, farmers and government.”“So, partnership and collaboration...
December 18, 2019

Collaboration key to achieve more sustainable food system

Skechers launches Fiat 500X Car Promotion
RIYADH — Skechers, in collaboration with Fiat, is running an incredible promotion. Visit any Skechers exclusive store in Saudi Arabia and stand a chance to win 1 of 3 Fiat 500X cars.Each transaction at the store entitles to one raffle coupon.Promotion period is Dec. 1-31, 2019.The draw for 3 lucky winners of the car will be on Jan. 14, 2020.Fiat 500x is 4 door cross over with signature Italian design comes with efficient 1.4 turbo engine.Fiat serves the world with authentic and affordable slice of Italian style and young fun since 1899.UMC is the distributor of Fiat in Kingdom of Saudi Arabia. — SG
December 18, 2019

Skechers launches Fiat 500X Car Promotion

Rolls-Royce Black Badge Cullinan makes KSA debut
JEDDAH— The King of The Night, Rolls-Royce Black Badge Cullinan, has arrived in KSA where Mohamed Yousuf Naghi Motors Co, the authorized dealer for Rolls-Royce Motor Cars in the Kingdom of Saudi Arabia, organized an exceptional experience to showcase the entire Black Badge family for the first time in the Kingdom in both Jeddah and Riyadh.Rolls-Royce debuted the Black Badge alter ego with Wraith and Ghost in 2016 followed by Dawn in 2017. Today, the family is completed with the introduction of Black Badge Cullinan: the darkest and most urban statement of Black Badge yet.Abdulelah Basyouni, Rolls-Royce Motor Cars Director of Mohamed Yousuf Naghi Motors Co, said: “It fills us with great pride to introduce the world’s pinnacle ultra-luxury SUV. The Cullinan SUV made luxury off-road...
December 18, 2019

Rolls-Royce Black Badge Cullinan makes KSA debut

Dr. Ahmed Ali Attiga
Investments in MENA gas sector see $70bn fall over next 5 years
DAMMAM — The Arab Petroleum Investments Corporation (Apicorp), a multilateral financial development institution, said on Wednesday that investments in the MENA gas sector sees $70 billion y-o-y decline over the next five years.In its Gas Investments Outlook 2019-2023 report, Apicorp said the decrease is driven by high global gas output, slowing regional demand and financing issues.The industrial sector accounts for roughly 30% of total gas consumption in Middle East, the report added, while liquefied natural gas continues to benefit from the very low regional gas connectivity.The report noted that two-thirds of MENA countries expect lower planned investments in their upstream gas sectors, with share of government investments in committed upstream gas projects stands at just under...
December 18, 2019

Investments in MENA gas sector see $70bn fall over next 5 years

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