Business

China rejects allegations it may grab Uganda’s airport if country defaults on loan

China has rejected allegations that it may grab Uganda’s sole international airport if the east African country fails to service a $200 million loan for the expansion of the facility.
A parliamentary probe last month concluded that China had imposed onerous conditions on the loan, including potential forfeiture of the airport in case of default, sparking public outrage.

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The Chinese embassy in Uganda, referring to a local headline, said late on Sunday: “The malicious allegation that ‘Uganda surrenders key assets for China cash’ has no factual basis and is ill-intended only to distort the good relations that China enjoys with developing countries including Uganda.”
“Not a single project in Africa has ever been confiscated by China because of failing to pay Chinese loans.”
China has been accused by Western countries of luring poor countries into “debt traps” which they are unable to repay.

Cash-strapped borrowers have been pushed to stake sovereign assets such as airports and seaports to access credit.
The Uganda loan was secured in 2015 from China’s Exim Bank, one of the many credit lines Uganda has acquired from China over the last 15 years to fund infrastructure projects including roads and power plants.
The loan agreement has not been made public. Lawmaker Joel Ssenyonyi, who chairs the committee that conducted the parliamentary probe, said it gives Exim Bank approval powers over the airport’s annual budgets and that the loan terms allow China to “grab” the airport in case of default, said.
Revenues from the airport’s operations are to be deposited in an escrow account where all withdrawals have to be sanctioned by Exim Bank, Ssenyonyi told Reuters on Monday, citing the agreement.
The agreement also requires any dispute arbitration or court proceedings to take place in China under Chinese law, Ssenyonyi said.
“So Uganda is locked out entirely, the contract is one-sided,” Ssenyonyi said.
A Ugandan attempt this year to renegotiate the loan terms had been rebuffed by Exim Bank, Senyonyi said, citing disclosures to the committee by the finance minister, Matia Kasaija.
Kasaija declined to comment.

Business

Sharjah’s research park powers up the gaming industry

Sharjah, known for its commitment to innovation and technology, is witnessing the rapid growth of a thriving coding, gaming, and Digitization ecosystem within its Research Technology and Innovation Park (STRIP). This dynamic environment is fostering collaboration, entrepreneurship, and technological advancements in the emirate.
STRIP has become a hub for startups, tech companies, and educational institutions focused on coding, gaming, and Digitization. The park offers state-of-the-art facilities, incubation programs, and access to cutting-edge technologies, attracting talented individuals and companies alike.
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One of the key drivers of this ecosystem is the emphasis on coding education. STRIP has partnered with educational institutions to provide training programs, workshops, and courses in coding and computer science. These initiatives aim to equip the workforce with the necessary skills to thrive in the digital age.
Additionally, the park hosts coding competitions and hackathons, fostering a culture of innovation and healthy competition among aspiring programmers.
The gaming industry is also gaining significant momentum within STRIP. Local game development studios have emerged, creating engaging and immersive gaming experiences. These studios collaborate with international partners and leverage STRIP’s resources to develop and launch their products. The park’s supportive environment encourages entrepreneurship and provides access to mentors, investors, and potential business opportunities.
Digitization is a key focus within STRIP, with various initiatives aimed at driving digital transformation across industries. Companies in sectors such as healthcare, finance, logistics, and manufacturing are leveraging digital technologies to enhance their operations, improve efficiency, and deliver innovative solutions. The park serves as a catalyst for collaboration between technology providers and industry players, fostering the adoption of Digitization on a broader scale.
The success of the coding, gaming, and Digitization ecosystem in STRIP can be attributed to the visionary leadership and strategic initiatives undertaken by the emirates of Sharjah. The emirate’s commitment to fostering innovation and providing an enabling environment for technology-driven sectors has positioned it as a regional hub for coding, gaming, and Digitization.
As the ecosystem continues to evolve, STRIP remains dedicated to nurturing talent, supporting startups, and attracting investments in coding, gaming, and Digitization. The emirate’s focus on research, technology, and innovation ensures that it remains at the forefront of the digital revolution, driving economic growth and societal development.
Hussain Al Mahmoudi, CEO of SRTIP, has invites specialized companies to be part of this ecosystem and join the Park to receive the necessary support. “We have a network of local and international relations that can assist these companies in reaching potential customers, investors, and the necessary funding.”
In conclusion, Sharjah’s Research Technology and Innovation Park has successfully cultivated a vibrant coding, gaming, and Digitization ecosystem. Through its educational programs, supportive environment, and focus on digital transformation, the park is fostering entrepreneurship, technological advancements, and collaboration. With its strategic vision, Sharjah is poised to become a leading center for coding, gaming, and Digitization in the region.

Business

Jeddah witnesses increased demand for flexible workspace solutions

Supporting the city’s dynamic business environment, employees in Jeddah are turning to co-working spaces, hotels, and retail outlets as office alternatives, highlighted JLL during its Future of Work exclusive roundtable.

In the first quarter of this year, the total existing office stock in Jeddah stood at approximately 1.2 million sq. m. with an additional 61,000 sq. m. scheduled to enter the market over the remainder of this year, whereas Jeddah’s retail stock increased to 1.8 million sq. m. with 478,000 sq. m. of retail floorspace scheduled for this year. This reflects new opportunities for businesses seeking modern and innovative workspaces in the city.

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The event witnessed experts and thought leaders from global real estate consultancy firm JLL, who shared valuable insights on emerging workplace trends and its profound impact on the Kingdom’s real estate sector. The roundtable enabled attendees to explore the escalating adoption of flexible work models, the integration of advanced workplace technologies, and the rising importance of sustainability in corporate real estate. Furthermore, the crucial role of creating exceptional ‘people experiences’ within organizations and work environments was also emphasized.

Speaking at the roundtable, Saud Alsulaimani, Country Head, KSA at JLL, said: “Corporate Real Estate is at a critical decision point, where strategies implemented now and over the next few years will determine the path to long-term success. It is clear that hybrid is here to stay; it is a permanent feature in the working landscape. While the office will continue to remain central and paramount to the hybrid model, co-working spaces and retail outlets are gaining popularity in line with Vision 2030, which focuses on the importance of providing an innovative and comfortable environment that encourages the workforce's productivity and creativity.”

With the rise of smart homes and green open spaces, a paradigm shift in the way we work in the coming years can be expected. The demand for sustainable workplaces will become more critical in the future. The Kingdom's focus on renewable energy and sustainable development aligns with this global trend.

During the event, Susan Amawi, Head of Strategic Consulting, KSA at JLL, delivered a thought-provoking presentation on the impact of changing work dynamics, which revealed:
• 36 percent employees not only work from their homes, but also from third-party locations such as co-working spaces, hotels and retail outlets.
• A higher spend on food and beverage, groceries and home goods and a decline in spend on formal clothing.
• More time spent working from hotels and other hospitality venues such as beach clubs, member clubs and golf clubs.

In the global commercial real estate arena, the focus on quality office spaces and the implementation of ESG solutions has become extremely important. Companies are increasingly building greener portfolios that align with the Kingdom’s sustainable development goals, which supports Vision 2030.

With Saudi Arabia's growing reputation as a hub for startups and multinational corporations, the Future of Work event in Jeddah offered a unique platform to gain insights into the evolving landscape of real estate, sustainability, and people experience with the insights and discussions generated to play a crucial role in driving innovation and propelling businesses forward.

Additional speakers include Aida Saleh, Head of Sustainability Consulting, MEA, JLL; and Dima Najib-Costa, Co-Head People Experience, MEA, JLL.

Saudi construction sector remains the strongest across MENA region: JLL
Saudi Arabia’s property market resilient, outlook positive despite coronavirus: JLL

Business

Schneider Electric to host its first-ever Innovation Summit in Saudi Arabia

Schneider Electric, a leader in the digital transformation of energy management and automation, will launch its first-ever Saudi Arabia Innovation Summit 2023 on June 13-14 in Riyadh.
Reflecting the growing importance of Saudi Arabia on the world stage, Schneider Electric’s Global Chairman, Jean-Pascal Tricoire, will join the landmark event.
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The Saudi Arabia Innovation Summit 2023 builds on Schneider Electric’s Middle East Innovation Summit 2022, which brought more than 3,700 delegates together for an open discussion on creating a digital path to a sustainable future.
More than 5,000 people have registered to attend as the company highlights how public-private partnerships can accelerate digital transformation, sustainability, and economic diversification in line with the Saudi Vision 2030 goals.
“I am thrilled to announce Schneider Electric’s first Saudi Arabia Innovation Summit 2023, where we gather under the theme of Innovations for a Sustainable World,” added Mohammed Shaheen, Schneider Electric’s Cluster President for Saudi Arabia and Yemen. “We will come together as a collective force, united in our pursuit of a more sustainable future for Saudi Arabia and beyond.”
“In the face of the pressing climate crisis, there is no time to spare. To remain competitive in today’s business environment and pave the way for a sustainable tomorrow, we must fully embrace digitization. And here is the exciting truth: the tools and technologies required to accelerate our transition to digital, electric energy are already within our grasp. The Saudi Arabia Innovation Summit 2023 will be a catalyst for Schneider Electric, our customers and partners to embark on a journey of exploration, collaboration, and decisive action. Together, we will embrace innovation, empower change, and build a better world.”
Schneider Electric will use the Riyadh Summit as an opportunity to expand its investment footprint in the Kingdom. This builds upon the company’s long commitment to Saudi Arabia.
Recently the company launched new electric vehicle (EVs) charging infrastructure to contribute to the Kingdom’s goal of manufacturing 150,000 electric cars. The company also welcomed 22 Saudi graduates – nearly two-thirds of whom were women – onto its Saudi Arabia Early Career Program to promote youth empowerment in the private sector.
With the stage set for the Saudi Arabia Innovation Summit 2023, Schneider Electric looks forward to fostering a strong ecosystem of innovation and sustainability in the Kingdom, further contributing to its socioeconomic progress.
The two-day summit will feature the company’s largest open technology showcase this year to help its partners become more efficient, reduce costs, and your sustainability goals.
Taking place under the theme Innovations for a Sustainable World, the flagship event will highlight why there’s no time to spare in the climate crisis. Staying competitive in today’s business environment — and creating a more sustainable Saudi Arabia — involves going all in on digitization and electrification.
Saudi Arabia Innovation Summit 2023 is where Schneider Electric, its customers and partners take collaborative action through leveraging cutting-edge software and technologies making the digital, electric world a reality across homes, buildings, data centers, industry, and infrastructure.