Smart living can improve quality of life — but at a cost

Hussein Lootah, director general of Dubai Municipality
Updated 13 February 2018
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Smart living can improve quality of life — but at a cost

DUBAI: Digital technology and communication represent opportunities to improve living standards and advance economic growth, but they also potentially present a threat to established social systems and governance, according to several experts at the World Government Summit in Dubai.

Karuna Gopal, president of the Foundation for Futuristic Cities, said that “smart living” should not be about automated homes or robots serving breakfast, but “giving quality of life to the poorest of the poor, and infusing quality into everybody’s life.”
But, she added, “technology is a double-edged sword. It can lead you into a ‘cognitive cloud’ which destroys your powers of discretion.”

The risks of advanced technology were raised by many of the participants in a session devoted to smart cities, innovation and technology. Achim Steiner, administrator of the UN Development Program, said that technology and innovation were making governments better because they enabled citizens to participate more in decision-making.

But he warned against the concentration of power in a few private technology companies: “It is not a desirable outcome for ten companies to control all the data.”

That was echoed by Francis Fukyama, futurist academic and best-selling author, in a separate session entitled “The future of global governance and net states.”

He said: “The five big tech companies — Facebook, Google, Microsoft, Apple and Amazon — are all American. They provide world services but they’re territorially based in the USA ... They are global utilities that have to be regulated, and that will become an issue.”

Hussein Lootah, director general of Dubai Municipality, also highlighted the issue of access to information held outside national boundaries:

“We wish to have information attained and sought by any way that is proper. The most important challenge with artificial intelligence is the future of humanity. Countries and cities have to be ready for the changes ahead.”


Closing Bell: Saudi main market edges up to close at 11,216.9

Updated 5 sec ago
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Closing Bell: Saudi main market edges up to close at 11,216.9

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, closing at 11,216.93, up 28.20 points, or 0.25 percent.

The MSCI Tadawul 30 Index also advanced, finishing at 1,512.99, a gain of 0.29 percent, while the parallel market index, Nomu, inched up 0.09 percent to 23,887.01.

Trading activity was robust, with a total of 150.4 million shares changing hands and an aggregate value of SR3.3 billion ($880.2 million).

Among the top gainers, Zahrat Al Waha for Trading Co. surged 7.05 percent to SR2.58. The Mediterranean and Gulf Cooperative Insurance & Reinsurance Co. rose 5.26 percent to SR15.82, and Jahez International Co. for Information System Technology increased 4.68 percent to SR14.09.

Saudi Real Estate Co. added 4.47 percent to SR14.48, while Arabian Shield Cooperative Insurance Co. gained 4.3 percent to SR12.12.

On the other hand, Abdullah Saad Mohammed Abo Moati for Bookstores Co. fell 3.55 percent to SR44, and The Company for Cooperative Insurance dropped 2.92 percent to SR133.

Canadian Medical Center Co. eased 2.69 percent to SR6.15, Ataa Educational Co. declined 2.61 percent to SR52.15, and ADES Holding Co. finished 2.5 percent lower at SR18.31.

Meanwhile, Saudi Aramco Base Oil Co. announced that its board of directors has recommended distributing cash dividends for the second half of 2025.

The proposed payout is SR3.5 per share, bringing total dividends for the year to SR4.5 per share, representing around 70 percent of free cash flow in line with the company’s performance-linked dividend policy.

The total amount to be distributed for the second half stands at SR589.9 million, covering 168.2 million eligible shares.

Eligibility will be determined at the close of trading on the day of the company’s general assembly, with the distribution date to be announced later. Luberef shares last traded at SR105.5, up 3.53 percent.

Separately, the Capital Market Authority revealed that it has licensed Lesha Capital to conduct investment management and fund operations in the securities business, following the company’s completion of all required business registrations.