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SRTI Park, SIAA, Huawei launch Promising Generations Initiative

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SHARJAH, 15th December, 2021 (WAM) — Sharjah International Airport Authority (SIAA), Sharjah Research, Technology, and Innovation Park (SRTI Park), and Huawei have agreed to cooperate in establishing a joint research that aims to develop innovative methodological solutions, take advantage of the full capabilities in the field of technology to innovative services and solution for the future Aviation challenges as envisioned by SAA.

The new solution will provide a rapid response to meet and overcome the challenges that may limit the progress of various types of operational activities in SAA; and whereas, the parties have agreed to launch the Promising Generations Initiative, to develop future solutions throw the university students participation to develop innovative solutions to deal with the operational challenges of Sharjah International Airport.

This came through MOU signed at the headquarters of the Sharjah Innovation Park by: Ali Salim Al Midfa, Chairman of the Sharjah International Airport Authority, in the presence of Sheikh Faisal bin Saud Al Qasimi, Director of SAA, Hussain Al Mahmoudi, CEO of the Sharjah Innovation Park, and Stephen Yee, President of the Middle East and Africa for Huawei.

Ali Salim Al Midfa, Chairman of Sharjah Airport Authority, said, "The signing of this memorandum comes in fulfillment of the vision of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, to enhance the emirate’s position as a destination for creativity and innovation. It is aimed at providing an opportunity for university students to contribute in creating the future of Sharjah by presenting inspiring ideas that contribute to an integrated smart environment. It supports the Authority’s continued investment in solutions to keep pace with rapid changes, and to attract the latest systems and technologies aimed at increasing passenger satisfaction, thus enhancing Sharjah Airport’s leading position in the region and the world."

On this occasion, Hussain Al Mahmoudi expressed his happiness to work closely with Sharjah International Airport Authority and Huawei and said, this cooperation translates the Park’s vision and strategy by introducing all kinds of future technologies, and its quest to develop local human cadres in cooperation with Huawei, through developed training programs with a focus on the Fifth Generation technology (5G) is a milestone towards the pursuit of major aims such as a smart city, the internet of things (IoT), big data, artificial intelligence (AI) and their applications. Read how the UAE is preparing to transform into a fully smart lifestyle in which machines and devices communicate to serve mankind.

"We believe in open collaboration for shared success. This is especially true in the ICT industry, where open collaboration and innovation across the entire value chain are crucial to building greater resilience and promoting sustainable development for both businesses and society. People are the heart and soul of innovation and technology will continue to be an opportunity to extend human possibilities," said Jiawei Liu, CEO of Huawei UAE.

"Based on the best global standards and practices in addition to investing in the right platforms for joint innovations, Huawei is committed to talent development and encouraging a new generation of ICT experts who will enable the UAE to realise its ambitions of becoming a digitalised country empowered by connectivity and with a vibrant digital economy. We are proud to support Sharjah International Airport Authority and Sharjah Research, Technology and Innovation Park in the Promising Generations Initiative targeted at developing an innovation ecosystem," Liu continued.

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Emirates

Dubai Mercantile Exchange gained oil producer confidence, consolidated its position as region’s most reliable source of oil pricing: Maktoum bin Mohammed

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DUBAI, 25th January, 2022 (WAM) — H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, affirmed that the Dubai government provided all support needed for the growth of the financial markets operating in the Emirate through developing legislatives framework and infrastructure to allow exchanges to consolidate their presence regionally and globally.

Sheikh Maktoum added that Dubai Mercantile Exchange (DME) was able to gain the confidence of major oil producers and consolidate its position as the most reliable source of oil pricing in the region.

During the meeting, Sheikh Maktoum praised the achievements of DME during the last stage, marking that the successful exchange strategy contributed in the growth of trading volume and enhanced its ability to benefit from the steady growth of crude oil trading in the Middle East and Asia regions.

H.H. Sheikh Maktoum reviewed with the DME board of directors the latest regional and global developments in the sector, especially during the rapid changes experienced by the energy market, and the great growth opportunities that it holds.

Also, Sheikh Maktoum reviewed the qualitative achievements of DME during the last period, as the number of companies using the exchange platform for physical delivery reached 60 companies, and the number of barrels of oil delivered through the DME mechanism reached 2.5 billion barrels. An equivalent of 17 billion barrels was traded, while the number of barrels of oil that are priced according to the Oman Crude Oil Futures Contract on a daily basis is 5.2 million barrels.

DME lists the Oman Crude Oil Futures Contract (DME Oman) as its flagship contract, providing the most fair and transparent crude oil benchmark for the region. DME Oman is the explicit and sole benchmark for about 170 million barrels of crude oil per month since 2018, after it was limited to pricing about 30 million barrels per month.

The meeting was attended by Ahmad Sharaf, Chairman and Dubai Holding independent rep.; Nasser Al Jashmi, Secretary-General of Oman's Ministry of Finance; Abdullah Al Harthy, Under-Secretary of Oman's Ministry of Finance, Derek Sammann, Senior Managing Director and Global Head of Commodities, Options and International Markets, CME Group, and Raid Al Salami, DME Managing Director.

DME Oman is pricing more than 170 million barrels of crude oil per month since 2018 compared to around 30 million barrel per month prior to Saudi, Kuwait and Bahrain switch. The contract is regarded as the most reliable crude oil futures price benchmark, due to the quality of Oman Blend, which represents the majority of the GCC crude oil grades.

DME is the first operator of international energy futures and commodities exchange in the Middle East. The company focuses on bringing fair and transparent price discovery and efficient risk management regulated by the U.S. Commodity Futures Trading Commission (CFTC) and is a recognised body by the Dubai Financial Services Authority (DFSA) thus, addresses the growing market need for price discovery of sour crude oil.

DME is a joint venture between Dubai Holding, Oman Investment Authority and CME Group. In addition to its core shareholders, global financial institutions and energy trading firms such as Goldman Sachs, J.P. Morgan, Morgan Stanley, Shell, and Vitol have taken equity stakes in DME, providing the exchange with a resounding vote of confidence by major players in global energy markets.

DME is located within the Dubai International Financial Centre (DIFC), a financial free zone designed to promote financial services within the UAE. DME is regulated by the Dubai Financial Services Authority and all trades executed on DME are cleared through and guaranteed by CME Clearing. CME is regulated by the U.S. Commodity Futures Trading Commission (CFTC) and is a Recognised Body by the DFSA.

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Emirates

Mansour bin Zayed chairs Mubadala Investment Company board meeting

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ABU DHABI, 25th January, 2022 (WAM) — H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and Vice Chairman of the Board of Directors of the Mubadala Investment Company, chaired the meeting of the Executive Committee of the company’s board, at Qasr Al Watan in Abu Dhabi.

The committee approved the company's work plan and the annual budget for 2022.

The committee also reviewed the work of the board’s sub-committees during the past year and discussed several topics on the agenda and took appropriate decisions in this regard.

The meeting was attended by Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure; Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs; Abdulhamid M. Saeed; and Khaldoon Khalifa Al Mubarak, Chairman of Abu Dhabi Executive Affairs Authority (EAA) and Managing Director of the company.

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Emirates

Khalifa bin Zayed issues new family business ownership governance law

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ABU DHABI, 25th January, 2022 (WAM) — In his capacity as Ruler of Abu Dhabi, President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a new family business ownership governance law that further strengthens the sector’s contribution to the economy and facilitates the transition to successive generations.

The new law aims to further enhance the family-owned business legislative ecosystem by adopting a more flexible and sustainable economic model, in line with best international governance practices. The law also aims to boost family businesses’ contribution to the diversification and growth of the economy.

The new family business ownership governance law empowers owners of family business to: prevent selling of shares or dividends to individuals or companies outside the family, and to require prior approval from family partners before a shareholder sells their respective equity stake to a non-family member.

Owners of family businesses can also issue family-owned shares with weighted voting rights and prevent the pledging of family-owned businesses as encumbered assets, to avoid expropriation.

The current law is not applicable to family-owned businesses where non-family members own more than 40 per cent of shares.

The provisions of this law are applied to family-owned businesses on an opt-in basis for owners or co-founders by submitting a request to the Abu Dhabi Department of Economic Development (ADDED), which will issue the executive and administrative regulations of the new law from March 2022.

Commenting on the new law, Mohamed Ali Al Shorafa, Chairman of ADDED, said, "This law is a major pillar in enhancing the vital role played by these businesses in driving economic development. It also provides a legislative framework to ensure the growth and sustainability of family-owned companies in line with the evolving business sector, since it allows ownership by non-family members up to 40 per cent of the capital. This will support the expansion and development of family-owned businesses."

He added, "Family-owned businesses in Abu Dhabi continue to contribute to economic diversification and the knowledge-based economy, equipped with decades-long experience in the market, strong resilience, and experience in partnering with government entities, as well as investing in sectors targeted by strategic initiatives launched by the emirate of Abu Dhabi."

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