Etihad Credit Insurance, the UAE’s federal export credit agency, and artificial intelligence services provider Terminus Group have signed a preliminary agreement to boost the China-based company’s digital infrastructure projects in the Emirates.
The agreement calls for researching the requirements needed and creating credit insurance solutions for these projects in the UAE and wider Middle East and North Africa region, ECI said in a statement on Tuesday.
Terminus, a unit of state-owned China Everbright Group, is also exploring the possibility of bringing its manufacturing capabilities to the UAE by setting up a manufacturing and innovation centre. China Everbright will also be able to access ECI's coverage as part of the deal.
“ECI supports projects that expedite digital transformation ... to ease trade and project financing procedures. By teaming up with Terminus Group, we are helping accelerate the UAE’s non-oil trade through state-of-the-art digital solutions,” said Massimo Falcioni, chief executive of ECI.
Demand for emerging technology such as AI, the cloud, Internet of Things and big data across key industries is significantly driving the growth of the digital transformation market, and the UAE is leveraging such technology to further strengthen its economy.
Last week, the UAE Cabinet approved a strategy to double the contribution of the digital economy to the UAE's gross domestic product from 9.7 per cent to 19.4 per cent within 10 years.
It also approved the formation of a digital economy council headed by Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications.
The plan includes more than 30 projects and programmes and five new areas of growth.
The UAE also said last week that it will streamline operations for businesses by providing digital services, simplifying procedures and reducing costs for investors and owners of industrial businesses, as part of a new partnership signed between the Ministry of Foreign Affairs and International Co-operation and the Ministry of Industry and Advanced Technology.
"The significance of digital infrastructure to emerging economies cannot be overemphasised and the future is going to bring many new opportunities that we cannot perhaps yet imagine because such is the progress technology achieves through AI, machine learning and other technological developments," a Terminus representative said.
The global smart infrastructure market is projected to grow to about $434 billion by 2028 at a compound annual rate of 23.8 per cent from more than $97.2bn in 2021, Fortune Business Insights has predicted.
The overall digital transformation market, meanwhile, was pegged at more than $484bn last year, data from Precedence Research shows.
As part of the agreement, ECI will safeguard Terminus' receivables and mitigate potential risks while trading in the UAE market or entering new business settings, the statement said.
It also aims to provide solutions, including buyer credit/project finance insurance and foreign investment insurance to guarantee the development of the manufacturing site being explored by Terminus.
ECI was established in 2018 by the UAE federal government and it plays a crucial role in supporting the country's non-oil exports, trade, investments and development of strategic sectors.
The support extended by ECI to non-oil trade sector exporters jumped 128 per cent last year to Dh11.4bn, it said this month.
Terminus Group, which is based in Beijing, was named a premier partner of Expo 2020 Dubai and entered into a long-term lease agreement at District 2020. It had also joined forces with the platform Talabat to use robots to deliver food to customers at the world's fair as it promoted sustainable last-mile deliveries.
The Gentlemen
Director: Guy Ritchie
Stars: Colin Farrell, Hugh Grant
Three out of five stars
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
57%20Seconds
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The%20Super%20Mario%20Bros%20Movie
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
The specs
Price, base / as tested Dh100,000 (estimate)
Engine 2.4L four-cylinder
Gearbox Nine-speed automatic
Power 184bhp at 6,400rpm
Torque 237Nm at 3,900rpm
Fuel economy, combined 9.4L/100km
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cylinder%20turbo%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E680hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C020Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EEarly%202024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh530%2C000%20(estimate)%3C%2Fp%3E%0A
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The specs
Engine: 2.0-litre 4-cyl
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Price: Dh99,000
On sale: now
CRICKET%20WORLD%20CUP%20LEAGUE%202
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
COMPANY%20PROFILE
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Name: Colm McLoughlin
Country: Galway, Ireland
Job: Executive vice chairman and chief executive of Dubai Duty Free
Favourite golf course: Dubai Creek Golf and Yacht Club
Favourite part of Dubai: Palm Jumeirah
The%20specs%3A%202024%20Mercedes%20E200
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Conservative MPs who have publicly revealed sending letters of no confidence
- Steve Baker
- Peter Bone
- Ben Bradley
- Andrew Bridgen
- Maria Caulfield
- Simon Clarke
- Philip Davies
- Nadine Dorries
- James Duddridge
- Mark Francois
- Chris Green
- Adam Holloway
- Andrea Jenkyns
- Anne-Marie Morris
- Sheryll Murray
- Jacob Rees-Mogg
- Laurence Robertson
- Lee Rowley
- Henry Smith
- Martin Vickers
- John Whittingdale
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Raha%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Kuwait%2FSaudi%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Tech%20Logistics%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2414%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Soor%20Capital%2C%20eWTP%20Arabia%20Capital%2C%20Aujan%20Enterprises%2C%20Nox%20Management%2C%20Cedar%20Mundi%20Ventures%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20166%3C%2Fp%3E%0A
The%20Last%20White%20Man
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
High profile Al Shabab attacks
- 2010: A restaurant attack in Kampala Uganda kills 74 people watching a Fifa World Cup final football match.
- 2013: The Westgate shopping mall attack, 62 civilians, five Kenyan soldiers and four gunmen are killed.
- 2014: A series of bombings and shootings across Kenya sees scores of civilians killed.
- 2015: Four gunmen attack Garissa University College in northeastern Kenya and take over 700 students hostage, killing those who identified as Christian; 148 die and 79 more are injured.
- 2016: An attack on a Kenyan military base in El Adde Somalia kills 180 soldiers.
- 2017: A suicide truck bombing outside the Safari Hotel in Mogadishu kills 587 people and destroys several city blocks, making it the deadliest attack by the group and the worst in Somalia’s history.
'The Lost Daughter'
Director: Maggie Gyllenhaal
Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
Rating: 4/5
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
KILLING OF QASSEM SULEIMANI
Mohammed bin Zayed Majlis
