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COMEX 2024

The Arabian Research Bureau is pleased to announce that COMEX

Testimonials

Lito Villanueva Chief Innovations and Inclusion Officer and Executive Vice

Morocco's automotive industry is accelerating towards excellence, eyeing a remarkable production capacity of 1 million cars annually by 2025

Morocco Accelerates Towards Automotive Excellence with Ambitious Targets

In line with the global shift to electric vehicles, Morocco is prioritizing the development of charging infrastructure, aligning with the European Union’s vision of banning traditional fuel cars by 2035. The nation’s automotive market exhibited resilience, with new vehicle sales experiencing a marginal 0.1% increase in 2023, reaching 161,504 units.

Judges in England and Wales Embrace AI in Legal Opinions with Caution

In a groundbreaking move, England and Wales’ legal system has cautiously welcomed the use of artificial intelligence (AI) to assist judges in crafting legal opinions. The recent approval by the Courts and Tribunals Judiciary reflects a careful approach, emphasizing that AI should aid in drafting opinions but not be utilized for research or legal analyses due to its potential for misinformation and bias. Second-highest judge, Master of the Rolls Geoffrey Vos, encourages a measured use of AI, stressing the importance of maintaining confidence and personal responsibility in the judicial process. Legal experts commend this proactive step, aligning with global debates on AI’s role in legal proceedings and the need for regulation. The guidelines address concerns about accountability and enforcement, signaling a pivotal moment as traditional legal systems navigate the integration of AI into their practices.

Triterras and Mamun Forge Fintech Powerhouse to Catalyze MSME Growth in Oman

In conclusion, the Triterras-Mamun alliance emerges as a beacon of fintech synergy, poised to catalyze economic prosperity in Oman. By leveraging technology, financial expertise, and a shared vision of empowering MSMEs, these fintech giants are paving the way for innovative financial solutions tailored to the unique requirements of Oman’s vibrant market. As the partnership unfolds, its impact on fostering financial inclusion and driving economic growth is anticipated to resonate far beyond Oman’s borders, contributing to the larger narrative of fintech-driven transformations in the global financial landscape.

Safecom Mobile and Durabook Forge Powerful Distribution Partnership

Safecom Mobile and Durabook have joined forces, creating a dynamic collaboration that capitalises on their unique strengths. This strategic alliance is positioned to meet the growing demand for rugged tablets and laptops in Southeast Asia, encompassing Singapore, Malaysia, Thailand, Brunei, Indonesia, and the Philippines. With a strong focus on quality, responsive technical support, and proactive sales services, Durabook’s products are poised for expansion through Safecom Mobile’s expertise.

PDO’s Monumental Stride; Oman’s Indigenous Drilling Rig and a Vision for Sustainable Energy Future

In a significant leap towards energy self-sufficiency and fostering in-country value, PDO has unveiled Oman’s first locally made drilling rig. The alliance between PDO and KCA Deutag’s Kenera business unit promises to usher in a new era of self-reliance in the energy sector. These highly automated drilling rigs, designed for the next decade, blend cutting-edge technology with sustainability, ensuring safe and efficient drilling operations. Furthermore, the commitment to in-country value is palpable, with substantial investments funnelled into local businesses and an emphasis on nurturing local talent. This milestone underscores PDO’s vision for a more prosperous and environmentally conscious energy landscape.

OCBC Faces Digital Banking Service Disruption in Singapore

In summary, OCBC’s digital banking services, including the Funds Transfer feature, faced intermittent technical issues, leading to inconvenience for customers. The bank is actively resolving the problem and has advised customers to explore alternative payment methods like credit cards and NETs. This incident underscores the importance of reliable digital banking services and effective issue resolution. Transparent communication from OCBC during such disruptions is essential for maintaining customer trust.

Orion Innovation and Cebuana Lhuillier Bank Forge a Path Towards Financial Inclusion in the Philippines

In a landmark move to empower marginalized communities, Orion Innovation and Cebuana Lhuillier Bank have united their strengths to spearhead financial inclusion in the Philippines. With a strategic partnership centered around implementing the advanced Temenos core banking platform, Cebuana Lhuillier Bank aims to revolutionize its operations and reach over 11 million customers within five years. This collaboration, amid the dynamic shifts in the financial landscape, reflects both institutions’ commitment to enhancing banking services, fostering innovation, and driving positive change for Filipinos, especially those residing in underserved regions. As the Philippines navigates its economic journey, this alliance holds the potential to reshape the future of financial accessibility and growth.

US-ASEAN Business Council and Philippines Forge Defense Partnership Amidst Rising Tensions

The United States-Asean Business Council (US-ABC) is taking a proactive stance by engaging in a collaborative effort with the Philippines to enhance the nation’s defense capabilities amidst growing tensions in the West Philippine Sea. Discussions involving Defense Secretary Gilbert “Gibo” Teodoro Jr. and the US-ABC delegation, led by President and CEO Ted Osius, have explored various avenues of cooperation to strengthen defense and security sectors. This strategic move aligns with the US-ABC’s commitment to fostering partnerships between the US and ASEAN nations, from cybersecurity and healthcare initiatives to technological advancements and sustainable energy solutions. The initiative addresses immediate security concerns and emphasizes the significance of international collaborations in maintaining stability and innovation in a complex geopolitical landscape.

Omantel Group Achieves Strong H1 Performance with 31% Profit Growth

Omantel Group, a leading telecommunications company in Oman, has reported a substantial 31.3% year-on-year increase in its net profit for the first half of 2023, reaching RO168.9 million. This growth has been attributed to factors such as incorporating Zain Group’s business and sustainable revenue expansion. Despite competitive challenges, Omantel’s ability to maintain net profit stability in its domestic operations showcases its strategic resilience. The partnership with Zain Group has also contributed to subscriber growth and increased revenues, underlining the company’s pivotal role in Oman’s evolving telecom sector.

NBK Capital’s SmartWealth Empowers Digital Investment Experience 

NBK Capital’s SmartWealth has taken a significant step towards revolutionizing the digital investment experience by integrating its services into the NBK Mobile Banking App. With this seamless integration, NBK clients gain access to a world of investment opportunities, personalized investment plans, and expert insights—all at their fingertips. By empowering clients to take control of their financial future through a user-friendly platform, NBK reaffirms its commitment to providing an integrated and comprehensive digital banking experience. With SmartWealth and the NBK Mobile Banking App, clients can confidently embark on their investment journey, knowing they have the tools and support to achieve their long-term financial goals.

CIBC Bank USA, Navigating the Digital Frontier of Banking Excellence

CIBC Bank USA, a subsidiary of the esteemed Canadian Imperial Bank of Commerce (CIBC), continues to make waves in the banking industry as it forges into 2023. With a legacy of trust, comprehensive financial solutions, and a commitment to technological innovation and community involvement, CIBC Bank USA exemplifies the essence of modern banking excellence. By combining personalized services, advanced digital capabilities, and a dedication to social responsibility, CIBC Bank USA is poised to redefine the banking experience for its customers and shape the industry’s future.

Gulf Bank Partners with Coursera to Foster Employee Development and Achieve Talent Transformation

Gulf Bank and Coursera join forces to unlock boundless possibilities for employee growth and development. By teaming up with one of the world’s largest online learning platforms, Gulf Bank is empowering its workforce with access to a treasure trove of knowledge and prestigious certifications. This exciting collaboration sets the stage for a transformational journey, where employees can embrace lifelong learning and stay ahead in an ever-evolving business landscape. With interactive features and a wide range of courses, Coursera brings learning to life, enabling Gulf Bank’s employees to acquire new skills and achieve their professional aspirations. Together, Gulf Bank and Coursera are redefining the concept of employee development and propelling Kuwait’s banking industry toward a prosperous future.

Kuwait International Bank Empowers Fintech Innovation through Visa Ready Program

Kuwait International Bank (KIB) is paving the way for a revolutionary transformation in the banking landscape of Kuwait through its collaboration with Visa in the Visa Ready for Fintech Enablement program. By joining Visa, KIB became the first bank in Kuwait to offer cutting-edge solutions to traditional issuers and FinTechs, unleashing a new era of digital empowerment and customer-centric strategies. This strategic move is set to accelerate the time to market for innovative financial services, enhancing the overall banking experience for partners and customers alike. With a focus on fostering financial inclusivity and embracing advanced technologies, KIB is leading the charge towards building a more innovative, accessible, and customer-centric banking sector in Kuwait.

Siemens and Petrojet Strike a Strategic Partnership to Drive Technological Advancements in the Middle East

Siemens, a global leader in digital industries, and Petrojet, one of the Middle East’s largest construction groups, have formed a strategic partnership to drive technological advancements and innovation across industries in the Middle East. With a focus on supporting the Ministry of Petroleum and Mineral Resources’ digitalization strategy and contributing to Egypt’s Vision 2030, the collaboration will utilize Siemens’ cutting-edge digital solutions and Petrojet’s expertise in delivering large-scale projects. By combining forces, both companies seek to transform the industrial sector in Egypt and throughout the Middle East, fostering economic development and creating a competitive edge in the global market.

Middle East’s Asset Management Industry Outperforms Global Trends, Fosters Transformation

In a remarkable feat, the asset management industry in the Middle East has defied global economic challenges, recording a growth rate of 7% in 2022 and reaching a staggering $1.3 trillion in assets under management. This accomplishment starkly contrasts the global trend, where the asset management industry witnessed a decline of 10%. According to a Boston Consulting Group (BCG) report, asset managers in the region are urged to transform their businesses in the face of market uncertainties, fee compression, rising costs, and technological advancements. The Middle East’s positive growth outlook, driven by higher oil income and favourable equity market developments, sets it apart from its global counterparts. However, the report emphasizes the need for asset managers to adapt and diversify their revenue streams while leveraging technology to create unique client experiences. This transformation is crucial for sustained profitability in an ever-changing market landscape. By embracing change and exploring alternative investments, asset managers in the Middle East can position themselves as leaders in the global market.

Impact of Singapore’s Economic Slowdown on Non-Resident Indians

Singapore’s economic slowdown and declining job market have raised concerns among non-resident Indians (NRIs) residing in the city-state. As the country faces challenges such as a contraction in the economy and declining exports, NRIs may find it more challenging to secure employment opportunities. However, amidst these difficulties, there are also opportunities to be found. Sectors like information and communication technologies and financial services continue to show resilience, indicating potential skill-specific job openings. To navigate this changing landscape, NRIs should focus on adapting their skills, networking, and staying updated with industry trends. By doing so, they can position themselves to overcome challenges and contribute meaningfully to Singapore’s economy.

Oman Emerges as a Global Leader in Green Hydrogen Production

Oman is making significant strides in the global green hydrogen market, positioning itself as a leader in sustainable energy production. Hydrogen Oman (Hydrom), a subsidiary of Energy Development Oman (EDO), has signed three groundbreaking agreements that mark a major milestone in the country’s pursuit of becoming a hub for green hydrogen production. These agreements, backed by visionary leadership and strong government support, demonstrate Oman’s commitment to renewable energy and attract global investment. With a focus on green steel production, ammonia production, and export, these projects showcase Oman’s potential and contribute to economic diversification. The substantial investments, estimated at over $20 billion, reflect international confidence in Oman’s renewable energy potential and its attractiveness as a business destination. Furthermore, the government’s commitment to a robust regulatory framework and infrastructure development, as well as strategic collaborations and research partnerships, positions Oman as a global player in green hydrogen production. As Oman advances in this sector, it emerges as a beacon of hope and innovation in the global transition to clean energy, demonstrating its dedication to global environmental goals and sustainable development.

Fintech startups in The UAE

The United Arab Emirates has become a hub for fintech startups due to a tech-savvy population and supportive government policies. With the ADGM open banking framework and regulation for crypto assets activities, UAE regulators are keeping up with technological advancements while ensuring data privacy and protection. The challenges for foreign fintech companies looking to operate in the UAE include data processing restrictions and obtaining a local license, but with the right partnerships, these hurdles can be overcome to tap into the immense potential of emerging markets.

Overall, the UAE remains a globally competitive country in fintech, with regulators committed to staying ahead of the curve.

The United Nations World Tourism Organization (UNWTO) announced its commitment to sustainable tourism at Annual Investment Meeting

The United Nations World Tourism Organization (UNWTO) has announced their commitment to sustainable growth through the power of government and investment in the tourism industry. In the same context, they hosted a forum at the 12th edition of Annual Investment Meeting that focused on Investing in People – Investing in Planet – Investing in Prosperity’.

Dyson to Develop New Facilities in Singapore, UK and Philippines

The Singapore headquartered consumer electronics major Dyson on Wednesday announced that it will be building new manufacturing facilities and technological hubs at Tuas in region Singapore, the Philippines, and the UK as part of its ongoing five-year $3.4 billion global investment plan for the development of its software and AI capabilities.

Annual Investment Meeting 2023 kicks off at ADNEC in Abu Dhabi

Under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, the Annual Investment Meeting (AIM Global 2023) was inaugurated today (8 May) at the Abu Dhabi National Exhibition Centre (ADNEC) in Abu Dhabi.

China tech shares sink as U.S. export curbs raise chip sector hurdles

Shares in Chinese tech giants Alibaba Group (9988.HK) and Tencent (0700.HK) as well as in chipmakers slumped on Monday, as investors were spooked by new U.S. export control measures aimed at slowing Beijing’s technological and military advances.

U.S. officials order Nvidia to halt sales of top AI chips to China

Chip designer Nvidia Corp (NVDA.O) said on Wednesday that U.S. officials told it to stop exporting two top computing chips for artificial intelligence work to China, a move that could cripple Chinese firms’ ability to carry out advanced work like image recognition and hamper Nvidia’s business in the country.

Sony to buy mobile game developer in push beyond consoles

Sony Group Corp (6758.T) on Monday said it will acquire Helsinki and Berlin-based mobile games business Savage Game Studios for an undisclosed amount as part of a major push by the Japanese conglomerate beyond console gaming.

Carmaker Stellantis sees more revenue from software by 2030

Carmaker Stellantis (STLA.MI) plans to generate about 4 billion euros ($4.5 billion) in additional annual revenue by 2026 from software-enabled products and subscriptions and 20 billion euros by 2030, the company said on Tuesday.

Apple files lawsuit against NSO Group, saying U.S. citizens were targets

Deutsche Boerse’s (DB1Gn.DE) power and gas exchange EEX plans to launch an index to price hydrogen next year to aid trading of the commodity that is expected to play a big role in the shift to a green economy, one of the bourse’s board members said.

Accessible eLearning helps people with sight loss find work

The digital learning and assessment specialist, eCom Scotland, has helped the Royal National Institute of Blind People (RNIB) to significantly improve the career prospects of the 11,000 people with sight loss in the UK who are currently actively seeking work.

Proposed U.S. carbon capture credit hike cheers industry, worries greens

A proposed tax credit hike for U.S. carbon capture and sequestration projects being mulled by Congress could trigger a big jump in use of the climate-fighting technology to clean up industry, but environmentalists worry the scheme will backfire by prolonging the life of dirty coal-fired power plants.

Azentio Software to acquire software assets from Path Solutions, a leading core banking software provider

Azentio Software (“Azentio”), a Singapore-headquartered software products business owned by funds advised by Apax, is pleased to announce the signing of a binding agreement to acquire certain software assets from Path Solutions (including the flagship products iMAL™, iSHRAQ™, Path Digital and Path Analytics), a leading provider of core banking software. The transaction is contingent on obtaining relevant regulatory approvals and subject to customary closing conditions. This acquisition will strengthen Azentio’s banking portfolio by adding complimentary core banking software capabilities and a full spectrum of next generation solutions focused on Islamic banks and financial institutions.

Wall Street closes mixed, S&P 500 ends off record high

U.S. stocks closed mostly lower on Wednesday, with the S&P 500 falling from a record high after data signaled a slowdown in jobs growth in July, and General Motors tracked its worst day since early March.

NDB Bank: Pioneers in providing innovative financial solutions for Sri Lanka’s national development

NDB’s vision is “to be the driving force for a financially empowered Sri Lanka”, supported by the mission “to be the catalyst in the financial services industry by creating superior shareholder value and contributing to the national development through the empowerment of individuals with innovative financial solutions delivered by an inspired and dedicated team committed to excellence”.

More Chinese provinces issue bans on cryptomining

Authorities in China’s northwestern province of Qinghai and a district in neighbouring Xinjiang ordered cryptocurrency mining projects to close this week, as local governments put into practice Beijing’s call to crack down on the industry.

Ooredoo Data Centre Lands World Economic Magazine Award

In recognition of its leading technological services and infrastructure, Ooredoo has been named “Best Network Readiness – Data Centre services Oman 2021” at the US-based World Economic Magazine Awards. This prestigious global accolade is recognition of Ooredoo’s support of Vision 2040, to be a knowledge-based and technologically-advanced society.

The OECD’s conundrum with the real-time tax reporting framework

Despite the fact that many European countries are considering real-time reporting, which has proven to be quite useful in preventing fraudulent and suspicious transactions as well as tax evasion, the process of bridging the VAT gap between the expected VAT and the VAT collection is relatively slow.

Past Events

Past Events Search Nominate Now Marksmen Daily Announces the 5th

Home

Latest Edition Latest Stories Search Search Subscribe To Our News

COMEX 2024

The Arabian Research Bureau is pleased to announce that COMEX

Testimonials

Lito Villanueva Chief Innovations and Inclusion Officer and Executive Vice

Morocco's automotive industry is accelerating towards excellence, eyeing a remarkable production capacity of 1 million cars annually by 2025

Morocco Accelerates Towards Automotive Excellence with Ambitious Targets

In line with the global shift to electric vehicles, Morocco is prioritizing the development of charging infrastructure, aligning with the European Union’s vision of banning traditional fuel cars by 2035. The nation’s automotive market exhibited resilience, with new vehicle sales experiencing a marginal 0.1% increase in 2023, reaching 161,504 units.

Judges in England and Wales Embrace AI in Legal Opinions with Caution

In a groundbreaking move, England and Wales’ legal system has cautiously welcomed the use of artificial intelligence (AI) to assist judges in crafting legal opinions. The recent approval by the Courts and Tribunals Judiciary reflects a careful approach, emphasizing that AI should aid in drafting opinions but not be utilized for research or legal analyses due to its potential for misinformation and bias. Second-highest judge, Master of the Rolls Geoffrey Vos, encourages a measured use of AI, stressing the importance of maintaining confidence and personal responsibility in the judicial process. Legal experts commend this proactive step, aligning with global debates on AI’s role in legal proceedings and the need for regulation. The guidelines address concerns about accountability and enforcement, signaling a pivotal moment as traditional legal systems navigate the integration of AI into their practices.

Triterras and Mamun Forge Fintech Powerhouse to Catalyze MSME Growth in Oman

In conclusion, the Triterras-Mamun alliance emerges as a beacon of fintech synergy, poised to catalyze economic prosperity in Oman. By leveraging technology, financial expertise, and a shared vision of empowering MSMEs, these fintech giants are paving the way for innovative financial solutions tailored to the unique requirements of Oman’s vibrant market. As the partnership unfolds, its impact on fostering financial inclusion and driving economic growth is anticipated to resonate far beyond Oman’s borders, contributing to the larger narrative of fintech-driven transformations in the global financial landscape.

Safecom Mobile and Durabook Forge Powerful Distribution Partnership

Safecom Mobile and Durabook have joined forces, creating a dynamic collaboration that capitalises on their unique strengths. This strategic alliance is positioned to meet the growing demand for rugged tablets and laptops in Southeast Asia, encompassing Singapore, Malaysia, Thailand, Brunei, Indonesia, and the Philippines. With a strong focus on quality, responsive technical support, and proactive sales services, Durabook’s products are poised for expansion through Safecom Mobile’s expertise.

PDO’s Monumental Stride; Oman’s Indigenous Drilling Rig and a Vision for Sustainable Energy Future

In a significant leap towards energy self-sufficiency and fostering in-country value, PDO has unveiled Oman’s first locally made drilling rig. The alliance between PDO and KCA Deutag’s Kenera business unit promises to usher in a new era of self-reliance in the energy sector. These highly automated drilling rigs, designed for the next decade, blend cutting-edge technology with sustainability, ensuring safe and efficient drilling operations. Furthermore, the commitment to in-country value is palpable, with substantial investments funnelled into local businesses and an emphasis on nurturing local talent. This milestone underscores PDO’s vision for a more prosperous and environmentally conscious energy landscape.

OCBC Faces Digital Banking Service Disruption in Singapore

In summary, OCBC’s digital banking services, including the Funds Transfer feature, faced intermittent technical issues, leading to inconvenience for customers. The bank is actively resolving the problem and has advised customers to explore alternative payment methods like credit cards and NETs. This incident underscores the importance of reliable digital banking services and effective issue resolution. Transparent communication from OCBC during such disruptions is essential for maintaining customer trust.

Orion Innovation and Cebuana Lhuillier Bank Forge a Path Towards Financial Inclusion in the Philippines

In a landmark move to empower marginalized communities, Orion Innovation and Cebuana Lhuillier Bank have united their strengths to spearhead financial inclusion in the Philippines. With a strategic partnership centered around implementing the advanced Temenos core banking platform, Cebuana Lhuillier Bank aims to revolutionize its operations and reach over 11 million customers within five years. This collaboration, amid the dynamic shifts in the financial landscape, reflects both institutions’ commitment to enhancing banking services, fostering innovation, and driving positive change for Filipinos, especially those residing in underserved regions. As the Philippines navigates its economic journey, this alliance holds the potential to reshape the future of financial accessibility and growth.

US-ASEAN Business Council and Philippines Forge Defense Partnership Amidst Rising Tensions

The United States-Asean Business Council (US-ABC) is taking a proactive stance by engaging in a collaborative effort with the Philippines to enhance the nation’s defense capabilities amidst growing tensions in the West Philippine Sea. Discussions involving Defense Secretary Gilbert “Gibo” Teodoro Jr. and the US-ABC delegation, led by President and CEO Ted Osius, have explored various avenues of cooperation to strengthen defense and security sectors. This strategic move aligns with the US-ABC’s commitment to fostering partnerships between the US and ASEAN nations, from cybersecurity and healthcare initiatives to technological advancements and sustainable energy solutions. The initiative addresses immediate security concerns and emphasizes the significance of international collaborations in maintaining stability and innovation in a complex geopolitical landscape.

Omantel Group Achieves Strong H1 Performance with 31% Profit Growth

Omantel Group, a leading telecommunications company in Oman, has reported a substantial 31.3% year-on-year increase in its net profit for the first half of 2023, reaching RO168.9 million. This growth has been attributed to factors such as incorporating Zain Group’s business and sustainable revenue expansion. Despite competitive challenges, Omantel’s ability to maintain net profit stability in its domestic operations showcases its strategic resilience. The partnership with Zain Group has also contributed to subscriber growth and increased revenues, underlining the company’s pivotal role in Oman’s evolving telecom sector.

NBK Capital’s SmartWealth Empowers Digital Investment Experience 

NBK Capital’s SmartWealth has taken a significant step towards revolutionizing the digital investment experience by integrating its services into the NBK Mobile Banking App. With this seamless integration, NBK clients gain access to a world of investment opportunities, personalized investment plans, and expert insights—all at their fingertips. By empowering clients to take control of their financial future through a user-friendly platform, NBK reaffirms its commitment to providing an integrated and comprehensive digital banking experience. With SmartWealth and the NBK Mobile Banking App, clients can confidently embark on their investment journey, knowing they have the tools and support to achieve their long-term financial goals.

CIBC Bank USA, Navigating the Digital Frontier of Banking Excellence

CIBC Bank USA, a subsidiary of the esteemed Canadian Imperial Bank of Commerce (CIBC), continues to make waves in the banking industry as it forges into 2023. With a legacy of trust, comprehensive financial solutions, and a commitment to technological innovation and community involvement, CIBC Bank USA exemplifies the essence of modern banking excellence. By combining personalized services, advanced digital capabilities, and a dedication to social responsibility, CIBC Bank USA is poised to redefine the banking experience for its customers and shape the industry’s future.

Gulf Bank Partners with Coursera to Foster Employee Development and Achieve Talent Transformation

Gulf Bank and Coursera join forces to unlock boundless possibilities for employee growth and development. By teaming up with one of the world’s largest online learning platforms, Gulf Bank is empowering its workforce with access to a treasure trove of knowledge and prestigious certifications. This exciting collaboration sets the stage for a transformational journey, where employees can embrace lifelong learning and stay ahead in an ever-evolving business landscape. With interactive features and a wide range of courses, Coursera brings learning to life, enabling Gulf Bank’s employees to acquire new skills and achieve their professional aspirations. Together, Gulf Bank and Coursera are redefining the concept of employee development and propelling Kuwait’s banking industry toward a prosperous future.

Kuwait International Bank Empowers Fintech Innovation through Visa Ready Program

Kuwait International Bank (KIB) is paving the way for a revolutionary transformation in the banking landscape of Kuwait through its collaboration with Visa in the Visa Ready for Fintech Enablement program. By joining Visa, KIB became the first bank in Kuwait to offer cutting-edge solutions to traditional issuers and FinTechs, unleashing a new era of digital empowerment and customer-centric strategies. This strategic move is set to accelerate the time to market for innovative financial services, enhancing the overall banking experience for partners and customers alike. With a focus on fostering financial inclusivity and embracing advanced technologies, KIB is leading the charge towards building a more innovative, accessible, and customer-centric banking sector in Kuwait.

Siemens and Petrojet Strike a Strategic Partnership to Drive Technological Advancements in the Middle East

Siemens, a global leader in digital industries, and Petrojet, one of the Middle East’s largest construction groups, have formed a strategic partnership to drive technological advancements and innovation across industries in the Middle East. With a focus on supporting the Ministry of Petroleum and Mineral Resources’ digitalization strategy and contributing to Egypt’s Vision 2030, the collaboration will utilize Siemens’ cutting-edge digital solutions and Petrojet’s expertise in delivering large-scale projects. By combining forces, both companies seek to transform the industrial sector in Egypt and throughout the Middle East, fostering economic development and creating a competitive edge in the global market.

Middle East’s Asset Management Industry Outperforms Global Trends, Fosters Transformation

In a remarkable feat, the asset management industry in the Middle East has defied global economic challenges, recording a growth rate of 7% in 2022 and reaching a staggering $1.3 trillion in assets under management. This accomplishment starkly contrasts the global trend, where the asset management industry witnessed a decline of 10%. According to a Boston Consulting Group (BCG) report, asset managers in the region are urged to transform their businesses in the face of market uncertainties, fee compression, rising costs, and technological advancements. The Middle East’s positive growth outlook, driven by higher oil income and favourable equity market developments, sets it apart from its global counterparts. However, the report emphasizes the need for asset managers to adapt and diversify their revenue streams while leveraging technology to create unique client experiences. This transformation is crucial for sustained profitability in an ever-changing market landscape. By embracing change and exploring alternative investments, asset managers in the Middle East can position themselves as leaders in the global market.

Impact of Singapore’s Economic Slowdown on Non-Resident Indians

Singapore’s economic slowdown and declining job market have raised concerns among non-resident Indians (NRIs) residing in the city-state. As the country faces challenges such as a contraction in the economy and declining exports, NRIs may find it more challenging to secure employment opportunities. However, amidst these difficulties, there are also opportunities to be found. Sectors like information and communication technologies and financial services continue to show resilience, indicating potential skill-specific job openings. To navigate this changing landscape, NRIs should focus on adapting their skills, networking, and staying updated with industry trends. By doing so, they can position themselves to overcome challenges and contribute meaningfully to Singapore’s economy.

Oman Emerges as a Global Leader in Green Hydrogen Production

Oman is making significant strides in the global green hydrogen market, positioning itself as a leader in sustainable energy production. Hydrogen Oman (Hydrom), a subsidiary of Energy Development Oman (EDO), has signed three groundbreaking agreements that mark a major milestone in the country’s pursuit of becoming a hub for green hydrogen production. These agreements, backed by visionary leadership and strong government support, demonstrate Oman’s commitment to renewable energy and attract global investment. With a focus on green steel production, ammonia production, and export, these projects showcase Oman’s potential and contribute to economic diversification. The substantial investments, estimated at over $20 billion, reflect international confidence in Oman’s renewable energy potential and its attractiveness as a business destination. Furthermore, the government’s commitment to a robust regulatory framework and infrastructure development, as well as strategic collaborations and research partnerships, positions Oman as a global player in green hydrogen production. As Oman advances in this sector, it emerges as a beacon of hope and innovation in the global transition to clean energy, demonstrating its dedication to global environmental goals and sustainable development.

Fintech startups in The UAE

The United Arab Emirates has become a hub for fintech startups due to a tech-savvy population and supportive government policies. With the ADGM open banking framework and regulation for crypto assets activities, UAE regulators are keeping up with technological advancements while ensuring data privacy and protection. The challenges for foreign fintech companies looking to operate in the UAE include data processing restrictions and obtaining a local license, but with the right partnerships, these hurdles can be overcome to tap into the immense potential of emerging markets.

Overall, the UAE remains a globally competitive country in fintech, with regulators committed to staying ahead of the curve.

The United Nations World Tourism Organization (UNWTO) announced its commitment to sustainable tourism at Annual Investment Meeting

The United Nations World Tourism Organization (UNWTO) has announced their commitment to sustainable growth through the power of government and investment in the tourism industry. In the same context, they hosted a forum at the 12th edition of Annual Investment Meeting that focused on Investing in People – Investing in Planet – Investing in Prosperity’.

Dyson to Develop New Facilities in Singapore, UK and Philippines

The Singapore headquartered consumer electronics major Dyson on Wednesday announced that it will be building new manufacturing facilities and technological hubs at Tuas in region Singapore, the Philippines, and the UK as part of its ongoing five-year $3.4 billion global investment plan for the development of its software and AI capabilities.

Annual Investment Meeting 2023 kicks off at ADNEC in Abu Dhabi

Under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, the Annual Investment Meeting (AIM Global 2023) was inaugurated today (8 May) at the Abu Dhabi National Exhibition Centre (ADNEC) in Abu Dhabi.

China tech shares sink as U.S. export curbs raise chip sector hurdles

Shares in Chinese tech giants Alibaba Group (9988.HK) and Tencent (0700.HK) as well as in chipmakers slumped on Monday, as investors were spooked by new U.S. export control measures aimed at slowing Beijing’s technological and military advances.

U.S. officials order Nvidia to halt sales of top AI chips to China

Chip designer Nvidia Corp (NVDA.O) said on Wednesday that U.S. officials told it to stop exporting two top computing chips for artificial intelligence work to China, a move that could cripple Chinese firms’ ability to carry out advanced work like image recognition and hamper Nvidia’s business in the country.

Sony to buy mobile game developer in push beyond consoles

Sony Group Corp (6758.T) on Monday said it will acquire Helsinki and Berlin-based mobile games business Savage Game Studios for an undisclosed amount as part of a major push by the Japanese conglomerate beyond console gaming.

Carmaker Stellantis sees more revenue from software by 2030

Carmaker Stellantis (STLA.MI) plans to generate about 4 billion euros ($4.5 billion) in additional annual revenue by 2026 from software-enabled products and subscriptions and 20 billion euros by 2030, the company said on Tuesday.

Apple files lawsuit against NSO Group, saying U.S. citizens were targets

Deutsche Boerse’s (DB1Gn.DE) power and gas exchange EEX plans to launch an index to price hydrogen next year to aid trading of the commodity that is expected to play a big role in the shift to a green economy, one of the bourse’s board members said.

Accessible eLearning helps people with sight loss find work

The digital learning and assessment specialist, eCom Scotland, has helped the Royal National Institute of Blind People (RNIB) to significantly improve the career prospects of the 11,000 people with sight loss in the UK who are currently actively seeking work.

Proposed U.S. carbon capture credit hike cheers industry, worries greens

A proposed tax credit hike for U.S. carbon capture and sequestration projects being mulled by Congress could trigger a big jump in use of the climate-fighting technology to clean up industry, but environmentalists worry the scheme will backfire by prolonging the life of dirty coal-fired power plants.

Azentio Software to acquire software assets from Path Solutions, a leading core banking software provider

Azentio Software (“Azentio”), a Singapore-headquartered software products business owned by funds advised by Apax, is pleased to announce the signing of a binding agreement to acquire certain software assets from Path Solutions (including the flagship products iMAL™, iSHRAQ™, Path Digital and Path Analytics), a leading provider of core banking software. The transaction is contingent on obtaining relevant regulatory approvals and subject to customary closing conditions. This acquisition will strengthen Azentio’s banking portfolio by adding complimentary core banking software capabilities and a full spectrum of next generation solutions focused on Islamic banks and financial institutions.

Wall Street closes mixed, S&P 500 ends off record high

U.S. stocks closed mostly lower on Wednesday, with the S&P 500 falling from a record high after data signaled a slowdown in jobs growth in July, and General Motors tracked its worst day since early March.

NDB Bank: Pioneers in providing innovative financial solutions for Sri Lanka’s national development

NDB’s vision is “to be the driving force for a financially empowered Sri Lanka”, supported by the mission “to be the catalyst in the financial services industry by creating superior shareholder value and contributing to the national development through the empowerment of individuals with innovative financial solutions delivered by an inspired and dedicated team committed to excellence”.

More Chinese provinces issue bans on cryptomining

Authorities in China’s northwestern province of Qinghai and a district in neighbouring Xinjiang ordered cryptocurrency mining projects to close this week, as local governments put into practice Beijing’s call to crack down on the industry.

Ooredoo Data Centre Lands World Economic Magazine Award

In recognition of its leading technological services and infrastructure, Ooredoo has been named “Best Network Readiness – Data Centre services Oman 2021” at the US-based World Economic Magazine Awards. This prestigious global accolade is recognition of Ooredoo’s support of Vision 2040, to be a knowledge-based and technologically-advanced society.

The OECD’s conundrum with the real-time tax reporting framework

Despite the fact that many European countries are considering real-time reporting, which has proven to be quite useful in preventing fraudulent and suspicious transactions as well as tax evasion, the process of bridging the VAT gap between the expected VAT and the VAT collection is relatively slow.