RIYADH: The Internet of Things (IoT) World Forum (IoTWF) in Dubai was a huge success with more than 2,000 attendees from across the world getting awakened to the IoT possibilities, which have the potential to generate revenue of $13.3 trillion.
The event featured visionary leaders and experts from top companies such as Etisalat, Visa, Intel, Siemens AG, Rockwell Automation, GE, Schneider Electric to name some.
The 2015 IoT World Forum highlighted three key themes.
The first theme was ‘Awaken’, which highlighted the opportunities across all industries, and helped customers discover the competitive advantages that IoT can bring.
The second theme ‘Activate’ covered laying out roadmaps to IoT deployments.
The third theme ‘Accelerate’ focused on moving the industry forward quickly, and highlighted the roles that service providers and application developers must play in enabling this speed.
In addition to the keynote speeches, the world forum also featured breakout sessions, a hackathon, a startup showcase, and smart-city tours of Dubai.
On the sidelines of the forum, John Chambers, executive chairman of the Cisco board, met with the country’s leadership, key government officials, regional customers and media.
He also delivered the keynote speech on how the IoT is creating a new world of possibilities through digitization.
Anil Menon, Cisco president for Smart & Connected Communities, said: “We have passed the incubation phase, now IoT/smart city solutions are ready to be scaled.”
Menon said: “Cities who scale first will be the winners in an increasingly competitive environment. As host to the 2015 IoTWF, Dubai is rapidly transforming into becoming one of the smartest digital cities in the world connecting the unconnected through the power of intelligent networks.”
To put the growth of IOT in numbers, one can could witness 40 to 80 billion connected objects by 2020, he said.
Smartphone is going to become the central connecting hub to various devices even as every human being will be connected to 10 different objects. Analysts estimate that the revenue potential in IOT is between $1.2 trillion to $13.3 trillion and the most significant investments will go into civic management, health care, education etc.
Inbar Lasser-Raab, Cisco vice president of Infrastructure and Digital Solutions Marketing, said:
“With the number of older people increasing, elderly care will become a crucial requirement… home will become a connected care house.”
The event also saw more than 25 customers presenting on how IoT has changed their business.
Through Dubai Smart City Experience Tours, attendees were able to learn first-hand how Dubai, one of the most digitally advanced cities in the world, has connected transportation, education and health care across the city for a better citizen experience.
A special bus tour was also arranged to the Dubai Design District (D3), which has implemented a wide spectrum of smart solutions and applications.
The IoTWF 2015 also featured a research and innovation symposium, where some of the world’s leading technology researchers and scholars talked about the new frontiers of IoT research enabling a connected world.
The world forum also organized an IoT Hackathon — a learning session and coding competition, which took place on the weekend preceding IoTWF.
The Cisco Innovation Grand Challenge, which recognizes, promotes, and accelerates the adoption of breakthrough IoT technologies and products, brought together six amazing startups to Dubai to compete for their share of $250,000 in cash prizes.
These six finalists, who were narrowed down from 15 semifinalists, got an opportunity to give their pitches live, on stage before the closing ceremony. The winners for the IoT Hackathon and Cisco Innovation Grand Challenge were announced during the event.
Rabih Dabboussi, Cisco UAE managing director and general manager, said: “Talking with government and industry leaders at the Internet of Things World Forum, it is clear that we are seeing a whole new wave of innovations in IoT and digitization that are already transforming business and society today. There was a real sense of excitement at the event as leaders from across many industries inspire one another on what is possible, as well as what’s already been achieved in Dubai’s journey toward its vision of being the smartest cities in the world by 2017.”
Referring to the advancement of technology, Sebastian Saxe, chief information officer of Hamburg Port Authority, said that “The reality is this… the reason we would look for a holistic model is that we have all this business going through the city, but it impacts the citizens. To create a model where we are able to do this without negatively impacting the citizens and the city itself is our goal.”
In his speech, Mohammad Saeed Al Shehhi, chief operating officer, Dubai Design District (d3) said: “We, at Dubai Design District (d3), are very proud to be showcasing some of the real-time Smart initiatives that are being deployed at d3, during the Cisco Internet of Things World Forum.”
He added: “Through these unique and technologically-enhanced initiatives, d3’s creative tenants will benefit by saving on utility consumption, they will receive an enriched customer experience, improved safety standards, and they will be able to tap into effective, real time data analytics that help drive their business forward.”
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’Internet of Things’ can generate $13.3 trillion revenue
’Internet of Things’ can generate $13.3 trillion revenue
PIF launches $4bn 2-part bond
RIYADH: Saudi Arabia’s Public Investment Fund has launched a $4 billion two-part bond, Arab News has been told.
The sovereign wealth fund confirmed that it had sold $2.4 billion of five-year debt instruments at 95 basis points over US Treasuries and $1.6 billion of nine-year securities at 110 basis points over the same benchmark.
The move comes just weeks after PIF closed its first Murabaha credit facility, securing $7 billion in funding, in what was a key step in the fund's plan to raise capital over the next several years.
PIF manages $925 billion in assets, and is set to increase that to $2 trillion by 2030, a report from monitoring organization Global SWF forecast earlier in January.
Qatar drafting new laws aimed at boosting foreign investment
- Qatar plans new bankruptcy, PPP, and commercial registration laws
- Qatar aims for $100 billion FDI by 2030
DOHA: Qatar plans to introduce three new laws as part of a sweeping review of legislation designed to make the Gulf Arab state more attractive to foreign investors, the new minister of commerce and economy told Reuters.
Sheikh Faisal bin Thani said in an interview that Qatar plans to introduce new legislation including a bankruptcy law, a public private partnership law and a new commercial registration law.
“We’re looking at 27 laws and regulations across 17 government ministries that affect 500-plus activities,” he said, describing the legislative review.
Sheikh Faisal said he expects the new bankruptcy and public private partnership laws to be drafted before the end of March.
Qatar, one of the world’s top exporters of liquefied natural gas, has set a cumulative target of attracting $100 billion in foreign direct investment (FDI) by 2030, according to the latest version of its national development strategy published last year.
But it has a long way to go to meet that target, and FDI inflows have significantly lagged behind neighboring Saudi Arabia and the U.A.E.
Saudi Arabia, which also has a target to attract $100 billion in FDI by 2030 as part of its national investment strategy, saw FDI inflows of $26 billion in 2023, after a change to how it calculates FDI, while the Emirates, the Gulf region’s commercial and tourism hub, attracted just over $30 billion according to the UN’s trade and development agency.
In contrast, Qatar’s FDI inflows in 2023 were negative $474 million, down from $76.1 million in 2022. Negative FDI inflows indicate that disinvestment was more than new investment.
While Qatar does offer similar incentives to foreign investors as its neighbors, such as a favorable tax environment, free zone facilities and some long term residency schemes, the U.A.E. and Saudi Arabia are considered far ahead in terms of regulatory reforms and business friendly laws.
Qatar’s new laws also come as part of the Gulf Arab state’s efforts to activate its private sector and transition away from government-funded growth.
Sheikh Faisal joined the government in November after serving at Qatar’s $510 billion sovereign wealth fund, the Qatar Investment Authority, most recently as chief investment officer for Asia and Africa.
Saudi Arabia’s non-oil exports surge 19.7%: GASTAT
RIYADH: Saudi Arabia’s non-oil exports surged 19.7 percent year on year in November to reach SR26.92 billion ($7.18 billion), bolstering the Kingdom’s efforts to diversify its economy.
According to the General Authority for Statistics, chemical products led the growth, accounting for 24 percent of total non-oil exports, followed by plastic and rubber products, which made up 21.7 percent of shipments.
Building a robust non-oil sector is a key goal of Saudi Arabia’s Vision 2030 program, which seeks to transform the Kingdom’s economy and reduce its reliance on oil revenues, with Minister of Economy and Planning Faisal Al-Ibrahim revealing in November that these activities now constitute 52 percent of the gross domestic product.
In its latest report, GASTAT said: “The ratio of non-oil exports (including re-exports) to imports increased to 36.6 percent in November 2024 from 34.8 percent in November 2023. This was due to a 19.7 percent increase in non-oil exports and a 13.9 percent increase in imports over that period.”
The Kingdom’s total merchandise exports fell 4.7 percent year on year in November, weighed down by a 12 percent drop in oil exports. This decline reduced the share of oil exports in total shipments to 70.3 percent, down from 76.3 percent a year earlier, signaling progress in Saudi Arabia’s economic diversification.
GASTAT reported that China remained Saudi Arabia’s largest trading partner in November, with exports to the Asian nation totaling SR13.53 billion.
Other key destinations for exports included Japan with SR8.93 billion, the UAE with SR8.75 billion, and India with SR8.74 billion.
Saudi Arabia’s imports rose 13.9 percent year on year in November, reaching SR73.65 billion. However, the merchandise trade surplus declined by 44.3 percent during the same period, falling to SR16.89 billion.
China remained the dominant supplier of goods to the Kingdom, accounting for SR20.11 billion of imports, followed by the US at SR7.52 billion and the UAE at SR3.90 billion.
King Abdulaziz Sea Port in Dammam emerged as the top entry point for imports, handling goods valued at SR18.19 billion, representing 24.7 percent of total inbound shipments.
Oil Updates — prices extend losses on uncertainty over Trump tariff impact
SINGAPORE: Oil prices dipped in Asian trade on Thursday, extending losses amid uncertainty over how US President Donald Trump’s proposed tariffs and energy policies would impact global economic growth and energy demand.
Brent crude futures fell 38 cents, or 0.5 percent, to $78.62 a barrel by 10:16 a.m. Saudi time in a sixth straight day of losses, while US West Texas Intermediate crude fell for a fifth day, easing 39 cents, or 0.5 percent, to $75.05.
“Oil markets have given back some recent gains due to mixed drivers,” said senior market analyst Priyanka Sachdeva at Phillip Nova. “Key factors include expectations of increased US production under President Trump’s pro-drilling policies and easing geopolitical stress in Gaza, lifting fears of further escalation in supply disruption from key producing regions.”
The broader economic implications of US tariffs could further dampen global oil demand growth, she added.
Trump has said he would add new tariffs to his sanctions threat against Russia if the country does not make a deal to end its war in Ukraine. He added these could be applied to “other participating countries” as well.
He also vowed to hit the EU with tariffs, impose 25 percent tariffs against Canada and Mexico, and said his administration was discussing a 10 percent punitive duty on China because fentanyl is being sent to the US from there.
On Monday, he also declared a national energy emergency. That is intended to provide him with the authority to reduce environmental restrictions on energy infrastructure and projects and ease permitting for new transmission and pipeline infrastructure.
There will be “more potential downward choppy movement in the oil market in the near term due to the Trump administration’s lack of clarity on trade tariffs policy and impending higher oil supplies from the US due to the...drive to make the US a major oil exporter,” said OANDA’s senior market analyst Kelvin Wong in an email.
On the US oil inventory front, crude stocks rose by 958,000 barrels in the week ended Jan. 17, according to sources citing American Petroleum Institute figures on Wednesday.
Gasoline inventories rose by 3.23 million barrels, and distillate stocks climbed by 1.88 million barrels, they said.
Qatar’s duty to help Syria, global debt poses economic crisis: Finance minister
- Syrian leadership’s promises ‘very positive,’ Ali Ahmed Al-Kuwari tells World Economic Forum
- Fiscal deficit, rising borrowing affecting many countries are ‘problems that few want to discuss’
DAVOS: Qatar considers it a duty to support Syria and its new administration after 14 years of devastating civil war, Qatari Finance Minister Ali Ahmed Al-Kuwari said on Wednesday.
The cost of reconstructing Syria is estimated at $400 billion, as the country needs to rebuild the housing, industrial and energy infrastructure damaged during the conflict.
Since 2011, Qatar supported Syrian opposition factions that captured the seat of power in Damascus in early December 2024.
Doha also avoided reestablishing diplomatic relations during the twilight months of the Assad regime, which rejoined the Arab League in 2023.
Al-Kuwari, who visited Syria last week, said: “The whole world is supposed to help Syria (right now). The words and promises from the leadership there are promising and very positive.”
He added that the new leadership, led by rebel-turned-statesman Ahmed Al-Sharaa, recognizes that the task ahead is transitioning from insurgency to building Syrian institutions.
“This task will need the help of the world. We can’t afford Syria going back to the (years) of bloodshed again,” Al-Kuwari said.
“We’ll invest in education (to help the Syrians) because educated people will work hard, they’ll make money, they’ll prosper and grow.”
The Qatari minister made these comments during the “Navigating the Fiscal Squeeze” panel at the World Economic Forum in Davos, which discussed challenges for financial growth, global debt and rising inflation.
The panel included speakers from the International Monetary Fund, the UCLA School of Law, the London Stock Exchange Group, and Zimbabwe’s Finance Minister Mthuli Ncube.
Qatar has one of the highest per capita incomes in the world, making it one of the wealthiest nations due to its abundant natural gas and oil reserves.
However, the country dealt with several challenges following the COVID-19 pandemic, leading to an inflation rate of 5 percent in 2022.
Doha was not alone in facing these difficulties; the pandemic contributed to a nearly 4.4 percent contraction of the global economy in 2020.
Al-Kuwari said Qatar is pursuing a policy of fiscal discipline, which has allowed the country to maintain a budget surplus and low debt levels, as well as effectively manage any economic challenges it encounters.
“We’ve developed a medium-term fiscal policy framework for the upcoming 20 years, with different scenarios of revenues based on oil prices, taxation and spending scenarios ... (Based on that) we decide to invest or save,” he said, adding that the fiscal deficit and rising borrowing affecting many countries are “problems that few want to discuss,” which poses the threat of a financial crisis.
An IMF report projected that global debt — including government, business and personal borrowing — will exceed $100 trillion, about 93 percent of global gross domestic product, by the end of 2024. It is expected to reach 100 percent of GDP by 2030.
“There will be a huge impact if we don’t do anything about it today,” Al-Kuwari warned. “So many people focus on economic growth and creating quick wins for their economy while the fiscal issues get forgotten.
“The fiscal balance should complement the economic growth, and we shouldn’t have growth at the expense of the fiscal.”
