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Bahrain Plans To Develop 300 Smart Factories By 2026

The iFactories initiative will adopt the top regional and global practices to ensure sustainability and raise productivity.

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bahrain plans to develop 300 smart factories by 2026

Bahrain has launched an initiative to support its manufacturing sector as the world moves closer towards the Fourth Industrial Revolution. The initiative is known as iFactories and will assess factories’ readiness and digital maturity while allowing businesses to invest in new infrastructure and manufacturing automation technologies.

Abdullah bin Abdel Fakhro, Bahrain’s Minister of Industry and Commerce, said the initiative aims to transform 300 manufacturing facilities into smart factories by 2026.

The initiative will use a four-step process:

  • Evaluation by the ministry with technical assistance to conduct self-evaluation.
  • Evaluation by a team of accredited evaluators.
  • Empowerment, involving the factory creating a digital transformation plan.
  • Development, with the ministry monitoring the transformation process.

Dr. Khaled Fahad Al Alawi, Assistant Undersecretary for Industrial Development, explained that smart factories would be evaluated using the SIRI index, an international standard based on applying practices and tools centered around the Fourth Industrial Revolution.

Also Read: Phoenix Group & Green Data City Plan Crypto Farm In Oman

The latest initiative is part of broader plans to drive growth by modernizing Bahrain’s industrial sector and encouraging businesses to automate and expand their operations.

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Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

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binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.

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