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Technology

New partnership will accelerate the adoption of next-generation AI technologies required to empower digital transformation across smart cities, government, and the economy

PRWIRE:

Riyadh, Saudi Arabia – 14 September 2022:  The Saudi Company for Artificial Intelligence (SCAI), a PIF-owned company that seeks to develop the Artificial Intelligence (AI) and emerging technologies industries in Saudi Arabia, has signed an MoU with the Saudi Technology and Security Comprehensive Control Company (Tahakom) a leading company of public safety and smart mobility technologies. The two parties will collaborate to develop the AI infrastructure and super-computing capabilities necessary to power the next generation of AI applications.

The partnership was announced today at the global AI summit in the presence of Eng. Ayman AlRashed, CEO of SCAI, and Eng. Nabeel Al Omar, CEO of Tahakom. Under the terms of the MoU, the companies will leverage their joint technical capabilities to cultivate and implement the infrastructure required to process the huge amounts of data that will be generated by smart cities. The collaboration is set to further enable a climate of innovation across the Kingdom’s AI ecosystem, contribute to the development of homegrown intellectual property, and inspire the next generation of talented Saudi data scientists.

Eng. Ayman AlRashed, CEO of SCAI, said: “We are pleased to enter into this new partnership with Tahakom, which represents another significant milestone on our journey to drive innovation and further strengthen Saudi Arabia’s AI ecosystem. Together, we look forward to working to accelerate the adoption of AI as the Kingdom continues to advance its digital transformation agenda and build a more connected future for our cities that will enhance the lives of citizens for generations to come.” 

Established in 2015, Tahakom leverages innovative technologies to deliver state-of-the-art solutions in the public safety and smart mobility technologies. The Riyadh-based company operates across all regions of the Kingdom and aim to build end-to-end ecosystems in complex domains. 

Nabeel al Omar, CEO of Tahakom, commented: “At Tahakom, we are committed to empowering government agencies, companies and individuals with the most innovative Smart Mobility and Public Safety ecosystem through the development and operation of trusted technologically-advanced and data-driven solutions. We are happy to partner with SCAI to continue developing the Kingdom’s AI infrastructure with the aim to improve quality of life and create economic value in fulfilment of Vision 2030’s transformative objectives.”

SCAI was launched to support PIF’s strategic goals and achieve national priorities by driving innovation in the AI sector. The company delivers impactful solutions through a host of advanced technologies and is showcasing its range of customer-centric products and services this week at the Global AI Summit in Riyadh. Organized by the Saudi Data & AI Authority (SDAIA), the summit gathers global experts and decision-makers from the public sector, academia, and private sector to explore and shape the future of AI.

PRWIRE – Press Release Distribution Service

PRWIRE: Dubai, UAE

After searching for over two years for a lender that could help them overcome the challenges of modern global trade – including labor shortages, increased shipping costs, and the extreme swings of supply and demand – a towel manufacturer based in Gujarat, India was introduced to Tradewind Finance, who was just the financial partner they were looking for.

Tradewind recently provided USD 5.5 million in funding for the company, which specializes in all sorts of cotton towels for the bath, beach and kitchen. Patterned or plain, and designed with antiviral fabrics for good health measure, the towels are sold to big-name retailers in the USA, UK, Australia, New Zealand, Hong Kong, and Singapore.

It was Tradewind’s global presence and international capabilities that won the client over. Supplying to multiple household names around the world, the company felt reassured knowing that Tradewind could reduce the risks of cross-border trade by offering credit protection and collections services to them. Tradewind already had working relationships with many of their buyers, which was also a source of comfort for the company.

As a centerpiece of the financing arrangement, Tradewind was able to close the cash flow gap for the client under the extended payment terms they negotiated with their buyers. In this vein, waiting for payment was no longer necessary.

“Scalable funding, an understanding of the home textiles industry and our global toolkit enabled us to answer our client’s unique financial needs. We are happy to see our client in a position to increase their turnover using our cash flow solutions and continue to land on the shelves of well-known retailers,” Soheil Zali, Regional Commercial Director and Board of Director at Tradewind Middle East Limited, commented.

Founded in 2000, Tradewind Finance maintains a network of offices all over the world, including Bangladesh, Brazil, Bulgaria, China, Hong Kong SAR, Hungary, Iceland, India, Pakistan, Peru, Turkey, UAE, and the USA as well as the headquarters in Germany. Combining financing, credit protection, and collections into a single suite of trade finance products, Tradewind brings streamlined, flexible, and best-in-class services to the world’s exporters and importers.

About Tradewind Finance

Founded in 2000, Tradewind Finance maintains a network of offices all over the world, including Bangladesh, Brazil, Bulgaria, China, Hong Kong SAR, Hungary, Iceland, India, Pakistan, Peru, Turkey, UAE, and the USA as well as the headquarters in Germany. Combining financing, credit protection, and collections into a single suite of trade finance products, Tradewind brings streamlined, flexible, and best-in-class services to the world’s exporters and importers

PRWIRE – Press Release Distribution Service

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