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Zawya
2 hours ago
- Zawya
Hongkong Land launches Hong Kong's first AI-powered intelligent facility management platform
Key highlights include: The Integrated Facility Management Control Tower (IFMCT) unifies over 20 standalone building systems into a single AI-powered command centre and is poised for wider implementation, with plans to expand across Hongkong Land's regional portfolio. The transition from reactive to proactive maintenance, powered by AI health analytics, has significantly reduced servicing frequency. 66% of work orders have been automated, boosting operational efficiency and reducing disruptions. HONG KONG SAR - Media OutReach Newswire - 21 August 2025 - Hongkong Land has launched the city's first AI-powered intelligent facility management platform, the IFMCT, setting a new industry standard for commercial property management and demonstrating the Company's commitment to PropTech innovation. Following a successful pilot at Alexandra House, which earned the Industry Excellence Award for best practice, the IFMCT has been scaled to Charter House and Exchange Square, demonstrating its adaptability. With proven results, Hongkong Land is now preparing to roll out the platform across its entire Central Portfolio by 2026. Mr Michael Smith, Chief Executive, Hongkong Land, said:" This pioneering initiative stands as a testament to Hongkong Land's leadership in delivering forward-thinking sustainable solutions, highlighting the Group's long-standing culture of innovation and our commitment to creating lasting value for all our stakeholders. We're proud of the platform's success in Hong Kong and look forward to extending its impact across our regional portfolio." The IFMCT unifies over 20 standalone building systems into a single platform - integrating the Building Management System (BMS), AI-driven Heating, Ventilation, and Air Conditioning Systems (HVAC), thermal comfort control, energy optimisation, and soft services such as cleaning, vendor management, procurement and tenant wellness monitoring. By leveraging real-time monitoring, advanced AI analytics, and 4D digital twin visualisation, the advanced system enhances operational efficiency and minimises disruptions, improving reliability and extending asset lifecycles. The IFMCT drives operational excellence, accelerating decarbonisation efforts through close collaboration with tenants The IFMCT automates workflows to optimise both hard and soft services, improving daily building operation as well as tenant experience. Shifting from traditional, reactive maintenance to a predictive, proactive model, the platform harnesses AI-powered health analytics to detect early signs of performance decline, preventing service interruptions. For instance, Air Handling Units (AHUs) are managed like people: healthy units skip routine check-ups, while symptomatic ones receive priority servicing. This condition-based approach resulted in a 16% reduction in AHU maintenance effort after one year, cutting maintenance frequency from monthly to biannual, clearly demonstrating the tangible benefits of intelligent servicing. Other measurable outcomes include a 66% automation rate for work orders, and an 80% reduction in time needed to retrieve asset documentation. The platform has significantly decreased the volume of alarm monitoring calls to both tenants and vendors, streamlining communication. As climate resilience takes on greater urgency, the IFMCT elevates the adaptability of buildings and operations through intelligent energy management. The platform balances energy demand and adjusts heating and cooling systems in response to forecasted weather patterns, helping Hongkong Land and its tenants reduce energy consumption and accelerate decarbonisation efforts. Hongkong Land to scale the IFMCT regionally following successful pilot and Central Portfolio expansion The IFMCT's standardised data structure enables seamless integration across markets, supporting Hongkong Land's regional expansion of intelligent property management solutions towards the ultra-premium integrated commercial properties strategy. Building on its success in Hong Kong, the platform is set to be deployed at Westbund Central in Shanghai, a development offering high-quality retail spaces, office towers, residences, hotels, and arts and cultural venues. This cross-market implementation reinforces Hongkong Land's position as a regional leader in building management technology. Hashtag: #HongKongLand The issuer is solely responsible for the content of this announcement. Hongkong Land Hongkong Land is a major listed property investment, management and development group. Founded in 1889, it is a market leader in the development of experience-led city centres that unlock value for generations by combining innovation, placemaking, exceptional hospitality and sustainability. The Group focuses on developing, owning and managing ultra-premium mixed-use real estate in Asian gateway cities, featuring Grade A office, luxury retail, residential and hospitality products. Its mixed-use real estate footprint spans more than 850,000 sq. m., with flagship projects in Hong Kong, Singapore and Shanghai. Its properties hold industry-leading green building certifications and attract the world's foremost companies and luxury brands. The Group's Hong Kong Central portfolio represents some 450,000 sq. m. of prime property. LANDMARK, the luxury shopping destination of the Hong Kong Central portfolio, is undergoing a three-year, US$1 billion expansion and upgrade, which aims to reinforce the portfolio as a world-class destination for luxury, retail, lifestyle and business. The Group has a further 165,000 sq. m. of prestigious office space in Singapore, mainly held through joint ventures, and a portfolio of retail centres on the Chinese mainland, including a luxury retail centre at Wangfujing in Beijing. In Shanghai, the Group owns a 43% interest in a 1.7 million sq. m. mixed-use project in West Bund. Due to complete in 2028, it will comprise Grade A offices, luxury and retail space, high-end waterfront residential apartments, hotels and convention and cultural facilities. Alongside LANDMARK, it forms part of the Group's CENTRAL Series of globally-recognised destinations for luxury and lifestyle experiences. Hongkong Land
Arabian Business
3 hours ago
- Arabian Business
CE-Ventures backs $100m nuclear startup for AI power
CE-Ventures, the corporate venture capital arm of Crescent Enterprises, has announced its participation in the $100m Series B funding round for US-based nuclear technology company Aalo Atomics, which is developing advanced modular nuclear reactors to power the next generation of AI data centres. The round was led by Valor Equity Partners with participation from CE-Ventures, Fine Structure Ventures, Hitachi Ventures, Crosscut Ventures, and others. Founded in 2022, Aalo Atomics has already achieved rapid progress and was recently selected by the US Department of Energy (DOE) for fast-tracked testing of its advanced nuclear technology. CE-Ventures backs nuclear startup The Series B funding will support the company in building its first nuclear power plant, with the goal of reaching zero-power criticality by July 2026 — a major step towards proving how mass-manufactured modular reactors can deliver reliable, scalable, clean power. This milestone comes as the US accelerates next-generation nuclear development to meet the surging energy demands of the AI era. Sudarshan Pareek, Senior Vice President at CE-Ventures, said: 'We are at a pivotal moment for advanced nuclear technology, and we view Aalo Atomics as a true leader in this new atomic age. 'The surge in AI adoption is driving unprecedented demand for reliable energy, and nuclear power can play a crucial role in meeting this demand with clean, scalable solutions'. CE-Ventures' global portfolio includes strategic investments across frontier technologies, including AI and infrastructure ecosystems, building on Crescent Enterprises and Crescent Group's legacy in technology, energy, and UAE-US infrastructure partnerships. Matt Loszak, CEO of Aalo Atomics, said: 'We are beyond excited to announce Aalo's $100m Series B. We now have the capital to build our first nuclear power plant, the Aalo-X, which we're aiming to turn on next summer. 'This could be the first advanced nuclear power plant to achieve criticality in the US in decades. The Aalo team is extremely grateful to all of our backers for giving us this once-in-a-generation opportunity to help nuclear energy fulfil its potential.' The DOE's Reactor Pilot Programme, launched in June 2025, aims to accelerate testing of advanced nuclear technologies. Aalo Atomics has been selected under the programme to build its demonstration plant, where it plans to install an experimental data centre — showcasing first-of-its-kind reactors directly powering AI infrastructure. With the International Energy Agency (IEA) projecting that electricity demand from AI-optimised data centres will more than quadruple by 2030, Aalo's approach highlights how next-generation nuclear energy could be the clean solution to powering the AI-driven economy.
The National
8 hours ago
- The National
Fed minutes: Inflation outweighs employment concerns in divided decision
Federal Reserve officials were concerned in July about the effect that tariffs would have on inflation and unemployment, although minutes released from the meeting showed on Wednesday that a large majority found it too soon to begin cutting interest rates. The minutes underscored the division within the central bank, which voted to maintain its target interest rate range at 4.25 to 4.50 per cent despite two Fed officials voting to reduce the rate. The UAE Central Bank, which follows the Fed's decisions due to the dollar peg, also maintained rates after the announcement on July 30. The July meeting minutes showed 'almost all' Fed officials supported the decision. US President Donald Trump's tariff agenda has weighed heavily on the Fed this year. Officials entered last month's meeting debating whether tariffs would have a greater impact on inflation, which still remains above the Fed's 2 per cent target, or on its employment mandate. The minutes appeared to suggested that Fed governors Christopher Waller and Michelle Bowman – two Trump appointments reported to be in consideration as the next Fed chief – were alone in their dissent. 'A majority of participants judged the upside risk to inflation as the greater of these two risks, while several participants viewed the two risks as roughly balanced, and a couple of participants considered downside risk to employment the more salient risk,' the minutes read. Fed chairman Jerome Powell delivered a hawkish sentiment when speaking to reporters after the decision, suggesting that the Fed could continue to delay cutting rates as it awaited further clarity on how tariffs would affect inflation. 'When we have risks to both goals, and one of them is farther away from goal than the other, and that's inflation, that means policy should be tight, because tight policy is what brings inflation down,' Mr Powell said at the time. A dismal jobs report released two days after the meeting drastically changed the rate-cut calculus expected to play out later this year. The report showed that not only had employers added fewer jobs than expected in July, but significant downwards revisions from previous months pointed to signs of a weakening labour market. Adding to the mixed messages the Fed has received, underlying inflation data has also come in hotter than expected since July. The report from the Bureau of Labour and Statistics showed that prices for imported items such as household furnishing, apparel and recreational goods all increased last month, while medical care services and airfare prices were also higher than previous. Wholesale inflation data also saw its biggest increase in three years in July, in another sign that companies are raising their prices to offset higher costs. Those reports have done little to dent expectations of a September rate cut, however. About 83 per cent of traders believe the Fed will resuming cutting rates next month, according to the CME Group's FedWatch tool, before reducing policy again in December. 'The labour market will be the swing factor on whether the Fed cuts interest rates in September or not,' Oxford Economics chief US economist Ryan Sweet wrote to clients. The minutes come at a crucial time for Mr Powell, who is due to deliver a keynote address at the annual Jackson Hole symposium in Wyoming on Friday. Mr Powell will deliver the highly anticipated speech under pressure on several fronts from Mr Trump, the two dissenting Fed governors and the looming arrival of a key Trump ally to the Federal Reserve board. Friday's address during the annual gathering, attended by central bankers from around the world, is expected to include Mr Powell's short-term and long-term views on monetary policy. Earlier on Wednesday, Mr Trump opened a new line of attack on the US central bank, calling for the resignation of Fed governor Lisa Cook after one of his allies accused her of mortgage fraud. Ms Cook's term as Fed governor expires in 2038. Together they, along with a rotating group of regional fed bank presidents, make up the Federal Open Market Committee that sets its interest rates. The move follows a pattern of attempts by Mr Trump to exert control of the Fed, whose independence is generally considered sacrosanct among economists and policymakers
