Seatrium Offshore Technology, a leading offshore jack-up designer, has been awarded a significant contract by International Maritime Industries (IMI), the largest shipyard in the Middle East and North Africa (MENA) region.

This contract involves the supply of equipment and a licence for a LeTourneau Super 116E Class Self-Elevating Drilling Unit, marking the first new-build construction at IMI since its inception and the beginning of a long-term collaboration to build offshore jack-ups in the Kingdom.

The LeTourneau Super 116E Class design, chosen for its suitability to the MENA region’s operational needs, will feature 343 feet of leg and a 1.5 million-pound hook load, incorporating advanced cyber systems. This order is the 44th for the LeTourneau Super 116 series, highlighting its popularity and reliability.

Seatrium, renowned for designing the world’s first independent leg jack-up drilling rig in 1955, has been instrumental in the construction of over half of all jack-up rigs currently in service.

Notably, 65% of jack-ups operating in the Middle East are Seatrium designs. This latest contract aligns with the Kingdom’s Vision 2030, focusing on advanced technology, sustainability, and independence in offshore drilling.

The partnership between Seatrium and IMI is expected to significantly contribute to the region’s offshore drilling capabilities, supporting local content requirements and technological advancement. As Seatrium continues to lead in offshore rig design, this collaboration underscores its commitment to innovation and sustainable solutions in the global energy sector.
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A significant business mission, organised by the Singapore Business Federation (SBF) and supported by UOB, Rajah & Tann, and RSM Singapore, has brought over 180 Singapore companies to Johor Bahru, Malaysia. The mission, taking place from 19 to 20 February, aims to explore new opportunities and strengthen cross-border collaboration within the Johor-Singapore Special Economic Zone (JS-SEZ).

The delegation includes representatives from the China-Singapore Suzhou Industrial Park Development Group, the European Chamber of Commerce Singapore, and New Zealand Trade & Enterprise, highlighting the global interest in leveraging shifting trade routes and supply chains. The event follows dialogue and partnerships established during the ASEAN Conference 2024 and related forums.

At the conference held at Sunway Hotel Big Box in Iskandar Puteri Johor, more than 350 participants gained insights into investment opportunities in the JS-SEZ. Lim Ming Yan, Chairman of SBF, emphasised the importance of cross-border collaboration for sustained growth, stating, “Ongoing dialogue, coupled with structural measures to enhance seamless connectivity, is crucial to unlocking the full potential of the JS-SEZ.”

A key highlight was the launch of a Green Lane by UOB and Invest Johor to fast-track investments into the zone. Michael Lam, Executive Director of Gold Peak Technology Group, presented a Letter of Intent to Invest Johor, witnessed by key officials.

The mission underscores the strategic importance of the JS-SEZ in fostering economic integration and innovation. As the global business landscape evolves, the zone offers a timely opportunity for companies to innovate and forge new partnerships, driving growth in the region.
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AAL Shipping, a leading project heavy lift cargo operator based in Singapore, has selected the ABB Ability™ OCTOPUS – Marine Advisory System to optimise its Super B-Class fleet. This strategic move aims to enhance the safety and efficiency of AAL’s operations, particularly for its four 32,000 deadweight tonne ships currently in service, with four more expected by 2026.

The OCTOPUS system, renowned for its motion monitoring and forecasting capabilities, will support AAL’s vessels in navigating challenging conditions worldwide. By providing response forecasting and motion monitoring, the system ensures that vessel operations remain within safe motion limits, thereby reducing the risk of damage to both the ship and its cargo. Additionally, the system aids in route planning optimisation, contributing to improved fuel consumption efficiency and reduced carbon emissions.

Nicola Pacifico, Head of Transport Engineering at AAL Shipping, highlighted the benefits of the OCTOPUS system, stating, “ABB’s OCTOPUS system provides us with unparalleled decision-making support. A key area of benefit is when we are sailing with the ‘AAL Eco-Deck’ in place along the starboard side of the vessel.”

Jaap-Jan Stoker, Global Solutions Manager at ABB Marine & Ports, noted the growing demand for their technology in the project cargo and offshore wind sectors. “Our OCTOPUS technology enables a wide range of shipping companies to operate leaner and cleaner,” he said.

The adoption of ABB’s technology aligns with the broader industry trend towards larger, more technologically advanced vessels, as noted by Data Horizon Research. This shift is driven by increasing global trade activities and the need for versatile, fuel-efficient vessels that minimise environmental impact.

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Julius Baer has released its Singapore Real Estate Investment Trust (S-REIT) outlook for 2025, highlighting a cautiously optimistic view amidst a volatile macroeconomic environment. The report, authored by Equity Research Analyst Jen-Ai Chua, comes on the heels of Singapore’s 2025 budget announcement, which includes measures to bolster the competitiveness of the capital markets and enhance the attractiveness of S-REITs through tax transparency and foreign income concessions.

The S-REIT Index has seen a 20-year journey, producing total returns of 221.8%, with dividends contributing 95% of these returns. However, capital gains have remained flat, with the index closing at 630.79 points on 13 February 2025, nearly the same as its 2005 level. The report attributes this stagnation to a normalised interest rate environment and increased foreign asset exposure, which has diluted the asset class’s traditional defensiveness.

Despite a 12% decline in S-REITs last year, Julius Baer suggests that the odds of a further price drop in 2025 are low. This outlook is supported by the Monetary Authority of Singapore’s recent easing of monetary policy, which is expected to benefit yield plays. However, the report advises a selective investment approach, favouring S-REITs with a strong domestic focus or those aligned with structural growth themes.

Whilst the macro environment remains unpredictable, the report underscores the resilience of Singapore’s capital values and the stability of the Singapore dollar as key factors supporting a more positive outlook for S-REITs in the coming year.

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Trip.com Group has unveiled its Momentum 2025 report, highlighting emerging travel trends amongst Singaporeans. The report, based on insights from over 6,000 travellers across six Asia-Pacific markets, reveals a strong preference for food festivals and street food tours, with 63% of Singaporeans expressing interest, surpassing regional averages. Social media also plays a significant role, inspiring 70% of Singaporean travellers, particularly Millennials.

Experiential dining is set to dominate travel itineraries, with Singaporeans showing a keen interest in immersive food experiences. The Trip.Gourmet platform caters to this demand, offering access to over 50,000 restaurants globally. Meanwhile, the influence of films and television remains strong, with 62% of Singaporeans inspired by shows like ‘The Lord of the Rings’ and ‘Harry Potter’ to visit iconic destinations such as New Zealand and Kyoto.

Cruise tourism is gaining traction, with affordability and scenic views being major attractions. The introduction of Disney Cruise Line has further fuelled interest. Additionally, entertainment-driven travel is on the rise, with 66% of travellers planning trips around concerts and sporting events. The global success of Taylor Swift’s Eras Tour has contributed to this trend.

Social media continues to shape travel decisions, with destinations like Tokyo and Bali benefiting from their “Instagrammable” appeal. Trip.com’s Trip Moments platform is expected to enhance this trend by fostering community-driven exploration.

Emerging micro-trends include dark sky stargazing, underwater hotel stays, and space tourism. Trip.com Group is investing in AI and eco-conscious travel solutions to meet the growing demand for personalised and sustainable travel experiences.

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CBRE’s latest 2025 Asia Pacific Hotel Investor Intentions Survey reveals that over 72% of investors plan to increase their hotel investment allocations in the Asia Pacific region. This surge in interest is largely attributed to the rebound in tourist arrivals, particularly in Japan, Singapore, and Australia, amidst a limited supply of hotel assets.

Tokyo has emerged as the leading city for hotel investment, followed by Sydney, with Seoul and Bangkok tied for third place. Singapore and Osaka both rank fifth. Steve Carroll, Head of Hotels, Capital Markets, Asia Pacific at CBRE, noted, “After performing strongly over the past 18 months, investors anticipate hotel and living assets in Asia Pacific to have the most optimistic pricing expectations in 2025.”

Key findings from the survey indicate a shift in investor interest from the luxury sector to the upscale and upper midscale segments. Investors are also exploring value-add strategies, such as rebranding and redevelopment, due to high new development costs. Despite robust investment activity, high-quality hotel assets in prime locations remain highly sought after.

Investors are cautious about committing to significant investments outside Japan, awaiting more certainty on future interest rate cuts. However, expectations of increased outbound visitors from mainland China and growing institutional investor interest are expected to mitigate some current challenges.

The survey underscores the continued appeal of the Asia Pacific hotel market, driven by strong international arrivals and income growth for hotel operators. As the region’s tourism sector recovers, investors are poised to capitalise on emerging opportunities.

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Singapore’s 2025 budget has unveiled a series of measures aimed at bolstering both economic and social growth, with a particular focus on supporting families and addressing rising costs. The budget, announced recently, includes cash handouts and initiatives like the SG60 goodies, designed to stimulate consumer spending in the short term.

The budget also places significant emphasis on long-term economic strategies, such as increased investment in research and development (R&D), infrastructure development, and workforce transformation. These initiatives are intended to enhance Singapore’s competitive edge on the global stage. However, the budget’s primary focus remains on improving social policies, particularly those related to family and child support.

Shekhar Jaiswal, an analyst, noted that whilst the budget provides for immediate economic relief, it also lays the groundwork for sustained growth. “The measures announced are sufficient to build Singapore’s long-term competitive economic advantage,” he stated.

The budget’s dual focus on immediate economic relief and long-term strategic growth is seen as a balanced approach to navigating current economic challenges whilst preparing for future opportunities. As Singapore continues to adapt to global economic shifts, these measures are expected to play a crucial role in maintaining the nation’s economic resilience.

Looking ahead, the budget’s emphasis on R&D and infrastructure is likely to foster innovation and development, ensuring that Singapore remains a key player in the global economy. The focus on social policies also underscores the government’s commitment to enhancing the quality of life for its citizens.

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Philips, a global leader in health technology, has announced a strategic partnership with SingHealth, Singapore’s largest public healthcare cluster, to enhance healthcare delivery through innovative technologies.

This collaboration, formalised through a Memorandum of Understanding (MOU), aims to accelerate the digital transformation of Singapore’s healthcare landscape by leveraging Philips’ advanced healthcare technologies to improve clinical decision-making and patient outcomes.

The partnership will focus on three key projects over the next three years. These projects include integrating imaging data with artificial intelligence (AI) to streamline workflows, deploying next-generation predictive enterprise data management to support clinical decision-making, and optimising Intensive Care Unit (ICU) capacity with advanced monitoring tools. The goal is to create a robust and standardised data architecture that enhances patient-centric care through a digital-first strategy.

Hung Choong Hwang, Country Manager of Philips Singapore, expressed enthusiasm for the partnership, stating, “By combining our technological expertise with SingHealth’s clinical excellence, we aim to set new benchmarks in healthcare innovation, quality and resilience.”

The collaboration is expected to address key challenges in the healthcare system, such as accessing and integrating data sources to form cohesive patient stories. According to the Philips Future Health Index 2024 report, 37% of healthcare leaders are looking to external partnerships for data analytics to make more informed decisions.

As Singapore’s population ages, with 21% expected to be over 65 by 2026, this partnership positions Singapore as a leader in pioneering next-generation healthcare technologies, aiming to improve efficiency and accessibility across the region.

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The Singapore Manufacturing Federation (SMF) has endorsed Budget 2025 as a comprehensive plan that addresses both immediate challenges and long-term growth for the manufacturing sector. Announced on 18 February 2025, the budget includes measures to provide immediate financial relief, drive innovation, and ensure sustainability, aligning with the sector’s transition towards Industry 5.0.

Budget 2025 introduces a 50% Corporate Income Tax Rebate, capped at S$40,000, to alleviate financial strain due to rising energy costs and supply chain disruptions. Enhanced co-funding under the Progressive Wage Credit Scheme for 2025 and 2026 aims to ease wage inflation pressures, helping firms retain skilled workers. The SkillsFuture Workforce Development Grant offers up to 70% funding for job redesign in automation and digitalisation, preparing the workforce for Industry 4.0.

In the medium term, the budget focuses on innovation and sustainability. A S$3b top-up to the National Productivity Fund and a new semiconductor R&D facility highlight the government’s commitment to a robust innovation ecosystem. The S$150m Enterprise Compute Initiative supports SMEs in adopting AI solutions, while the $5 billion Future Energy Fund promotes renewable energy adoption.

Long-term, Budget 2025 aims to anchor Singapore’s global leadership in sectors like semiconductors and biopharmaceuticals. Workforce resilience is bolstered through SkillsFuture initiatives, ensuring agility in a changing technological landscape. The S$1b Private Credit Growth Fund provides capital for high-growth enterprises, enabling sustainable scaling.

SMF President Lennon Tan praised the budget, stating it equips businesses to scale and compete globally. As Singapore marks its 60th year of independence, SMF commits to working with stakeholders to implement these measures, ensuring the sector’s continued excellence amidst global uncertainties.

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The Singapore Institute of Management (SIM) and General Assembly have welcomed the government’s Budget 2025 initiatives, which aim to bolster the SkillsFuture programme and strengthen the corporate leadership pipeline. These measures are designed to ensure both individuals and companies remain competitive in a rapidly changing global environment.

Sima Saadat, Singapore Country Manager at General Assembly, praised the government’s commitment to upskilling through expanded SkillsFuture schemes. She highlighted the importance of not only focusing on individual skill development but also supporting companies in their transformation efforts. “Tech is no longer just big tech; every industry is becoming a tech industry,” Saadat noted, emphasising the need for organisations to enable their workforce to grow beyond traditional roles.

Mr Ho Seong Kim, CEO of SIM Academy, echoed these sentiments, stressing the critical need for lifelong learning and upskilling. He identified leadership, sustainability, and core skills such as communication as key areas for development in 2025. Furthermore, he highlighted the government’s focus on enhancing the corporate leadership pipeline, particularly for local leaders aspiring to regional and global roles. “To succeed in today’s BANI world, leaders must be able to deal with complexity,” he stated.

The initiatives outlined in Budget 2025 are expected to support both companies and individuals in addressing skill gaps and adapting to future market needs. However, both Saadat and Ho emphasised the importance of proactive engagement from companies and individuals in identifying and addressing these gaps. As Singapore continues to evolve, these measures aim to equip the workforce with the necessary skills to thrive in a complex, tech-driven landscape.

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