WASHINGTON: The robots of the future will be coming soon, rolling along at a lumbering pace with those goods you just ordered.
The six-wheeled, knee-high robots from startup Starship Technologies are part of a new wave of automated systems taking aim at the “last mile” delivery of goods to consumers.
Starship is launching a pilot project of robotic deliveries of parcels, groceries and prepared foods in early February in the US capital Washington, with a similar test taking place in Redwood City, California.
The startup, created by two of the founders of Skype, Ahti Heinla and Janus Friis, has already begun testing in several European cities as part of an effort to bring new efficiencies to local delivery.
The goal is to enable delivery within a radius of 2 miles (3 kilometers) within 15-30 minutes of an order, for $1 or less, with the autonomous robots traveling on sidewalks and alerting consumers of their arrival via smartphone app.
Starship spokesman Henry Harris-Burland said the founders were looking to “disrupt” an industry, which had seen little efficiency improvement from new technology.
“We are trying to solve real social and economic problems,” Harris-Burland said during a demonstration of the delivery bots in Washington.
“This will take cars and vans off the road. We can also provide deliveries to the elderly and handicapped who have difficulty getting around.”
The company, which has its business office in London, engineering in Estonia and some 90 employees, announced in January it had raised $17.2 million, led by Daimler AG with other investors as it moves to expand its testing and partnerships.
While the Starship robots roll at a modest pace of around 4 miles (6 kilometers) per hour, Harris-Burland said they offer a more efficient and economical delivery model than drones, which are being tested by online retail giant Amazon and others.
The rolling robots are far less expensive to build and operate than drones and face fewer regulatory issues.
He said drones might be better-suited to remote and rural areas, while the Starship bots are designed for cities and suburbs, where they can roll along on sidewalks.
“We do not see these as competing with drones, we see it as complementary,” Harris-Burland said.
The Starship robots, which look like high-tech plastic picnic coolers, can carry about 20 pounds of goods, suited to three to four grocery bags. They do not offer heating or chilled compartments because rapid deliveries would not need them, according to Harris-Burland.
They will not have the capacity to leave items on doorsteps, he said, because “customers will get delivery within 30 minutes, when they are home” and collect the goods at the door.
Starship has agreements for testing with the delivery firm Postmates in Washington and DoorDash in California, as it works toward a commercial model with other partners and retailers.
When the pilot begins in February, consumers will be able to order pizza, toothpaste, milk or eggs through the services, which may use humans or robots.
Starship is not the only robotic delivery startup looking to disrupt the sector. California-based startup Dispatch has raised $2 million in venture funding to begin testing of its rolling robots. Another California firm, Savioke, has agreed to provide delivery bots to hotels and apartment complexes.
Starship says one of its strong points is its “visual localization” technology that allows for real-time mapping using nine cameras on each robot to help navigate along sidewalks and circumvent obstacles, people and pets.
“We can see every crosswalk, every traffic light, every pothole,” Harris-Burland said.
“A lot of companies have mapped roads but no one has mapped sidewalks.”
The navigation is done by artificial intelligence, and the bots are “99 percent autonomous,” according to the spokesman.
“We want a human being able to oversee the robot’s journey and to intervene whenever there is a problem,” he said.
Harris-Burland said the company’s tests so far in Europe have shown the system works, with no problems related to theft or vandalism.
The lids of the devices are locked until the customer opens it with a smartphone. If anyone tries to steal it, an alarm will sound, and if it is hijacked the company can track it “to the nearest inch,” he said.
New wave of robots set to deliver the goods
New wave of robots set to deliver the goods
Riyadh to see 1m sq. m. of new office space by end of 2026: Knight Frank
RIYADH: Saudi Arabia’s push for regional headquarters has spurred demand for office space in Riyadh, with the capital’s stock set to grow by 1 million sq. meters by 2026, a report showed.
According to global property consultancy Knight Frank’s Autumn 2024 Saudi Arabia Commercial Market Review, this will bring the city’s total office space to 6.3 million sq. meters.
The regional HQ program also impacts office lease rates, with 517 companies now committed to establishing their primary hub in the Kingdom, the report disclosed.
This comes ahead of the nation’s goal of attracting approximately 480 multinational corporations to move their headquarters to the Kingdom by 2030.
“Vision 2030 is reshaping Saudi Arabia’s economy and society, with a central focus on transforming Riyadh into a key regional and global center for business, finance, leisure, and tourism,” said Faisal Durrani, partner and head of research for the Middle East and North Africa at Knight Frank.
“Indeed, 49 percent of the new jobs created in the Kingdom over the last five years has been in Riyadh, which is adding to the upward pressure on office rents, with many key office districts and business parks fully leased, with waiting lists,” Durrani added.
He went on to say that the limited availability of office space is also forcing up Riyadh’s Grade B rents, which have climbed by 27 percent over the past year.
In the Dammam Metropolitan Area region, Grade A rents have climbed by 2.2 percent since the third quarter of 2023, fueled mainly by strong demand from the public sector, he added.
Saudi hotel industry sees 11.4% spending surge, amid overall weekly POS decline: SAMA
RIYADH: Spending in Saudi hotels saw a week-on-week increase of 11.4 percent between Nov. 10 and 16, reaching SR399.7 million ($106.4 million), according to the Kingdom’s central bank.
The weekly point-of-sale transactions bulletin from SAMA showed that restaurants and cafes recorded the second largest sectoral increase with a 4.3 percent rise to reach SR2.07 billion, which also equated to the biggest share of the overall value.
Spending on furniture came in third place, registering a 2 percent increase to SR304.8 million.
Overall, Saudi Arabia’s POS transactions registered a weekly decrease of 1.5 percent, with the education sector leading the decline.
SAMA recorded SR13.2 billion in transactions over the week, with the education industry posting the highest sectoral decrease at 47.9 percent to reach SR89.5 million.
The central bank’s figures showed that the electronics sector saw the second-largest dip, with a 10.9 percent slide to SR198 billion.
Spending on telecommunication recorded the third most significant decrease, at 7.4 percent, reaching SR117.1 million.
Expenditure on food and beverages saw a 0.6 percent negative change this week, reaching SR1.9 billion, claiming the second-biggest share of this week’s POS transaction value.
Spending on miscellaneous goods and services followed, accounting for the third largest POS share with a 4.1 percent dip, reaching SR1.5 billion.
Spending in the leading three categories accounted for 42 percent or SR5.5 billion of the week’s total value.
At 0.02 percent, the smallest increase occurred in spending on recreation and culture, boosting total payments to SR309.5 million. Expenditures on public utilities surged by 0.2 percent to SR52.9 million.
Geographically, Riyadh dominated POS transactions, representing 34.06 percent of the total, with expenses in the capital reaching SR4.5 billion — a 3.5 percent decrease from the previous week.
Jeddah followed with a 0.04 percent surge to SR1.8 billion, and Dammam came in third at SR641.4 million, down 4.6 percent.
Madinah experienced the most significant rise in spending, increasing 6.9 percent to SR567 million.
Tabuk recorded a decline of 7.5 percent, reaching SR235.9 million, and Abha dropped 3.4 percent to stand at SR149.4 million.
Japan, Saudi medical centers unite to revolutionize stem cell therapy
- Cytori Therapeutics K.K., has been a pioneer in the stem cell therapy business
TOKYO: Cytori Therapeutics Japan and the King Abdullah International Medical Research Center have signed a Memorandum of Understanding to strengthen research and training initiatives in the field of cell therapy.
The signing ceremony took place between Dr. Ahmed Alaskar, executive director of KAIMRC, and Hoshino Yoshihiro, president and CEO of Cytori Therapeutics K.K., during the Riyadh Global Medical Biotechnology Summit 2024.
The partnership underscores the potential of regenerative medicine in treating chronic diseases such as diabetes, liver cirrhosis, critical limb ischemia, chronic wounds, knee osteoarthritis and other aging-related conditions. The aim of combining Cytori’s cutting-edge stem cell technology with KAIMRC’s expertise in translational research is to develop groundbreaking treatments for these critical health issues.
The two organizations will collaborate on fundamental research, clinical trials and other areas of mutual interest, including projects in biomedical R&D, preclinical studies and clinical trials, as well as training and development for staff in health-related and engineering fields.
Cytori Therapeutics K.K., has been a pioneer in the stem cell therapy business, specializing in cell therapy services and the development of adipose-derived regenerative cells from human subcutaneous fat tissues for therapeutic use. The company also develops, manufactures, and exports medical devices.
This article is also available on Arab News Japan
Oil Updates – prices little changed as market weighs mixed drivers
SINGAPORE: Oil prices held steady for a second day on Wednesday as concerns about escalating hostilities in the Ukraine war potentially disrupting oil supply from Russia and signs of growing Chinese crude imports offset data showing US crude stocks rising.
Brent crude futures dipped 5 cents to $73.26 a barrel by 8:41 a.m. Saudi time. US West Texas Intermediate crude futures was flat at $69.39 per barrel.
The escalating war between major oil producer Russia and Ukraine has kept a floor under the market this week.
“We may expect (Brent) oil prices to stay supported above the $70 level for now, as market participants continue to monitor the geopolitical developments,” said Yeap Jun Rong, market strategist at IG.
On Tuesday, Ukraine used US ATACMS missiles to strike Russian territory for the first time, Moscow said. Russian President Vladimir Putin lowered the bar for a possible nuclear attack.
“This marks a renewed build up in tensions in the Russia-Ukraine war and brings back into focus the risk of supply disruptions in the oil market,” ANZ analysts said in a note to clients.
On the demand side, US crude oil stocks rose by 4.75 million barrels in the week ended Nov. 15, market sources said on Tuesday, citing American Petroleum Institute figures.
That was a bigger build than the 100,000 barrel increase analysts polled by Reuters were expecting.
Gasoline inventories, however, fell by 2.48 million barrels, compared with analysts’ expectations for a 900,000-barrel increase.
Distillate stocks also fell, shedding 688,000 barrels last week, the sources said.
Official government data is due later on Wednesday.
In a boost to oil price sentiment, there were signs that China, the world’s largest crude importer, may have stepped up oil purchases this month after a period of weak imports.
Data from vessel tracker Kpler showed China’s crude imports are on track to end November at or close to record highs, an analyst told Reuters.
Weak imports by China so far this year have pulled down oil prices, with Brent sinking 20 percent from its April peak of more than $92 a barrel.
Saudi Arabia raises $910m in November sukuk offering
RIYADH: Saudi Arabia’s National Debt Management Center has completed its riyal-denominated sukuk issuance for November, raising SR3.41 billion ($910 million), a 28.19 percent year-on-year increase.
In October, the Kingdom issued sukuk worth SR7.83 billion, while the figures for September and August were SR2.6 billion and SR6.01 billion, respectively.
Sukuk, also known as Islamic bonds, are Shariah-compliant debt products that allow investors to gain partial ownership of an issuer’s assets until maturity.
Saudi Arabia’s consistent sukuk issuances align with a report released by Moody’s in September, which stated that the global markets for these Islamic bonds are expected to remain strong in 2024.
The report also projected that the issuance of Shariah-compliant bonds could reach between $200 billion and $210 billion this year, up from just under $200 billion in 2023.
According to a statement by the NDMC, the November sukuk issuance was divided into five tranches. The first tranche, valued at SR2.52 billion, is set to mature in 2029.
The second tranche was valued at SR434 million and will mature in 2031, while the third tranche amounted to SR137 million, with a maturity date in 2034.
NDMC stated that the fourth tranche, sized at SR10 million, is scheduled to mature in 2036. The fifth tranche, valued at SR310 million, will mature in 2039.
A report by Fitch Ratings in October highlighted that sukuk issuances are on the rise, driven by improving financing conditions following the US Federal Reserve’s rate cuts to 5 percent in September.
Fitch noted that global sukuk outstanding reached $900 billion by the end of the third quarter of 2024, an 8.5 percent increase compared to the same period in 2023.
The report further projected that interest rates could decline to 4.5 percent by the end of 2024 and 3.5 percent in 2025, likely boosting sukuk issuances in the short term.
In August, Fitch reported that the UK remains a significant hub for Islamic finance, with the London Stock Exchange ranking as the third-largest listing venue for US dollar sukuk globally.
Saudi Arabia’s continued momentum in sukuk issuances reflects its commitment to developing the Islamic finance market as a core component of its Vision 2030 economic diversification strategy.
