Tech UAE unveils new strategy to boost industrial and production sectors By Pramod Kumar October 13, 2022, 7:04 AM Twitter/@HHShkMohd Sheikh Mohammed says the programme aims to bring a paradigm shift in the automation of the industry The UAE has launched a national programme to accelerate the pace of the technological transformation in its industrial and production sectors by developing 1,000 projects, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said in a tweet. The programme includes establishing national centres for industrial empowerment with plans to export AED 15 billion ($4.1 billion) worth of advanced local technological products a year. “Our goal is a paradigm shift for the automation of the industry,” Sheikh Mohammed stated. Dr Thani Al Zeyoudi, UAE minister of state for foreign trade, said in July that the country is looking to compete against the world’s most popular cities for international businesses by offering incentives to attract 300 digital companies to set up offices over the next year. As part of the NextGenFDI initiative, the UAE Ministry of Economy has signed partnerships with seven entities to expedite the incorporation process for digital companies. Among the incentives offered are a streamlined visa process, faster access to the banking system and better access to capital.
Finance Pakistan agrees to $1bn loan from Middle Eastern banks Pakistan has agreed terms for a $1 billion loan with two Middle Eastern banks at a 6-7 percent interest rate, its finance minister Muhammad Aurangzeb told Reuters on Tuesday, as the South Asian country searches for more financing. “With two institutions we have now gone forward in signing up the term sheet – one bilateral […] 4 hours ago
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Energy Fertiglobe’s $1bn blue ammonia bet hinges on Asia Abu Dhabi-listed Fertiglobe will invest $1 billion in expanding its blue ammonia plant capacity if Asian countries commit to buying. The final decision on the investment depends on securing contracts from Japan and South Korea, who have plans to subsidise imports of the blue ammonia, CEO Ahmed El-Hoshy told Bloomberg. The capacity building will take through […] 2 hours ago
Real Estate PIF worker housing company buys luxury compound Smart Accommodation for Residential Complexes Company (Sarcc), the company established to provide housing for workers employed on major projects, has bought a luxury residential compound in Riyadh. Sarcc acquired Al Nakhla Residential Resort in Riyadh for SR2.5 billion ($667 million). The development, located in northern Riyadh, has more than 600 apartments and over 500 villas. […] 12 hours ago
