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UAE hosts strategic dialogue with Russia to boost financial cooperation

The forum included four key panel discussions covering budget preparation, the integration of modern technologies in financial planning, public-private partnerships, and international tax policies

Gulf Business
Gulf Business

18 February, 2025

UAE hosts strategic dialogue with Russia to boost financial cooperation
Image: Supplied

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The UAE, represented by the Ministry of Finance, hosted the inaugural UAE-Russia Strategic Financial Dialogue in Abu Dhabi on February 17.

The forum, aimed at strengthening cooperation across various financial and economic sectors, provided a platform to discuss best practices in budget preparation, public-private partnerships, and tax cooperation.

The UAE delegation was led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, alongside senior officials from the Ministry of Finance.

From Russia, the delegation was headed by Anton Siluanov, Minister of Finance, and included several senior officials.

Sharing knowledge between UAE and Russia

In his opening remarks, Al Hussaini welcomed the Russian delegation, emphasising the UAE’s ongoing efforts to enhance financial and investment cooperation through the exchange of expertise and the development of joint financial policies.

“The UAE-Russian partnership serves as a model for sustainable economic cooperation. We are committed to strengthening mutual investments and financial collaboration, ensuring the continuous development of modern budgeting mechanisms, stimulating public-private partnerships, and fostering tax cooperation,” said Al Hussaini.

He highlighted that the UAE is strengthening its position as a global financial hub by forging strategic partnerships with major economies, enhancing the resilience of the national economy and creating avenues for future growth.

Anton Siluanov, Minister of Finance of Russia, also addressed the forum, underlining the significance of the dialogue in expanding bilateral relations and cooperation between the two nations.

“Holding the first Strategic Financial Dialogue between Russia and the UAE reflects the strength of relations between our two countries and our shared commitment to broadening cooperation. Our perspectives align on key financial development matters, including the enhancement and digitalisation of budgeting mechanisms, as well as the exchange of best practices in public-private partnerships,” stated Siluanov.

Key deal signed between UAE-Russia to prevent double taxation

The forum also saw the signing of a key agreement to prevent double taxation, which aims to strengthen bilateral trade, attract investment, and promote a transparent and competitive tax environment between the two countries.

The agreement, signed by Al Hussaini and Siluanov, is expected to boost trade, increase investment flows, and create a more favourable business climate for both nations.

Al Hussaini also emphasised that the signing of the Double Taxation Avoidance Agreement with Russia further underscores the UAE’s commitment to fostering an investment-friendly environment.

In addition to the signing ceremony, the forum included four key panel discussions that explored critical areas of financial cooperation.

Topics included budget preparation, the integration of modern technologies in financial planning, public-private partnerships, and international tax policies.

The discussions also addressed developments in global taxation, trends in regulatory frameworks, and the importance of strengthening cooperation within multilateral financial frameworks.

Read: UAE Ministry of Finance unveils key new projects to boost competitiveness

Saudi’s stc Group, SambaNova launch sovereign AI cloud platform

This new platform is set to run the world’s largest open-source frontier model, powered by the fastest inference speeds for Llama 405B

Gulf Business
Gulf Business

18 February, 2025

Saudi’s stc Group, SambaNova launch sovereign AI cloud platform
Image: Paco Freire/ Getty Images

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Saudi Arabia’s leading digital enabler, stc Group, through its AI arm stc.AI, has officially launched a landmark large language model (LLM) sovereign cloud platform.

This new platform is set to run the world’s largest open-source frontier model, powered by the fastest inference speeds for Llama 405B, one of the most advanced AI models globally.

The initiative is expected to drive significant innovation across multiple sectors in Saudi Arabia.

stc Enterprise GPT

The platform introduces stc Enterprise GPT, an advanced generative AI solution that will enable users to create new content while leveraging the rapid inference capabilities of the Llama 405B model.

The platform promises seamless integration and scalability for enterprises, providing them with the infrastructure needed to harness the power of artificial intelligence.

Designed with open-source principles in mind, the platform allows users within Saudi Arabia to modify and enhance the software according to their specific requirements.

This flexibility is intended to support stc Group’s ongoing development of Enterprise GPT, empowering Saudi enterprises and developers with cutting-edge AI technology.

By positioning Saudi Arabia as a leader in AI adoption and innovation, the platform aims to create new opportunities for both local businesses and the wider economy.

Saud Alsheraihi, VP of Digital Solutions at stc Group, highlighted the importance of the collaboration, stating, “This partnership with SambaNova marks a significant milestone in our journey to empower Saudi enterprises with sovereign AI capabilities.

“By offering a secure and scalable inferencing-as-a-service platform, we are enabling organisations to unlock the full potential of their data while maintaining complete control.”

Sovereign inferencing-as-a-service cloud

Rodrigo Liang, CEO of SambaNova Systems, also expressed his enthusiasm for the partnership, saying, “SambaNova is pleased to partner with stc to introduce Saudi Arabia’s premier sovereign inferencing-as-a-service cloud, running the world’s largest open-source frontier models at one-tenth the power compared to other solutions.”

The platform was unveiled at LEAP 2025, a major technology event, and will be available later this year.

This collaboration between stc Group and SambaNova represents a key milestone in Saudi Arabia’s ongoing efforts to position itself at the forefront of the global AI landscape, fostering innovation, securing data sovereignty, and driving future economic growth.

Masdar, TotalEnergies, EPointZero to drive clean energy access in Asia, Africa

Masdar and TotalEnergies will strengthen their cooperation to provide reliable and sustainable electricity to support Africa’s energy systems transformation

Gulf Business
Gulf Business

18 February, 2025

Masdar, TotalEnergies, EPointZero to drive clean energy access in Asia, Africa
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Abu Dhabi Future Energy Company PJSC – Masdar, alongside TotalEnergies and EPointZero, has signed a framework for action (FFA) agreement aimed at advancing clean energy access in emerging markets and developing economies in Africa and Asia.

The agreement was made during the 3rd plenary meeting of the UAE-France High-Level Business Council in Paris on February 16, following the visit of UAE President Sheikh Mohamed bin Zayed Al Nahyan to France.

This agreement underscores the strengthening of ties between the UAE and France, reaffirmed during a meeting between Sheikh Mohamed and French President Emmanuel Macron. They discussed expanding collaboration in key sectors such as climate action, energy, artificial intelligence, and advanced technology.

Highlights of Masdar, TotalEnergies, EPointZero FFA

The FFA focuses on providing reliable and sustainable electricity to local communities in Africa, contributing to the continent’s long-term energy systems transformation, and jointly developing new clean energy opportunities in Southeast Asia.

TotalEnergies and EPointZero will also explore partnership opportunities in India, with a focus on solar, wind, and energy storage, to further contribute to the country’s decarbonisation efforts.

In commenting on the agreement, Mohamed Jameel Al Ramahi, CEO of Masdar, said: “Enabled by the strength of the UAE-France bilateral relationship, Masdar is proud to be working with TotalEnergies to help deliver clean energy access across Southeast Asia and Africa. This agreement reflects our shared commitment to empowering local communities, driving socio-economic growth and sustainable progress, and advancing the global energy transformation.”

He added that the signing of the UAE-France Framework for Cooperation in Artificial Intelligence last week further reinforces the collective efforts to leverage cutting-edge technologies for energy access and sustainable growth.

Read: France, UAE agree to develop 1 gigawatt AI data centre

Stéphane Michel, president for Gas Renewable and Power at TotalEnergies, noted: “By supporting the development of the country’s oil and gas reserves, TotalEnergies has been a key partner of Abu Dhabi for more than 80 years. We are now delighted to extend our partnership with Abu Dhabi to the development of renewable energies in emerging markets in Asia and Africa.

“Combining the strengths, expertise, and reach of Masdar, EPointZero, and TotalEnergies will certainly enable each partner to accelerate their growth and improve the quality of their investment in these fast-developing markets, where renewable energies are key to those countries’ energy transition.”

Mariam Almheiri, group CEO of 2PointZero, emphasised the significance of the partnership, stating: “This partnership deepens UAE-France ties and advances our shared commitment to advancing the global energy transition. By combining the expertise of Masdar, TotalEnergies, and EPointZero, we are expanding clean energy access in emerging markets, accelerating decarbonisation, and driving economic growth.

“Our collaboration across India, Africa, and Asia will scale up renewables and energy storage, ensuring reliable, sustainable power for millions. Together, we are building a cleaner, more resilient world.”

The framework brings together Masdar, TotalEnergies, and EPointZero under the UAE-France High-Level Business Council to expand capabilities and increase clean energy access in emerging markets and developing economies in Africa and Asia.

Strategic importance of the UAE-France partnership

The UAE-France High-Level Business Council, launched in July 2022, aims to promote economic exchanges and foster collaboration on private cross-investment projects. The council plays a key role in identifying and implementing initiatives to support sustainable energy transitions.

Since its establishment, the council has served as a vital platform for driving innovation and reinforcing the UAE-France strategic commitment to a low-carbon, sustainable future.

Both countries have also maintained a comprehensive strategic energy partnership since 2022, further underscoring their dedication to advancing clean energy and decarbonisation goals globally.

Mubadala, Bain Capital to acquire minority stake in Apleona

The investment is part of a consortium led by Bain Capital’s Private Equity team in Europe

Gulf Business
Gulf Business

18 February, 2025

Mubadala, Bain Capital to acquire minority stake in Apleona
Image: Apleona

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Abu Dhabi-based sovereign investor Mubadala Investment Company has signed an agreement to acquire a minority stake in Apleona, a leading European provider of integrated facility management services headquartered in Neu-Isenburg, Germany.

The investment is part of a consortium led by Bain Capital’s Private Equity team in Europe, aiming to support Apleona’s continued growth and development into Europe’s leading integrated facility management group.

Apleona has over 40,000 employees in more than 30 countries, and manages and operates real estate from all asset classes, production facilities, and cross-regional and country portfolios

“We are pleased to announce our investment in Apleona, a market leader in the real estate and technical facility management industry, alongside one of our key partners Bain Capital. We look forward to working closely with Dr Jochen Keysberg and Apleona’s management team and supporting them in the next chapter of their growth story,” said Zouhir Regragui, head of Industrials & Business Services at Mubadala.

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Apleona focused on ESG solutions

The company addresses the growing demand for environmental, social, and governance (ESG) solutions, focusing on products that reduce energy consumption and CO2 emissions in buildings.

Looking ahead, the company plans to expand its European platform and accelerate the digital transformation of its services.

The company is investing in data-driven and AI-based control systems for heating, ventilation, and air conditioning (HVAC) systems, as well as predictive maintenance for building technology.

It has already made significant strides, having acquired and successfully integrated 14 strategic acquisitions across Europe, including the transformative acquisition of Gegenbauer Group in 2023.

The transaction is subject to customary closing conditions, including regulatory approvals.

Read: Mubadala secures majority stakes in GMSC, Al Ittihad Drug Store

Zoom, center3 partner for node deployment in Saudi Arabia

This initiative introduces high-performance infrastructure to address the increasing demand for low-latency conferencing

Nida Sohail
Nida Sohail

17 February, 2025

Zoom, center3 partner for node deployment in Saudi Arabia
Image credit: Supplied photo

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The AI-first work platform for human connection has established its first node in Saudi Arabia in partnership with centre3 and Zoom.

This initiative introduces high-performance infrastructure to address the increasing demand for low-latency conferencing, enhancing service performance for users across the region.

Read- Exclusive from LEAP 2025: Zoom, Oracle Power AI in Saudi Arabia

“The deployment of this node in Saudi Arabia is a crucial step towards our mission to provide seamless and reliable global communications,” said Mohannad Alkalash, Head of METAP at Zoom.

“We’ve strengthened our ability to meet the unique needs of users in the Middle East, offering faster and more reliable experiences essential for modern collaboration through our partnership with centre3,” Alkalash added.

Fahad AlHajeri, CEO of centre3, highlighted that their partnership with Zoom demonstrates the company’s commitment to providing state-of-the-art infrastructure to empower customers.

“This collaboration also aligns with Saudi Arabia’s Vision 2030, supporting the localization of digital applications to benefit both the Kingdom and the wider region,” he said.

The partnership between centre3 and Zoom is set to not only deliver lasting value to users across the region but also act as a cornerstone of Zoom’s Middle East expansion.

Commute time reduced: Dubai drivers to benefit from Al Ain road upgrade

The road development aims to improve traffic flow and significantly reduce commute times for drivers heading to both Al Ain and Dubai.

Nida Sohail
Nida Sohail

17 February, 2025

Commute time reduced: Dubai drivers to benefit from Al Ain road upgrade
Image credit: Wam

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Dubai’s Roads and Transport Authority (RTA) has executed a series of traffic enhancements on the Dubai-Al Ain Road near the Al-Faqa area.

According to a report by RTA, the improvements on this route include the construction of an additional exit on Dubai-Al Ain Road towards Al Ain at Exit 58, leading to the U-turn tunnel before the Al-Faqa area.

RTA unveils RAILBUS autonomous transport system

The road development aims to improve traffic flow and significantly reduce commute times for drivers heading to both Al Ain and Dubai.

The authority has made these enhancements to streamline traffic flow and cut down on travel time for vehicles heading towards both Al Ain City and Dubai.

“A new roundabout has also been constructed to improve entry and exit from the existing tunnel and enhance U-turn movements on the road, along with a 600-meter acceleration lane for vehicles exiting towards Al Ain, ensuring a seamless merge into the main traffic flow,” said Hamad Al Shehhi, Director of Roads at the Traffic and Roads Agency at RTA.

How the road improvements helped d rivers

These upgrades have not only eased congestion at Exit 58 but have also greatly benefited residents and visitors of the Hind and Al-Faqa communities. The improvements have improved access for farm owners and workers in the vicinity.

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