Redington MEA Archives
"@amazon's $20 billion investment in data centres in Australia will set us up for the future, boosting our economy and productivity".
Learn more about these plans below.
https://www.tahawultech.com/enterprise/amazon-to-invest-billions-in-australian-data-centre-ecosystem/
#Amazon #Australia #tahawultech
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
14 hours ago
- Khaleej Times
India's $2.4 trillion gold stash outshines global central banks
India's cultural and economic fascination with gold has turned the country into the world's largest private gold vault. Households, including religious institutions like temples, collectively hold an estimated 25,000 tonnes of gold, valued at approximately $2.4 trillion at current market prices, according to the World Gold Council (WGC). This massive stockpile equates to nearly 56 per cent of India's projected nominal GDP for FY26, underlining the metal's central role in the nation's financial ecosystem. A recent report by HSBC reveals that Indian household gold reserves have surpassed the combined official gold holdings of the world's top 10 central banks — including the US, Germany, Italy, France, Russia, China, Switzerland, Japan, Turkiye, and India itself. While these central banks hold strategic reserves as part of their monetary policy frameworks, Indian families have long embraced gold as a personal hedge against inflation, economic instability, and currency depreciation. India ranks second globally in annual gold consumption, just behind China, and consistently imports between 700 and 900 tonnes of gold each year. In 2023 alone, India imported over 800 tonnes of gold, significantly contributing to the country's current account deficit. Despite its negative impact on trade balances, gold continues to be seen as a safe, inflation-resistant store of value, especially in rural and semi-urban households where access to formal banking remains limited. 'As the world increasingly turns to gold amid geopolitical tensions and inflation fears, India's quiet gold hoarding may offer both a challenge and an opportunity — a symbol of trust in tradition and a vast untapped reserve in the global financial landscape,' JK Bhaskar, a Dubai-based precious metal analyst, said. Gold is also deeply embedded in Indian social and religious customs. From weddings and festivals to donations in temples and religious trusts, the demand for gold remains culturally robust. The Tirumala Tirupati Devasthanams (TTD), Shirdi Sai Baba temple, and Padmanabhaswamy Temple are among India's largest institutional gold holders, with combined assets running into several hundred tonnes. Much of this gold remains idle or locked in vaults, although various schemes have been introduced by the government to monetise these holdings. In recent years, the Reserve Bank of India (RBI) has been steadily expanding its own gold reserves, in line with a global trend among central banks diversifying away from US dollar-denominated assets. RBI's gold reserves currently stand at around 820 tonnes, reflecting a 14 per cent increase over the past three years. Analysts see this as a prudent move to bolster financial stability amid global economic uncertainty and de-dollarisation trends. While successive Indian governments have attempted to reduce gold imports through higher duties and gold monetisation schemes, the metal remains deeply entrenched in household balance sheets. With gold prices hovering near all-time highs, many see the asset not just as jewellery or tradition, but as a strategic long-term investment.
Zawya
14 hours ago
- Zawya
Sharjah Chamber, Kazakhstan Consulate discuss strengthening strategic partnerships between private sectors
Sharjah: The Sharjah Chamber of Commerce and Industry (SCCI) engaged in discussions with the Consulate General of the Republic of Kazakhstan in Dubai and the Northern Emirates to explore ways to enhance economic cooperation and strengthen trade and investment relations between the two countries. The meeting emphasized the importance of fostering partnerships between business communities and private sector institutions to leverage high-potential investment opportunities across diverse industries in both nations. The discussions were held during an official visit by H.E Almaz Tasbolat, Consul General of the Republic of Kazakhstan in Dubai, to the Sharjah Chamber's headquarters, where he was received by H.E Abdallah Sultan Al Owais, Chairman of SCCI. The meeting was attended by Abdul Aziz Al Shamsi, Assistant Director-General for Communication and Business Sector at SCCI, and Dr. Fatima Khalifa Al Muqarrab, Director of International Relations Department at SCCI, along with several officials from both sides. During the meeting, both sides explored ongoing cooperation between Sharjah and Kazakhstan, focusing on strategies to advance economic ties through the exchange of trade delegations and the coordination of sector-specific exhibitions and events. These efforts aim to facilitate access to investment prospects for companies and investors in both markets. The discussions also highlighted priority sectors that offer strong potential for collaboration, with the real estate sector taking particular prominence. In his remarks, H.E Abdallah Sultan Al Owais reaffirmed the Sharjah Chamber's commitment to enhancing trade and investment relations with Kazakhstan and facilitating high-quality services that support the success of Kazakh enterprises operating in Sharjah. He encouraged Kazakh companies to explore the emirate's investment landscape, highlighting its pro-business regulatory environment, robust infrastructure, and strategic geographic location as key drivers of sustainable growth. For further information, please contact: Ali Elgendy Misbar Communications ali@ Ahmad Aldwairi Misbar Communications
Khaleej Times
14 hours ago
- Khaleej Times
Amazon exercises option to acquire direct stake in Valu
U Consumer Finance SAE, known under the trademark Valu, a subsidiary of EFG Holding, and EFG Holding have announced that Amazon has agreed to exercise its option to acquire a direct equity stake in Valu. In May 2022, Amazon entered into an option agreement with EFG Holding, acquiring $10 million of EFG Holding GDRs, with the option to convert such GDRs into a direct stake in Valu, equivalent to 4.255 per cent of its share capital, upon a qualified liquidity event. The exercise of that option, based on the terms and conditions of the option agreement, will result in Amazon owning approximately 3.95 per cent of Valu. The transaction will be executed on the first trading session of Valu shares on the Egyptian Exchange at a price per Valu share of EGP 6.041 through the block trade mechanism, following receipt of the necessary approval. Karim Awad, Group CEO of EFG Holding, said: 'We are proud to witness Amazon's decision to acquire a direct stake in Valu, a testament to EFG Holding's proven ability to build greenfield ventures that evolve into pioneering market leaders. This milestone underscores our unwavering commitment to our shareholders, as we continue to create and manage businesses that deliver exceptional value and long-term rewards. Valu's success exemplifies our dedication to driving financial inclusion and digital transformation in Egypt and beyond, while solidifying our position as a catalyst for innovation and growth in the region.' Walid Hassouna, CEO of Valu, stated: 'This milestone stands as a powerful testament to the resilience and adaptability of our business model, a model that is versatile, agile, and perpetually evolving to meet the dynamic needs of our diverse client base and partners. At Valu, we remain unwavering in our commitment to redefining the customer experience through cutting-edge financial solutions that empower individuals and businesses alike, driving both convenience and opportunity in every interaction.' Maged El Ayouti, Co-Head of Investment Banking at EFG Hermes, commented, 'We take immense pride in having played a pivotal role in facilitating Valu's remarkable journey from securing a strategic investment from Amazon to delivering Valu's anticipated landmark debut on the EGX. These milestones stand as a testament to the power of our advisory expertise in helping companies achieve transformative growth and expansion.' Valu was listed on the EGX on May 21. The shares will be admitted to trading on the EGX on June 23. EFG Hermes acted as the sole financial advisor to EFG Holding and Valu on the transaction.
