Samsung Electronics has been awarded a $4.745 billion incentive by the US government to help boost operations and create "tens of thousands" of jobs at its production hubs in America, as the world's biggest economy positions itself to be a leader in the microchip industry amid the artificial intelligence boom.
The incentive, which was made under the key Chips Act, will underpin Samsung's investment commitment of more than $37 billion in the coming years and help transform its existing presence into a "comprehensive ecosystem for the development and production of leading-edge chips" in the US, the Commerce Department said on Friday.
These will include two new logic fabrication plants and a research and development unit in Taylor, Texas, in addition to expanding an existing facility in Austin, according to the department, which will distribute the funds based on Samsung’s completion of project milestones.
“With this investment in Samsung, the US is now officially the only country on the planet that is home to all five leading-edge semiconductor manufacturers," Commerce Secretary Gina Raimondo said in the statement.
Based on market capitalisation, that list would include AI leader Nvidia, Broadcom, Taiwan Semiconductor Manufacturing, Samsung and Advanced Micro Devices, according to data from CompaniesMarketCap.
"This is an extraordinary achievement, which will ensure we have a steady, domestic supply of the most advanced semiconductors that are essential to AI and national security, while also creating tens of thousands of good-paying jobs and transforming communities across the country,” Ms Raimondo said.
US companies Texas Instruments, the seventh-biggest by market cap, and Amkor Technology were also awarded incentives, being granted with $1.61 billion and $407 million, respectively. They will also be disbursed according to milestones, the department said in separate statements.
The incentive for Texas Instruments will support more than $18 billion worth of investments through the end of the decade that includes the construction of three new plants. Amkor's, on the other hand, will aid a $2 billion greenfield facility, in addition to the creation of up to 4,000 jobs.
“The manufacture of leading-edge semiconductors is a critical part of the supply chain for advanced AI and other leading technologies,” National Economic Advisor Lael Brainard said.
The race for semiconductor manufacturing continues to heat up as companies try to keep up with the heightened demand for chips, particularly to power AI applications amid the explosion of generative AI. The US is positioning itself to take a leading role in the industry and fend off challenges particularly from China.
The Chips Act – officially the Creating Helpful Incentives to Produce Semiconductors and Science Act – was enforced in 2022 to boost and incentivise US chip production.
It also aims to help revitalise the US semiconductor sector, once a major force but has since lost market share to other manufacturers including those based in South Korea and Taiwan.
The share of modern semiconductor manufacturing capacity located in the US has eroded from 37 per cent in 1990 to 10 per cent in 2022, mostly because other countries’ governments have invested "ambitiously in chip manufacturing incentives and the US government has not", according to the Semiconductor Industry Association.
"Federal investments in chip research have held flat as a share of GDP, while other countries have significantly ramped up research investments," the Washington, DC-based trade body said.
The Chips Act has so far awarded approximately $32 billion of the more than $36 billion earmarked for incentives across 21 states that are expected to create over 125,000 jobs, according to the Commerce Department.
In addition, semiconductor and electronics companies have announced almost $450 billion in private investments since the beginning of the Biden administration in 2021, enabling to "stimulate private sector investment, create good-paying jobs [and] make more in the US", it added.
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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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What Super Bowl LIII
Who is playing New England Patriots v Los Angeles Rams
Where Mercedes-Benz Stadium in Atlanta, United States
When Sunday (start time is 3.30am on Monday UAE time)
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
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- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
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Kristina Mladenovic (FRA) v Aliaksandra Sasnovich (BLR)
Veronika Kudermetova (RUS) v Dayana Yastermska (UKR)
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hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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