Alibaba Cloud to revamp data center in Dubai

Alibaba Cloud, in partnership with Dubai Holding, will upgrade its data center in the emirate. (WAM)
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Updated 06 March 2023
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Alibaba Cloud to revamp data center in Dubai

  • Upgraded facility will offer analytics tools to help improve business operations and performance
  • Alibaba Group subsidiary also unveiled an improved partner strategy in the Middle East

DUBAI: Alibaba Cloud, a cloud computing subsidiary of Alibaba Group, announced on Monday its partnership with Dubai Holding to upgrade its Dubai-based data center for a broader range of services in analytics, databases, industry solutions and artificial intelligence services. 

The announcement was made during the launch of Alibaba Cloud’s Cloud Day summit in Dubai, Emirates News Agency reported. 

Alibaba Cloud will provide local customers with services such as a virtual computing environment with elastic processing capability on computing components and higher computing capacity, higher bandwidth, lower latency and improved performance via the upgraded data center. 

The upgrade will also include the latest analytics tools to help improve business operations and performance. 

Furthermore, the facility will include a revamp of its advanced database to provide faster, more efficient data processing, as well as industry-specific solutions and AI-powered services that will address challenges. 

“We are thrilled to host Alibaba Cloud Day in Dubai for a second consecutive year. Our continued partnership with Dubai Holding is in line with our commitment to continuously investing in the Middle East region and supporting the local businesses with their digital journey,” Daniel Jiang, Dubai Holding’s general manager of the Middle East, Turkey and Africa, said. 

“By leveraging Dubai Holding’s local expertise and Alibaba Cloud’s trusted cloud-based technology, we believe that our upgraded data center will be able to provide local businesses with more robust, secure and high-performing capabilities to achieve stronger growth and better respond to the evolving digital landscape across the region,” Jiang added.

Alibaba Cloud also unveiled an improved partner strategy with more resources and initiatives to offer comprehensive support for partners throughout local customers’ digitalization in the Middle East.

The company launched an MEA Alliance boosting program to provide local partners with a customized business collaboration model and incentives in the region, such as a dedicated partner management channel, additional cloud resources, increased product margins, and expanded marketing initiatives.

 


New Saudi draft project to regulate direct market entry of listed companies’ subsidiaries

Updated 13 sec ago
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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.