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QFZA Announces Qatar’s First Laptop Manufacturing Facility

Once operational, it will become Qatar’s first laptop manufacturing facility and ship out over 350,000 products every year.

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qfza announces qatar's first laptop manufacturing facility
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The global outbreak of the COVID-19 pandemic and the subsequent swift transition toward remote work has tested the production capacity of virtually every laptop manufacturer. In the Middle East, the laptop and desktop market grew more than 12 percent during the pandemic, with shipments going up by 23 percent. Now, Qatar Free Zones Authority (QFZA) has announced its plan to establish a state-of-the-art production facility in Umm Alhoul Free Zone. Once operational, it will become Qatar’s first laptop manufacturing facility and ship out over 350,000 products every year.

The task of building the facility has been appointed to iLife Digital, a leading intelligent robotics and electronics company based in Florida, US, and Prime Technologies, a subsidiary of Ali Bin Ali Holding. The two companies will use it to produce everything from laptops to desktop computers to smartwatches.

“We are proud to host this partnership between iLife Digital and Prime Technologies at Umm Alhoul Free Zone. It is the latest example of our close collaboration with the Qatari private sector to foster growth and innovation for the country and the broader region,” said H.E. Ahmad Al-Sayed, Minister of State and Chairman of QFZA.

In addition to becoming the region’s manufacturing powerhouse, the new facility will also support logistics and R&D activities and become home to a consumer solutions center. In total, it’s expected to create 160 jobs in the region, including 144 skilled opportunities.

Also Read: Dubai-Based Carasti Lets You Rent A Car For Up To Two Years

“Our Group has always been known for pioneering efforts and supporting innovations to get the best for the people of Qatar. The new facility, with its state-of-the-art production and R&D facility along with a logistics and customer solutions center, is a reiteration of such efforts,” commented Vice-Chairman & EVP of Ali Bin Ali Holding Mr. Nabeel Ali Bin Ali.

The construction of Qatar’s first laptop manufacturing facility is an important step toward achieving the country’s National Vision 2030, whose goal is to create a knowledge-based economy and promote economic diversification.

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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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