How Russia Profits From Ukraine Invasion by Selling Stolen Grain on a Global Black Market
Moscow’s war ‘is feeding itself’ as friends and backers cash in on crops from occupied territories
Moscow’s war ‘is feeding itself’ as friends and backers cash in on crops from occupied territories
KYIV, Ukraine—Beyond the bombs and gunfire of Russia’s war in Ukraine , a parallel economic war is raging.
Its front line is on occupied Ukrainian farmlands, from which Russia and its partners have sold almost $1 billion in stolen grain on a burgeoning black market.
Moscow’s forces in Ukraine since 2022 have occupied some of Europe’s most fertile farmland. The occupiers have either seized harvests or bought them cheaply, often forcibly.
The business involves a wide network of clients who benefit from Moscow’s wartime patronage system, including a Russian shipyard equipping the invasion, a company affiliated with Iran’s Revolutionary Guard and a Crimean businessman who trades with Syria and Israel. Another company sells through the United Arab Emirates.
Trading the looted Ukrainian agricultural products keeps Russia’s allies funded and loyal to Moscow even as it faces mounting economic pressure , offering a sort of off-balance-sheet vehicle financing Kremlin objectives.
The Kremlin didn’t return requests for comment on its exports of Ukrainian crops.
“It’s like the war is feeding itself,” said Pascal Turlan, legal director at rights organization Project Expedite Justice, which is helping Ukrainian prosecutors investigate grain theft. “The illicit trade brings revenue to a Kremlin-sponsored patronage system, which in turn helps the conflict and the occupation to continue.”
The exact commercial value of Russia’s pilferage is difficult to determine amid the war’s chaos and Moscow’s subterfuge, but it is large. Since 2022, the operation has directly shipped at least 4 million tons of grain and other produce from occupied Ukraine to international markets, generating revenue of $800 million, said Markiyan Dmytrasevych, Ukraine’s deputy agriculture minister.
Much more has been exported by land or small ships, according to Ukrainian nonprofit organization Texty, which estimates the total value of grain taken by Russia in occupied territories could be as high as $6.4 billion.
The patronage take many forms. Three bulk vessels that export large volumes of illicit grain are owned through a chain of corporate entities by Russia’s state-run United Shipbuilding Corp., which also produced warships used to shell Ukrainian cities, according to the U.S. government.
A Russian company that exclusively sold grain from the occupied region of Zaporizhzhia donated 10 million rubles, or $111,000, to a battalion fighting in the province, according to a document obtained by KibOrg News, a Ukrainian project that documents Russian economic-looting activities in the occupied territories.
Moscow is also attacking Ukraine’s own grain exports. Late Wednesday, a Russian missile struck at a ship that was carrying Ukrainian wheat just after it had left a Black Sea port for Egypt, Ukraine’s president Volodymyr Zelensky said on his Telegram channel.
From farm to sea
Russia’s illicit agricultural trade begins on Ukrainian farms. Moscow’s forces either compel farmers to sell their crops at below-market prices or steal them, sometimes at gunpoint.
Bohdan Katerenyak, the manager of a silo in Kherson, a southern Ukrainian province conquered by Russia at the beginning of the war, said he was at work in August 2022 when men with machine guns, clad in balaclavas, entered his office.
“We have an order to take over,” one told him in a Chechen accent, handing him an identification card from the FSB, Russia’s domestic security service, Katerenyak said. A few days later, another man, also claiming to be an FSB agent, arrived and impounded the facility’s grain.
“They are bandits,” Katerenyak said of the men. Fearful, he fled to Ukrainian-controlled territory and later learned the silos had been emptied.
From farms like Katerenyak’s, produce is shipped by truck and rail to ports along the Black Sea, some on occupied Ukrainian territory.
Russian authorities say that in the first half of this year they sent 15 ships carrying 81,000 tons of wheat to Turkey from Mariupol, another city conquered during the war.
Turkey bans ships from occupied Ukrainian terminals and cooperates with Kyiv to block illicit trade, the country’s foreign-affairs officials said.
Separately, Ukrainian prosecutor Ihor Ponochovniy in June started tracking a Turkish-owned ship, the Usko MFU, which he suspected had carried stolen grain last year from the Crimean port of Sevastopol . Russia seized Crimea from Ukraine in 2014 and in 2022 linked it with occupied Kherson.
Ukraine’s border force in June told Ponochovniy the Usko MFU had entered Ukrainian waters. He issued a search warrant and police boarded it. Onboard they found records showing it had left Sevastopol last November for Turkey carrying 2,100 tons of crushed sunflower seeds and brown wheat potentially worth half a million dollars.
Investigators said they found onboard a message from the ship’s managers to the captain instructing him to conceal the cargo’s Crimean origin. Ukraine’s border force in July seized the Usko MFU.
The ship’s owner, USKO Shipping Management, didn’t respond to a request for comment. A lawyer representing the vessel’s captain declined to comment.
Mikhail Ganaga, a former professional wrestler and the son of a district governor in Crimea, is among a select group of collaborators who have profited from the grain theft.
Ganaga controls Agro-Fregat LLC, which delivers grain harvested in occupied territories and has shipped grain to Israel and two of its foes, Syria and Iran, according to trade and shipping records and Ganaga himself. Ganaga and Agro-Fregat didn’t return requests for comment.
Ukraine is applying diplomatic pressure on importing countries, with some success. In the past two years, Egypt, Israel and Lebanon either canceled loadings or stopped buying grain cargoes after Ukrainian diplomats told them they had departed from Russian-occupied parts of Ukraine , according to Ukrainian officials.
Foreign Ministry spokesman Heorhiy Tykhiy said that Lebanon shifted to Ukrainian grain. Egypt has refused some grain shipments that originated in Russian-occupied territories of Ukraine, according to Ukraine’s military intelligence agency.
Russian allies Iran and Syria have said they won’t abide by sanctions. Iran has supplied the Kremlin deadly weaponry that enhanced Russia’s ability to hit military and civilian targets. This month, Tehran started to supply ballistic missiles to the Kremlin. Iranian politicians said they were in exchange for Russian grain.
Tehran buys barley in Crimea for $140 a ton, a 34% discount from market prices, said Kateryna Yaresko, an analyst at SeaKrime, a nonprofit project in Kyiv that tracks illegal shipments from Crimea and provides information to the Ukrainian authorities.
Traders in Russian-occupied territories are building ties with Tehran’s hard-line circles. Igor Rudetsky, a manager at a grain terminal in occupied Crimea, last year posted on his social-media accounts pictures of himself meeting representatives of Islamic Republic of Iran Shipping Lines, which is sanctioned by the U.S. for shipping weapons on behalf of Iran’s military and nuclear technologies.
Rudetsky, according to his posts, also visited Pars Holding, an agricultural company that is part of a foundation controlled by Iranian Supreme Leader Ali Khamenei . Rudetsky said by text message that he spoke to the companies as part of an international marketing campaign that also included China, India and Africa, though he says he doesn’t sell produce himself.
Rudetsky said grain exports from Russia aren’t restricted by international sanctions and that he bought the port “for real money” in a deal that was “legally impeccable.”
Russia deems Crimea its territory but other countries don’t and consider any exports from it illegal.
Yemen is a new market for Crimean exports. In June, a Russian state-controlled vessel, the Zafar, delivered grains to al-Salif, a port held by the Iranian-backed Houthi faction in Yemen, according to shipping and corporate records.
As Kyiv cracks down, exporters are adopting increasingly complex evasion tactics such as transferring grain to Russia and mixing it with legitimate products before reselling it on international markets. Ukrainian authorities are struggling to keep up.
“We need more people,” said Ponochovniy, the prosecutor.
Ukrainian prosecutors in Kharkiv are probing a trader that it suspects stole grain and resold cargoes to an Emirati company. Helios Plus drew prosecutors’ attention after it removed all 700 tons of grain left at a bread factory flour mill in the nearby town of Kupyansk when Russia seized it in August 2022.
Helios Plus didn’t respond to a request for comment.
The company in 2015 started selling grain out of areas of eastern Ukraine that had come under control of Russian-backed separatists, according to Russian records viewed by The Wall Street Journal. The records were obtained in an investigation by Project Expedite Justice.
The documents indicate Helios Plus took a large volume of grain from other occupied territories in the past two years. It then sold the grain to buyers in Turkey, the U.A.E. and as far as Costa Rica, according to customs declarations.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
QNB aims to streamline its operations and enhance collaboration between its subsidiaries
QNB Group has announced a major rebranding effort in both Egypt and Turkey. The initiative will see its subsidiaries, QNB Alahli in Egypt and QNB Finansbank in Turkey, operating under the unified brand name “QNB.”
This strategic move is intended to streamline the group’s operations and reinforce its position within the banking sector. By consolidating its brand, QNB aims to offer a more cohesive and seamless banking experience for customers, while fostering closer collaboration between its subsidiaries in these important markets.
Mr. Abdullah Mubarak Al Khalifa, Group Chief Executive Officer of QNB, stated: “We are excited to unveil our unified brand identity in Egypt and Turkey. This strategic step underscores our commitment to making our brand stronger and more organized, embedding it in the minds of our customers worldwide. By consolidating our operations under the QNB banner, we are better positioned to drive innovation, expand our reach, and deliver greater value to our shareholders.
With this rebranding, QNB looks forward to continuing its success and growth in the coming years, maintaining its core values of integrity, excellence, and customer focus.
QNB Group currently ranks as the most valuable bank brand in the Middle East and Africa, with a brand value of USD8.4 billion. Through its subsidiaries and associate companies, the Group extends to 28 countries across three continents providing a comprehensive range of advance products and services. The total number of employees is 31,000 operating from approximately 900 locations, with an ATM network of more than 5000 machines.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
The ambitious Hafeet Rail project represents a strategic collaboration between the UAE and the Sultanate of Oman
Bank Nizwa has reaffirmed its role in advancing the country’s growth by signing a financing agreement for the Hafeet Rail project, committing USD 45 million to the initiative. The signing ceremony took place in Abu Dhabi, underscoring the bank’s support for this major infrastructure development. The Hafeet Rail project, which will connect Abu Dhabi, the capital of the United Arab Emirates (UAE), with Sohar Port in Oman, represents a significant step in enhancing regional collaboration and infrastructure progress.
The ambitious Hafeet Rail project represents a strategic collaboration between the UAE and the Sultanate of Oman, designed to enhance the existing tourism infrastructure and offer residents and travelers the unique experience of cross-country rail travel throughout the Gulf Cooperation Council (GCC). This railway system will provide passengers with breathtaking views of the mountains, highlands, and vast deserts of both nations. In its initial phase, the transformative project will involve the construction of a 303 km high-speed railway line, with 163 km situated within Oman. The rail line will incorporate two tunnels, 60 bridges, and two passenger stations in Sohar and Al Ain, significantly reducing travel time while ensuring enhanced safety, comfort, and luxury for all travelers.
On this milestone, Mr. Khalid Al Kayed, Chief Executive Officer of Bank Nizwa, stated, “We take great pride in extending our financing to the pioneering Hafeet Rail project, which has the potential to revolutionize travel and goods transportation across the GCC. At Bank Nizwa, we are committed to advancing national and regional priorities that enhance infrastructure and development, aligning our countries with international standards. We are honored to contribute to a project that will generate numerous direct and indirect employment opportunities while significantly reducing logistics costs and the carbon footprint associated with cross-border transportation.”
Bank Nizwa’s participation in this landmark project, marked by a financial commitment of USD 45 million, underscores the trust and confidence the bank has cultivated within the regional community. As a leading Islamic financial institution, Bank Nizwa is dedicated to supporting initiatives that promote sustainable development and infrastructural advancement across Oman and the GCC. The Hafeet Rail Project exemplifies this commitment, illustrating the bank’s strategic role in fostering economic growth and enhancing trade capabilities between neighbouring nations.
By playing a pivotal role in this regionally significant project, Bank Nizwa solidifies its position as the most-trusted and preferred financial partner, not only for individuals seeking exceptional Sharia-compliant banking solutions but also for organizations, corporations, and government entities alike.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Interior designer Thomas Hamel on where it goes wrong in so many homes.
Board of Directors held its fourth meeting of 2024 on Sunday, 13 October, under the chairmanship of Mr. Hassan Khalifa Al Jalahma.
The Central Bank of Bahrain’s (CBB) Board of Directors held for its fourth meeting of 2024 on Sunday, 13 October, under the chairmanship of Mr. Hassan Khalifa Al Jalahma.
During the meeting, the Board reviewed several key topics, including the CBB’s performance report and recent developments in the financial sector for the third quarter of 2024, as well as the CBB’s financial performance report.
The Board also reviewed key monetary and banking indicators for the year including the money supply, which increased by BD 0.6 million to reach BD 16.4 billion at the end of August 2024, compared to the same period in 2023. As for retail banks, total private deposits increased to BD14.3billion at the end of August 2024, an increase of 2.9% compared to the end of August 2023. The outstanding balance of total loans and credit facilities extended to resident economic sectors increased to BD12.2 billion at the end of August 2024, an increase of 5.2% compared to the end of 2023, with the Business Sector accounting for 42.3% and the Personal Sector at 48.8% of total loans and credit facilities. The balance sheet of the banking system (retail banks and wholesale sector banks) increased to $243.1 billion at the end of August 2024, an increase of 8.2% compared to the end August of 2023.
Point of Sales (POS) data for August 2024 totaled 18.2 million transactions (77.2% of which were contactless), an increase of 18.1% compared to the same period in 2023. The total value of POS transactions for August 2024 totaled BD 387.7 million (52.2% of which were contactless), an increase of 15.7% compared to the same period in 2023.
The banking sector maintained a high level of capital adequacy and liquidity, as the capital adequacy ratio of the banking sector reached 20.0% in Q2 2024 compared with 19.3% in Q2 2023. The capital adequacy ratio for the various banking sectors was 32.9% for conventional retail banks, 16.7% for conventional wholesale banks, 19.6% for Islamic retail banks, and 20.8% for Islamic wholesale banks in Q2 2024.
The total number of registered Collective Investment Undertakings (CIUs) as of August 2024 stood at 1715 CIUs, compared to 1673 funds as of August 2023. The net asset value (NAV) of the CIUs increased from US$ 10.651 billion in Q2 2023 to US$ 11.178 billion in Q2 2024, reflecting an increase of 4.95%. Moreover, the NAV of Bahrain domiciled CIUs increased from US$ 4.390 billion in Q2 2023 to US$ 4.428 billion in Q2 2024, reflecting an increase of 0.87%. Furthermore, the NAV of overseas domiciled CIUs increased from US$ 6.261 billion in Q2 2023 to US$ 6.750 billion in Q2 2024, reflecting an increase of 7.81%. Additionally, the NAV of Shari’a-compliant CIUs increased from US$ 1.412 billion in Q2 2023 to US$ 1.812 billion in Q2 2024, reflecting an increase of 28.33%.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.
This collaboration enables the Saudi EXIM Bank to provide financing to DL Hudson Limited for the acquisition of Saudi products.
The Saudi EXIM Bank has entered into a USD 50 million credit facility agreement with DL Hudson Limited, aimed at fostering the expansion of Saudi non-oil exports by linking local exporters to international buyers across more than 22 global markets.
This collaboration enables the Saudi EXIM Bank, through its International Buyer Finance Product, to provide financing to DL Hudson Limited for the acquisition of Saudi products, which will then be distributed to customers worldwide. DL Hudson Limited, a UK-based firm, focuses on trading in ferrous and nonferrous metals as well as energy.
The agreement was signed by the Director General of the Finance Department at the Saudi EXIM Bank, Eng. Abdulatif Al-Ghaith, and the Chief Operating Officer of DL Hudson Limited, Mr. Moises Portillo, in London, UK.
Regarding the agreement, Eng. Abdulatif Al-Ghaith said: “This agreement comes within the framework of the bank’s endeavor to provide financing solutions that contribute to the development of Saudi non-oil exports and enhance their competitiveness in global markets, highlighting the agreement’s role in promoting exports across several key national economic sectors and create new trade opportunities for local exporters by linking them to many global markets.” Al-Ghaith also praised DL Hudson expertise in trading metals, expressing his appreciation for this cooperation, and looking forward to future cooperation opportunities.
The Saudi EXIM Bank, a development bank under the National Development Fund, plays a key role in diversifying the Kingdom’s economic base. It strengthens the export system for national non-oil products and services by addressing financing gaps and minimizing export risks. These efforts support the growth of the non-oil economy in alignment with the Kingdom’s Vision 2030.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This collaboration aims to expand Utimaco’s footprint and impact across the Middle Eastern markets.
AmiViz, the leading cybersecurity-focused value-added distributor headquartered in the Middle East, has announced a strategic partnership with Utimaco, a global platform provider of IT security solutions. This collaboration aims to expand Utimaco’s footprint and impact across the Middle Eastern markets, offering organizations access to advanced data protection, key management, secure payments and Trust as a Service offering through AmiViz’s comprehensive network and robust channel partner ecosystem.
As cyber threats continue to escalate globally and regionally, organizations in the Middle East are facing increased pressure to protect their critical data and communication networks. By partnering with AmiViz, Utimaco can reach a broader range of customers, helping enterprises safeguard sensitive information while ensuring compliance with local and international regulations.
Utimaco’s comprehensive security solutions, including Hardware Security Modules (HSMs), key management, and data encryption technologies, form the foundation of digital trust across diverse industries. By safeguarding data, identities, and communications, Utimaco enables secure operations for critical sectors such as financial services, telecommunications, and government entities.
“Partnering with Utimaco represents a significant step forward in our mission to deliver unparalleled value and advanced security solutions to our customers,” said Ilyas Mohammed, COO at AmiViz. “Utimaco’s reputation for reliability and innovation in cybersecurity aligns perfectly with our commitment to providing top-quality, robust security infrastructures for businesses across the Middle East.”
AmiViz will offer comprehensive support, from pre-sales consultancy to post-sales implementation, ensuring that Utimaco’s solutions are seamlessly integrated into customers’ cybersecurity ecosystems. The AmiViz Partner Program will also play a key role in helping Utimaco build and nurture relationships with local partners, thereby increasing its market share and footprint in the region.
Scott Kemish, global vice president channel sales & partnerships, Utimaco, commented on the partnership, “We are delighted to join forces with AmiViz to expand our presence in the Middle East. AmiViz’s deep understanding of the regional market, coupled with its vast partner network, makes it the ideal partner to help us deliver our cybersecurity and compliance solutions to organizations throughout the region. Together, we can empower businesses to protect their data, identities, and communications in an increasingly complex digital landscape.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This partnership spotlights the combined efforts of Binance and TOKEN2049 to foster deeper connections within the blockchain community
Binance has announced a strategic partnership with TOKEN2049, the premier global events platform for digital asset professionals and enthusiasts. TOKEN2049 is known for hosting the largest global events focused on cryptocurrency, blockchain, and decentralized technologies in Dubai and Singapore, where founders and executives of leading Web3 companies share their insights on the industry’s past, present, and future.
Set to take place in Dubai from 30 April to 1 May 2025, TOKEN2049 is returning to Dubai to feature high-profile speakers and unparalleled networking opportunities designed to unite the Web3 community and professionals in the space. This partnership underscores Binance’s and TOKEN2049’s leadership in the blockchain space, particularly within the MENA region, as Dubai continues to solidify its status as a global hub for cryptocurrency and blockchain innovation.
“We are thrilled to join forces with TOKEN2049 for their Dubai event in 2025, bringing back our much-loved Binance Clubhouse. This strategic collaboration enhances our shared vision of empowering the next chapter of Web3 while reinforcing our commitment to building trust and fostering engagement among the community. We look forward to collaborating with TOKEN2049 in creating a vibrant and inspired Clubhouse space for 2025.” – Rachel Conlan, CMO at Binance.
“TOKEN2049 Dubai is set to be a landmark event, bringing together the global crypto ecosystem for a spectacular new experience. With 15,000 attendees and over 500 side events, Dubai will be the industry’s focal point on 30 April – 1 May 2025. Our partnership with Binance underscores TOKEN2049’s position as the premier global platform for showcasing the latest industry developments and driving technological innovation.” – Alex Fiskum, Co-Founder of TOKEN2049.
In line with TOKEN2049’s dedication to celebrating and unifying the blockchain industry, Binance Blockchain Week is also returning to Dubai this year. Under the theme ‘Momentum,’ the event will highlight the Middle East’s crucial role in the global digital economy and explore how decentralized finance has continued to evolve. Binance Blockchain Week will feature some of the most influential and educational leaders within the industry and is an opportunity to network with some of the most fast paced networks and ecosystems in the word, paving the way for newcomers and opening more doors for developers and enthusiasts alike.
This partnership spotlights the combined efforts of Binance and TOKEN2049 to foster deeper connections within the blockchain community, empowering developers, enthusiasts, and newcomers to collaborate with industry leaders. By uniting these key players, the partnership aims to accelerate innovation and shape the future of decentralized finance globally.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Blackstone and TikTok’s parent are among those investing in data centers in Malaysia’s Johor, known for palm-oil plantations
ISKANDAR PUTERI, Malaysia— Gary Goh was the chief executive of a publicly listed property developer three years ago when prospective clients started asking whether his company had land for data centres.
Goh was vaguely aware that technology companies needed computer centres to manage heaps of data, but he had never seen such a building. “I didn’t know whether it was round, was it a rectangle, was it a triangle?” he said.
But after the 10th inquiry, Goh realised the tech industry was about to spend billions of dollars on data centres in his sleepy corner of Malaysia. So he quit his job to cash in.
Nowhere else on Earth has been physically reshaped by artificial intelligence as quickly as the Malaysian state of Johor. Three years ago, this region next to Singapore was a tech-industry backwater. Palm-oil plantations dotted the wetlands. Now rising next to those tropical trees 100 miles from the equator are cavernous rectangular buildings that, all together, make up one of the world’s biggest AI construction projects.
TikTok’s Chinese parent company, ByteDance , is spending $350 million on data centres in Johor. Microsoft just bought a 123-acre plot not far away for $95 million. Asset manager Blackstone recently paid $16 billion to buy AirTrunk , a data-centre operator with Asia-wide locations including a Johor facility spanning an area the size of 19 football fields. Oracle last week announced a $6.5 billion investment in Malaysia’s data-centre sector, though it didn’t specify where.
In all, investments in data centres in Johor, which can be used for both AI and more conventional cloud computing, will reach $3.8 billion this year, estimates regional bank Maybank.
“At first glance, Johor seems unlikely, but once you double click on it, it makes a lot of sense,” said Peng Wei Tan, a Blackstone senior managing director who helped lead its acquisition of AirTrunk.
To understand how one of the first boomtowns of the AI era sprouted at the southern tip of the Malay Peninsula, consider the infrastructure behind AI.
Tech giants want to train chatbots, driverless cars and other AI technology as quickly as possible. They do so in data centres with thousands of computer chips, which require a lot of power, as well as water for cooling.
Northern Virginia became the world’s biggest data-centre market because of available power, water and land. But supply is running low. Tech companies can’t build data centres fast enough in the U.S. alone.
Enter Johor. It has plentiful land and power—largely from coal—and enough water. Malaysia enjoys generally friendly relations with the U.S. and China, reducing political risk for companies from the rival nations.
The other important factor: location. Across the border is Singapore, which has one of the world’s densest intersections of undersea internet cables. Those are modern-age highways, enabling tech companies to sling mountains of data around the world.
“This Johor development isn’t for serving just Malaysia,” said Rangu Salgame , chief executive of Princeton Digital Group, a data-centre operator that counts some of the world’s biggest tech companies as clients. “This is AI being deployed globally.”
Salgame said companies previously built data centres in Singapore because of its interconnectivity. But in 2019, the tiny and densely populated island nation put a moratorium on new centres because of energy constraints. So data-centre operators did the next best thing, which was to go an hour across the bridge.
While Amazon , Google, Meta and other tech giants run their own data centres, they also rely on third-party data-centre operators for 30% of their needs in the U.S. and about 90% of their needs internationally, Salgame said.
The third parties construct data centres, which cost $1 billion to $2 billion each. Tech companies act as tenants, installing their own hardware inside. Most Johor data centres are run by third parties, which don’t necessarily have agreements with tech clients before starting projects.
“We’re going in speculatively,” Salgame said.
Salgame said he gets insights from big tech companies before beginning projects, so he has a sense of what they want. And the sense now is they want Johor.
Salgame predicts that the Malaysian state will become the world’s second-biggest data-center market within five years. “I’ve never seen anywhere in the world come up at this speed,” he said.
The industry measures data-centre markets by the electricity they use. Northern Virginia has about 4.2 gigawatts active and an additional 11.4 gigawatts under construction, committed or in early stages, said Vivian Wong , an analyst at research firm DC Byte.
Johor, after having less than 10 megawatts—or 0.01 gigawatts—three years ago, now has 0.34 gigawatt active and an additional 2.6 gigawatts under construction, committed or in early stages.
Government officials have mostly encouraged the investments, streamlining the permitting process. Salgame said his company’s Johor center was proposed, constructed and operating within 15 months.
But the mayor of Johor Bahru, the state capital, said the government must balance economic benefits with local needs. He said it should consider building desalination plants, among other things, to ensure locals have enough water. The area has faced shortages.
“We know that people are too hyped about data centres,” said the mayor, Mohd Noorazam Osman, at a recent conference.
After quitting his property-development job, the 40-year-old Goh started consulting for potential land buyers and sellers. His specialty was knowing which sites among the plantations and swamps could be easily converted into data centres.
He found success in the Johor city of Iskandar Puteri, where telecom carriers recently broke ground on a 42-acre lot across the street from a McDonald’s. The site isn’t perfect. A hill needs to be flattened before further construction occurs.
But on a recent sweltering day, Goh pointed at the power lines and light-blue water pipes running through the lot, signifying easy access to electricity and water. “These conditions are hard to come by,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Geoffrey Hinton hopes the prize will add credibility to his claims about the dangers of AI technology he pioneered
The newly minted Nobel laureate Geoffrey Hinton has a message about the artificial-intelligence systems he helped create: get more serious about safety or they could endanger humanity.
“I think we’re at a kind of bifurcation point in history where, in the next few years, we need to figure out if there’s a way to deal with that threat,” Hinton said in an interview Tuesday with a Nobel Prize official that mixed pride in his life’s work with warnings about the growing danger it poses.
The 76-year-old Hinton resigned from Google last year in part so he could talk more about the possibility that AI systems could escape human control and influence elections or power dangerous robots. Along with other experienced AI researchers, he has called on such companies as OpenAI, Meta Platforms and Alphabet -owned Google to devote more resources to the safety of the advanced systems that they are competing against each other to develop as quickly as possible.
Hinton’s Nobel win has provided a new platform for his doomsday warnings at the same time it celebrates his critical role in advancing the technologies fueling them. Hinton has argued that advanced AI systems are capable of understanding their outputs, a controversial view in research circles.
“Hopefully, it will make me more credible when I say these things really do understand what they’re saying,” he said of the prize.
Hinton’s views have pitted him against factions of the AI community that believe dwelling on doomsday scenarios needlessly slows technological progress or distracts from more immediate harms, such as discrimination against minority groups .
“I think that he’s a smart guy, but I think a lot of people have way overhyped the risk of these things, and that’s really convinced a lot of the general public that this is what we should be focusing on, not the more immediate harms of AI,” said Melanie Mitchell, a professor at the Santa Fe Institute, during a panel last year.
Hinton visited Google’s Silicon Valley headquarters Tuesday for an informal celebration, and some of the company’s top AI executives congratulated him on social media.
On Wednesday, other prominent Googlers specialising in AI were also awarded a Nobel Prize. Demis Hassabis, chief executive of Google DeepMind, and John M. Jumper, director at the AI lab, were part of a group of three scientists who won the chemistry prize for their work on predicting the shape of proteins.
Hinton is sharing the Nobel Prize in physics with John Hopfield of Princeton University for their work since the 1980s on neural networks that process information in ways inspired by the human brain. That work is the basis for many of the AI technologies in use today, from ChatGPT’s humanlike conversations to Google Photos’ ability to recognise who is in every picture you take.
“Their contributions to connect fundamental concepts in physics with concepts in biology, not just AI—these concepts are still with us today,” said Yoshua Bengio , an AI researcher at the University of Montreal.
In 2012, Hinton worked with two of his University of Toronto graduate students, Alex Krizhevsky and Ilya Sutskever, on a neural network called AlexNet programmed to recognise images in photos. Until that point, computer algorithms had often been unable to tell that a picture of a dog was really a dog and not a cat or a car.
AlexNet’s blowout victory at a 2012 contest for image-recognition technology was a pivotal moment in the development of the modern AI boom, as it proved the power of neural nets over other approaches.
That same year, Hinton started a company with Krizhevsky and Sutskever that turned out to be short-lived. Google acquired it in 2013 in an auction against competitors including Baidu and Microsoft, paying $44 million essentially to hire the three men, according to the book “Genius Makers.” Hinton began splitting time between the University of Toronto and Google, where he continued research on neural networks.
Hinton is widely revered as a mentor for the current generation of top AI researchers including Sutskever, who co-founded OpenAI before leaving this spring to start a company called Safe Superintelligence.
Hinton received the 2018 Turing Award, a computer-science prize, for his work on neural networks alongside Bengio and a fellow AI researcher, Yann LeCun . The three are often referred to as the modern “godfathers of AI.”
By 2023, Hinton had become alarmed about the consequences of building more powerful artificial intelligence. He began talking about the possibility that AI systems could escape the control of their creators and cause catastrophic harm to humanity. In doing so, he aligned himself with a vocal movement of people concerned about the existential risks of the technology.
“We’re in a situation that most people can’t even conceive of, which is that these digital intelligences are going to be a lot smarter than us, and if they want to get stuff done, they’re going to want to take control,” Hinton said in an interview last year.
Hinton announced he was leaving Google in spring 2023, saying he wanted to be able to freely discuss the dangers of AI without worrying about consequences for the company. Google had acted “very responsibly,” he said in an X post.
In the subsequent months, Hinton has spent much of his time speaking to policymakers and tech executives, including Elon Musk , about AI risks.
Hinton cosigned a paper last year saying companies doing AI work should allocate at least one-third of their research and development resources to ensuring the safety and ethical use of their systems.
“One thing governments can do is force the big companies to spend a lot more of their resources on safety research, so that for example companies like OpenAI can’t just put safety research on the back burner,” Hinton said in the Nobel interview.
An OpenAI spokeswoman said the company is proud of its safety work.
With Bengio and other researchers, Hinton supported an artificial-intelligence safety bill passed by the California Legislature this summer that would have required developers of large AI systems to take a number of steps to ensure they can’t cause catastrophic damage. Gov. Gavin Newsom recently vetoed the bill , which was opposed by most big tech companies including Google.
Hinton’s increased activism has put him in opposition to other respected researchers who believe his warnings are fantastical because AI is far from having the capability to cause serious harm.
“Their complete lack of understanding of the physical world and lack of planning abilities put them way below cat-level intelligence, never mind human-level,” LeCun wrote in a response to Hinton on X last year.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
China is Australia’s largest trading partner, but Australia’s growing security ties with the U.S. has added complexity to its relationship with Beijing
SYDNEY—China will lift a ban on Australian rock lobster imports by the end of the year, Australia’s prime minister said Thursday, as ties between the two major trading partners continue to stabilise.
The announcement, following months of speculation, comes after China previously lifted trade barriers on various other Australian goods including barley, wine and beef. Beijing imposed the restrictions in the aftermath of the Covid-19 pandemic, during a diplomatic spat with Australia’s previous government.
Many of Australia’s live lobsters were sent to China prior to the ban, which sent prices spiralling downward.
“With our patient, calibrated and deliberate approach, we’ve restored Australian trade with our largest export market,” Australian Prime Minster Anthony Albanese said Thursday after meeting with Chinese Premier Li Qiang alongside an Asean summit in Laos. “We’ve worked for the removal of trade impediments one by one.”
Albanese said the lifting of the ban would support Australian jobs, and noted the ban will be lifted in time for Lunar New Year in early 2025.
China is Australia’s largest trading partner, but Australia’s growing security ties with the U.S. has added complexity to its relationship with Beijing. Ahead of the meeting with Li, Albanese said his message would be that “we’ll cooperate where we can, we’ll disagree where we must.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
By 2026, the initiative seeks to ensure that 90% of transactions within the city are cashless.
Dubai has introduced the “Dubai Cashless Strategy,” an initiative from Digital Dubai a forward-thinking initiative designed to accelerate the adoption of secure digital payment solutions across both the public and private sectors. This strategy is a key move in reinforcing the city’s position as a global leader in the digital economy.
The strategy supports Dubai’s broader economic ambitions outlined in the Dubai Economic Agenda (D33) and Digital Dubai’s goal to integrate digital solutions into all aspects of daily life. By 2026, the initiative seeks to ensure that 90% of transactions within the city are cashless. This shift is anticipated to contribute more than AED 8 billion to the economy annually, largely driven by fintech advancements.
Abdulrahman Saleh Al Saleh, Director-General of the Department of Finance, highlighted that Dubai’s financial infrastructure meets international standards, making the city a frontrunner in cashless transactions. He noted that almost all government transactions were conducted digitally in 2023, showcasing Dubai’s advanced digital capabilities. Al Saleh also emphasized how this initiative aligns with His Highness Sheikh Mohammed bin Rashid Al Maktoum’s vision to enhance Dubai’s global business status.
Helal Saeed Almarri, Director-General of the Department of Economy and Tourism, reiterated the strategy’s alignment with the D33 agenda, which focuses on transitioning the majority of transactions to digital formats by 2026.
Hamad Obaid Al Mansoori, Director-General of Digital Dubai, stressed the growing importance of cashless payments in everyday life and the city’s goal of becoming a global digital hub. The strategy promotes innovation through AI-driven solutions and contactless technology, aiming to simplify digital transactions for both consumers and merchants while reducing payment processing fees.
Fintech is seen as a key player in realizing the Dubai Cashless Strategy, supporting the emirate’s standing as a leader in digital innovation. By encouraging digital payments, the strategy aims to offer a more secure and efficient way for businesses, government entities, and consumers to manage transactions across the city.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
To be part of the GMCI Indices, a coin must be actively traded on at least one of eight major centralized exchanges (CEXs).
Bitget has introduced the GMCI indices to its futures market, offering traders secure access to a diverse range of assets. The GMCI indices are meticulously curated to provide a reliable snapshot of the market, based on strict inclusion criteria.
To be part of the GMCI Indices, a coin must be actively traded on at least one of eight major centralized exchanges (CEXs) and meet minimum trading volume requirements. Additionally, each coin must be backed by at least one of three custodians, ensuring asset security and integrity. The indices prioritize coins with transparent circulating market capitalizations, with data sourced from CoinMarketCap and CoinGecko, and live pricing provided by Coin Metrics, which also acts as the third-party index calculation agent for GMCI.
The GMCI 30 index stands out by featuring the top 30 coins within the GMCI asset universe, excluding stablecoins, wrapped assets, and staked assets such as USDC, WBTC, and stETH. This index provides traders with exposure to a comprehensive set of the leading digital assets, capturing the broader market’s movements while maintaining diversification and reducing over-concentration in any single asset.
“At Bitget we prioritize the security of our users while delivering world-class innovation. This aligns with Bitget’s broader strategy of accelerating utility and mass adoption of crypto within a safe and secure ecosystem,” said Gracy Chen, CEO at Bitget. “By providing a curated set of assets backed by trusted custodians, we aim to empower traders with informed, diversified options to enhance the ease of managing wealth,” she added.
Rebalancing occurs monthly, on the last Friday of each month, with adjustments made according to the circulating market capitalization of the coins. This process ensures the indices remain up to date with market fluctuations, allowing them to reflect current trends and price movements accurately. While individual token positions are capped at 25% during rebalancing, they can float based on price performance, offering a dynamic representation of the market’s momentum throughout the month.
The GMCI Meme index, caters to the growing interest in meme coins, a segment that has garnered significant attention and trading volume within the crypto community. This index includes the top meme coins traded across selected exchanges, allowing users to hop on emerging memecoin trends securely.
“Our collaboration with Bitget to launch a perpetual contract on the GMCI 30 index is a significant step in expanding the accessibility of our index solutions to a broader market. As a leading crypto exchange in terms of trading volume and innovation, Bitget shares our vision of delivering cutting-edge, reliable products to the trading community. This marks the beginning of further partnerships that will see GMCI indices used as the benchmark of choice for innovative trading products across leading platforms,” said Maarten Botman, CEO at GMCI.
Offering exposure to a range of assets, GMCI indices help traders navigate diverse market segments. GMCI indices provide the robustness and transparency investors are accustomed to on the traditional financial markets while tapping into expertise in crypto much like Bitget. With this, Bitget users can now access GMCI indices including memecoins indices on the platform.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This partnership aims to utilize Facilio’s advanced Connected CaFM platform to optimize Berkeley FM’s service offerings and boost operational efficiency across the UAE region.
Facilio has announced a major new deployment with Berkeley Services Group, a well-established integrated facilities management (IFM) company based in Dubai. This partnership aims to utilize Facilio’s advanced Connected CaFM platform to optimize Berkeley FM’s service offerings and boost operational efficiency across the UAE.
Founded in Dubai in 1984, Berkeley Services Group (BSG) has been a leader in the industry, offering a wide range of services such as building maintenance, soft services, smart solutions, landscaping, and security. Known for its strategic collaborations and technology-driven approach, BSG has become a trusted leader in IFM, setting new standards for client-focused and people-centric management solutions.
Speaking about the deployment, Fayaz Mohammad, Head of Facilities Management, Berkeley Services said, “Facilio’s platform-led approach to operations & maintenance aligns perfectly with our needs. Its scalable infrastructure, robust automation and real-time KPI reporting capabilities stand out – it not just improves our operational capabilities but also helps boost growth and profitability across verticals. By leveraging this innovative technology, we can position ourselves at the forefront of technology-driven integrated facilities management, delivering exceptional experiences to our clients across diverse industries.
“Our Connected CaFM solution will enable Berkeley to deploy services swiftly while meeting demands for high-quality service, rapid response times, and zero downtime. It is a solution that is purpose-built to solve for IFM firms such as Berkeley. Being a no-code/low-code adaptable self-serve platform, it allows them to onboard customers and expand usage to cover everything from asset management to audit and compliance management seamlessly. It not only elevates their operational capabilities but also enhances customer satisfaction and retention, drives business expansion across verticals and ensures they continue to stay at the forefront of innovation,” said Prabhu Ramachandran, CEO of Facilio.
With Facilio‘s Connected CaFM platform, Berkeley Services can now streamline their operations through a single, centralized platform, allowing them to manage all facilities and operational tasks efficiently. The platform enables cost optimization by tracking expenses and identifying potential savings, while providing 360-degree visibility into operations, allowing the team to monitor tickets raised and resolved to improve service response times and overall efficiency.
Compliance is assured with automated reporting and health, safety, and environmental (HSE) management, ensuring regulatory standards are consistently met. Additionally, the platform accelerates deployment by templatizing onboarding workflows, leading to a faster return on investment. It also holds vendors accountable by monitoring their adherence to service level agreements (SLAs), ensuring high performance and reliability. The platform’s scalable infrastructure further allows Berkeley Services to easily add new service lines through customizable modules without the need for coding or extensive IT efforts.
This deployment echoes Facilio’s success stories with other prominent FM Service providers such as Musanadah and CIT Group in Saudi Arabia, Quality FM in the UAE, and Q3 Services in the UK.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Alexandre de Betak and his wife are focusing on their most personal project yet.
These investments span various regions overseen by OPAZ.
Oman achieved significant growth in investments across its special economic zones, free zones, and industrial cities during the first half of 2024, with a 20% increase compared to the same period in 2023.
A report published early October 2024 by the Public Authority for Special Economic Zones and Free Zones (OPAZ), revealed that total investments reached over RO20.1 billion, an increase of RO3.4 billion from the previous year.
These investments span various regions overseen by OPAZ. The Special Economic Zone at Duqm (SEZAD) saw a notable surge, with a 55% increase in cumulative investment compared to last year. New investments in SEZAD amounted to RO2.1 billion, bringing total investments there to over RO6 billion.
In Oman’s industrial cities, total investments reached RO7.5 billion, while the Salalah Free Zone secured RO4.6 billion by mid-2024. Investments in the Sohar Free Zone stood at RO1.3 billion, and the Al Mazyunah Free Zone surpassed RO139 million. Additionally, Khazaen Economic City reported a cumulative committed investment of RO459.5 million.
The report also noted a rise in new business registrations, with 1,885 registered within OPAZ-supervised areas in the first half of 2024. During this time, OPAZ issued 735 public service licenses, 740 activity licenses, 156 building permits, and 5,466 work and investor licenses, while conducting over 15,000 inspection and supervision visits. A total of 191 environmental permits were also granted.
Employment in these economic zones, free zones, and industrial cities grew to 71,684 by the middle of 2024. The Omanisation rate reached 35%, with industrial cities leading with an Omanisation rate of 38%.
To encourage further strategic investments, OPAZ introduced a project tracking system through Odoo, which streamlines project monitoring and documentation. By mid-2024, there were 160 projects under execution registered in the system. OPAZ also launched an awareness initiative, with 145 companies applying and 20 following up.
Currently, OPAZ oversees 15 established zones, which include two economic zones, three free zones (Sohar, Salalah, and Al Mazyunah), and 10 industrial cities. There are also eight new zones under development, such as the integrated economic zone in Ibri, Dhahirah Governorate; an economic zone in Al Rawda, Buraimi Governorate; a free zone at Muscat International Airport; and five more industrial cities. This brings the total number of operational and developing areas under OPAZ to 23.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Sydney’s prestige market is looking up, here’s three of the best on the market right now.
This includes Dell’s IT infrastructure and workload migration solutions, the Dell AI Factory models and frameworks, cybersecurity enhancements, as well as client, edge, and multicloud solutions.
Dell Technologies and Alinma Bank today signed a Memorandum of Understanding (MoU) to accelerate the Saudi-based bank’s digital transformation initiatives.
The MoU signed during the 24 Fintech Summit in Riyadh by Mohammed Talaat, VP, KSA & Egypt at Dell Technologies and Yaser Alofi, Chief Information Officer (CIO) at Alinma bank marks a significant step forward in the Shariah-compliant bank’s digital transformation strategy.
The agreement outlines a collaborative framework for both parties to jointly develop and deliver innovative data center transformation solutions. This includes Dell’s IT infrastructure and workload migration solutions, the Dell AI Factory models and frameworks, cybersecurity enhancements, as well as client, edge, and multicloud solutions delivered with flexibility through Dell APEX.
Dell APEX is an end-to-end portfolio of as-a-Service and subscription services where customers pay only for the services consumed. It helps customers scale resources based on their needs and simplifies IT management through consistent performance, predictable costs, and on-demand access to Dell’s infrastructure and services.
Alinma Bank, established in 2006, has earned a reputation for its innovative offerings, customer-focused approach, and pioneering efforts in digital banking.
Mohammed Talaat, VP, KSA & Egypt at Dell Technologies said: “The Saudi banking sector is at a pivotal stage of growth spurred by technological advancements and an increased focus on innovation. We are happy to contribute to this evolution and support Alinma Bank in its digital transformation journey. By combining our strengths, we can deliver innovative and scalable solutions that address the evolving needs of the bank while delivering even greater value to their customers.”
Yaser Alofi, Chief Information Officer (CIO) at Alinma Bank said:“We are excited to deepen our relationship with Dell and leverage their expertise in delivering cutting-edge technology solutions. This collaboration aligns perfectly with our long-term growth strategy and our commitment to raising benchmarks and setting new standards for the financial industry.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The collaboration enables a near-seamless integration, empowering employers on Oracle Fusion Cloud Recruiting to reach millions of qualified candidates.
Bayt.com announced its collaboration with Oracle to elevate the experience for both employers and job seekers. Bayt.com‘s integration with Oracle enables employers to quickly and easily publish their job openings – created with Oracle Fusion Cloud Recruiting – on the Bayt.com platform to access to a broader pool of talent and help ensure they reach a diverse and highly qualified audience.
Employers using Oracle Recruiting now benefit from a streamlined recruitment process that eliminates the need for repetitive data entry and minimizes the risk of application drop-offs by job seekers. Candidates can use their existing Bayt.com CVs to apply for opportunities directly, without needing to re-enter information or leave the platform, saving valuable time in the application process. With Bayt.com’s reach and Oracle’s robust infrastructure, organizations can efficiently connect with candidates, enhancing the speed and success of their hiring efforts.
Another key feature of this collaboration is the integration of Bayt.com’s Evalufy, an advanced applicant video assessment tool with AI-powered transcription and translation capabilities. This tool is now available to Oracle Recruiting users, enabling employers to assess candidates more effectively, reduce time-to-hire, and help ensure a better match between candidates and job requirements.
Akram Assaf, Co-founder and Chief Technology Officer at Bayt.com, said, “Our collaboration with Oracle underscores our commitment to enhancing the recruitment ecosystem in the Middle East. Leveraging Oracle Recruiting not only amplifies our capacity to connect employers with their ideal candidates, but reaffirms our commitment to stand at the forefront of recruitment innovation. This collaboration ultimately underscores a shared dedication to leveraging technology in fostering more efficient, accessible, and engaging recruitment experiences.”
The collaboration between Bayt.com and Oracle introduces a series of benefits aimed at streamlining the recruitment process for both job seekers and employers. Job seekers can now enjoy a near-seamless application process through Bayt.com, enhancing the efficiency of application completion due to its simplicity and ease of use. This highlights Bayt.com’s commitment to enhancing the job seeker experience and providing tools that empower them to build a lifestyle of their choice. Employers, on the other hand, are poised to benefit from unparalleled access to an extensive database of over 52 million professionals across the Middle East. This access not only expands their talent pools, but it also increases the visibility and diversity of potential candidates.
“Our collaboration with Bayt.com further highlights the commitment of both entities to deliver cutting-edge solutions tailored to meet the dynamic needs of the global workforce. Employers can now benefit from a near-seamless job posting process and automatic status updates, helping ensure a smooth experience for both recruiters and candidates,” said Nagaraj Nadendla, senior vice president of HCM product development at Oracle. “The easy apply application process enriches the job seeker experience, helping them remain engaged and well-informed throughout their application journey.”
Bayt.com’s collaboration with Oracle Recruiting exemplifies a shared vision of leveraging technology to simplify the hiring process, expand access to quality talent, and elevate the overall candidate experience. As this partnership continues to evolve, Bayt.com and Oracle are set to redefine talent acquisition dynamics, setting new benchmarks for efficiency and engagement in the competitive job market.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Self-tracking has moved beyond professional athletes and data geeks.