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Terminus opens intl headquarters in Dubai

2024-02-28 14:35China Daily

General view of Palm Jumeirah development, in Dubai, United Arab Emirates, June 1, 2023. [Photo/Agencies] 

Amid increased efforts by many Middle Eastern countries to utilize the digital economy for sustainable growth, Terminus Group — a Beijing-based artificial intelligence services provider — has launched its international headquarters in Dubai, the United Arab Emirates, to capture a larger market share in the region.

The new headquarters, operational since Friday, will facilitate Terminus' projects and business expansion initiatives in the UAE, Saudi Arabia, Qatar, Oman and other countries in the region. It will also support the group's operations in Singapore and Australia, as well as many countries participating in the Belt and Road Initiative.

The Chinese company will set up an AI laboratory in the new facility, focusing on cutting-edge exploration in the field of AI and the development of targeted solutions for the international market.

Victor Ai, founder and CEO of Terminus Group, said that as many Middle Eastern countries strive to advance in eco-friendly energy, manufacturing and smart city initiatives, the company aims to fully capitalize on its AIoT (artificial intelligence of things) strengths to engage in related projects in these markets and contribute to regional prosperity.

Since 2020, Terminus has experienced significant growth in its international business, leveraging global platforms such as Expo 2020 Dubai. Supported by more than 1,000 employees in both China and overseas, Terminus enjoys a market presence in more than 10 countries, including Singapore, Australia, Zimbabwe and Bahrain.

Ai said that the digital economy in the Middle East has tremendous potential for development. Accelerating joint construction of the Digital Silk Road between China and Middle Eastern countries will help further share the opportunities of the digital economy between both sides and maximize the results of such joint efforts.

Sharing similar views, Abdulla Al Saleh, undersecretary of foreign trade and industry at the UAE's Ministry of Economy, said that the economic and trade relations between the UAE and China have kept strengthening and growing prosperously, and the commercial, investment, energy and technological cooperation between the two countries has been deepening and making remarkable progress.

Many Middle Eastern countries highly value and encourage development of the digital economy to enhance the resilience and sustainability of their economies.

For instance, Bahrain's government has introduced Bahrain Economic Vision 2030, along with initiatives such as the Cloud First Policy, aimed at establishing the country as a regional data hub and developing a comprehensive data ecosystem.

Similarly, Saudi Arabia has outlined a national transformation program within its Saudi Vision 2030 — a transformative economic and social reform blueprint. The program emphasizes digital entrepreneurship, investment in digital technologies and the enhancement of digital education and training.

According to a report published by UBS Group AG — a Switzerland-based multinational investment bank — the size of the digital economy in the Middle East is projected to grow from $180 billion in 2022 to $780 billion by 2030, with an average compound annual growth rate of 20 percent. This makes it one of the fastest-growing regions in the global digital economy over the coming years.

With the rapid development of Chinese technology, "Made in China" and "globalization" have become labels of Chinese business culture, said Liu Jianli, a researcher at the Beijing-based Institute of Industrial Economics, which is affiliated with the Chinese Academy of Social Sciences.

"The journey of Chinese companies in going global has significantly evolved from their early roots in traditional manufacturing and infrastructure development industries to today's focus on technology, e-commerce and culture," Liu said.

China's nonfinancial outbound direct investment (ODI) increased 16.7 percent year-on-year to 916.99 billion yuan ($127.41 billion) in 2023, said the Ministry of Commerce.

In the meantime, Chinese companies' nonfinancial ODI over the same period in other countries participating in the BRI amounted to 224.09 billion yuan, an increase of 28.4 percent year-on-year.