LONDON: Global IT group IBM will triple the number of its cloud data centers in Britain, it said on Tuesday, joining Facebook and Google in investing in the UK after its vote to leave the European Union.
IBM said it would build four new data centers to meet demand from its corporate and public sector clients who were increasingly storing data and managing their businesses in the cloud.
IBM Europe’s general manger for cloud services, Sebastian Krause, said the investment reflected the strength of the UK economy and the size of the opportunity in cloud computing.
“UK customers truly understand the capabilities of cloud to drive innovation, to be more flexible on their business model, to have better insight for decision making, and to deliver better customer service,” he said in an interview.
IBM had evaluated its cloud capacity in Britain before the June “Brexit” vote, he said, but it saw no reason to change course as a result of the decision.
“Everyone has concluded the UK economy will continue to be very strong and there will be significant opportunities with or without Brexit,” he said.
Tech bosses have been balancing Britain’s enthusiasm for technology and a deep pool of talent, fueled by world class universities, against the uncertainty of the country’s future relationship with the European Union, and in particular the ability to attract workers from across the trading bloc.
Companies including Google and Facebook have decided the advantages outweigh the risks, but they’ve emphasised the importance of being able to attract the best people.
IBM said its footprint in Britain would increase from two data centers to six, serving customers such as travel group Thomson, which is owned by TUI, retailers Boots and Dixons Carphone, and National Grid, as well as the government.
Brexit also creates uncertainty about Britain’s future compliance with European data protection rules, which have recently been overhauled.
Krause, however, said IBM was “well-equipped” for any post-Brexit scenario, and it had 10 data centers in continental Europe that it could also use if Britain did not adhere to any European standards in the future.
IBM invests in UK data centers as tech sector defies Brexit worries
IBM invests in UK data centers as tech sector defies Brexit worries
New Saudi draft project to regulate direct market entry of listed companies’ subsidiaries
RIYADH: The Saudi Capital Market Authority has launched a draft regulation for the direct listing of subsidiaries of companies already listed on the main market, inviting stakeholders to provide feedback over a 30-day period, according to a statement issued today.
The proposed framework aims to allow subsidiaries of main-market companies to list their shares directly on the main market without undergoing an initial public offering, thereby shortening timelines, streamlining procedures, and reducing the costs associated with listing on the Saudi stock market.
It also seeks to create more investment opportunities in the Saudi financial market, contributing to market depth and product diversification, while maintaining high levels of transparency and protecting investors’ rights.
The proposals enable the issuer and its financial advisor to share information about the company and its financial statements with a select group of potential investors before obtaining CMA approval for the share registration request, allowing them to assess their interest in a direct listing on the main market.
They also allow a specific group of licensed financial advisory firms to prepare research and financial reports, provided these are not published before CMA approval.
The proposed framework emphasizes the importance of proper disclosure by setting out requirements for registering shares on the main market, including submitting a registration document to the CMA.
It also specifies the information that must be included in the registration document, such as the method for determining the reference share price and the risks associated with this method.
Under the draft regulation, securities offering rules, ongoing obligations, and the CMA’s glossary of terms and regulations will be updated to allow this type of listing.
This approach is expected to bring multiple benefits, including maximizing the overall value of the main market with lower risk by listing companies that have greater knowledge and experience of market regulations, as well as deepening the market by increasing the number of listed companies across multiple sectors.
