SAN FRANCISCO: Google on Wednesday unveiled tools to make augmented reality apps for mobile devices using the Android operating system, setting up its latest showdown with Apple’s iPhone over next-generation smartphone features.
Phone-based augmented reality (AR), in which digital objects are superimposed onto the real world on screen, got a huge boost from the popularity of the Pokémon Go game. The game, launched in the US in July last year, sent players into city streets, offices, parks and restaurants to search for colorful animated characters.
Analysts expected the game to make $3 billion for Apple over two years as gamers buy “PokéCoins” from its app store.
Google’s take on the technology will first be available on the Samsung Galaxy S8 and Google’s own Pixel phone. The company said in a blog post that it hoped to make the system, called ARCore, available to at least 100 million users, but did not set a date for a broad release.
Apple in June announced a similar system called ARKit that it plans to release this fall on “hundreds of millions” of devices.
Google and Apple will jockey for the attention of customers and software developers who will build the games, walking guides and other applications that would make AR a compelling feature.
Many tech industry leaders envision a future in which eyeglasses, car windshields and other surfaces can overlay digital information on the real world. Google and Microsoft have already experimented with AR glasses.
“AR is big and profound,” Apple chief executive Tim Cook told investors earlier in August. “And this is one of those huge things that we’ll look back at and marvel on the start of it.”
Apple and Google have had to make compromises to bring the technology to market.
In Apple’s case, the Cupertino, California-based company decided to make its AR system work with devices capable of running iOS 11, its next-generation operating system due out this fall.
This means it will work on phones going back to the iPhone 6s, which have a single camera at the back and standard motion sensors, rather than a dual camera system found on newer models such as the iPhone 7 Plus or special depth-sensing chips in competing phones. That limits the range of images that can be displayed.
Google initially aimed to solve this problem with an AR system called Tango that uses a special depth-sensor, but only two phone makers so far support it. With ARCore, Google changed course to work on phones without depth sensors.
But the fragmentation of the Android ecosystem presents challenges. To spread its AR system beyond the Galaxy S8 and Pixel phone, Google will have to figure out how account for the wide variety of Android phone cameras or require phone makers to use specific parts.
Google, Apple brace for showdown over smartphone augmented reality technology
Google, Apple brace for showdown over smartphone augmented reality technology
Saudi Arabia proposes new investment product to boost Nomu listings
- New SPAC framework aims to enhance private sector access to public markets
RIYADH: Saudi Arabia is exploring the introduction of a new investment product in the parallel market, Nomu, to foster private sector listings through special purpose acquisition companies.
The Capital Markets Authority has launched a public consultation on the proposed regulatory framework for SPACs, inviting feedback as part of its efforts to expand investment opportunities and drive market growth.
This initiative seeks to address the financing needs of the economy while diversifying investment products and enhancing the depth of the capital market.
Under the proposal, SPACs would be formed as joint stock companies in accordance with the provisions of the Companies Law.
Their main objective would be to acquire or merge with Saudi companies that are not yet listed, in alignment with the Rules on the Offer of Securities and Continuing Obligations.
In February, Fahad bin Hamdan, assistant deputy for financing and investment at the CMA, announced the authority’s plans to introduce SPACs as part of its broader strategy to streamline the listing process within the Kingdom’s capital market.
Speaking at the Capital Markets Forum in Riyadh, Hamdan emphasized the CMA’s efforts to enhance market accessibility and provide alternative pathways for companies to go public.
In addition to SPACs, the CMA is also working to refine the framework for direct listings, with plans to allow such offerings on the main market, Hamdan revealed.
The authority’s goal is to expand the investor base in Nomu, thereby boosting supply and increasing market participation.
These initiatives are part of ongoing regulatory reforms aimed at attracting both local and international investors, including collaboration with the Zakat, Tax, and Customs Authority to eliminate withholding tax on all listed securities.
The authority has stated that SPACs could have a positive impact on liquidity levels by increasing the number of listings.
The authority has stated that SPACs could have a positive impact on liquidity levels by increasing the number of listings.
In a media release, the CMA emphasized that the proposed draft is designed to encourage private sector companies to list on the parallel market through SPACs. This, the CMA noted, would help meet the financing needs of the economy while supporting the growth and expansion of the capital market by introducing a broader range of investment products.
The CMA’s new public consultation on the proposed regulatory framework for SPACs outlines three key components.
First, it specifies the terms for acquisitions or mergers between SPACs and target companies. Sponsors, or any affiliated investment funds, would be prohibited from holding, directly or indirectly, shares or interests in the target company. Additionally, the target company must ensure that at least 80 percent of the SPAC’s funds are held in an escrow account. Furthermore, SPAC shareholders must own at least 30 percent of the target company’s shares upon the completion of the transaction.
Second, SPACs must be structured as joint stock companies and offer redeemable shares at the discretion of shareholders. To ensure sufficient market liquidity, the minimum post-offering capital requirement is set at SR100 million ($26.6 million).
Third, SPACs would be required to complete an acquisition or merger with the target company within 24 months of their listing on Nomu. This deadline may be extended by up to 12 months with approval from the extraordinary general assembly.
The draft framework also outlines specific requirements for sponsors, who must be licensed capital market institutions authorized to manage investments and operate funds.
A sponsor’s ownership stake must remain between 5 percent and 20 percent of the SPAC’s capital throughout its lifecycle, with restrictions on the disposal of their shares during designated periods.
Importantly, the sponsor and its affiliates would not be permitted to vote on the extension resolution, and the CMA must be notified of any such vote.
Additionally, qualified investors would have the option to redeem their shares for a cash amount from the escrow account under certain conditions, including if they vote against a proposed acquisition or merger that is ultimately completed.
If approved, SPACs would be listed on Nomu under the same rules that apply to other publicly listed companies. At least 90 percent of the capital raised in the offering must be held in a local bank escrow account, with access restricted to specific conditions defined in the proposed regulations.
The CMA has invited the public to participate in the consultation by submitting feedback through its official platform.
In 2024, Nomu recorded 28 initial public offerings and three direct listings, raising a total of approximately SR1.1 billion.
Closing Bell: Tadawul climbs 109 points as Gulf bourses rebound
RIYADH: Saudi Arabia’s main equities index rose for a second straight session on Tuesday, tracking a broader rebound across Gulf markets after recent declines.
The Tadawul All Share Index gained 108.74 points, or 0.97 percent, to close at 11,302.76, supported by gains in industrials and consumer stocks.
Trading turnover reached SR7.97 billion ($2.13 billion), with advancers outnumbering decliners 150 to 91.
Zamil Industrial Investment Co. was the best-performing stock on the main market, surging 9.92 percent to SR36.
Saudi Paper Manufacturing Co. followed with a gain of 8.15 percent to SR58.40, while Aldrees Petroleum and Transport Services Co. climbed 6.82 percent to SR141.
Shares of Americana Restaurants International Co. declined 5 percent to SR1.90, making it one of the worst performers of the day.
The Kingdom’s parallel market Nomu shed 176.81 points to close at 28,473.47, while the MSCI Tadawul Index edged up 0.83 percent to 1,432.48.
On the announcements front, United Electronics Co., also known as Extra, reported a first-quarter net profit of SR103.36 million, up 10.12 percent from the same period last year.
The company’s revenue rose 10.03 percent year-on-year to SR10.03 billion. However, net profit dropped 41.81 percent compared to the fourth quarter of 2024.
Extra’s share price edged up 1 percent to SR90.90.
United International Holding Co. posted a net profit of SR57.79 million in the first quarter, marking a 52.35 percent increase year on year.
Its shares fell 1.61 percent to close at SR158.40.
Arabian Shield Cooperative Insurance Co. announced that Fitch Ratings has affirmed its long-term issuer default rating at A- with a stable outlook. The rating reflects the company’s strong capitalization and overall financial health, positioning it for future growth.
Shares of the insurance firm rose 0.59 percent to SR17.10.
Regional markets
Gulf markets rebounded on Tuesday after two sessions of declines.
Abu Dhabi Securities Exchange rose 0.44 percent to close at 8,989.10, while Dubai Financial Market jumped 1.90 percent, adding 91.32 points to end at 4,890.33.
Qatar Stock Exchange gained 1.34 percent to reach 9,896.65. Boursa Kuwait advanced 3.08 percent to close at 8,302.45.
Lebanon judge paves way for indictment of ex-central bank chief Salameh
BEIRUT: A Lebanese judge published a new court decision in the charges against former central bank chief Riad Salameh for embezzlement of public funds, according to a copy of the decision seen by Reuters on Tuesday, paving the way for an indictment.
Judge Bilal Halawi published a “presumptive decision” concluding that Salameh, who served as central bank governor for 30 years before his term ended in disgrace in July 2023, had engaged in “illicit enrichment” by knowingly transferring funds from the central bank to private accounts.
Salameh’s media office said the decision was the result of a “hastily prepared file” and was “marred by numerous and blatant legal flaws.” The ex-governor, who was detained in September and remains in custody, has denied all wrongdoing. He did not respond to a request for comment from Reuters on Tuesday.
After taking the helm of the central bank following a devastating 15-year civil war, Salameh built a reputation as a competent steward of the financial system and was once seen as a possible president.
But his legacy was tainted by the collapse of Lebanon’s financial system in 2019, as well as Lebanese and European charges that he and his brother Raja embezzled public funds over more than a decade. The brothers deny the accusations.
Salameh was arrested in September over alleged financial crimes linked to a brokerage company known as Optimum Invest, a Lebanese firm that offers income brokerage services.
Optimum Invest said at the time that a financial audit completed in late 2023 had found “no evidence of wrongdoing or illegality” in the company’s dealings with the central bank.
Thursday’s decision paves the way for an indictment in the case, according to a judicial source with direct knowledge of the court proceedings.
Saudi Arabia boosts industrial output with 103 new factories
JEDDAH: Saudi Arabia’s Ministry of Industry and Mineral Resources has announced the launch of 103 new factories in January, marking a significant milestone for the Kingdom’s industrial sector.
These factories attracted a total investment of SR900 million ($240 million), generating approximately 1,504 new jobs and underscoring the continued growth of the country’s industrial landscape.
The announcement, made on April 8, highlights the increasing number of establishments reaching full operational capacity.
In January, the ministry also issued 63 new industrial licenses, according to the National Industrial and Mining Information Center, which operates under the ministry.
As part of its Vision 2030 initiative, Saudi Arabia is accelerating efforts to diversify its economy, with the industrial and manufacturing sectors playing a key role in reducing the country’s reliance on oil. Programs like the National Industrial Development and Logistics Program are central to the Kingdom’s strategy, aiming to establish Saudi Arabia as a leading regional hub for advanced manufacturing, with a focus on petrochemicals, mining, and renewable energy.
Saudi Arabia is set to transform its industrial landscape with plans to increase the number of factories to 36,000 by 2035, including 4,000 fully automated facilities.
This ambitious goal is part of the Kingdom’s strategy to foster a dynamic, innovation-driven industrial sector.
In January, the country’s industrial production index saw a 1.3 percent year-on-year increase, driven by continued growth in manufacturing and waste management, according to the General Authority for Statistics. The index remained stable month-on-month at 103.9, maintaining the same level as in December 2024.
The manufacturing sub-index rose by 4 percent annually, supported by a 4.3 percent increase in the production of coke and refined petroleum products, along with a 4.2 percent rise in chemicals and chemical products.
The report, which tracks key industrial indicators, showed that investments related to new industrial licenses amounted to SR1.197 billion, with these projects expected to generate over 2,500 new job opportunities across the Kingdom.
In 2023, the number of industrial units in Saudi Arabia surged by 10 percent year-on-year, reaching 11,549, according to the Ministry of Industry and Mineral Resources. Jarrah Al-Jarrah, a spokesman for the ministry, also revealed that the new industrial organizations were established with an investment totaling SR1.54 trillion.
Saudi Arabia rolls out $533m water, sewerage projects as part of Vision 2030
RIYADH: Saudi Arabia has launched water and sewerage projects worth $533 million in the Riyadh region as part of its efforts to expand public utility services and meet the growing demand.
According to a press release from the National Water Co., work has begun on 30 projects covering nearly 2,000 km across Riyadh city and its surrounding governorates. The goal is to expand service coverage and enhance system efficiency.
This initiative aligns with the government’s Vision 2030 plan, which aims to boost infrastructure investment and improve the quality of life as population and economic activity continue to grow.
Of the 30 projects, 16, valued at over SR1 billion ($266 million), are focused on expanding water services.
These include the construction of 18 reservoirs with a total storage capacity of 85,000 cubic meters, the installation of more than 1,192 kilometers of new pipelines, and the development of pumping stations with a daily capacity of 247,000 cubic meters.
These include parts of the Al-Taawun, Al-Janadriyah, Laban, Al-Diriyah, and Dyrab neighborhoods in Riyadh. Other affected areas include Al-Quway’iyah, Afif, and Al-Dawadmi.
They also cover parts of Al-Muzahimiyah, Al-Rayn, and Al-Kharj, as well as Hotat Bani Tamim, Al-Hariq, and Al-Majma’ah. Additionally, the list includes Al-Zulfi, Thadiq, and the Al-Uyaynah and Al-Jubayla centers.
The remaining 14 initiatives target sewerage infrastructure in areas such as Al-Munsiyah and Al-Zulfi, adding 763 km of pipelines and lift stations with a total daily capacity of 117,000 cubic meters. These projects are valued at SR902 million.
The latest project package follows two significant announcements from last year—46 projects worth SR1.6 billion in May and 20 projects costing nearly SR1 billion in August—highlighting the ongoing investment in the sector.
These initiatives, according to the company, are aimed at strengthening water distribution, addressing environmental challenges, enhancing sustainability, and supporting national objectives under Vision 2030.
In March, the Saudi Water Authority and National Water Co. signed an agreement to build and operate 16 decentralized purification plants across the Kingdom.
This partnership also seeks to improve the availability of drinking water and advance sustainable groundwater desalination technologies.
The plants are expected to produce over 18,000 cubic meters of water daily, according to the Saudi Press Agency.
Currently, Saudi Arabia treats and reuses 21 percent of its wastewater, with plans to increase this to 70 percent by 2030. The new facilities align with this goal, contributing to environmental sustainability and enhancing service delivery.
Designed to serve over 80,000 people, the purification plants will be supported by integrated water treatment and distribution systems, aimed at improving supply reliability in resource-limited regions. This represents a crucial step toward bolstering essential services.
Given the Kingdom’s ongoing challenges with water scarcity due to its arid climate and limited natural resources, these initiatives are key to fostering innovative solutions in water production, management, and distribution.
