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Amazon invested over S$2 billion in Singapore and enabled the creation of more than 10,000 indirect jobs in 2023

  • Amazon helps thousands of Singapore-based businesses to sell their products in the Amazon store.
  • Through Amazon Global Selling, Singapore selling partners can export their products to customers around the world on Amazon.
  • Amazon Web Services (AWS) enables thousands of Singapore customers to use the AWS Asia Pacific (Singapore) Region to digitally transform.

SINGAPORE – Media OutReach Newswire – 28 November 2024 – Today, Amazon announced that it has invested more than S$2 billion across its retail and cloud businesses in Singapore in 2023. This includes both capital expenditure such as improvements to existing infrastructures, including fulfilment centers, delivery stations, and data centers, and operating expenditure towards technology, safety, expansion of programs for customers, delivery partners, small and medium businesses and employee compensation.

The company’s investment in Singapore supported more than 4,000 indirect jobs in areas like construction, logistics, and other professional services according to third-party consultancy firm Keystone Strategy. In addition, according to a survey conducted by Amazon, Singapore businesses selling on Amazon have created more than 6,000 jobs to support their Amazon-related business activities. In total, Amazon supported more than 10,000 indirect jobs in Singapore in 2023 alone.

Amazon’s local investment reflects the company’s continued commitment to create solutions and services that delight Singapore customers and contribute to the growth of Singapore businesses. “Since the start of our operations in Singapore in 2010 and the launch of Amazon.sg in 2019, we’ve been able to invest and grow our presence in the country with the support of our customers and selling partners,” said Peter Li, Director, China & Singapore, International Store, Amazon. “We’re humbled to see our investments unlock growth opportunities for businesses in Singapore and are proud to continue to support Singapore’s economy and digitization.”

Since the launch of Amazon Prime Now in 2017 (now renamed Amazon Fresh) and Amazon.sg in 2019, Amazon has continued to invest in its operations to offer a faster and more convenient shopping experience for Singapore customers. Amazon’s investments have enabled the company to avail same-day and next-day delivery for eligible products to customers in Singapore. In addition, Amazon Prime membership in Singapore offers unlimited access to award-winning movies and TV episodes with Prime Video, and video game benefits with Prime Gaming, access to Prime Day and Prime Big Deals Days, free 2-hour scheduled delivery on groceries with Amazon Fresh, free one-day domestic delivery for eligible items as well as free international delivery with no minimum spending on eligible items.

Thousands of Singapore-based businesses – many of which are small and medium-sized enterprises – sell their products in the Amazon store. Through Amazon Global Selling, Singapore selling partners can export their products to customers around the world on Amazon. Amazon continuously invests in tools, services and programs to improve its selling partners’ experience and help them grow their businesses with Amazon. This includes tools leveraging generative artificial intelligence such as the option for selling partners to provide a URL to their own website to easily create high-quality product detail pages on Amazon, freeing up valuable time for other business priorities. In 2023, Amazon launched the “Singapore Cross-border Brand Launchpad” developed together with Enterprise Singapore and the Singapore Business Federation to help over 100 local Singapore micro, small and medium enterprises to launch and scale their brands, and access export opportunities in the United States by 2025.

Amazon Web Services (AWS) has been supporting Singapore’s digital transformation ambition by helping Singapore businesses modernize IT and innovate securely at pace since it started operations in Singapore in 2010. Today, thousands of active Singapore customers, such as Grab, Maritime & Port Authority of Singapore, Singlife, and Synapxe, use the AWS Asia Pacific (Singapore) Region to digitally transform. With over 25 years of experience in artificial intelligence (AI), AWS is working with Singapore organizations to develop innovative, industry-first solutions powered by AI and generative AI. Recently, AWS launched its AI flagship program, AWS AI Spring, a multifaceted collaboration with the Singapore Government, public sector organizations, and enterprises to help accelerate the adoption of AI and generative AI in Singapore.

Amazon is committed to supporting the communities where it operates. In 2023, as part of its Delivering Smiles program, Amazon Singapore donated $100,000 in cash to 4 local non-profit organizations, including Children’s Wishing Well, Club Rainbow (Singapore), Fei Yue Family Service Centre and Glyph Community, to help children and youths in Singapore better learn, play, and develop in the long-run. In 2022 and 2023, AWS InCommunities sponsored the Science Centre Singapore’s Youth STEM Empowerment program, guiding students to develop innovative products and solutions to solve real-life community problems using Science, Technology, Engineering and Mathematics (STEM). More recently, Amazon and Singapore’s Infocomm Media Development Authority (IMDA) announced a strategic collaboration under the national Digital for Life movement to help advance Singaporeans’ essential digital skills – including safe online shopping and GenAI – through the organization of community workshops. These educational initiatives are led by corporate volunteers from Amazon.sg, Amazon Payments and AWS, supported by IMDA. AWS has trained more than 400,000 people in Singapore on cloud skills since 2017.

Amazon is committed to investing and innovating in sustainability across its businesses in Singapore. Amazon has invested in two renewable energy projects in Singapore – a 62 megawatt (MW) solar project with Sunseap, and a 17.6 MW project with Sembcorp. Combined, these projects will generate enough renewable energy to power nearly 20,000 Singaporean homes each year. Amazon is working hard to reduce delivery packaging across its Singapore fulfilment operations. Since 2021, Amazon has increased the number of non-grocery orders sent without added delivery packaging from our Fulfilment Centre to Singapore customers by 80 %. By working closely with brands on their packaging, Amazon is enabling more and more essential items – such as nappies, toilet rolls and bottled drinks – to be delivered to Singaporean homes without additional delivery packaging.

Amazon strives to be Earth’s Best Employer by offering career opportunity and mobility programs to employees and prioritizing creating a safe, inclusive, and welcoming workplace for all employees. In 2023, Amazon signed a Memorandum of Understanding (MoU) with SG Enable, Singapore’s focal agency for disability and inclusion, to hire persons with disabilities and help create equal opportunities for them at Amazon’s operations facilities in Singapore. Amazon was ranked among the top 10 companies in 2023 on LinkedIn’s Top Companies list—an annual list that identifies the most sought-after places to work in Singapore, and earlier this year, Amazon Web Services (AWS) Singapore has been endorsed by its employees and Certified™ by Great Place To Work® for 2024.

Hashtag: #Amazon

The issuer is solely responsible for the content of this announcement.

About Amazon

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit About Amazon (https://www.aboutamazon.sg).

AIA Hong Kong Fully Supports Additional Performance for Coldplay: Music Of The Spheres World Tour

Further Promotes Local Mega-Events


HONG KONG SAR – Media OutReach Newswire – 28 November 2024 – Following the announcement of the highly anticipated Music Of The Spheres World Tour taking place in Hong Kong in April 2025, all presale tickets for Coldplay’s three shows were quickly sold out upon release. As the exclusive insurance partner of Coldplay: Music Of The Spheres World Tour, AIA Hong Kong fully supports the additional fourth performance, so more people can experience the extraordinary world-class band’s musical talent and stage presence.

Photo Credit: Anna Lee
Photo Credit: Anna Lee

AIA Hong Kong is also thrilled to announce two of its sponsored events – AIA Carnival and Coldplay: Music Of The Spheres World Tour – have been included in Hong Kong’s Mega Events Calendar for the first half of 2025. As the largest annual winter spectacle, AIA Carnival has contributed an estimated HKD 1.8 billion to the Hong Kong economy over the past decade and is set to return to the Central Harbourfront this December.

Photo Credit: Anna Lee
Photo Credit: Anna Lee

Through its staunch support of the local mega-event economy, AIA Hong Kong aims to create more delightful experiences and precious memories for the community, while also promoting economic benefits such as tourism and employment opportunities, helping everyone live Healthier, Longer, Better Lives.
Hashtag: #AIAHongKong #coldplay

The issuer is solely responsible for the content of this announcement.

ISCA and Kaplan Higher Education Academy Forms Partnership to Grow the Accountancy Profession in Singapore


SINGAPORE – Media OutReach Newswire – 28 November 2024 – The Institute of Singapore Chartered Accountants (ISCA) and Kaplan Higher Education Academy (Kaplan) have signed a Memorandum of Understanding (MOU), bringing together two esteemed institutions to create opportunities for local and international students to embark on the journey towards becoming a Chartered Accountant of Singapore.

Under this partnership, ISCA and Kaplan will jointly launch a specially curated 15-month programme designed for both local and international students, which will cover the learning outcomes of the Singapore Chartered Accountant Qualification’s (SCAQ) Foundation Programme. As part of the programme, students will embark on the SCAQ exams and complete the ethics and professionalism requirements. Upon completion, participants will be conferred the Professional Business Accountant (PBA) designation, providing a structured pathway for students to progress towards becoming a Chartered Accountant of Singapore.

The programme will also include employability workshops, aimed at helping participants improve essential workplace skills such as resume writing and how to succeed at interviews. Top performers of the programme may also be considered for employment opportunities with ISCA’s wide network of over 500 Accredited Training Organisations (ATOs), which span across sectors such as banking, finance and accounting services.

The MOU was signed by ISCA CEO Ms Fann Kor and Kaplan Higher Education Academy President Dr Susie Khoo today, at Kaplan City Campus @ Wilkie Edge.

The newly formed partnership is part of ISCA’s continual efforts to nurture interest in accountancy as a choice study amongst tertiary students. Since 2023, ISCA has signed several MOUs with various Institutes of Higher Learning (IHLs), and these partnerships help to develop pathways for students to become Chartered Accountants. This will also help to cultivate and sustain a steady talent pipeline of professional accountants to serve the evolving business landscape.

President of Kaplan Higher Education Academy Dr Susie Khoo said, “Kaplan (Singapore) and ISCA have partnered to address the rising demand for qualified accountancy professionals in Singapore. This collaboration seeks to bridge the gap by offering Professional Certification Courses that equip graduates with globally recognised credentials. It also provides a strong entry point for individuals from non-accountancy backgrounds to pursue rewarding careers in the field.”

ISCA CEO Ms Fann Kor said, “We are excited to collaborate with Kaplan to create a new pathway for students to become Chartered Accountants of Singapore. This partnership reflects our shared commitment to developing a strong and diverse talent pipeline for the accountancy profession, helping the students gain competitive edge, with greater career mobility in the exciting job market.”
Hashtag: #SCAQ #ISCA #Accountancy #DifferenceMakers #Kaplan

The issuer is solely responsible for the content of this announcement.

About the Institute of Singapore Chartered Accountants

The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore with over 36,000 ISCA members making their stride in businesses across industries in Singapore and around the world. ISCA members can be found in over 40 countries and members based out of Singapore are supported through 12 overseas chapters in 10 countries.

Established in 1963, ISCA is an advocate of the interests of the profession. Complementing its global mindset with Asian insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards the advancement of the accountancy profession. Its Academy designs and develops professional development courses and programmes that equip accountancy and finance professionals on developing themes in business and specialisation areas such as sustainability reporting, financial forensics and corporate governance topics for directors.

ISCA administers the Singapore Chartered Accountant Qualification programme and is the Designated Entity to confer the Chartered Accountant of Singapore – CA (Singapore) – designation.

ISCA is a member of Chartered Accountants Worldwide, a global family that brings together the members of leading institutes to create a community of over 1.8 million Chartered Accountants and students in more than 190 countries.

For more information, visit .

Kapsch TrafficCom reports GNSS viability for large-scale tolling

  1. Norwegian Proof of Concept conducted successfully
  2. Millions of kilometers of trips processed
  3. System scalability makes it viable for nationwide deployment


NEW DELHI, INDIA – EQS Newswire – 28 November 2024 – Kapsch TrafficCom reports findings of Road User Charging (RUC) Proof of Concept (PoC) in Oslo, Norway.
The initiative tested innovative solutions for distance-based road pricing with GNSS (Global Navigation Satellite System) technology as a sustainable alternative to traditional fuel taxes. This approach aims to address the decline in fuel tax revenues resulting from the shift to electric vehicles while ensuring fairness and accessibility for all road users.

Carolin Treichl, EVP EMENA at Kapsch TrafficCom, highlighted the project’s innovation: “With this PoC, we are bringing together satellite tolling technology and Cooperative Intelligent Transport Systems in a way that has not been done before in Europe. With over 2 million kilometers of trips processed and a rate accuracy exceeding 99%, the PoC demonstrated the viability of a low-cost, flexible, and scalable RUC system that is based on GNSS technology.”

As countries worldwide, including Norway, advance their transition to electric vehicles (EVs), governments face significant challenges in maintaining infrastructure funding. Fuel tax revenues – a primary source of road maintenance funding – are projected to decline by more than 85% in Norway by 2050. Recognizing this issue, the Norwegian government has prioritized studying and implementing sustainable road usage charges based on the “polluter pays” principle.

The PoC leveraged a smartphone-based application paired with the GNSS tolling technology developed by Kapsch TrafficCom. The cloud-based, device-agnostic approach of Kapsch TrafficCom processes road usage data, calculates charges based on predefined tariffs, and delivers results with maximum accuracy, even in Norway’s challenging road environments.

Results and Insights
The PoC encompassed:

  • Over 2 million kilometers of real and simulated trips
  • 80 million position data points processed, achieving a 99.5% rate accuracy
  • Successful adaptation to diverse conditions, including urban congestion, tunnels, and remote areas

These results underscore the system’s scalability, making it a sustainable solution for nationwide implementation. The PoC also aligns with broader trends in mobility, including demand management and connected vehicles. Its cloud-based architecture reduces CO₂ emissions by 85% compared to traditional systems, supporting global sustainability goals.

More information: Press | Kapsch TrafficCom

Sandra Bijelic
Head of Corporate Communications
Kapsch TrafficCom AG
sandra.bijelic@kapsch.net

Hashtag: #KapschTrafficComAG

The issuer is solely responsible for the content of this announcement.

Sara Lamsam of Muang Thai Life Assurance Recognised as Outstanding Leader in Asia at ACES Awards


BANGKOK, THAILAND – Media OutReach Newswire – 28 November 2024 – The Asia Corporate Excellence & Sustainability (ACES) Awards 2024 celebrated the remarkable achievements of Sara Lamsam, CEO of Muang Thai Life Assurance Public Company Limited (MTL), who has been honored as an Outstanding Leader in Asia. With over 31 years of dedicated service, Sara Lamsam has transformed MTL into not just a leader in Thailand’s life insurance sector but also a formidable contender in the regional market, with successful expansions into Cambodia, Laos, Myanmar, and Vietnam.

Mr. Sara Lamsam, CEO of Muang Thai Life Assurance Public Company Limited (middle), proudly accepts the prestigious Outstanding Leaders in Asia award at the ACES Awards 2024. The award was presented by Dr. Shanggari Balakrishnan, President of the ACES Awards (left), and Mr. Hemant Batra, Honorary Chairman of the ACES Awards, in recognition of Mr. Lamsam’s exceptional leadership and transformative impact on the industry.
Mr. Sara Lamsam, CEO of Muang Thai Life Assurance Public Company Limited (middle), proudly accepts the prestigious Outstanding Leaders in Asia award at the ACES Awards 2024. The award was presented by Dr. Shanggari Balakrishnan, President of the ACES Awards (left), and Mr. Hemant Batra, Honorary Chairman of the ACES Awards, in recognition of Mr. Lamsam’s exceptional leadership and transformative impact on the industry.

Sara Lamsam has played a pivotal role in reorganizing and modernizing MTL, reinventing its corporate image as colorful, fresh and globally recognizable. He initiated fuchsia color as the brand’s uniqueness color, inspired by the “morning sunshine”, to represent new beginnings and resilience with the phrase, “Never Give Up”. Our identity has significantly contributed to establishing MTL as a leading insurance brand dedicated to bringing happiness and smiles to everyone. It has mainly resulted that MTL has earned awards and recognition both domestically and internationally.

As an industry pioneer, Sara Lamsam spearheaded the integration of innovation into the life insurance business, particularly creating Thailand’s first CRM system in the business under the “Muang Thai Smile Club” which delivering happiness and exclusive privileges to our customers. Sara Lamsam has also been instrumental in the development of health insurance products such as “Elite Health Plus”, “D Health Plus”. In the latest, MTL has initiated “Care Plus”, which provides up to 5-million-baht coverage per disease per year. These products address critical health needs, including specific coverage for cancer, chronic kidney failure, inpatient and outpatient treatment, and mental health services, and demonstrate MTL’s commitment to comprehensive healthcare solutions.

Innovation continues to be a key pillar of MTL’s strategy, with the recent launch of two user-friendly applications, “MTL Click” and “MTL Fit.” These platforms enhance customer engagement by allowing policy management, digital claim submission, and exercise incentives that encourage healthy living. With over 1.3 million and 100,000 users, respectively, both applications have garnered accolades, including the Business+ Product Innovation Award for four consecutive years.

Sara Lamsam’s emphasis on technological advancements has further strengthened MTL’s operations. Initiatives such as paperless processes, straight-through processing claims, and the introduction of the “Chompoo AI-Chatbot” exemplify MTL’s commitment to enhancing customer service and operational efficiency.

An influential figure in the insurance sector, Sara Lamsam has held several prestigious roles, including Chairman of the Federation of Thai Insurance Organisations and President of the Thai Life Assurance Association. His notable contributions include refining the Liability Adequacy Test, resulting in a significant reduction of the impact on reserve levels during a challenging economic period.

In recognition of his exceptional leadership and significant contributions to the industry, Sara Lamsam has been honoured with multiple prestigious accolades over the years, including distinctions celebrating his entrepreneurial excellence and leadership. His recent acknowledgment for fostering a positive and thriving workplace further underscores his dedication to creating an inspiring work environment.

Believing that a happy workforce is integral to producing exceptional products and services, Sara Lamsam has cultivated a workplace culture that values employee satisfaction. Under his leadership, MTL has earned the “Hall of Fame” award for fourth consecutive years and has been recognized as the Life Insurance Company with Outstanding Management for 18 years.

Looking ahead, Sara Lamsam is focused on expanding MTL’s footprint in the region while adhering to international governance standards. His vision includes democratizing insurance under the motto “#1 Most Trusted Life & Health Planning” and implementing ESG initiatives to enhance the company’s sustainability and societal impact.

With a commitment to becoming a “Green Insurer,” Sara Lamsam is dedicated to fostering a culture of sustainability within MTL, empowering employees to develop future skills aligned with the principles of good corporate governance and appropriate risk management.

Shanggari B, President of the ACES Awards, comments, “It is true to say that MTL enjoys the visibility it has today because of Sara Lamsam. His business strategies, marked by consistent innovation and his ability to lead the company forward, are demonstrated, not only by the growth he has brought to MTL but also by the many accolades that he and his company have won.” The Outstanding Leaders in Asia Award is presented to exceptional leaders who have demonstrated sound leadership and successfully applied it to spearhead growth and prominence for the company.

Hashtag: #MTL #MuangThaiLifeAssurance #ACESAwards2024 #Leadership

The issuer is solely responsible for the content of this announcement.

About Muang Thai Life Assurance PCL

Muang Thai Life Assurance Public Company Limited (MTL) is a pioneering life insurance company in Thailand with a strong focus on innovation and customer service. Established 73 years ago, MTL is committed to providing comprehensive insurance solutions that meet the evolving needs of its clients and contribute positively to the communities it serves.

PTT Lubricants Highlights New Innovations to Drive Sustainable Growth in the Lubricants Business


BANGKOK, THAILAND – Media OutReach Newswire – 28 November 2024 – PTT Lubricants, a leading lubricants brand from Thailand and flagship business under the operations of PTT Oil and Retail Business Public Company Limited (OR), is accelerating business growth opportunities for sustainable development. The company is focused on innovating and improving product and service quality to deliver excellent consumer experiences. Additionally, PTT Lubricants is expanding its business internationally to achieve success and recognition in global markets. This includes products across various brands such as PTT Station, Café Amazon, EV Station PluZ, and the distribution of PTT Lubricants products. With a goal to become a globally recognized brand.

PTT Lubricants

OR has been producing and distributing PTT Lubricants products for over 30 years, earning the trust and confidence of consumers, as evidenced by its number-one sales position in Thailand. The company is committed to expanding its international market, with its products now available in over 40 countries worldwide, including ASEAN, Asia, Africa, and Europe. Through continuous innovation and the development of comprehensive product formulas, OR caters to the lubricant market across automotive, industrial sectors, and OEM markets for vehicle manufacturers, ensuring it meets the diverse needs of consumers in different countries.

In addition, the company has developed an Automated Lubricants Distribution Center with a storage capacity of over 260 million liters per year, enabling it to efficiently support market expansion both domestically and internationally. PTT Lubricants will accelerate market expansion in Southeast Asia and high-potential growth markets, including Taiwan, Indonesia, the Philippines, Malaysia, and Burkina Faso. Notably, Indonesia is a key market with rapid growth in the automotive industry. PTT Lubricants has partnered with PT Sumber Suwarna Unisindo, a leader in the lubricants industry, to deliver high-quality lubricants and after-sales services to Indonesian customers.

In Taiwan, PTT Lubricants has been operating for over 14 years in partnership with Dynamax Petrochemical Ltd., establishing a strong foundation in motorcycle and high-quality gasoline products. This collaboration has earned recognition among high-end customers in the European luxury car market and the big-bike racing segment.

In response to advancements in automotive technology and the changing demands of consumers, particularly the focus on environmental conservation and pollution reduction, PTT Lubricants has launched a new engine oil formula featuring the innovative “EVOTEC Technology” platform. The standout “3E” properties of EVOTEC are designed with the future in mind:

* Environment: Reduces emissions and carbon dioxide, promoting a cleaner and more sustainable environment for a better future.

* Endurance: Helps clean contaminants and protects the engine, ensuring durability under all driving conditions, whether for long-distance driving or heavy use.

* Efficiency: Enhances engine performance, providing maximum responsiveness at every acceleration, while also promoting optimal fuel efficiency.

Additionally, the EVOTEC technology has been designed to support all types of engines, whether gasoline or diesel, for passenger cars, pickup trucks, motorcycles, and trucks. It has also received world-class quality certifications from leading organizations. The product range includes:

* Performa Series: Engine oil for gasoline vehicles with Gasoline Direct Injection (GDI) and Turbo-GDI systems, developed using SMART Molecules technology to enhance performance.

* Dynamic Series: Engine oil for diesel vehicles, developed to help clean engine components and protect the engine from heavy-duty operation.

* Challenger Series: Engine oil for motorcycles, specifically the Challenger Synthetic 4T, developed with a special TRIPLE ACTION FORMULA, ideal for high-performance 4-stroke motorcycles.

Additionally, PTT Lubricants is committed to being a leader in technology development to support the growth of electric vehicles (EVs) and align with innovations from automotive manufacturers. The company is also responding to consumer demands by launching new products such as EV DRIVE D1, a 100% synthetic gear oil, and EV COOLANT P, a coolant fluid for the electric vehicle market. These products are designed to efficiently support the sustainable growth of the new energy automotive industry, both in domestic and global markets.
Hashtag: #PTT #PTTOilandRetailBusiness #OR #PTTLubricants

The issuer is solely responsible for the content of this announcement.

About PTT Oil and Retail Business Public Company Limited (OR)

PTT Oil and Retail Business Public Company Limited (OR), a cornerstone of the PTT Group (BKK:PTT), champions a dynamic fusion of energy and retail to drive inclusive growth. OR is ardently committed to its revolutionary SDG framework—Small, Diversified, and Green. Embracing this ethos, OR uplifts communities, cultivates expansive business opportunities, and spearheads sustainability efforts with ambitious goals of achieving carbon neutrality by 2030 and net zero emissions by 2050. Through this dynamic framework, OR is setting new standards for sustainability and inclusivity in the industry.

More Information

Hang Lung Advances Real Estate Decarbonization with First Mainland Project Using Nearly 100% Low Carbon Emissions Steel in its Building Structure

Collaboration with Baosteel sets new benchmark for steel emissions data collection; Plaza 66 Pavilion Extension in Shanghai achieves a 35% reduction from baseline steel emissions


HONG KONG SAR / SHANGHAI, CHINA – Media OutReach Newswire – 27 November 2024 – Spearheading the effort to decarbonize real estate across China, Hang Lung Properties Limited (SEHK stock code: 00101) (“the “Company” or “Hang Lung”) is using nearly 100% low carbon emissions steel for all above ground structural plates (to be manufactured into columns and beams) and reinforcing bars of its Pavilion Extension at its flagship Plaza 66 mall in Shanghai. This marks the first commercial real estate project in mainland China to incorporate low carbon emissions steel, sourced from Baoshan Iron & Steel Co., Ltd. (“Baosteel”), achieving a 35% reduction in the steel’s embodied carbon compared to conventional steel alternatives.

A celebration ceremony to announce Baosteel’s BeyondECO® low carbon emissions reinforcing bars and Hang Lung’s first adoption of nearly 100% low carbon emissions steel was recently held at Wuhan Iron and Steel Co., Ltd. Bar Factory in Wuhan. The ceremony was attended by Mr. Liu Luchang, Deputy General Manager of Wuhan Iron and Steel Co., Ltd. (tenth right), Mr. Du Xiufeng, Factory Director of Wuhan Iron and Steel Co., Ltd. Bar Factory (fifth left) and Mr. John Haffner, Deputy Director – Sustainability, Hang Lung Properties Ltd. (ninth right), and other representatives of both organizations. In addition, representatives from Hubei Metallurgical Industry Association, Hubei Steel Structure Association, Hubei Society for Metals, CITIC General Institute of Architectural Design and Research Co., Ltd., Jiangsu Jianye Construction Group Co. Ltd. also attended the ceremony
A celebration ceremony to announce Baosteel’s BeyondECO® low carbon emissions reinforcing bars and Hang Lung’s first adoption of nearly 100% low carbon emissions steel was recently held at Wuhan Iron and Steel Co., Ltd. Bar Factory in Wuhan. The ceremony was attended by Mr. Liu Luchang, Deputy General Manager of Wuhan Iron and Steel Co., Ltd. (tenth right), Mr. Du Xiufeng, Factory Director of Wuhan Iron and Steel Co., Ltd. Bar Factory (fifth left) and Mr. John Haffner, Deputy Director – Sustainability, Hang Lung Properties Ltd. (ninth right), and other representatives of both organizations. In addition, representatives from Hubei Metallurgical Industry Association, Hubei Steel Structure Association, Hubei Society for Metals, CITIC General Institute of Architectural Design and Research Co., Ltd., Jiangsu Jianye Construction Group Co. Ltd. also attended the ceremony

Real estate accounts for more than 38% of China’s total annual carbon dioxide emissions. In Hang Lung’s case, steel emissions accounted for approximately 40% of its total embodied carbon emissions in 2023, making steel decarbonization essential for achieving its goal of reducing its scope 3 greenhouse gas emissions. Hang Lung’s low carbon emissions steel transaction with Baosteel is an example of how leadership in real estate can help China reach its goal of carbon neutrality by 2060.

Baosteel will supply 1,171 tonnes of its BeyondECO® low carbon emissions structural steel and 325 tonnes of BeyondECO® low carbon emissions reinforcing bars for the Plaza 66 Pavilion Extension project, which is now underway and due for completion in 2026.

The Pavilion Extension of Plaza 66 in Shanghai is the first real estate project to use nearly 100% low carbon emissions steel in its building structure. The low carbon emissions steel, sourced from Baosteel, will achieve a 35% reduction in embodied carbon compared to conventional steel alternatives
The Pavilion Extension of Plaza 66 in Shanghai is the first real estate project to use nearly 100% low carbon emissions steel in its building structure. The low carbon emissions steel, sourced from Baosteel, will achieve a 35% reduction in embodied carbon compared to conventional steel alternatives

“The steel procurement in our Plaza 66 Pavilion Extension project is an exciting moment for Hang Lung,” said Mr. Adriel Chan, Chair of Hang Lung Properties. “Thanks to our collaboration with Baosteel, a leader in steel decarbonization in China, as well as with other industry partners, we have set a new benchmark for steel emissions reductions in the real estate sector. Hang Lung will continue to implement sustainable practices across our value chain, including the application of low carbon emissions steel on other development projects, such as Westlake 66 in Hangzhou.”

To meet Hang Lung’s stringent low carbon emissions steel tender specifications for the project, the main contractor and Baosteel collaborated closely to provide accurate product-level carbon emissions data with the Company. This collaboration set a new industry standard for transparent, traceable and trusted emissions data. Baosteel calculated the products’ carbon footprint through Baosteel intelligent Carbon Data platform using a lifecycle analysis model developed by Shanghai E-Carbon Digital Technology Co., Ltd. (“EC-Digital”). This data was verified by TÜV SÜD, a global third-party certification body.

Notes to Editors:

1. Hang Lung’s Leadership in Decarbonization Commitments
Hang Lung was the first real estate company in mainland China and Hong Kong to obtain validation from the Science-Based Targets initiative (SBTi) for its net zero targets in accordance with SBTi’s Net Zero Standard in December 2022.

Hang Lung was the first real estate company in mainland China and Hong Kong to join Climate Group’s SteelZero initiative in December 2023, according to which the company commits to transitioning to using 50% lower emission steel by 2030 and setting a clear pathway to using 100% net zero steel by 2050.

2. BeyondECO®
BeyondECO® is Baosteel’s groundbreaking mass-produced low carbon emissions steel product that reduces emissions through a combination of renewable energy and recycled steel scrap. The exact combination of these contributing factors varies from product to product. For example, the reinforcing bars used in the Plaza 66 Pavilion Extension project achieved carbon emission reduction of more than 50% through a combination of 100% renewable energy and 60% recycled scrap.

Explainer: Low carbon emissions steel in Hang Lung’s Plaza 66 Pavilion Extension project
Breakdown of steel emissions reductions by type of steel (above ground)

Hang Lung Table

* This emissions factor is based on Hang Lung’s specification through its main contractor to Baosteel that “carbon emissions should be less than 1.68 tCO2 eq/t.” The final emissions factor calculation will be subject to third-party verification.
** The baseline emissions factors for steel are derived from Baosteel’s 2023 field data and have been verified by TÜV SÜD.
Hashtag: #HangLung

The issuer is solely responsible for the content of this announcement.

About Hang Lung Properties

Hang Lung Properties Limited (SEHK stock code: 00101) creates compelling spaces that enrich lives. Headquartered in Hong Kong, Hang Lung Properties develops and manages a diversified portfolio of world-class properties in Hong Kong and the nine Mainland cities of Shanghai, Shenyang, Jinan, Wuxi, Tianjin, Dalian, Kunming, Wuhan and Hangzhou. With its luxury positioning under the “66” brand, the company’s Mainland portfolio has established its leading position as the “Pulse of the City.”

At Hang Lung Properties – We Do It Well.

For more information, please visit .

Gorilla Technology Shortlisted for a Groundbreaking Smart Education Project in Southeast Asia


London, United Kingdom – Newsfile Corp. – November 27, 2024 – Gorilla Technology Group Inc. (NASDAQ: GRRR) (“Gorilla” or the “Company”), is proud to have been shortlisted for a landmark smart education and digital infrastructure project with an anticipated value of over $400 million for an initial five-year phase, subject to finalizing terms and definitive documentation. This initiative, based in a major investment-grade city in Southeast Asia, marks the beginning of a multi-phase programme, with additional projects that could exceed $2.5 billion in spending over a 15-year period.

The first five-year phase will revolutionise educational ecosystems, integrating cutting-edge digital platforms, advanced AI capabilities and next-generation connectivity to enhance learning experiences and operational efficiency across the region.
Jay Chandan, Chairman and CEO of Gorilla Technology Group, stated, “This opportunity represents a monumental step forward in our mission to enable large-scale, impactful change through technology. By leveraging our unique combined expertise in AI, cybersecurity and digital transformation, we are committed to shaping the future of education and infrastructure in one of the most dynamic regions in the world.”

Dr. Rajesh Natarajan, Chief Technology Officer of Gorilla Technology, added, “Our focus is on delivering a smart, secure and scalable platform that redefines how smart educational systems operate in the digital age. This project will showcase the full potential of our AI and IoT technologies, creating a transformative impact on the lives of students, educators and communities.”

This milestone underscores Gorilla Technology’s growing influence in Southeast Asia and its commitment to fostering innovation and digital equity. The company is actively engaging with the project leadership to finalise terms and progress towards execution in the coming months.

About Gorilla Technology Group Inc.

Headquartered in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide a wide range of solutions, including, Smart City, Network, Video, Security Convergence and IoT, across select verticals of Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare and Education, by using AI and Deep Learning Technologies.

Our expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for residents.

For more information, please visit our website: Gorilla-Technology.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Gorilla’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding our beliefs about our ability to execute definitive agreements related to this smart education project, attract the attention of customers and win additional projects, along with those other risks described under the heading “Risk Factors” in the Form 20-F Gorilla filed with the Securities and Exchange Commission (the “SEC”) on May 15, 2024 and those that are included in any of Gorilla’s future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Gorilla and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Gorilla undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

Investor Relations Contact:

Dave Gentry
RedChip Companies, Inc.
1-407-644-4256
GRRR@redchip.com

The issuer is solely responsible for the content of this announcement.

About Gorilla Technology Group Inc.