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GE to break up into aviation, healthcare and energy companies

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General Electric, the U.S. industrial giant, has said it will split into three companies following years of the financial crisis.

In a statement, the company said it will be divided into units focused on aviation, healthcare and energy. The company intends to retain a 19.9 per cent stake in the healthcare unit, which it plans to launch in 2023.

GE Renewable Energy, GE Power and GE Digital will be combined into an energy unit, which is scheduled to be launched in 2024, while the original GE will focus on aviation. The group said all three new companies would have an investment-grade credit rating.

GE shares, which were already up 55 per cent over the last 12 months, rose more than 10 per cent in pre-market trading as investors welcomed the decision.

In a statement, CEO Lawrence Culp said, “by creating three industry-leading, global public companies, each can benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value for customers, investors, and employees.”

Created by Jack Welch at the end of the last century, the group became the world’s largest company, lauded for its managerial efficiency. However, other chief executives have been restructuring the company since it ran into severe difficulties during the global financial crisis. During the crisis, GE also sought a bailout from Warren Buffett.

Once America’s best-known industrial conglomerate sold its aircraft leasing business this year to Irish company AerCap in a $30 billion deal.

GE said its gross debt reduced to more than $75 billion between 2018 and 2021 and this reduction helped the company make the latest changes.

The company said it would use proceeds from the recent sale of its aviation financing unit to pay down debt, with gross debt expected to total less than $65 billion by the end of 2021.

GE estimated that the spinoffs would cause about $2 billion in transaction and operational costs.

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A gateway to new era of innovation: Dahua Technology unveils cutting-edge experience centre in Dubai

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 Dahua Technology Middle East & North Africa, a leading global tech and security solutions provider, announced the grand opening of their state-of-the-art experience centre in Dubai on Tuesday following a ribbon-cutting ceremony that was attended by Brigade Mohammad Karam, Head of Dubai Police Traffic Department. This innovative hub, strategically located in the heart of the Middle East, stands as a testament to Dahua’s unwavering commitment to unity, growth, and breakthrough technology, according to the privately held company founded in China.

“Dahua’s revolutionary experience centre marks a significant upgrade, symbolising the company’s dedication to providing superior products and services tailored specifically for the Middle East and North Africa. In line with Dahua’s philosophy of collaboration, this centre aims to foster robust relationships, ensuring shared success with partners and customers in this dynamic new era,” said Yacob Bai, CEO, Dahua – MENA. “We celebrate Dahua Innovation Centre where we can brainstorm, join forces, and deepen our partnerships. Together, we aspire to step into the future and craft a prosperous tomorrow for both Dahua and our valued partners. We believe in smart growth fueled by unity and collaboration. This ‘New Era’ is all about working together to achieve remarkable things. Everything is upgrading.”

Equipped with advanced technology and located in Jumeirah Lake Towers, the Dubai experience centre offers an immersive platform for customers and partners alike. It serves as a tangible manifestation of Dahua’s continuous innovation, allowing visitors to experience firsthand the value brought by the company’s industry-leading solutions across various sectors.

Open to all Dahua customers and partners from this week, the centre provides a unique opportunity to explore Dahua’s comprehensive solutions portfolio directly.

“As we inaugurate this inspiring space, Dahua extends a warm invitation to partners, customers, and industry enthusiasts to join in this journey of success and growth. The New Era signifies a commitment to upgrading everything, and Dahua is excited about the prospects of achieving remarkable milestones together,” added Bai who heads the regional operations for Dahua that provides solutions in domains as diverse as security, smart parking, traffic management & smart city parking, banking and retail and even smart energy and new electricity systems.

As a company, Dahua also specialises in smart home solutions, advance technology CCTV, smart education and commercial display solutions. Dahua’s investment in this cutting-edge facility underlines its dedication to fostering collaboration and innovation within the region. The experience centre will provide a platform for customers, partners, and industry professionals to interact with Dahua’s comprehensive suite of solutions firsthand.

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Zepth revolutionizes construction, makes bold leap into AI-driven project management

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In a groundbreaking development, Zepth, an innovative global tech startup and leader in construction management SaaS software, today announced the integration of Artificial Intelligence (AI) into its platform, marking a transformative leap in the industry. The integration will see Zepth deploy 40 AI agents to reach an artificial general intelligence (AGI) status where its machine will have human-level intelligence — a first-of-its-kind endeavour in the Middle East and worldwide. 

Under the leadership of Founder Prasoon Shrivastava, Zepth is redefining the construction landscape. “Zepth stands at the forefront of the AI revolution, redefining the common-data environment with AGI-driven human-level intelligence. Our platform epitomizes intelligence, simplicity, and efficiency, designed for the modern world. Zepth’s AI-driven solutions are delivering extraordinary efficiency and precision to clients globally. The traditional Big Tech solutions, while once groundbreaking, now lag in a rapidly changing world. They are complex relics of a bygone era — no longer the best fit for today’s dynamic industry needs,” said Shrivastava.

The pioneering product, the AI Risk Manager, will harness the power of AGI, with 40 AI agents proactively identifying potential risks, collaborating with each other, carrying out likelihood and impact assessments, and assisting in mitigation plans for the identified risks, to enable project managers to make data-driven decisions. This revolutionary tool is a testament to Zepth’s commitment to innovation and excellence, ensuring project success even in the most challenging environments. AGI comprises intelligent agents with human-like capabilities to carry out a range of tasks, including in construction. 

Zepth is ambitiously expanding its AI ecosystem to include hundreds of specialized agents, each designed to adapt to the complex, ever-changing demands of construction management. The first-of-its-kind endeavour not only reaffirms Zepth’s leadership in the software domain but also spotlights the ingenuity and influence of technological advances globally. The UAE, with its multiple government-led initiatives in smart buildings and cities, presents a strong appetite for AI-driven construction management solutions like Zepth. 

Reaffirming the company’s mission of empowering the developer community, Founder Prasoon Shrivastava said the journey that Zepth is charting is clear: In the world of construction, Zepth stands as the embodiment of advanced intelligence, driving an industry towards unparalleled efficiency. “The UAE’s demonstrated track record of futuristic and innovative developments has inspired us to embrace AI as much as it has incentivized us to be a part of the region’s next growth phase.”

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Sber’s retail customer base grows by 10M with its 2021-2023 strategy

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As part of Investor Day, the Sber team reviewed the results of the company’s 2021-2023 Strategy and talked about its new Development Strategy to 2026. As a result of the 2021-2023 strategy, Sber’s retail customer base grew by 10 million to 108 million, while it picked up 500,000 new corporate clients to reach a total of 3.2 million. The team has provided resilience and innovative development by ensuring technological independence and achieving a breakthrough in AI transformation.

The financial goals of Strategy 2026 are return on equity >22% in each year of the Strategy, total capital adequacy ratio Н20.0 >13.3%, and dividend disbursements of 50% of the Sber Group’s net profit. Sber will spend the next 3 years preparing for the transition to a human-centric organization. This complex transformation will impact three key spheres technology with the focus on developing a new generation of AI, business model in all areas, and culture.

In its new strategy cycle, Sber has a special focus on shaping its long-term vision. Technology, above all artificial intelligence (AI), is becoming the key factor defining today’s world and the future. One of the key challenges is to place technology at the service of mankind. Sber’s business model is centred around people, their interests and aspirations. AI is becoming mankind’s personal assistant – expanding everyone’s capabilities and helping people to tap their potential. This represents a step by Sber towards human-centricity.

Taking part in the event were Herman Gref, CEO and Chairman of the Executive Board,  Kirill Tsarev, First Deputy Chairman of the Executive Board, Alexander Vedyakhin, First Deputy Chairman of the Executive Board, Andrey Belevtsev, Senior Vice President, СТО – Head of Technology Block, and Taras Skvortsov, Vice President, Head of Finance Block.

Herman Gref, CEO and Chairman of the Executive Board of Sberbank, said, “The consumer model in which the customer is viewed exclusively as a source of income will become a thing of the past. The task of the new business is to help the customer be flexible and adaptive in an unstable world. We need to create tools that will meet and surpass the customers’ expectations. We need to learn to treat each of our customers, every human being, as we would treat ourselves.”

“We want to become one of the first human-centric companies, one that will help people to tap their potential and survive amidst today’s overabundance of technology and information. Artificial intelligence can become a personal assistant to every human being – an assistant in analyzing and processing huge volumes of information, setting goals, and correctly prioritizing and organizing our lives, an assistant which will help to expand people’s capabilities and free them from routine activities,” Herman Gref added.

Alongside its long-term priorities, Sber will devote particular attention to developing and creating best customer experience, improving performance, providing reliable and safe services, and accelerated deployment of AI in every area of the business.

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