Middle East Live

The budget aims to achieve financial sustainability and enhance the Emirate's economic competitiveness. The 2023 budget is a budget for development and the development of government services in the Emirate of Sharjah

o Sharjah budget 2023 with expenditures of (32.2) billion dirhams, a decrease of (12%) from the 2022 budget.

o Salaries account for (28%) of the general budget.

o (35%) of the general budget for the infrastructure and capital projects sector in the Emirate.

o (34%) of the general budget for the economic development sector focused on development processes and economic competitiveness.

o (23%) of the general budget for the social development sector, in support of scientific, cultural and heritage services, stimulation of creativity, innovation and scientific research, ensuring an ideal healthy environment and promoting decent living.

o The budget reflected the interest of His Highness, the Ruler of Sharjah, in providing social support and assistance to those who deserve it in an effort to achieve welfare and social justice, constituting (13%) of the total general budget, with an increase of (5%) over the 2022 budget.

His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah approved the emirate’s general budget with total expenditures amounting to about (32.2) billion dirhams. The general budget for this year aims to achieve financial sustainability and enhance the economic competitiveness of the emirate. The process of this budget was based on strengthening the financial foundations to enhance economic competitiveness, cultural, scientific and tourism leadership, and strengthening government capabilities in facing global and regional challenges faced by global economies, including the state of inflation, high-interest rates and economic stagnation, which is certainly reflected in all countries. In light of this, the Sharjah government, using Its financial and economic tools are working hard to reduce the negative effects of these challenges on the financial and economic reality of the Emirate of Sharjah and to protect citizens, residents, companies and institutions operating in it. The government's general budget has adopted many goals, priorities and strategic indicators with an economic, social, scientific and cultural dimensions. Perhaps the most prominent of these goals is to promote investment in infrastructure and the rest of the economic activities, which enhance the emirate's competitiveness and the sustainability of its financial position and to provide social support in various forms and methods that serve citizens and work to meet different life needs and guarantees them social stability and economic well-being, which motivates them to give the best and contribute seriously and effectively in making the Emirate of Sharjah a scientific platform, a cultural platform and a tourist environment and distinctive economic and enhance its cultural, economic and financial status on the local, regional and international map. The budget has worked with its objectives and methodology to use and develop the best means and technologies that stimulate the economy, development and financial sustainability, as well as the growing interest in the resources and human energies of citizens and enhance their role in the processes of construction and sustainable development, which It seeks to achieve this budget during the fiscal year 2023. The budget worked to control and rationalize spending in areas that may not add value to the competitiveness and financial sustainability index, to stimulate the efficiency of managing government spending by government agencies in the Emirate of Sharjah. Therefore, expenditures decreased by (12%) from the 2022 budget, but without affecting the most important areas. These include employment, economic and social development.

His Excellency Sheikh Mohammed bin Saud Al Qasimi, Head of the Central Finance Department in Sharjah, indicated that the general budget of the Emirate has adopted many strategic and financial goals and priorities, which reflected the lofty directives of His Highness the Ruler of Sharjah and his comprehensive and renewed vision, as well as the directives of the Executive Council and the strategic vision of the Central Finance Department, which works to achieve the highest levels of financial sustainability and the efficiency of managing government financial resources and promoting the Emirate's competitiveness in various economic and social fields, infrastructure and support the capabilities of government agencies in providing government services according to indicators set by the performance budget applied in the Government of Sharjah, as well as strengthening strategic partnerships with the private sector and providing incentive packages that ensure them to continue advancing the wheel of growth, development and development for the Emirate, Developing techniques for financing the general budget in search of the best financing opportunities available internally and externally to ensure the financial sustainability of the government.

Sheikh Mohammed bin Saud Al Qasimi added: "The general budget for the year 2023 is a budget with two dimensions, which are a dimension of economic and social development and infrastructure, and the other dimension is strategic, represented in developing and strengthening the financial sustainability of the government, as it adopted strategic priorities in the field of stimulating the emirate's economy by granting discounts and reviewing In many service fees to reduce the cost of business for customers and investors, and the budget also focused on providing many developmental and social requirements to ensure the achievement of economic growth rates, which contribute to strengthening the role of Sharjah on the regional and global economic map, ensuring financial stability and improving the level of competitiveness of the Emirate by providing distinguished financial and strategic services and taking into account the level of providing an attractive environment for local and international investors, and providing a tourist environment in various fields, including cultural, heritage, therapeutic, scientific and recreational tourism, and that All data, indicators and results are within international financial standards in terms of inflation rates, sectoral spending and the rest of the macroeconomic indicators, as well as strengthening policy frameworks for controlling and rationalizing government spending.

Sheikh Mohammed bin Saud Al Qasimi said: "The budget reinforces the emirate's strategic direction in developing infrastructure in vital facilities and areas, preserving the environment and public health, and expanding the role of tourism in the emirate through tourism and service projects that were supervised by His Highness the Ruler of Sharjah, which have achieved and will achieve added value." for the Emirate as an effective station for tourism, scientific and cultural attractions, and laying the foundations for a promising investment environment, developing areas of investment in human resources and increasing employment opportunities, which is one of the strategic priorities of His Highness the Ruler of Sharjah, and working hard to support government agencies financially and provide all necessary financing requirements to enhance their capabilities in implementing their strategic and operational initiatives and projects. It also ensures the achievement of the best-distinguished services for citizens and residents in all areas of life per the best standards and practices that achieve the well-being and happiness of society, where Sharjah has a distinguished position on the global cultural, scientific and tourism map, in addition to the fact that Sharjah's attainment of this distinguished position is a result of the strategic vision of His Highness Sheikh Dr For cultural and civilizational creativity and other achievements that we are all proud of.

For his part, His Excellency Waleed Al-Sayegh, Director General of the Central Finance Department in Sharjah, stressed that at a time when the world is witnessing economic and financial developments that may be reflected in cases of financial and economic instability in many countries as a result of many international economic practices, including high inflation rates and an increase in interest rates, which may It leads to economic stagnation and limits the investment and financing capabilities of many international and local economies. The Emirate of Sharjah is a living and interactive part of the international and local environment. Therefore, the Sharjah government, through the general budget, has taken into account these challenges and is working also in two dimensions, it achieves financial sustainability and enhances economic competitiveness, in addition to working to provide social and employment requirements and needs, and enhances the government's capabilities in building and developing the emirate's infrastructure, as the process of implementing capital projects and initiatives continues. The 2023 budget has worked to provide a practical framework for implementing the directives and priorities of His Highness, the Ruler of Sharjah, for this budget to be the strategic tool that translates the vision and strategy of the government with a modern and developed perspective. Therefore, the process of preparing the budget has taken place in the light of preparing a long-term financial plan for the government, in addition to linking the general budget of the Emirate with many economic and social indicators, including increasing the level of development and improvement of the infrastructure of the Emirate, increasing economic competitiveness, and strengthening the role of the private sector through strategic partnerships to ensure that it continues to contribute to the economic development process. The budget also works to provide social support and provide job opportunities and adequate housing For families to enjoy stability, reassurance, and family solidarity, which His Highness the Ruler of Sharjah referred to on more than one occasion, and which represents an obsession for His Highness seeking to achieve a comfortable life and lasting prosperity for citizens and residents on the land of this smiling Emirate. In the same direction, the government has worked to diversify the sources of funding the budget to ensure financial sustainability of the projects and initiatives that His Highness the Ruler of Sharjah directs to implement in various economic, social, tourism, scientific and infrastructure sectors in a professional manner and in accordance with the best international standards and practices in this regard.

 Expenses:

His Excellency Waleed Al-Sayegh indicated that the general budget decreased by (12%) compared to the 2023 budget, and the government continued to support the capital projects budget to ensure continuity in meeting the spending needs on these projects in 2023, and this budget constitutes (14%) of the general budget As for salaries and wages, they constituted (28%) of the general budget for the year 2023, and the same applies to operating expenses, which constituted (30%) for the year 2023 with a decrease of (4%) compared to the 2022 budget, as for the support and aid budget, it constituted about (13%) of the general budget and achieved an increase of (5%) compared to the 2022 budget, while the loan repayments and interest budget accounted for (13%) of the total budget. General Assembly for the year 2023, with an increase of (65%) over the 2022 budget, and this is an enhancement of the government's ability and financial solvency to pay all its obligations.

In general, and to enable the government to achieve its strategic and operational goals and initiatives, the Finance Department has worked to enhance the stability and financial sustainability of the government and work to enhance the efficiency of controlling government spending while working to meet the requirements of government agencies and improve their ability to meet development requirements and develop the level of rationalization of government spending.

The process of classifying the budget on the basis of economic sectors is one of the most important tools that reflect the strategic direction of the government. The infrastructure sector ranked first among the sectors of the general budget, constituting 35% of the total general budget for the year 2023, and this reflects the exceptional interest of the government in developing infrastructure. For the Emirate as the main pillar of the development and sustainability process and attracting foreign and local investments in all vital sectors.

While the economic development sector comes in second place in relative importance, as it constituted about (34%) of the total general budget for the year 2023, with an increase of (1%) over the budget for the year 2022. As for the social development sector, it came in third place, as its relative importance constituted about (23%). %) of the total public budget for the year 2023, in order to provide the best services, support and assistance to citizens and residents of the Emirate. While the relative importance of the government administration, security and safety sector constituted about (8%) of the total general budget for the year 2023.

Revenues:

As for the government’s general revenues, at a time when these revenues constitute the main source of financing the general budget, as the government has taken an exceptional interest in developing these revenues, improving collection efficiency, and developing smart and technical tools and methods that enhance this trend, and it is clear from the analysis of public revenue trends, that operational revenues (69%) of the total revenue budget for the year 2023, with an increase of (11%) over the operating revenues for the year 2022, while the percentage of capital revenues reached (11%) for the year 2023, as for tax revenues, they constituted about (10%) of total public revenues, with an increase of about (48%) over tax revenues for the year 2022, and in the same direction, customs revenues accounted for (4%) ) and an increase of about (4%) over customs revenues for the year 2022, while oil and gas revenues constituted about (6%) of the total revenue budget for the year 2023, with an increase of about (96%) compared to oil and gas revenues for the year 2022.

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Contacts
Mohammed Al Barazenjey

+971557163727

mb@saharapr.com

Dubai, United Arab Emirates - Wednesday, 21. December 2022

Poly rolls out a report that shows the importance of corporate culture in boosting employee productivity and reducing turnover

Poly, launched the ‘Hybrid Heaven Or Hell? The Journey To Hybrid Working’ whitepaper touches on the importance of reshaping the corporate culture for organizations to succeed in hybrid work.

Office settings, design, and technology have received a lot of attention. However, the hybrid working culture is a critical element to be taken under consideration so that organizations can overcome roadblocks that will put the success of hybrid working at risk.

According to a recent Gartner survey 76 per cent of HR leaders now believe that hybrid work undermines employees' sense of belonging to the company's culture.

Organizations often closely link presenteeism and office presence to productivity, making it a contributing factor to the hiccups witnessed in hybrid solutions, stated the Poly research.

Remodeling the 9-5 hell of the olden days into modern-day heaven

According to the research, while organizations have the right technology and office design in place, most of them have not implemented a culture that will be able to complement the amenities as it takes a lot of work and intentionality. Naturally, only one in four hybrid workers surveyed by Gartner felt connected to their company's culture, leaving ample space for high turnover.

Creating a successful hybrid culture is essential to achieving successful hybrid working methods. According to Poly's research, individual desks occupied an average of 65% of office space before the pandemic. It is anticipated that this would decrease to around 40%, if hybrid models are applied strategically.

The research also stated that in order to build a proper hybrid work culture, it is essential that the appropriate technology must be used to support the appropriate spaces. Additionally, asynchronous communication must be considered when teams are physically meeting less frequently and may be dispersed across different time zones, even though digital equity in synchronous meetings is crucial.

Mental remodeling: reshaping the organizational culture

Relearning the expectations for work and the workplace is an essential step in rebuilding the culture for hybrid working. It is crucial that organizations share a unified vision and direction that goes beyond the strictly tactical to take a firm stance on the hybrid culture so that employees know what they can rely on is necessary to bring about this kind of change.

It is necessary to reorganize face to face gatherings around goals and concrete outcomes, to be more purposeful in promoting network building, and to establish precise, evidence-based standards for when people should come in and when they might work from home.  Leadership should take center stage when a clear vision needs to be established, stated the Poly research.

Applying change from top to bottom

The research identified that in order for hybrid work solutions to succeed, the CEO and C-Suite need to communicate it with the organization, emphasizing their role in the company culture and how changing culture will involve both a top-down and bottom-up strategy.

While the study highlighted that leadership plays a key role in culture setting, it also depicted that a strict set of granular rules may not succeed, especially in workplaces where employees feel like they have some degree of control over their working lives for the first time.

In order for teams to successfully handle hybrid work, leadership and support from top managers must be matched with a certain amount of team empowerment.

You can read the full paper ‘Hybrid Heaven or Hell? The journey hybrid working’ here.

About Poly

Part of HP’s portfolio of hybrid work solutions, Poly creates premium audio and video products so you can have your best meeting – anywhere, anytime, every time. With Poly, you'll do more than just show up, you'll stand out. For more information visit www.poly.com  

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Contacts
Matrix PR

Melwyn Abraham

melwyn@matrixdubai.com

Abu Dhabi, United Arab Emirates
An exclusive product presentation & live cooking Event aiming to showcase the use and benefits of European products, Krokos Kozanis PDO and Magiun de prune Topoloveni PGI - two of the most sought-after European spices, took place at Restaurant “Seventy Six” ADNEC, Abu Dhabi (Abu Dhabi National Exhibition Center) ) on 6 December 2022, at 5 pm .

During the event the participants had the opportunity to learn more about the delicious Krokos Kozanis PDO and the Magiun de Prune Topoloveni PGI and taste delicious plates base on these products to make them discover their unique flavors and superior quality.

The EU Financed campaign Discover European Treasures promotes the superior quality Krokos Kozanis PDO from Greece and the delicious Magiun de Prune Topoloveni PGI to consumers in Dubai and Vietnam.

Krokos Kozanis PDO is the world’s most expensive spice, is the dried red stigmas of the autumn-flowering crocus. It is known for its properties as a dye as for its unique and distinctively pungent, honey-like flavor and aroma.

Magiun de prune Topoloveni PGI is a concentrated paste made of fresh, homogeneous, viscous, easily spreadable plums, which is used in the diet of people of all ages - from the age of six months when the diet diversification begins), to diabetics, because has a low glycemic index (on the recommendation of the attending physician).

For those who would like to meet our products and the participant organizations visit our website: https://www.europeantreasures.eu/index.php/en/ or Follow us on Facebook: https://www.facebook.com/eutreasures and Instagram: https://www.instagram.com/eutreasures/

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Contacts
Melwyn Abraham

melwyn@matrixdubai.com

KAWASAKI, Japan - Monday, 19. December 2022

(BUSINESS WIRE)--Toshiba Electronic Devices & Storage Corporation (“Toshiba”) today announced that it will construct a new back-end production facility for power semiconductors at its Himeji Operations – Semiconductor, in Hyogo Prefecture in western Japan. Construction will start in June 2024, with production scheduled to start in spring 2025. The project will more than double Toshiba’s automotive power semiconductor production capacity at Himeji, against fiscal 2022.

Power devices are essential components for managing and reducing power consumption in all kinds of electronic equipment, and for saving energy. Above all other products, demand for low-voltage MOSFETs (metal oxide semiconductor field effect transistors), a Toshiba focus technology, is expected to see continued growth with the progress of vehicle electrification and the automation of industrial equipment. Toshiba has decided to meet this demand growth with construction of the new back-end facility.

Going forward, Toshiba will expand its power semiconductor business and boost competitiveness by offering high efficiency, high reliability products in response to fast growing demand, and to contribute to carbon neutrality.

Overview of Himeji Operations - Semiconductor

Location:

300, Ikaruga, Taishi-cho, Ibo-gun, Hyogo Prefecture, Japan

Established:

April, 1982

General Manager:

Noriyasu Kurihara

Employees:

Approx. 1,400 (as of April, 2022)

Main Products:

Discrete semiconductors (power semiconductors and small-signal devices)

*Company names, product names, and service names may be trademarks of their respective companies.
*Information in this document, including product prices and specifications, content of services and contact information, is current on the date of the announcement but is subject to change without prior notice.

About Toshiba Electronic Devices & Storage Corporation

Toshiba Electronic Devices & Storage Corporation, a leading supplier of advanced semiconductor and storage solutions, draws on over half a century of experience and innovation to offer customers and business partners outstanding discrete semiconductors, system LSIs and HDD products.
The company's 23,000 employees around the world share a determination to maximize product value, and promote close collaboration with customers in the co-creation of value and new markets. With annual sales now surpassing 850-billion yen (US$7.5 billion), Toshiba Electronic Devices & Storage Corporation looks forward to building and to contributing to a better future for people everywhere.
Find out more at https://toshiba.semicon-storage.com/ap-en/top.html

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Contacts
Customer Inquiries:
Contact Us

Media Inquiries:
K.Tanaka, S.Mihashi
Corporate Communications & Market Intelligence Group
Strategic Planning Div.
Toshiba Electronic Devices & Storage Corporation
Tel: +81-44-548-2122
Mail: tdsc-publicrelations@ml.toshiba.co.jp

Gulf Scientific Corporation (GSC), a leading provider of laboratory solutions in the fields of analytical, material and life sciences in the Gulf Cooperation Council (GCC), headquartered in Dubai - United Arab Emirates, with regional offices in Riyadh, Jeddah, Dammam, Kuwait, Doha and Manama is pleased to announce its new strategic partnership with DNA Script, a world leader in Enzymatic DNA Synthesis (EDS) for DNA on demand.

DNA Script offers the SYNTAX System, the first DNA printer powered by Enzymatic DNA Synthesis, which is designed for ease of use, productivity, convenience, control, and confidentiality. The SYNTAX platform, consisting of SYNTAX System, kits and software, enables automated nucleic acid synthesis.

DNA Script CEO and co-founder, Thomas Ybert said:

“We are thrilled to be partnering with Gulf Scientific Corporation. This collaboration will be critical to follow through on our commercial expansion strategy and deliver a top-quality sale and support experience to researchers and industry players as we build out DNA Script’s global channel network.

As the only company to commercialize an in-house DNA manufacturing capability that utilizes the power of EDS, we are committed to developing fast, reliable, best-in-class service and support to meet research needs in the region.”

Gulf Scientific Corporation Managing Director, Manaf Afyouni said:

“As we continue pursuing our strategy to provide the scientific community with unique and innovative technologies, and following the significant genomic research growth and increased demand in the GCC, we are honored to build a strategic partnership with DNA Script and enable physicians, researchers, and industry experts across the GCC, to access a new technology that has a potential to revolutionize life sciences research by enabling custom DNA printed on demand.

Gulf Scientific Corporation, has demonstrated its commitment to create value to the scientific community through the establishment of strategic partnerships with market leaders and through providing innovative solutions and unique world-class services”

About DNA Script

Founded in 2014, DNA Script is a pioneering life sciences technology company developing a new, faster, more powerful, versatile way to design and manufacture nucleic acids using Enzymatic DNA Synthesis. By putting DNA synthesis back in the lab, with the benchtop SYNTAX System, DNA Script aims to transform life sciences research through innovative technology that gives researchers unprecedented control and autonomy. www.dnascript.com

Website: www.gulf-scientific.com 

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Contacts
Manaf Afyouni

Marketing@gulf-scientific.com

New Western Union research maps consumer sentiment in the United Arab Emirates about current and future money movement capabilities and needs
Consumers expect to send and receive more money in the next 12 months
Research also reveals that 46% of consumers have multi-channel preferences for cross-border money movement in the future
 

(BUSINESS WIRE) -- Citizens and residents of the United Arab Emirates (the UAE) expect to transfer more money internationally in the next 12 months, according to a study commissioned by Western Union. Exclusive insights show that 76% of consumers who send money and 75% of consumers who receive money, respectively, expect to transfer and collect even more funds over the next year.

The study, which surveyed more than 1,000 UAE-based citizens and residents who send and receive cross-border money transfers, explores consumer sentiment on how, when and why they move money. The results bolster Western Union’s recently announced ‘Evolve 2025’ (E25) strategy of combining high-value, accessible retail and digital financial services.

Family support is highlighted by 60% of senders as the primary reason for transferring money overseas. Saving for the future comes in a distant second, ranked by 11% of senders. A well-known melting pot of cultures, the UAE is home to more than 200 nationalities and ranks among the top most talent competitive countries. Some of its more sizeable communities come from the world’s largest remittance-receiving economies.

Caring for family back home is further re-enforced as one of the main factors driving the number and amounts of overseas transfers. Furthermore, as increased living expenses and global currency fluctuations create additional pressure on personal finances, 74% state that because of higher cost of living in the country they send to, they need to transfer more money. Seventy-one percent state that they take the opportunity to send more money when the currency value falls in their receiving country.

“To remit is often a very personal decision. Western Union data also supports that one of the most common reasons why consumers remit is to support loved ones and family,” said Jean Claude Farah, President of Middle East and Asia Pacific at Western Union. “So it is only natural that as the global economic climate challenges affordable ways of living, family support takes precedence over everything else as senders move money.”

“Continuously attracting such a diverse range of nationalities is a true testament to the UAE’s efforts to position itself as a global partner, and an attractive and influential economic hub,” Farah added. “We believe that these ongoing efforts will also mean that the UAE will continue to ride the top spot as one of the biggest senders of remittances in the world. It also makes it even more incumbent on us as businesses to connect people to opportunity; Western Union has been doing this for consumers in the UAE for almost 25 years and is deeply committed to the country. As we evolve and grow in the years ahead, we remain steadfast in enabling an environment that drives financial inclusion and creates pathways for long-term economic success across the country’s societies.”

Cultures and familial ties influence the frequency and flow of money

Sending money shortly after payday regardless of wider economic circumstance (34%), or family needs back home (32%) are the two best-known drivers of money transfer flow and frequency. However, Western Union’s study also shows a third factor: almost a quarter (21%) of consumers say they focus on sending money during festive occasions such as Ramadan, Christmas, New Year and Diwali, as well as other special occasions, such as birthdays, graduations and anniversaries.

In an interesting reversal of this trend, 37% of UAE consumers who receive money transfers also say frequency and amount is influenced most strongly by festive and other special occasions, ranking higher than family needs (27%) or the timing of their sender’s paychecks (18%).

“We understand that diverse populations have equally diverse needs. Festive seasons and special moments are a great example, whereby every year, we see an uptick of approximately 6% in the volume of remittance transactions as these occasions approach,” Farah said. “Western Union offers a broad mix of digital and retail channels to serve the varying payment needs of millions of customers worldwide. We believe that the trust we enjoy with consumers in the UAE and around the world puts us in a unique position to help millions of people bring their best to society.”

Tech-savvy population seeks choice in the future

As consumers consider how they would like to send and receive money in the future, they value choice above all. Western Union’s study shows that 42% currently send money across borders exclusively through digital channels. However, as they look ahead, 46% want to be able to choose how they send their funds, whether in cash or digitally.

A similar sentiment is echoed among receivers. Forty-three percent currently receive money through digital channels only. In the future, 57% want to be able to choose between digital and retail channels when collecting their funds.

Those who do not use digital channels, say the top barrier preventing them from sending or receiving money online is their preference for face-to-face interaction, followed by trust. Process or customer experience is also another commonly cited barrier.

Farah concluded, “Findings from the research show that while most consumers can be considered digital-first, many ultimately want to able to choose between digital and retail options, based on their convenience and needs. However, being able to trust in online services is critical, and as an industry, we have work to do helping consumers overcome their concerns. Ultimately, our end goal will always be to ensure that we can support even more people’s financial needs, wherever they are geographically, culturally or economically.”

About Western Union

The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and approximately 130 currencies. We connect consumers, businesses, financial institutions and governments through one of the world’s widest-reaching networks, accessing billions of bank accounts, millions of digital wallets and cards and a substantial global network of retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com.

About Western Union’s research study

The research was commissioned by Western Union to Censuswide. Censuswide surveyed 1003 consumers aged 18 and above - who send or receive international money transfers in the United Arab Emirates. The research was conducted between 31 October 2022 and 8 November 2022. Censuswide abide by and employ members of the Market Research Society, which is based on the ESOMAR principles.

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Contacts
Western Union
Saadia McGlinchey; Saadia.McGlinchey@wu.com
Karen Santos; Karen.Santos2@westernunion.com

New lead role for Digital Planning marks InvestCloud’s continued investment to support financial planning from self-directed to high-net-worth clients.

(BUSINESS WIRE) -- In a move that underscores their prioritization of Digital Planning, InvestCloud, the global leader in digital transformation for the financial industry, has appointed Michael Roth to President of Digital Planning. In combination with their leading digital solutions for communication, shopping and selling, the company continues to invest in its suite of financial planning solutions across the entire wealth spectrum.

In this new role, Michael will be charged with driving the growth of InvestCloud’s Digital Planning proposition to support even the most complex planning scenarios – such as tax, estate, cashflow and succession planning – while tailoring solutions to meet the unique jurisdictional requirements in geographies around the world.

John Wise, CEO of InvestCloud, said: “We’re delighted to announce Michael’s appointment to lead the growth of InvestCloud’s Digital Planning offering globally. Whether you’ve just started earning or you are an ultra-high-net-worth individual thinking about succession planning, the fundamental thing you want from your advisor is a plan to achieve your goals. Michael has tremendous experience and passion for how technology can be applied to simplify and streamline the financial planning space and will be a great asset as we propel innovation in one of our core client offerings.”

Michael Roth, President of Digital Planning for InvestCloud, commented: “The financial planning market is ripe for disruption. Most solutions are fragmented and therefore the plans struggle to support and grow as an individual or household moves through their wealth journey – too often damaging client retention. Offering a truly front-to-back solution, InvestCloud is uniquely placed to harness the power of real-time client data to build both hyper-personalized and evolving financial plans to meet client needs. I look forward to building on our proposition to support every planning scenario, no matter how specialized.”

This appointment comes as InvestCloud recently announced enhancements to its premium planning solution in North America, NaviPlan. As a core component of InvestCloud X – the holistic offering of communication, planning, shopping and selling apps accessible on a single, cloud-based platform and centralized via the Digital Warehouse – InvestCloud continues to make significant strides, leading the financial industry’s digital transformation globally.

About InvestCloud
InvestCloud is a global company specializing in digital platforms that enable the development of financial solutions, pre-integrated into the cloud. The company offers on-demand client experiences and intuitive operations solutions using an ever-expanding suite of modular apps, resulting in powerful products including Communication (client portals, advisor portals, mobility and more), Planning (goal-based, cashflow, digital advice, proposals and more), Shopping & Selling (digital marketplace for financial products) and the App Library (IBOR, ABOR, performance and more). Headquartered in Los Angeles, InvestCloud has over 20 global offices including New York, London, Geneva, Singapore, Tokyo and Sydney, supporting trillions in assets across hundreds of diverse clients – from the largest banks in the world to wealth managers, asset managers and asset services companies.

For more information, visit InvestCloud.com.

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Contacts
InvestCloud Media Contact:
Linden Gregory
Metia Group
InvestCloudUK@Metia.com

DUBAI, United Arab Emirates - Tuesday, 20. December 2022

Contacts

LAS VEGAS - Tuesday, 20. December 2022 AETOSWire Print 

Leveraging Rimini Street smart path solution transforms IT challenges into innovation opportunities

(BUSINESS WIRE) -- Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products, and a Salesforce partner, today announced that Kooksoondang, a leading Korean producer of traditional rice wines, including yakju and takju, has switched from annual vendor support to Rimini Street for its SAP ECC software.

Kooksoondang manages business-critical finance, procurement, sales, production, and HR functions through its SAP ECC applications. To maximize ROI on its SAP investment, Kooksoondang needed a new solution that improved support quality for its SAP system without any vendor-forced upgrades or migrations for years into the future, and also provided cost savings to fund other strategic initiatives, such as customer service improvements.

"Companies need to reduce costs, reallocate savings to priority projects, and invest in enterprise-wide business innovation in order to stay resilient in today’s uncertain economic climate," said Hyungwook "Kevin" Kim, GVP & regional GM, Korea at Rimini Street. "At Rimini Street, we design custom smart paths that help our clients achieve their strategic, financial, and operational goals."

By choosing Rimini Street to support its SAP system, Kooksoondang significantly reduced costs, avoided software vendor-pressured upgrades and migrations, and enabled stable and robust operations for its SAP software for at least 15 years from the time of transition to Rimini Street. Kooksoondang has access to a local, dedicated Primary Support Engineer (PSE) who is experienced in their software platform. With Rimini Street’s best-in-class service level agreement (SLA) guarantee of 10-minute response time for critical Priority 1 cases, 24/7/365, the company has a true support partner it can rely upon for mission critical operations. Today, Kooksoondang can focus on its investment in digital transformation projects that drive business innovation, such as groupware advancement and hardware replacement.

"Rimini Street carefully analyzed our unique business goals and delivered a support model, program, and team that meets our strategic, financial, and operational needs," said Seunghwan Byun, team leader of information technology at Kooksoondang.

Explore the Rimini Street portfolio of ultra-responsive support for SAP, Oracle, and Salesforce applications, in addition to security, integration, professional services, and managed services.

About Kooksoondang
Kooksoondang is a representative Korean traditional liquor brewery established in 1970. Every liquor in Kooksoondang reflects the culture and sentiment embedded in Korean liquor in line with the slogan "Merging Tradition with Today’s Trends." The representative brand, Baek Se-ju, was developed by restoring the formula of Baek Ha-ju during the Goryeo Dynasty. The drink pioneered the Korean traditional liquor market, making it the first "excellent cultural product" selected by the Korean government.

Kooksoondang is reviving Korean traditional liquor that existed 1,000 years ago through the "Korean Liquor Restoration Project." It has developed a patented technology that maintains the freshness of raw makgeolli, a unique liquor with live lactic acid bacteria, and is promoting Korean makgeolli to the world. Kooksoondang continues to be the No. 1 exporter of Korean traditional liquor by exporting Korean traditional liquor to more than 50 countries around the world through efforts to preserve the value of Korean liquor culture and innovate new technologies.

About Rimini Street, Inc.
Rimini Street, Inc. (Nasdaq: RMNI), a Russell 2000® Company, is a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner. The Company offers premium, ultra-responsive and integrated application management and support services that enable enterprise software licensees to save significant costs, free up resources for innovation and achieve better business outcomes. To date, over 4,900 Fortune 500, Fortune Global 100, midmarket, public sector, and other organizations from a broad range of industries have relied on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http://www.riministreet.com, and connect with Rimini Street on Twitter, Facebook and LinkedIn. (IR-RMNI)

Forward-Looking Statements
Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may,” “should,” “would,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seem,” “seek,” “continue,” “future,” “will,” “expect,” “outlook” or other similar words, phrases or expressions. These forward-looking statements include, but are not limited to, statements regarding our expectations of future events, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, the amount and timing of repurchases, if any, under our stock repurchase program and our ability to enhance stockholder value through such program; the impact of our credit facility’s ongoing debt service obligations and financial and operational covenants on our business and related interest rate risk, including uncertainty from the discontinuance of LIBOR and transition to any other interest rate benchmarks; the duration of and economic, operational and financial impacts on our business of the COVID-19 pandemic, as well as the actions taken by governmental authorities, clients or others in response to the pandemic; changes in the business environment in which Rimini Street operates, including the impact of any recessionary economic trends, including inflation, rising interest rates and changes in foreign exchange rates, as well as general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates and the industries in which our clients operate; the evolution of the enterprise software management and support landscape facing our clients and prospects and our ability to attract and retain clients and further penetrate our client base; catastrophic events that disrupt our business or that of our current and prospective clients, including terrorism and geopolitical actions specific to an international region; adverse developments in and costs associated with defending pending litigation or any new litigation; our need and ability to raise additional equity or debt financing on favorable terms and our ability to generate cash flows from operations to help fund increased investment in our growth initiatives; the sufficiency of our cash and cash equivalents to meet our liquidity requirements, including under our credit facility; our ability to maintain an effective system of internal control over financial reporting and our ability to remediate any identified material weaknesses in our internal controls; changes in laws and regulations, including changes in tax laws or unfavorable outcomes of tax positions we take, or a failure by us to establish adequate reserves for tax events; competitive product and pricing activity; challenges of managing growth profitably; customer adoption of our products and services, including our Application Management Services (AMS) offerings, in addition to other products and services we expect to introduce in the future; the loss of one or more members of Rimini Street’s management team; our ability to attract and retain qualified employees and key personnel; uncertainty as to the long-term value of Rimini Street’s equity securities; the effects of seasonal trends on our results of operations, including the contract renewal cycles for vendor supplied software support and managed services; our ability to prevent unauthorized access to our information technology systems and other cybersecurity threats, protect the confidential information of our employees and clients and comply with privacy and data protection regulations; and those discussed under the headings “Risk Factors” and “Cautionary Note About Forward-Looking Statements” in Rimini Street’s Quarterly Report on Form 10-Q filed on November 2, 2022, and as updated from time to time by Rimini Street’s future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication.

© 2022 Rimini Street, Inc. All rights reserved. “Rimini Street” is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.

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Contacts
Janet Ravin
Rimini Street, Inc.
+1.702.285.3532
pr@riministreet.com