HELSINKI: Nokia plans to reduce up to 310 jobs from its Nokia Technologies unit and halt development of its virtual reality camera “OZO” and hardware, the Finnish company said on Tuesday.
The unit has about 1,090 employees and the potential cuts are expected to affect staff in Finland, the United States and Britain. Nokia employed about 102,000 employees as of end-June.
The unit will continue to focus on digital health and patent and brand licensing business, Nokia said.
“The slower-than-expected development of the VR market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities,” it said in a statement.
Nokia, whose main business is now telecoms network equipment, launched the camera last year as the first device for its digital media business, one of its new hopes for future growth.
It was designed for making 3D movies and games that can be watched and played with virtual reality headsets. Nokia cut the price of the camera by 25 percent to $45,000 later last year.
Nokia plans to cut up to 310 jobs, halt VR camera development
Nokia plans to cut up to 310 jobs, halt VR camera development
University of Hong Kong hosts the first Saudi Economic Forum to boost China–Saudi ties
- The high-level event served as a new platform for bilateral dialogue and cross-sector collaboration
RIYADH: The University of Hong Kong (HKU) has hosted the first-ever Saudi Economic Forum in Riyadh, bringing together nearly 100 senior officials, academics, and business leaders to deepen cooperation between China and Saudi Arabia in education, innovation, and economic growth.
Held under the theme “Enhancing the Global Competitiveness of Chinese and Saudi Institutions,” the forum marked a significant milestone in advancing strategic alignment between China’s Belt and Road Initiative and Saudi Vision 2030.
The high-level event served as a new platform for bilateral dialogue and cross-sector collaboration, with participants exploring joint opportunities in investment, technology, renewable energy, and artificial intelligence.
Professor Hongbin Cai, dean of the faculty of business and economics at HKU, said the university aspires to become a “knowledge bridge” between the two nations, leveraging its global standing and extensive international networks. He noted that educational collaboration would be a cornerstone of the Saudi–Chinese partnership.
Saudi Arabia’s Assistant Deputy Minister of Investment, Fahad Al-Hashem, emphasized the depth of the China–Saudi partnership, noting that bilateral trade now exceeds $150 billion, with a growth rate of around 30 percent annually.
He reaffirmed the Kingdom’s openness to partnerships with China’s leading universities and technology companies, particularly in future-focused sectors aligned with Vision 2030, including education, digital transformation, AI, and clean energy.
The forum featured panel discussions on cross-border education, global city development, and technology transfer, with experts stressing the importance of joint ventures in the digital economy and smart infrastructure.
Participants said Saudi Arabia could benefit from China’s successful experiences in energy transition, infrastructure modernization, and innovation ecosystems as it builds globally competitive cities and institutions.
The Saudi Economic Forum concluded with calls for sustained academic and corporate partnerships to enhance institutional excellence and global competitiveness. Organizers said the initiative will continue to facilitate knowledge exchange and support national transformation goals in both countries, namely in the fields of technology and innovation.
