finance & economy

October 19, 2019

Dubai's external trade with Russia has increased by 25 percent to AED9.21 billion ($2.5 billion) in 2018, according to new official figures released by Dubai Customs.

The figures show a 67 percent growth in two years from 2016 to 2018 while trade with Russia in the first six months of 2019 reached AED4.55 billion.

The statistics were released in conjunction with the landmark visit of the Russian President Vladimir Putin to the UAE, and showed that major commodities between the two countries were diamonds, gold, phones, cigars and vehicle spare parts.

“Dubai"...

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October 19, 2019

Dubai’s Roads and Transport Authority (RTA) and FedEx Express, a subsidiary of FedEx Corp, have signed an agreement to launch the autonomous delivery device Roxo.

The Dubai launch will be the debut for the autonomous personal delivery device outside of the United States.

Roxo has features including pedestrian-safe technology from the iBot plus advanced technology such as LiDAR and multiple cameras, allowing the zero-emission, battery-powered bot to be aware of its surroundings.

These"...

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October 19, 2019

China Development Financial (“CDF”, TWSE: 2883) announced in 2H19 investor conference that its subsidiary CDIB Capital Group (“CDIB”) has achieved NT$41.1bn in AUM of its private equity funds at end-September, successfully transforming its proprietary investment business into an asset management model. Recently, the CDIB Board has appointed Mr. Angelo J.Y. Koo as Chairman to lead CDIB towards a global asset management brand. CDIB has been focused on expanding global investment portfolio, the newly launched “CDIB Intelligence Partners Fund” as an example. On a projected scale of up to US$75mn, the fund is actively seeking institutional investors in telecom, retail, technology and financial service sectors, targeting at global AI-related investment opportunities. Effective since October 1st, the CDIB Board has appointed Mr. Angelo J.Y. Koo as Chairman succeeding Mr. Chia-Juch Chang, who remains as the Chairman of CDF. Prior to his appointment, Mr. Koo held the roles of President and CEO of CDF, and Chairman of China Development Industrial Bank (predecessor of CDIB) from 2004 to 2009. Mr. Koo is currently Chairman of the CDIB Education and Cultural Affairs Foundation. CDIB will be leveraging Mr. Koo’s global investment network and industry insights to lead CDIB’s continuous expansion. Besides, the company will also benefit from his philanthropic experience to further shoulder......

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October 19, 2019

Chinese tech giant Huawei is to donate equipment to the American University of Ras Al Khaimah (AURAK) to set up the first Huawei ICT Academy in the United Arab Emirates.

Representatives of Huawei visited the AURAK campus to initial the agreement and met the university’s President, Professor Hassan Hamdan Al Alkim.

AURAK is the first educational institution in the UAE to sign a deal with Huawei, a leading global provider of information and communications technology infrastructure and smart devices with integrated solutions across four key domains of telecom networks,"...

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October 18, 2019

PTC (NASDAQ: PTC) today announced the launch of Digital Transformation: The New Reality World Tour, a new event program that extends the excitement of the annual PTC LiveWorx® event. The new event program features the debut of the FT-PTC Future of Industrial Innovation Global Series, produced with FT Live, the global events arm of the Financial Times. As a component of The New Reality World Tour program, this insightful series will empower leaders of industrial companies to achieve success with their digital transformation strategies. According to McKinsey & Company, more than 70% of large-scale digital transformation efforts are likely to fail due to a lack of executive sponsorship, imprecise business cases, and delayed technology implementation. The New Reality World Tour program guides stakeholders of all levels, from the C-suite to the frontline worker, through these potential hurdles, enabling industrial enterprises to succeed with digital transformation. “The New Reality World Tour program will leverage PTC’s 30-year heritage of helping industrial companies advance and defend their competitive advantage with digital technologies,” said Jim Heppelmann, president and CEO, PTC. “We look forward to adding the FT-PTC Series to the program as we work to engage and guide executives, business innovators, and frontline workers through digitally transformative initiatives at their own companies.”......

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October 18, 2019

Andersen Global continues to expand its footprint in the East, announcing the addition of a new member firm in India, Nangia Andersen LLP.

Andersen Global debuted in India over a year ago when Nangia Advisors LLP signed a collaborating agreement with the international association. The firm, one of the largest in India, has 350+ professionals in numerous office locations throughout the country, including Noida, New Delhi, Mumbai, Gurugram, Bengaluru, Pune, Chennai and Dehradun.

For nearly 38 years, the firm has provided services to multinational companies with India interests"...

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October 17, 2019

India-based Texol Lubritech, a joint venture of Gandhar Oil Refinery India, has officially inaugurated its first overseas manufacturing unit in the Hamriyah Free Zone Authority at Sharjah, making its first expansion move outside the country.

The $12-million manufacturing unit was opened by Saud Salim Al Mazrouei, the director of HFZA, in the presence of Ramesh Parekh, the chairman of the group; Simon Philip, the vice chairman and CEO and other senior officials.

The 215, 278 sq ft plant is the third facility for Gandhar Oil Refinery India, and will boast a capacity 100,000 MT/annum. The company has two other manufacturing plants already in operation in India.

Commenting on the announcement,"...

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October 17, 2019

Ricoh Middle East FZE, the Middle East division of Ricoh Europe PLC, opened its new office for business today in Dubai Silicon Oasis.

Headquartered in Tokyo, Ricoh Group is a leading global technology provider specializing in document management solutions, digital cameras, software and hardware for small and large enterprises worldwide, as well as consulting.

It operates in nearly 200 countries around the world, and in the financial year ending March 2019, the company reported worldwide sales of $18.1 billion.

The company will now offer training and sales support to its business partners in the GCC region, Levant and North Africa from its new branch in Dubai, said the statement....

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October 17, 2019

Abu Dhabi on Wednesday announced the establishment of the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), the first graduate level, research-based AI university in the world.

MBZUAI will enable graduate students, businesses, and governments to advance artificial intelligence, a statement said.

The University is named after Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, who has long advocated for the UAE’s development of human capital through knowledge and scientific thinking"...

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October 17, 2019

DUBAI, 16th October, 2019 (WAM) -- DP World UAE Region’s flagship Jebel Ali Free Zone, Jafza, reaffirmed its leadership position in global logistics when it was named 'Global Free Zone of the Year for Large Tenants' at the fDi Middle East Free Zones of the Year Awards 2019.

The fDi Magazine Awards, part of the Financial Times Group, cited Jafza for its innovative initiatives to support large companies, its continued focus on upgrading infrastructure and for building an eco-system that encouraged companies of any size to expand their operations in the free zone.

The"...

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