Ether predicted to bypass Bitcoin within 5 years

Ethereum could outpace Bitcoin in about five year's time, according to analysts. (Reuters file photo)
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Updated 19 August 2021
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Ether predicted to bypass Bitcoin within 5 years

RIYADH: Bitcoin, the leading cryptocurrency in trading internationally, traded lower on Thursday, falling by 0.74  percent to $44,686.87 at 11:29 a.m Riyadh time.

Ether, the second most traded cryptocurrency, traded at $3,003.69, down by 0.80 percent, according to data from Coindesk.

Nigel Green, CEO of the independent financial advisory firm and founder of the deVere Group, said at a virtual event that he expected Ethereum to continue to outperform Bitcoin, the world’s largest cryptocurrency by market capitalization, and will eventually outpace its rival this year and possibly within five years.
Meanwhile, a study said cryptocurrency adoption has increased 23-fold globally over the past year. Chainalysis released its 2021 Global Crypto Adoption Index, which showed the digital currency is gaining popularity in India, Pakistan, and Ukraine where its adoption is waning in China and the US amid regulatory pressures, CoinDesk reported.
Binance said on Wednesday it had appointed a former US Treasury criminal investigator as its global money laundering reporting officer, part of an attempt by one of the world’s largest crypto exchanges to reinvent itself as a regulated financial firm.
According to a press release, ETC said it will list all of its crypto-traded products on the Vienna Stock Exchange.
The London-based crypto securities will also list Vienna’s first carbon-neutral crypto ETP, the first physical bitcoin ETP, the first litecoin ETP, and an ethereum ETP.
According to a new report by Allied Market Research, the crypto asset management market will grow to $9.4 billion by 2030. The increase projected in the report equates to a compound annual growth rate of 30 percent from 2021 to 2030.
In another development, the Evai cryptocurrency ratings platform started its operations in Dubai. It is collaborating with GlobalBoost to launch its first crypto fund.


Global ‘Center for Space Futures’ announced at World Economic Forum

Updated 9 sec ago
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Global ‘Center for Space Futures’ announced at World Economic Forum

  • The center aims to facilitate public-private discussions on space collaboration, incorporating best practices from the WEF and its communities into the global space sector

RIYADH: The World Economic Forum and the Saudi Space Agency signed an agreement to establish the Center for Space Futures, a Centre for the Fourth Industrial Revolution.

Hosted by the SSA, the center is expected to open later this year and will be the first in the C4IR network to focus exclusively on space. It will operate alongside the existing national center, C4IR Saudi Arabia, to advance Saudi Vision 2030.

Jeremy Jurgens, the WEF managing director, told Arab News: “Historically, many people assume that space is the exclusive domain of a few countries that have a fully integrated space technology stack. What we’ve seen over the last few years is that space is something that should be available to the whole globe. 

“By launching the Center for Space Futures here in Saudi Arabia, we’re actually demonstrating that space is something for all humanity, and that we can actually unlock those benefits and use them anywhere and everywhere.” 

The center aims to facilitate public-private discussions on space collaboration, incorporating best practices from the WEF and its communities into the global space sector, and generating contributions to accelerate space technologies.

Dr. Mohammed Al-Tamimi, CEO of the SSA, told Arab News: “This center is part of a global platform that will engage everyone to make sure that we’ll be activating public and private discussions, especially in this era.” As the world experiences a shift from a government-centered space sector to a private-centric sector, Al-Tamimi said that the center offers “great potential to collaborate and engage more with the private sector and government initiatives.” 

The officials said they are committed to harnessing the vast opportunities of the space industry and creating a sustainable economy globally through best practices, governance, policies, innovation and valuable technologies to encourage further cross-sector engagement. 

Mishaal Ashemimry, managing director of the Center for Space Futures, told Arab News: “Space generally has seen no boundaries when it comes to development, and you need the input of international countries with their expertise, their backgrounds, their achievements in space, to work together, whether it’s towards a mission or achieving governance policies … Space cannot move forward without international collaboration.” 

The center will join 19 others that make up the C4IR network, a platform for multistakeholder collaboration, bringing together public and private sectors to maximize technological benefits to society while minimizing the risks.

The WEF launched the first C4IR in San Francisco in 2017, followed soon after by others in Japan and India. The network now includes the Centre for Trustworthy Technology, in Austin, the US Centre for Advanced Manufacturing, in Detroit, Germany’s Global Government Technology Centre, Norway’s HUB Ocean, and others in Rwanda, Saudi Arabia, Serbia, South Africa, India, Turkiye and the UAE.


Saudi Arabia likely to meet tourism targets ahead of 2030, says top official

Updated 22 min 42 sec ago
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Saudi Arabia likely to meet tourism targets ahead of 2030, says top official

RIYADH: Based on Saudi Arabia’s extraordinary achievements in the tourism sector, the Kingdom is likely to achieve its targets ahead of 2030, said a top tourism official. 

During a panel at the Future Hospitality Summit held in Riyadh, Gloria Manzo, chief special adviser at the Ministry of Tourism, likened Saudi Arabia’s approach toward the development of the sector to the private sector with clear goals with key performance indicators reviewed quarterly.

She added: “We have goals, we have quarterly meetings that review our KPIs quarterly. You better be on the plan and if not, you have to explain why, so most likely it will achieve those numbers, before 2030. Absolutely!.”

Manzo noted that increasing the target indicates that Saudi Arabia is progressing faster than expected, which reflects a positive momentum in achieving tourism goals.

She said for Saudi Arabia “the sky is the limit.”  The development process in the Kingdom, she added, is supported by unprecedented levels of government investment.

“What the government is doing in this country, there’s no other example in the world. I have never seen something like this in my 30 years of career,” the official said.

She also highlighted challenges facing the tourism sector such as geopolitical issues and weather-related crises, which can disrupt operations.

The official identified the development of human resources for the sector as a challenge for which the government is taking several measures.

“We wish we could do that faster. The ministry is training Saudis abroad. We announced a (training) academy. We’re partnering with universities here. That is very important, but it will be wonderful if we can train them faster. The private sector is also helping us to train these Saudis,” she said.

Manzo also expressed optimism about more Saudi women joining the tourism industry. 

The official said interestingly the Saudi government “moves faster than the private sector” unlike any other country in the world where the latter tends to act quicker. She said small and medium enterprises require more support to keep pace with the ongoing development in the sector.

“I would say the SMEs need more support, and of course, we wish we can support them so that they can accelerate in this transition,” Manzo added.

“We’re working with them. We have a plan and the ecosystem is very structured,” the tourism official said.


Saudi chemicals giant SABIC targeting net zero by 2050, CEO says

Abdulrahman Al-Fageeh (R), CEO of the Saudi Basic Industries Corporation.
Updated 29 April 2024
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Saudi chemicals giant SABIC targeting net zero by 2050, CEO says

  • SABIC aims to convert 1 million tons of waste into feedstock for the petrochemical industry by 2030, Al-Fageeh said

RIYADH: Saudi Arabia’s top chemicals company is turning to circular economy solutions to reach carbon neutrality by 2050 and advance the Kingdom’s net-zero agenda, its CEO has said.

Abdulrahman Al-Fageeh, CEO of the Saudi Basic Industries Corporation, was speaking at the “Demand for Energy ... Transforming Costs into Gains” panel during the special meeting of the World Economic Forum in Riyadh.

SABIC aims to convert 1 million tons of waste into feedstock for the petrochemical industry by 2030, he said.

The circular carbon economy has helped the chemicals sector expand its investment horizon since 2020, he added.

Al-Fageeh said that SABIC marked achievements in energy efficiency and reduced its carbon footprint at the end of 2023 by 12.74 percent. The company is targeting carbon neutrality by 2050.

SABIC has also adopted alternative energy from plastic waste, seeking to produce 1 million tons of sustainably sourced chemicals by 2030.

Energy efficiency

Al-Fageeh said that his company had started sustainability programs at an early stage, improved reliability, developed 90 initiatives and projects, and closed a number of sites due to ineffectiveness.

In 2023, SABIC had more than 200 patents, 40 percent of which related to sustainability in energy efficiency.


Concierge robots set to become reality in the hospitality sector 

Updated 3 min 34 sec ago
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Concierge robots set to become reality in the hospitality sector 

RIYADH: A personal robot concierge is set to become a reality as a new wave of technological innovation takes the spotlight during the Future Hospitality Summit in Riyadh. 

In an interview with Arab News during the event, Janet Adams, chief operating officer of global artificial intelligence company SingularityNET, shared details about a new humanoid robot expected to revolutionize the hospitality sector. 

“One of our projects which we are pioneering right now is the development of a new class of humanoid robots specifically designed for the service industries,” Adam told Arab News. 

“Imagine going to stay in a hotel where you’ve connected with your robot before you go there. They know everything you want. They can greet you at the door because you’ve been chatting as an avatar,” she said. 

“And then after you leave, they can stay in touch with you and they can be like a loyalty ambassador, robotic avatar, friend for life who understands your needs, who understands what you enjoy, who makes everything perfect for you in your stay in the hospitality industry,” Adams added. 

She further explained that the development, known as the Mind Children project, will roll out its pilot in early 2025. 

Furthermore, Adams shared that the company is working on a new breed of technological advancement for AI in language models in the Middle East. 

The company is working with Zarqa, a Middle Eastern AI firm part of SingularityNET’s ecosystem, to significantly improve AI language models.

 “What we’re doing is we’re taking the best of today’s large language model technology, and we’re infusing it with the best of tomorrow’s artificial general intelligence technology, because we’re leaders in the field of artificial general intelligence,” Adams explained. 

“And sometime within the next 12 to 24 months, we expect to see enormous breakthroughs where the limitations of today’s language models are overcome, where we can bring human level reasoning or human style reasoning into our robots and therefore give them the capability to be creative, to understand their environment, to really, truly contribute as a, for example, to hospitality services,” she added. 

During the event, SingularityNET also showcased Desdemona, a humanoid robot and the lead vocalist of the Jam Galaxy Band. 

“She runs up a huge array of advanced artificial intelligence models. She’s working with vision, with speech processing. We work with toxicity filters. We work with emotion recognition, facial recognition. We have a variety of AI models, including Markov decision-making and generative adversarial networks,” she explained.  

“And a bunch of the most advanced AI that’s available on the planet. Together. All work together in this, in what looks like a seamless operation of multiple modules working together. She’s truly a highly advanced miracle of modern AI,” Adams added. 


Brazilian energy official from Riyadh: ‘We are on our way to join OPEC+’

Secretary of Oil, Gas and Biofuels at Brazil’s Ministry of Mines and Energy Pietro Mendes attends WEF special meeting in Riyadh.
Updated 29 April 2024
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Brazilian energy official from Riyadh: ‘We are on our way to join OPEC+’

  • Mendes stressed the importance of South-South cooperation, noting his country’s relationship with Egypt and Saudi Arabia

RIYADH: Pietro Mendes, Secretary of Oil, Gas and Biofuels at Brazil’s Ministry of Mines and Energy, confirmed on Monday that his country is on its way to joining the OPEC+ alliance.

Mendes’ announcement came during his participation in a session titled “Energy Demand: Transforming Costs into Profits” during the special meeting of the World Economic Forum held in Riyadh.

Brazil ranks ninth in the world in oil production at 3.25 million barrels per day.

“Brazil is joining OPEC+. So, the idea is to create cooperation because there (are) differences between regions and we don’t have just one single solution that comes from us or a union; we need to recognize all the solutions,” the Brazilian official said, adding while his country continues to produce oil and gas, it is simultaneously increasing reliance on renewable energies and adopting solutions to reduce emissions.

Mendes stressed the importance of South-South cooperation, noting his country’s relationship with Egypt and Saudi Arabia, where several initiatives are being developed for cooperation in biofuels and technology, including artificial intelligence, is being adopted to reduce carbon emissions.