Industry News

Cushman & Wakefield has launched a report detailing the implications of Singapore’s new Mandatory Energy Improvement (MEI) regime, set to commence in Q3 2025. This initiative, introduced by the Building and Construction Authority (BCA), targets buildings with high energy consumption, mandating audits and improvements to boost energy efficiency. The report estimates that 65 office buildings in Singapore could be affected, underscoring the regime’s potential impact on the real estate sector.

The MEI regime is part of Singapore’s broader strategy to achieve net-zero emissions by 2050. Wong Xian Yang, Head of Research for Singapore and Southeast Asia at Cushman & Wakefield, noted, “Whilst the immediate impact may be limited to the most energy-intensive buildings, the MEI regime signals a broader tightening of sustainability standards.” He emphasised the importance of early planning and data-driven decisions for building owners to mitigate risks and manage costs effectively.

The report serves as a comprehensive guide for property owners, offering insights into understanding the MEI regime, identifying energy efficiency gaps, and developing cost-effective strategies to optimise energy use. It also highlights the competitive advantages of aligning with Singapore’s evolving real estate market.

The launch event, held at Cushman & Wakefield Singapore’s office, featured key industry figures discussing the regime’s implications. As Singapore moves towards a low-carbon future, the MEI regime represents a significant step in tightening sustainability standards across the built environment.
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Grab has inaugurated its first Artificial Intelligence Centre of Excellence (AI COE) in Singapore, with backing from Digital Industry Singapore (DISG). The launch was attended by Singapore’s Deputy Prime Minister, Gan Kim Yong, alongside Grab’s top executives. The Centre, located in the new wing of GrabHQ@one-north, is set to drive AI innovations that enhance accessibility, productivity, and growth across Southeast Asia.

The AI COE will focus on developing solutions such as the Voice Assistant, which allows visually-impaired users to book rides using voice commands. This initiative, in collaboration with the Singapore Association of the Visually Handicapped, aims to make Grab’s services more inclusive. “SAVH is pleased to support Grab’s efforts in making technology more inclusive for the visually-impaired community,” said Lyn Loh from SAVH.

Additionally, the Centre will work on AI tools like the Driver AI Companion and Merchant AI Assistant to improve productivity for Grab’s partners. These tools offer real-time recommendations and insights, enhancing the user experience and supporting small business growth.

The Centre will also contribute to smart nation initiatives by developing Internet of Things (IoT) solutions for real-time hazard detection and urban planning. Grab’s collaboration with Singapore’s National Water Agency, PUB, exemplifies this effort by integrating IoT data for flood monitoring.

By 2025, the AI COE is expected to create 50 high-value roles in Product, Engineering, Data Science, and Analytics, further establishing Singapore as a hub for AI talent and innovation.
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Morgan Stanley Research has released its mid-year outlook for Singapore’s equity market, emphasising the city-state’s appeal as a safe haven amidst global market volatility. The report underscores Singapore’s defensive qualities, high dividend yields, and ongoing market reforms as key factors that limit downside risks whilst offering significant upside potential. The bank favours the Financial Services and Communication Services sectors, with a particular interest in small-cap opportunities.

Singapore’s equities have shown remarkable resilience, achieving a 13% total return in 2024, outperforming the MSCI All Country World Index’s 6% return. This performance is attributed to defensive investor allocations amidst global trade uncertainties. Morgan Stanley has raised its MSCI Singapore index target by 13% to 2,150, projecting a 17% total return over the next 12 months.

The report highlights Singapore’s strategic position to navigate geopolitical and trade uncertainties, which are expected to persist in a multipolar world. Despite easing global trade tensions, uncertainties surrounding US tariff rates and their inflationary impact remain significant market concerns.

Market reforms are a key driver of optimism, with the Monetary Authority of Singapore’s S$5b investment into actively managed funds expected to boost Singapore equities. Additional reform measures, potentially including a Value-Up programme, are anticipated later this year, which could further ignite investor interest.

Morgan Stanley’s Singapore Focus List includes Singapore Exchange, United Overseas Bank, Singapore Telecom, Sea Ltd, and CapitaLand Investment. The bank sees potential in the largest 20 non-REIT small-cap stocks, aligning with market reform priorities.

In summary, Singapore’s equity market is well-positioned to benefit from its safe haven status and ongoing reforms, offering attractive risk-reward opportunities amidst global uncertainties.
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RHB Bank’s latest Global Economics and Market Strategy Report, authored by Group Chief Economist Barnabas Gan, indicates that the Monetary Authority of Singapore’s (MAS) Singapore dollar nominal effective exchange rate (S$NEER) is nearing the top-bound of its policy band. The report, released on 22 May 2025, suggests that the S$NEER is testing the 2.0% upper limit above its mid-point, implying limited room for further appreciation.

The report highlights that RHB’s revised S$NEER model, which incorporates 14 statistically relevant currencies, maintains a high weekly correlation of 0.996 with a percentage deviation of +/- 0.08%. This suggests that the model is robust in tracking the S$NEER’s movements.

Gan anticipates that MAS will keep the S$NEER policy band unchanged throughout 2025, maintaining the current appreciation slope of +0.5% with a ±1.0% band width. However, he does not dismiss the possibility of MAS flattening the slope or widening the band width in future reviews if economic conditions deteriorate.

This analysis is crucial as it provides insights into Singapore’s monetary policy direction amidst global economic uncertainties. The potential adjustments by MAS could have significant implications for businesses and investors relying on currency stability.

RHB’s report underscores the importance of monitoring economic indicators closely, as any shift in MAS’s policy could impact Singapore’s economic landscape.
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Global Islamic finance assets are expected to surge to $7.5t by 2028, up from $5.5t in 2024, as detailed in a new report by Standard Chartered. This growth underscores the increasing global significance of Shariah-compliant finance, with Islamic banking alone accounting for over 70% of these assets.

The report, titled “Islamic Banking for Financial Institutions: Unlocking Growth Amidst Global Shifts,” highlights a 36% projected increase in assets, driven by strong fundamentals and a growing demand for ethical and inclusive finance. Khurram Hilal, CEO of Group Islamic Banking at Standard Chartered, remarked, “Islamic finance is entering a new era defined by scale, sustainability, and strategic integration.”

Key insights from the report include the expansion of the Sukuk market, which is anticipated to grow from $971b to $1.5t by 2028. The report also explores growth drivers such as regulatory developments and market expansion opportunities, whilst addressing challenges in regulation, liquidity, and risk management.

Standard Chartered, through its global Islamic banking franchise, Saadiq, offers Shariah-compliant solutions across 25 countries, catering to financial institutions, corporates, and retail clients. As the only international bank with such a franchise, it aims to foster innovation and sustainability in the Islamic finance sector.

Looking ahead, the report suggests that fostering innovation and strengthening market connectivity will unlock significant opportunities in the future of Islamic finance.
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Prudential plc has announced the appointment of Naveen Tahilyani as Regional CEO for India, Africa, the Philippines, Cambodia, Laos, and Myanmar, effective 29 July. This follows Solmaz Altin’s decision to return to Europe. Concurrently, Rajeev Mittal has been named CEO of Eastspring Investments, Prudential’s asset management arm, starting 1 July, succeeding Bill Maldonado, who is retiring to the UK.

Naveen Tahilyani, who will be based in India, joins Prudential’s Group Executive Committee and will report to CEO Anil Wadhwani. He brings extensive experience from his previous roles as Managing Director and CEO of Tata Digital and Tata AIA, and his 17-year tenure at McKinsey advising financial institutions across Asia.

Rajeev Mittal, based in Singapore, will also join the Group Executive Committee and report to Wadhwani. With over 30 years in asset management, Mittal previously led Fidelity International’s Asia operations and held senior roles at AIG and PineBridge Investments.

Anil Wadhwani expressed confidence in Tahilyani’s ability to drive growth in key markets, stating, “I am confident Naveen is the right leader in the right location to deliver the impact we need.” On Mittal’s appointment, Wadhwani noted, “Rajeev’s deep expertise in the Asian markets positions him exceptionally well to drive the continued growth and success of Eastspring.”

Bill Maldonado will remain an adviser until September, ensuring a smooth transition, and will continue as a Board member of ICICI Prudential Asset Management Company Limited.
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Savills Singapore has announced the appointment of Cheng Su Chen as Group Managing Director of its Property Management and Facilities Services division. Su Chen will oversee the integration and expansion of Savills’ property and facilities management businesses, aiming to create a comprehensive service platform. This strategic move includes the establishment of a new Property and Facilities Management Board, which Su Chen will lead.

The board will feature newly promoted Senior Managing Directors Robin Leow and Winnie Wong, alongside Ken Lee, who heads Savills’ cleaning services subsidiary. Leow will assist in driving integration and regional growth, whilst Wong will focus on expanding Savills’ property management business, the largest in Singapore. Lee’s expertise in robotics and IoT technology will further enhance the firm’s service offerings.

CEO of Savills Singapore, Marcus Loo, expressed enthusiasm about Su Chen’s appointment, highlighting her extensive experience and leadership in the real estate industry. “Her vast client base and wealth of knowledge across various asset classes will provide invaluable guidance and support to our expanding clientele,” Loo stated.

Su Chen, who has over 40 years of experience in facilities management, previously held the position of Group Managing Director at another firm, where she secured high-profile contracts and managed regional operations in Thailand and China. Her career is marked by pioneering technology and innovation in facilities management, including the use of drone technology and IoT-enabled systems.

Chris Marriott, CEO of Savills South East Asia, noted the significance of Su Chen’s appointment at a pivotal time for the company as it continues to expand its service platforms across the Asia-Pacific region. Su Chen’s leadership is expected to bolster Savills’ market position and drive growth in its property and facilities management sectors.
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MediSun Energy, a Singapore-based brine management company, has partnered with EMSTEEL, one of the largest steel manufacturers in the UAE, to launch Project Elixir. This initiative, the first of its kind in the UAE, aims to transform desalination brine into renewable blue energy and magnesium carbonate. The project aligns with the UAE’s goals for innovation, decarbonisation, and resource efficiency.

Project Elixir is backed by a AED100M research and development fund from ADQ, a sovereign investor focused on infrastructure and global supply chains. The pilot will be installed at EMSTEEL’s Abu Dhabi unit, where MediSun will deploy two systems: the WEGen RED system, which treats 500 cubic metres of brine daily to generate blue energy, and the WEGen Green Pilot, which processes 30 cubic metres of brine to produce up to 300 kg of magnesium carbonate per day. This magnesium carbonate will be tested as a sustainable alternative to dololime in EMSTEEL’s electric arc furnace, supporting green steel production.

EMSTEEL’s CEO, Saeed Ghumran Al Remeithi, stated, “This collaboration with MediSun Energy marks a significant step in redefining industrial sustainability.” MediSun’s CEO, Dusun Kim, added, “This pilot represents a breakthrough for industrial sustainability in the UAE.”

Scheduled for mid-2025, the pilot will be implemented without disrupting existing operations, with support from Emirates Electrical & Instrumentation Company for local assembly and integration.
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Singapore has emerged as the dominant force in Southeast Asia’s mergers and acquisitions (M&A) landscape for the first quarter of 2025. Despite a regional decline in activity, with 147 transactions totalling $9.7b—a decrease of 17.4% in volume and 22.2% in value compared to the previous year—Singapore managed to secure a significant share of the market. The city-state was responsible for seven of the 10 largest deals announced, including the top five.

The focus on agriculture-related assets, driven by the need for supply-chain security and integration, has been a key factor in the region’s M&A activity. This strategic imperative by corporations to acquire valuable assets is fuelling the market, with Singapore at the forefront. The country’s ability to attract major deals highlights its strategic importance in the region’s economic landscape.

Datasite, a leading M&A platform, noted that the strategic moves by corporates to secure assets are a significant driver of dealmaking in Southeast Asia. The platform, which facilitates transactions in over 180 countries, emphasised the importance of understanding the evolving M&A landscape in the Asia-Pacific region.

As the year progresses, Singapore’s continued dominance in M&A could have lasting implications for the region’s economic dynamics, potentially influencing investment strategies and corporate decisions across Southeast Asia.
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Cisco and the Infocomm Media Development Authority of Singapore (IMDA) have signed a Memorandum of Intent (MOI) to establish a testbed for 5G and related technologies. This initiative, part of Cisco’s Country Digital Acceleration programme, seeks to explore the opportunities and challenges presented by emerging technologies like 5G. The MOI was signed by Tay Bee Kheng, President of Cisco ASEAN, and Terence Chia, Assistant Chief Executive of IMDA.

The collaboration will focus on several key areas. Cisco will provide IMDA with various technologies and architectures, including its hybrid 5G Core Network Architecture, to allow experimentation and evaluation of new applications. Additionally, workshops and panel discussions will be held to enhance industry understanding of threat intelligence and the potential use of AI in 5G cybersecurity. Cisco will also offer technology updates through training sessions to share the latest trends and best practices.

Terence Chia highlighted the dual nature of 5G technologies, stating, “Technologies like 5G bring both opportunities and challenges for our digital world.” Tay Bee Kheng emphasised the importance of cybersecurity, noting, “As businesses leverage 5G technologies to catalyse their growth and realise their digital ambitions, cybersecurity needs to be a priority.”

This collaboration is expected to bolster Singapore’s digital infrastructure and ensure it remains resilient against cyber threats, paving the way for future technological advancements.
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