OMAN ARAB BANK’S INNOVATION HUB RETURNS IN ITS SECOND EDITION VIRTUALLY

Following the huge success of its first Innovation Hub, OAB announced the launch of the second edition of the hackathon, which will be the first-of-its-kind to take place virtually in Oman on April 2, 2021.

The 24-hour challenge will provide a remarkable opportunity for participants from three categories, namely students, fintech/professionals and OAB employees, to showcase their capabilities and innovative ideas.

The first Innovation Hub was launched successfully in 2019 and saw the participation of more than 350 participants across 70 teams. Nine of the participating students joined the Bank’s innovation internship for a period of six months and four of them were offered employment opportunities at OAB.

Rashad al Musafir, CEO of OAB, stated, “The world is very dynamic and it is our responsibility, as an established financial institution that is passionate about innovation, to pave the way for future generations. By enabling young people to turn their ideas into practical solutions, together with the support of experts in the field, we open a world of opportunity.”

BEIJING: China is at least 30 years away from becoming a manufacturing nation of “great power”, a former industry minister said on Sunday, despite boasting the world’s most complete industrial supply chains.

In recent years, China has become the world’s top manufacturing nation, accounting for over a third of global output, driven by domestic demand to produce everything from motor vehicles to industrial machinery. But its industries’ heavy dependence on US high-tech products such as semiconductors constituted a strategic weakness.

“Basic capabilities are still weak, core technologies are in the hands of others, and the risk of ‘being hit in the throat’ and having ‘a slipped bike chain’ has significantly increased’’, said Miao Wei (pictured), who was Minister of Industry and Information Technology for a decade before stepping down last year.