Saudi Arabia to convert 4,000 factories to use 4IR technology: Minister

Saudi Arabia to convert 4,000 factories to use 4IR technology: Minister
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Updated 06 February 2022

Saudi Arabia to convert 4,000 factories to use 4IR technology: Minister

Saudi Arabia to convert 4,000 factories to use 4IR technology: Minister
  • 4IR largely involves four specific technologies: high-speed mobile Internet, AI and automation, the use of big data analytics, and cloud technology

RIYADH: Saudi Arabia plans to create a globally competitive industrial sector by converting 4,000 factories to use fourth industrial revolution technology, 4IR.

The sector’s new strategy will focus on increasing locally sourced inputs, as well as adopting 4IR technologies, Minister of Industry and Mineral Resources Bandar Alkhorayef told a conference to launch military manpower development strategy in Riyadh. 

The 4th Industrial Revolution largely involves four specific technologies: high-speed mobile Internet, AI and automation, the use of big data analytics, and cloud technology.

An Industrial Fund will also be established, with a clear program to help investors in the sector to shift toward 4IR technologies with the help of soft loans, Alkhorayef added.

The Saudi Authority for Industrial Cities and Technology Zones, MODON, is also working to convert 100 factories to be models that others can emulate. 

New technologies are the biggest supporter of transforming the sector into a local workforce, he added, during the launch of the manpower strategy by The General Authority for Military Industries, GAMI.

“The privileges that exist today were present in the past, whether in terms of infrastructure, financing or others, but the difference today is that these privileges have been activated through the enactment of the necessary legislation,” he said.

The Kingdom’s industrial strategy aims to shift from dependency on cheap laborers to a focus on quality jobs.

“Our role is to ensure the existence of job opportunities that match capabilities. And also to work on raising human capabilities to suit future needs,” he said.


Egypt-based OneOrder secures a $6.5m working capital facility

Egypt-based OneOrder secures a $6.5m working capital facility
Updated 16 sec ago

Egypt-based OneOrder secures a $6.5m working capital facility

Egypt-based OneOrder secures a $6.5m working capital facility

RIYADH: Egypt-based technology company OneOrder raised a $6.5 million working capital facility from Contact Factoring, a subsidiary of Contact Financial Holding.

The company offers restaurants, cafes, and hotels a one-stop shop for food supplies with logistics services through its software.

Founded in 2021, OneOrder will utilize the funds to create a digital environment that can support restaurant owners in procuring online, MAGNiTT reported.


UAE In-Focus – Dubai consultancy sets up 200 new companies; New Dubai Chambers formation to widen crypto adoption

UAE In-Focus – Dubai consultancy sets up 200 new companies; New Dubai Chambers formation to widen crypto adoption
Updated 4 min 23 sec ago

UAE In-Focus – Dubai consultancy sets up 200 new companies; New Dubai Chambers formation to widen crypto adoption

UAE In-Focus – Dubai consultancy sets up 200 new companies; New Dubai Chambers formation to widen crypto adoption

RIYADH: Dubai business setup company AA Associate LLC capped a 5 million dirham ($1.3 million) turnover in a single month in July, reflecting UAE’s record growth post-COVID-19.

Over 200 Freezone licenses were issued in July, which affected this result, Khaleej Times reported.

“No company in Dubai has achieved such numbers in just one month,” said Robin Philip, the founder, and director of AA Associate.

Sharjah Media Free Zone awarded the Dubai consultancy the title of ‘Highest Performing Channel Partner for 2021’ earlier this year for setting up over 2,500 companies across the UAE.

In the first half of 2022, Dubai issued 45,653 new business licenses, a 25 percent increase on the same period last year, according to figures released by the Department of Economy and Tourism.

New Dubai Chambers formation to widen crypto adoption

As part of its efforts to develop digital business infrastructure and support the growth of digital companies in Dubai, the Dubai Chamber of Digital Economy announced the formation of the Dubai Digital Assets Business Group, according to a Dubai Media Office statement.

The new business group aims to promote the digital asset industry in Dubai, improve transparency through market intelligence, support the interests and growth of digital asset companies, and foster cross-border cooperation, the statement added.

Chairman of the Dubai Chamber of Digital Economy, Omar Sultan Al-Olama — also minister for Artificial Intelligence, Digital Economy, and Remote Work Applications — said the formation of D2A2 was aligned with the Dubai Chamber of Digital Economy’s strategy aimed at accelerating the digital economy’s growth.

The UAE has 47 percent of residents aiming for a sustainable home

According to a study conducted by cooling experts Taqeef and air conditioner manufacturer O General, 47 percent of UAE residents strive to make their homes as environmentally friendly as possible.

More than half consider sustainability a key factor when purchasing electronic products, the study said. 

It added that around 33 percent of respondents consider sustainability to be as important as price when choosing a product, and 27 percent would switch to another electronic brand if they offered better environmental products.

About 29 percent of consumers know that more sustainable electronics save them money on utility bills, the study said. 

Additionally, 30 percent of respondents would prefer that brands emphasize sustainability parameters such as energy efficiency and carbon reduction.

Everdome secures $10m investment from GEM Digital Limited

GEM Digital Limited, a Bahamian-based digital asset investment firm GEM Digital Limited has committed to investing 36.7 million dirhams in the UAE's metaverse company Everdome, according to a statement.

Everdome’s announcement comes as the company prepares to roll out its new products and auction metaverse land plots.

The Everdome metaverse has sold 11,700 plots, around 97 percent of the total, over an eight-week auction experience since June 2022.

Some 68.3 million dirhams were spent on plots, which is equivalent to 1,531,000,000 $DOME, Everdome’s digital currency. Around 130,000 $DOME was the average price of a plot of land in Everdome.

There is no minimum drawdown obligation under this facility, and Everdome controls the timing and number of drawdowns. 

GEM’s investment, the statement said, will focus on team growth and metaverse technological expansion, and it will accelerate the game’s virtual reality capabilities.

It will be paid through a structured token subscription agreement, and a portion of the funds will also go toward Everdome’s marketing efforts, partnership enablement, and sustainable growth investments.

Savills ranks Dubai fouth in residential real estate performance

Dubai ranked fourth in terms of residential real estate performance in the first half of 2022, according to a report from Savills.

Several factors contributed to this growth, including consistent market sentiment, low interest rates, constrained supply, and prime residential property’s relative attractiveness as an investment, Savills Prime Residential Index said.

Prime capital values have exceeded pre-pandemic levels in all cities except Cape Town, Barcelona, and Mumbai, the report said.


Saudi Railways records 121% jump in number of passengers in H1

Saudi Railways records 121% jump in number of passengers in H1
Updated 9 min 49 sec ago

Saudi Railways records 121% jump in number of passengers in H1

Saudi Railways records 121% jump in number of passengers in H1

RIYADH: The number of passengers who used Saudi Railways reached more than 2.3 million during the first half of 2022, a 121-percent increase as compared to the same period last year.

The cargo transported by the railway company’s freight trains also recorded a 24 percent increase as compared to the first half of the previous year to reach more than 6.7 million tons, the company said in a statement on Tuesday.

The freight service also contributed to the removal of more than 871,000 trucks from the roads.

The CEO of the company, Bashar Al-Malik, said the first half results are reflective of the high-quality service and emergence of Saudi railways as a reliable transportation option.


Dubai’s non-oil sector output hits 20-month high: S&P Global

Dubai’s non-oil sector output hits 20-month high: S&P Global
Updated 23 min 58 sec ago

Dubai’s non-oil sector output hits 20-month high: S&P Global

Dubai’s non-oil sector output hits 20-month high: S&P Global

Dubai’s wholesale and retail industry helped drive the expansion of the city’s non-oil sector in July, as output rose to a 20-month high at the fastest pace in three years, reported S&P Global.

The Purchasing Managers Index — a measure of business activity and performance in the non-oil sector — increased to 56.4 in July from 56.1 in June, exhibiting its best performance in the past three years.

Among the three key sectors of Dubai, the wholesale & retail sector showed the highest growth, followed by travel and tourism, then construction. 

“Dubai's non-oil private sector registered the fastest rise in output in three years in July, supported by another solid increase in new business and promotional activity,” stated David Owen, an economist at S&P Global Market Intelligence. 

Input cost inflation — which has been a pressing issue across the world — decreased after four months of consistently increasing prices.

As for supply chains, they witnessed a slowdown in average lead times for the first time since December 2021.

The labor market displayed continuous growth over the past three months, with July marking the highest rate of job creation in 2022 — spearheaded by travel and tourism.

 

 


Dubai road-toll operator Salik seeks to raise up to $1bn through IPO

Dubai road-toll operator Salik seeks to raise up to $1bn through IPO
Updated 25 min 48 sec ago

Dubai road-toll operator Salik seeks to raise up to $1bn through IPO

Dubai road-toll operator Salik seeks to raise up to $1bn through IPO

DUBAI: The Dubai government is seeking to raise $1 billion by selling the shares of its road-toll operator Salik as soon as next month. 

Ahead of the sale, Salik has taken out a $1.1 billion loan from Emirates NBD to pay a special dividend to the government, Bloomberg reported citing people familiar with the matter. 

The people who wished to remain anonymous revealed that other candidates for initial public offering in Dubai have taken out similar loans. 

The report further noted that the toll operator aims to stage the listing in September. 

Even though the number of shares that will be offered is still unclear, the Dubai government has previously said that it will retain a 60 percent stake in Salik if it goes public.