Crypto Moves — Bitcoin and Ethereum fall; Terraform Labs staff banned from traveling; Metaverse standards body formed

Bitcoin traded lower on Wednesday (Shutterstock)
Short Url
Updated 22 June 2022
Follow

Crypto Moves — Bitcoin and Ethereum fall; Terraform Labs staff banned from traveling; Metaverse standards body formed

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Wednesday, falling by 2:30 percent to $20,389.86 as of 9 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,093.61 falling by 4.84 percent, according to data from Coindesk.

No flying for crypto company Terraform Labs’ staff

According to Reuters, several employees of the company behind TerraUSD — the stablecoin that collapsed last month and roiled cryptocurrency markets — cannot leave the country.

Terraform Labs workers have been put on a no-fly list, according to a spokesperson at South Korea’s supreme prosecutor’s office. Further details would not be available until after the investigation was completed.

“We are not aware of the details of the reported ban,” Terraform Labs spokesperson said in a statement.

The stablecoin also contributed to difficulties for US-based crypto lender Celsius, which suspended withdrawals this month, and Singapore-based crypto hedge fund Three Arrows Capital, which has considered selling assets or a bailout.

Metaverse standards body formed without Apple by tech giants

Technology giants such as Microsoft, Meta, and others are collaborating to develop industry standards so their nascent digital worlds can be compatible, according to Reuters.

Among the participants in the Metaverse Standards Forum are chip makers, gaming companies, and established standards-setting bodies such as the World Wide Web Consortium, the group announced on Tuesday.

Analysts expect Apple to become a dominant player in the metaverse race once it unveils a mixed reality headset this year or next year.

The Sandbox and Decentraland, crypto-based metaverse platforms like Roblox and Niantic, were also not included among the forum’s participants.

Despite giving its board a sneak peek of the headset, Apple has not yet publicly acknowledged plans for the device.

Such a device would put Apple in direct competition with Meta, which has invested heavily in hardware to make its vision of interconnected virtual worlds a reality.

The company, previously known as Facebook, announced plans to release a mixed-reality headset this year, code-named “Cambria.”

BlockFi signs $250 million revolving credit agreement with FTX

In a tweet, BlockFi’s CEO, Zac Prince, said the cryptocurrency firm had signed an agreement with digital asset exchange FTX for a SR938 million ($250 million) revolving credit facility, Reuters reported.

BlockFi will gain access to capital amid a rout in digital currency markets. As part of cost-cutting measures like reducing marketing spend and executive compensation, the company said it was reducing headcount by 20 percent last week.


From barrels to bytes: How AI is powering Saudi Arabia’s industrial transformation

Updated 08 January 2026
Follow

From barrels to bytes: How AI is powering Saudi Arabia’s industrial transformation

  • Inside the Kingdom’s drive to merge energy expertise with digital intelligence

RIYADH: Artificial intelligence is moving beyond concept to become a cornerstone of Saudi Arabia’s energy sector, reshaping how oil, gas, and power systems are managed and optimized.

Industry giants like Saudi Aramco are embedding smart systems into their operations to boost efficiency, reliability, and sustainability—key pillars in the Kingdom’s efforts to modernize its industrial base and diversify its economy.

According to the International Energy Agency, oil and gas companies were among the first to adopt digital technologies. The agency estimates that applying AI to power plant operations and maintenance could save up to $110 billion annually by 2035 through reduced fuel consumption and maintenance costs.

For Saudi Arabia, this technological momentum offers both a blueprint and an opportunity. Under Vision 2030, integrating data and intelligent automation is transforming how energy is explored, refined, and delivered.

At the heart of Saudi Aramco’s operations is a digital transformation strategy centered on artificial intelligence, big data, and the industrial Internet of Things. These technologies are applied at every stage of production—from mapping reservoirs and optimizing drilling to improving efficiency and safety.

AI also underpins Aramco’s Digital Transformation Program, which develops in-house smart tools and data-driven platforms designed to cut emissions, reduce costs, and enhance performance while ensuring a reliable energy supply.

A prime example is the Upstream Innovation Center, where engineers have implemented AI solutions that reduce fuel gas use in boilers, improve efficiency, and detect potential leaks through fiber-optic monitoring. At the Khurais oil field, more than 40,000 sensors monitor approximately 500 wells via an Advanced Process Control system—the first of its kind for a conventional oil field at Aramco. Digitization at Khurais has increased production by around 15 percent, doubled troubleshooting speed, and lowered both costs and environmental impact.

These advances illustrate how Aramco’s network is evolving into a connected, adaptive model, blending traditional engineering expertise with digital intelligence.

DID YOU KNOW?

• AI could save up to $110 billion a year in global power plant fuel and maintenance costs by 2035.

• Advanced Process Control enables real-time monitoring of hundreds of oil wells in the Kingdom.

• AI-powered simulations now replace weeks of manual analysis, enabling faster operational decisions.

As Saudi Arabia develops an AI-driven energy economy, the King Abdullah University of Science and Technology is bridging the gap between digital innovation and industrial application. 

Bernard Ghanem, chair of the Center of Excellence for Generative AI, said the university is working with Saudi Aramco to develop AI systems that predict the chemical properties of materials and accelerate research into direct air capture technologies for carbon dioxide removal.

He told Arab News that KAUST is partnering with SABIC and ACWA Power to apply AI in process optimization and materials discovery, turning lab-scale research into practical solutions for the energy sector.

Ghanem said KAUST’s generative AI materials program combines a robotic chemistry lab with its AI Chemist foundation model, a system that accelerates the development of catalysts, battery materials, and membranes for clean energy applications.

“This is our lab of the future, automating experimentation and speeding up energy innovation,” he said.

Opinion

This section contains relevant reference points, placed in (Opinion field)

Mani Sarathy, professor of chemical engineering at KAUST, noted that AI-based reinforcement learning tools are already improving efficiency in hydrocarbon refineries by enhancing simulations and shortening analysis cycles.

“AI is helping energy companies run complex simulations that once took weeks, enabling faster and more precise operational decisions,” he told Arab News.

Sarathy added that the next phase will combine automation with expert oversight. Hybrid human-AI control systems, he explained, are likely to become standard in critical operations, balancing digital autonomy with safety and reliability as Saudi industries expand AI deployment.

These efforts highlight KAUST’s growing role in transforming AI from an academic discipline into a driver of industrial innovation in Saudi Arabia’s energy sector under Vision 2030.

Meanwhile, Skeleton Technologies is bringing AI-driven energy storage solutions to Saudi partners, solutions that are already reshaping industrial systems across Europe and beyond. In Europe, the company combines artificial intelligence and advanced materials to reduce energy use and improve efficiency in data centers, electricity grids, and defense systems.

“Our solutions allow AI infrastructure to consume less electricity and reduce grid connection needs, making AI operations more energy efficient,” Arnaud Castaignet, vice president of government affairs and strategic partnerships at Skeleton, told Arab News.

Inside its factories, Skeleton uses AI-driven digital twin models, created with Siemens Digital Industries, to simulate production, optimize operations, and enable predictive maintenance, Castaignet said. At the core of its technology is curved graphene, a proprietary carbon material that gives Skeleton’s supercapacitors exceptional conductivity.

“It allows our supercapacitors to charge and discharge within microseconds, around 12 microseconds, something batteries cannot do,” Castaignet said.

The company’s flagship Graphene GPU system, built on these supercapacitors, cuts energy use in AI data centers by up to 40 percent and reduces grid requirements by 45 percent while boosting computing performance. The devices are free of lithium, nickel, and cobalt, relying instead on graphene derived from silicon carbide—essentially sand—processed entirely in Germany.

“To build sustainable AI infrastructure, you need energy-saving hardware as well as renewable power,” Castaignet added. “Our Graphene GPU shows both can work together.”

As Saudi Arabia continues linking engineering expertise with digital intelligence, its industrial progress is measured not only in barrels of oil but also in bytes, data, and the smart systems shaping its energy future.