WASHINGTON: US Federal Reserve Chairman Ben Bernanke says pessimists forecasting that the economy will not reap sizable benefits from the computer revolution are likely to be proven wrong.
Bernanke told a college graduating class that the long-range practical consequences of innovations such as faster computers and the Internet are hard to predict.
But he said inventors have only scratched the surface of the commercial applications that can be obtained in such fields as medicine and clean energy.
Bernanke's remarks came in a commencement address at Bard College at Simon's Rock, a small liberal arts college in Great Barrington, Massachusetts. Bernanke's son Joel graduated from the school in 2006.
The Fed chairman did not make any comments about interest rates in his speech, saying he wanted to use his address to focus not on short-range economic problems but to speak about economic growth measured in decades.
"We live on a planet that is becoming richer and more populous and in which not only the most advanced economies but also large emerging market nations like China and India increasingly see their futures as tied to technological innovation," Bernanke said in a text of his remarks, which were released in Washington.
"The number of trained scientists and engineers is increasing rapidly, as are the resources for research being provided by universities, governments and the private sector," he said.
"Both humanity's capacity to innovate and the incentives to innovate are greater today than at any other time in history."
Bernanke cited these factors to bolster the view that the current computer revolution will prove just as beneficial to increasing living standards as past industrial revolutions that gave the world the steam engine and railroads and then later electricity and airplanes.
The Fed chairman told the new graduates that the best way to succeed will be to keep learning.
"During your working lives, you will have to reinvent yourselves many times," he said.
"Success and satisfaction will not come from mastering a fixed body of knowledge but from constant adaptation and creativity in a rapidly changing world."
Bernanke forecasts gains from computer technology
Bernanke forecasts gains from computer technology
New Murabba seeks contractors for Mukaab Towers fit-outs: MEED
RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.
The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.
Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.
The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.
Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.
Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.
The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.
In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.
