AL TAIF and ST Engineering Land MRO & Services sign MoU
AL TAIF, the provider of maintenance, repair and overhaul (MRO) services and an entity of EDGE, has signed a Memorandum of Understanding (MoU) with ST Engineering Land MRO & Services, a Singapore-based global technology, defence and engineering group. The preliminary agreement was signed by Rashed Al Kaabi, Chief Executive Officer of AL TAIF, and Lim Beng Lee, Executive Vice President and General Manager of STELMS. Through this collaboration, AL TAIF and STELMS will work together to identify business opportunities in augmenting land platform MRO processes in the UAE.
Key areas of cooperation under the MoU include Computerised Maintenance Management System (CMMS) solutions to enhance maintenance operations with advanced tools for asset management, preventive maintenance scheduling, work order tracking, and resource optimisation; Fleet Instrumentation and Monitoring to develop integrated solutions that leverage IoT, artificial intelligence, analytics, and workshop automation to optimise MRO processes, improving operational efficiency and reliability; and Consultancy and Training where STELMS will share its expertise in MRO consultancy and training, offering engineering solutions such as remanufacturing, and service life extension for platforms and components.
This partnership underscores the commitment of both organisations to advancing MRO capabilities and delivering solutions that enhance the sustainability and effectiveness of land platforms.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Campaign ME
11 hours ago
- Campaign ME
Archer Media delivers immersive road branding for BAYN launch
ORA Development recently launched BAYN, a new luxury residential destination located between Dubai and Abu Dhabi in Ghantout, UAE. To support the launch, the developer partnered with Dubai-based Archer Media to create a full-scale outdoor branding activation designed to guide and welcome guests to the site. The project involved branding a 3.5-kilometre stretch of road leading to the development. Archer Media, known for its outdoor advertising work across the GCC, was responsible for the creative direction, design, permitting, production, and installation of the route's visual branding. The objective was to create a cohesive and high-impact arrival experience that aligned with BAYN's premium positioning. The activation was designed to function both as directional signage and a visual prelude to the brand, featuring clean design cues and subtle messaging to support the tone of the launch. 'This was more than signage – it was a statement. A build-up of emotion, clarity of direction, and a seamless connection between vision and execution,' said Andre Zovighian, Founder & Managing Director of Archer Media. ORA Development described the execution as aligned with the broader vision for the launch, with the branding contributing to the overall sense of occasion. 'Archer Media helped us turn the road to BAYN into part of the brand journey — a well-executed experience that reflected our goals for the project,' the company shared. The activation is an example of how out-of-home media continues to evolve, moving beyond visibility to support brand storytelling, particularly in sectors such as luxury real estate where first impressions carry significant weight.
Zawya
17 hours ago
- Zawya
Singapore monetary authority penalises 9 banks, institutions for 2023 money laundering case
SINGAPORE - The Monetary Authority of Singapore penalised six banks and three other financial institutions a total of S$27.45 million ($21.5 million) on Friday in relation to the country's biggest ever money laundering scandal in 2023. The case involved more than S$3 billion ($2.2 billion) in illicit assets seized after 10 foreigners were busted in a series of simultaneous raids in August 2023. The total penalty is just shy of the S$29.1 million in financial penalties meted out to eight banks in a case involving Malaysia's 1MDB in 2017. The banks involved - Credit Suisse, UOB, UBS , Citibank, Julius Baer, and LGT Bank - were each penalised between S$1 million and S$5.8 million. Brokerage firm UOB Kay Hian, asset management firm Blue Ocean Invest and trust and fund services company Trident Trust Company Singapore were also penalised S$2.85 million, S$2.4 million and S$1.8 million respectively. The penalties mark the conclusion of MAS's enforcement actions against financial institutions. The 10 convicted money launderers were sentenced to jail terms of between 13 and 17 months in the nation's largest case of its kind. They were deported and barred from re-entering Singapore after completing their sentences. The criminals held money gained from overseas scams and online gambling operations in bank accounts in Singapore, and converted some of their cash into real estate, cars, handbags and jewellery. MAS said it has identified shortcomings in the financial institutions' customer risk assessments, their tracing of the sources of customers' wealth as well as their ability to monitor and follow up on suspicious transactions. "The financial institutions have embarked on remediation of the deficiencies and MAS will monitor their progress closely," it said. Four people were also issued prohibition orders preventing them from carrying out MAS-regulated activities. In response to media queries, UOB said that it has implemented prompt remedial actions over the past two years and committed significant investments to enhance its internal risk management standards and capabilities further. UBS, which agreed to take over Credit Suisse in March 2023, said that it acknowledged the findings and has cooperated fully with authorities to resolve the issue. Blue Ocean Invest said that the company has fully cooperated with the authorities and has implemented measures to enhance internal policies and procedures. A Trident Trust Company spokesperson also said it has cooperated with MAS's inspection and implemented a remediation plan to address breaches. Citibank, In August last year, Singapore charged two ex-bankers from Citi and Julius Baer for forging loan and tax documents for the money launderers. Singapore has also sought to make it easier for law enforcement to prosecute money laundering offences in the city-state. In June 2024, the government identified Singapore's banking sector as posing the highest money laundering risk in the city-state. (Reporting by Jun Yuan Yong; Additional reporting by Yantoultra Ngui; Editing by David Stanway)
Zawya
18 hours ago
- Zawya
Indonesia's Panin Bank stake sale stalls over pricing mismatch, sources say
SINGAPORE/HONG KONG - The sale of a controlling stake in Jakarta-listed Bank Pan Indonesia or Panin Bank by ANZ and Indonesia's Gunawan family has stalled due to a mismatch on pricing, three sources with knowledge of the matter said. The combined stake represents roughly 86% of Panin Bank, which was worth about $1.45 billion based on Friday's share price of 1,140 rupiah per share on the Jakarta Stock Exchange. The Gunawan family, which holds around 46.5%, according to LSEG data, is open to paring down its stake. Australian bank ANZ owns about a 39.2% stake. Earlier this year, the sale had drawn interest from regional lenders, like CIMB Group and DBS Group. But both banks did not submit binding bids as they were unable to meet the sellers' valuation expectations, said the sources. The sellers were seeking a price tag of more than twice the Panin Bank's current price-to-book ratio, one of the sources said. Panin Bank's was traded at 0.75 times book in first quarter ended March 2025, according to LSEG data. The sale process, run by Citigroup, could resume if the price gap could be reduced, said the sources, who declined to be named as the matter was private. CIMB is still interested and open to talks, one of the sources added. ANZ, Citi, DBS declined to comment. Panin Bank President Director Herwidayatmo said the bank's management is not involved in that process and referred Reuters' query to the controlling shareholders. The Gunawan family could not be reached for comment. CIMB did not respond to an email request seeking comment. ANZ and the Gunawan family initiated a sale process together last year, putting the combined controlling stake on the block. The sale comes as part of ANZ's strategy to shrink low returning business lines and reduce exposure to retail and wealth banking in Asia to boost return on equity. Panin Bank was founded by Mu'min Ali Gunawan in 1971 and listed on the Jakarta stock exchange in 1982. Its businesses span consumer financing to private wealth, according to its website. ($1 = 4.2240 ringgit) ($1 = 16,190.0000 rupiah) (Reporting by Yantoultra Ngui in Singapore and Kane Wu in Hong Kong. Additional reporting by Stefanno Sulaiman in Jakarta. Editing by Jane Merriman)
