Latest news with #EDB
Business Times
2 days ago
- Automotive
- Business Times
China's WeRide secures LTA approval to run driverless bus without safety officer in Sentosa
[SINGAPORE] China-based WeRide has secured approval from Singapore's Land Transport Authority (LTA) to operate a driverless bus in Sentosa without an on-board safety officer. This will be the first autonomous vehicle (AV) in South-east Asia to run without such personnel on board, the company said in a press release on Thursday (Jul 17). Called the Robobus, the AV had already been plying a route at Resorts World Sentosa (RWS) since last June – but with a safety officer present. Under LTA's AV assessment framework, companies deploying AVs must first pass certain tests and demonstrate safe operations on public roads with safety operators on board. 'Once they pass the assessments, they may proceed to remove the on-board safety operator requirement and replace it with constant remote monitoring instead,' said Lam Wee Shann, LTA's chief technology officer. Jennifer Li, chief financial officer and head of international at WeRide, said that LTA's approval 'demonstrates that our vehicles are safe, reliable, and ready to transform public transportation at scale'. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The Robobus connects key points within RWS on a fixed 12-minute loop. It is equipped with lidar technology, cameras and sensors capable of detecting obstacles more than 200 m away. The bus has not had any safety incidents thus far, said WeRide. The company was given the green light as Singapore eyes greater deployment of AVs. In June, Acting Minister for Transport Jeffrey Siow said that he expects AVs to be on the Republic's roads in the next five years. WeRide runs a research and development (R&D) centre in Singapore, with support from the Economic Development Board (EDB). EDB executive vice-president Cindy Koh welcomed more companies to collaborate with the city-state on AV innovation. She said: 'WeRide is an example of how AV companies can partner with Singapore to undertake AV trials and R&D, and create new jobs such as software development engineers, machine learning engineers and data scientists.' LTA will continue to work closely with companies that seek to deploy AVs to 'alleviate manpower constraints, increase productivity and enhance transport connectivity', said Lam.
Observer
3 days ago
- Business
- Observer
Oman boosts ties with Eurasian Development Bank
MUSCAT: The Sultanate of Oman recently welcomed a high-level delegation from the Eurasian Development Bank (EDB) to explore avenues for enhancing economic and investment cooperation between the two sides. During the visit, the delegation held a series of key meetings with the Ministry of Finance, the Oman Investment Authority, the Oman Investment Bank, and the Muscat Stock Exchange. Discussions centred on expanding partnerships between Oman and the EDB, particularly in financing infrastructure and development projects. They also touched on supporting joint economic ventures, exchanging technical expertise and financial advice; and strengthening collaboration with Central Asian nations and other member states of the bank. This visit further reinforces Oman's reputation as a competitive and attractive investment hub, positioning it as a focal point for regional and international cooperation. The Eurasian Development Bank, established in 2006, currently has seven member countries. It plays a pivotal role in promoting sustainable economic growth across the Eurasian region. The bank primarily finances development projects in key sectors including energy, transportation, mining, agriculture and logistics. In addition, it offers technical and advisory support to help member states achieve broader economic development goals. — ONA
Business Times
4 days ago
- Business
- Business Times
Five things about Philip Yeo, former EDB chairman and outgoing CDL director
[SINGAPORE] Veteran public servant and economic heavyweight Philip Yeo made headlines on Tuesday (Jul 15), when news broke that he was retiring from City Development Limited's (CDL) board of directors. This comes some months after a high-profile dispute between the property developer's executive chairman and group chief executive officer. Yeo, 78, will leave the board of CDL on Jul 31, after a 16-year tenure. His prolific career spans more than four decades of public service – as detailed in the 2016 biography Neither Civil Nor Servant: The Philip Yeo Story – including as the chairman of Singapore's Economic Development Board (EDB). Once dubbed by the media as the 'economic tsar of Singapore', Yeo has been credited with building up the Republic's economy. Beyond public service, his private-sector appointments include seats on the boards of more than 20 companies, including Malaysian conglomerate Sunway and Singapore-listed groups Indofood Agri Resources and QAF , the food manufacturer and distributor behind the Gardenia brand of bread. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Here are five things to know about Yeo. 1. He had an early interest in engineering Growing up, Yeo attended St Joseph's Institution. There, he led the aero-modelling club, spending time – in his own words – 'making, flying and crashing model planes'. This interest carried on to university, where he studied industrial engineering at the University of Toronto in Canada on a scholarship. He also had an appetite for the written word early on, and he cites reading as his sole hobby from childhood. After his graduation in 1970, he joined the civil service. While the Public Service Commission posted him to the Ministry of Finance's Budget division, he requested to be transferred to an engineering role – which landed him in the Ministry of Defence (Mindef). 2. He spent four decades in public service From 1970 to 1985, Yeo took on various roles in Mindef, including permanent secretary for logistics, defence research and development (R&D), and defence industries. From 1981 to 1987, he chaired the National Computer Board, a forerunner of the Infocomm Media Development Authority. He served at EDB between 1986 and 2006, as executive chairman and, later, executive co-chairman. He was also chairman of the Agency for Science, Technology and Research from 2001 to 2007, and a special adviser for economic development in the Prime Minister's Office from 2007 to 2011. In an open letter to public service officers, Yeo reflected on his extensive career and described his time in public service as memorable and fun. 3. He helped create Jurong Island Yeo steered EDB from established fields to new business areas of internationally exportable services and high-tech industries during his time there. Among his contributions were the development of Singapore's information technology, semiconductor, chemical industries, and biomedical sciences sectors. He also led the construction of the Republic's chemical cluster, as well as the creation of Jurong Island, which involved reclaiming seven islands. The man-made island off Singapore's south-western coast is a 3,000-hectare chemical production centre, where more than a hundred international companies conduct refining, production and chemical manufacturing activities. It has drawn more than S$50 billion in investments since it opened in 2000. 4. He built up the biomedical scene Yeo is also credited with building up Singapore's biomedical sector. He spearheaded the development of Biopolis, an R&D campus that brings institutes, researchers and private-sector players together. The complex, which opened in 2003 in one-north, put Singapore's biomedical sector on the map by attracting international talent – in turn enriching the domestic research community for biomedical sciences. Yeo recruited top researchers from around the world to work at the hub. He also had 1,000 PhD candidates in fields such as biomedical science, physical science, and engineering trained locally and abroad. 5. He backed chairman in CDL dispute Yeo was appointed to CDL's board as a non-independent director on May 11, 2009. In a public feud this year, Yeo took the side of CDL executive chairman Kwek Leng Beng against his son Sherman Kwek, who is the group's CEO. On Feb 26, the elder Kwek accused his son and a group of directors of an 'attempted coup' as well as corporate governance lapses after they hastily appointed two new directors to the board earlier that month. These directors were Jennifer Duong Young and Wong Su-Yen. In response, the younger Kwek said that the primary reason for the dispute was 'a very serious issue of corporate governance' involving Dr Catherine Wu, an adviser to his father. He added that Dr Wu had a 'long relationship' with the CDL executive chairman, interfered with matters beyond her scope, and wielded 'enormous influence'. The conflict escalated with father and son gearing up to meet in court, as the younger Kwek roped in top litigator and Senior Counsel Davinder Singh to represent him. The matter was subsequently settled after Dr Wu resigned from her role as an adviser to CDL unit Millennium & Copthorne Hotels. Kwek Leng Beng dropped his lawsuit on Mar 12, saying that all board members had agreed to set aside their differences, purportedly for the greater good of the company. However, signs of lingering conflict remained at CDL's annual general meeting on Apr 23. There, Yeo urged shareholders to reject the re-election of four directors – including Young and Wong. Although his call received applause, the resolutions were all passed. In its bourse filing on Jul 15 announcing Yeo's retirement, CDL said there were no unresolved differences in opinion on material matters between Yeo and its board of directors.
Business Times
5 days ago
- Business
- Business Times
RTX launches new Collins Aerospace facility with flexible manufacturing system in Singapore
[SINGAPORE] Defence conglomerate RTX launched its new Collins Aerospace facility at Seletar Aerospace Park in Singapore on Tuesday (Jul 15). This marks the beginning of construction at the aerospace park, part of RTX's US$250 million investment to expand its advanced manufacturing and maintenance, repair and overhaul (MRO) capabilities in Singapore. The event was officiated by Deputy Prime Minister (DPM) Gan Kim Yong, who joined Paolo Dal Cin, senior vice-president of RTX's operations and supply chain, and representatives from the Singapore Economic Development Board (EDB) to mark the start of construction on the future site. The current plant of Collins Aerospace in Bedok is the sole manufacturing site for complex gears used in a wide array of modern commercial aircraft platforms, where its major customers are key airframers such as Airbus, Boeing, Bombardier, Embraer and Gulfstream. New flexible manufacturing system (FMS) workflow As part of this venture, its new facility will adopt an entirely new workflow based on a FMS. This means that a new manufacturing engineering team of 60 persons in the new facility with deep manufacturing process expertise in FMS and Industry 4.0 technologies will be set up. It will be the first of such teams in Collins Aerospaces' global network. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up The move will reportedly double its manufacturing volumes by 2033, and introduce high-value component assembly work to Singapore, said DPM Gan in his speech at the groundbreaking ceremony of the new manufacturing facility on Tuesday. In addition, the company will also upskill its existing workers at its Bedok plant, so that they will be prepared for the shift to the new facility. The launch of this new facility follows the recent agreement between RTX and EDB on Jun 18, which outlines a 10-year roadmap to strengthen Singapore's aerospace ecosystem. It focuses on digitalisation, efficiency, workforce development, and expanding high-value capabilities, with this new facility playing a key role in bringing that shared vision to life. Collins Aerospaces was one of the first aerospace companies to establish a presence in Singapore more than 50 years ago. Substantial gains in aerospace segment in May: EDB According to data from Singapore's EDB, the aerospace segment expanded by 43.6 per cent in May, as it was bolstered by higher production of aircraft parts and more MRO jobs from commercial airlines. This is up from 9.5 per cent year on year in April, and 30.9 per cent year on year in March. Transport engineering output on a whole rose 25.6 per cent year on year in May. As for the marine and offshore engineering segment, it increased by 5.3 per cent in May, on account of higher levels of activities in the shipyards. The land segment, however, declined 12 per cent. The transport engineering cluster cumulatively grew 18 per cent for the period January to May this year, compared to the same period a year ago. In 2024, Singapore's aerospace industry achieved an output valued at over S$18 billion, which represents a growth of more than 15 per cent year on year. 'Amidst the rise of technologies such as artificial intelligence and machine learning as well as automation and robotics, we want to keep Singapore competitive as a hub for advanced manufacturing,' DPM Gan said. 'We do not set out to compete on cost alone; instead, we differentiate ourselves through our emphasis on quality, innovation, reliability and long-term value,' he added.
Daily Tribune
11-07-2025
- Automotive
- Daily Tribune
Bahrain pitches AI Supply Chain plan to UK Titans
TDT| Manama Bahrain is stepping up efforts to position itself as a next-generation logistics and manufacturing hub, spotlighting artificial intelligence, regulatory agility, and location advantages in high-level discussions with UK industry leaders. During a two-panel event hosted in collaboration with Financial Times Live in London, the Bahrain Economic Development Board (EDB) made a strategic pitch to British investors, framing Bahrain as an emerging centre for AI-powered, sustainable, and cost-efficient supply chains. The panels, held under the theme 'Shaping the Next Generation of Manufacturing and Logistics Hubs', brought together top executives from major UK firms in automotive, ports, technology, and advanced manufacturing. AI and access The discussions focused on two core trends disrupting global logistics: the rise of AI in supply chain operations and the geographic shift of hubs closer to critical resources and consumer markets. Officials from Bahrain emphasised that the island nation's simplified regulations, mature digital infrastructure, and direct access to Gulf markets offer a compelling case for companies seeking alternatives to overstretched or cost-heavy supply routes. Ali AlMudaifa, Chief of Business Development at Bahrain EDB, and Ahmed Sultan, Executive Director for Manufacturing, Transport & Logistics, joined a panel that also featured Geraint Evans, CEO of UK Major Ports Group. Together, they examined how tariff shifts and sustainability pressures are driving a re-evaluation of traditional logistics corridors. Industry voices weigh in The first panel included Steven Armstrong, Chair of Morgan Motor Company, Lina Huertas from Microsoft UK, and Riddhi Karambelkar of Brompton Bicycle. They explored trends like time-to-market acceleration and cost-effective manufacturing consolidation. Microsoft's Huertas discussed how digital twins and predictive analytics are reshaping factory floor decisions, while Armstrong highlighted the need for closer proximity between manufacturing sites and emerging markets. Moderated by Financial Times' Benjamin Parkin, the sessions also included insights from Bahrain's Minister of Sustainable Development and EDB Chief Executive, H.E. Noor bint Ali Alkhulaif, who underscored Bahrain's commitment to sustainable industrial growth. Future-ready vision The event was part of a broader visit by Bahrain's EDB to the United Kingdom, aimed at strengthening bilateral investment ties and showcasing Bahrain's readiness to accommodate next-gen industrial ecosystems. As companies seek resilience and operational efficiency amid mounting global pressures, Bahrain's leadership is betting on digital innovation and geographic agility to turn the Kingdom into a regional command centre for manufacturing and logistics. Bahrain's pitch in London marks a calculated move to attract firms rethinking their global supply chain architecture.
