MUMBAI/DHAKA: India’s rice exports likely jumped 22 percent in 2017 to a record 12.3 million tons as neighboring Bangladesh ramped up purchases after flooding hit its crops, industry officials said.
The boost in shipments from the world’s top exporter of the grain is set to extend into 2018 as Bangladesh and Sri Lanka continue to buy aggressively amid depleting inventories in No. 2 exporter Thailand, the officials said.
“Bangladesh was actively buying throughout 2017. It offset the impact of slightly weaker demand from African countries,” said M. Adishankar, executive director at Sri Lalitha, a leading rice exporter located in the southern Indian state of Andhra Pradesh.
Bangladesh’s purchases likely lifted India’s non-basmati rice exports by 38 percent in 2017 to 8.4 million tons and total exports to 12.3 million tons, the officials and exporters said. That would surpass 2014’s record of 11.5 million tons.
They based the 2017 export figures on their estimates for December shipments plus previously issued government data for January to November. Government numbers for December are expected to be released around the start of next month.
India exports non-basmati rice mainly to African and Asian countries and premium basmati rice to the Middle East, the US and Britain.
Traditionally the world’s fourth-biggest rice producer, Bangladesh emerged as a major importer of the grain in 2017 after floods damaged crops and pushed domestic prices to record highs.
Bangladesh sourced more than 80 percent of its 2017 imports of 2.4 million tons from India, said Badrul Hasan, head of Bangladesh’s state grains buyer.
The South Asian nation’s overseas rice purchases are likely to remain robust until supply rises after its summer crop, also known as Boro, in May, Hasan said.
Boro contributes more than half Bangladesh’s typical annual rice output of around 35 million tons.
Last year Bangladesh reduced import taxes on rice to boost private buying. It also bought rice from India in state-to-state deals to quickly raise supplies and try to rein in prices.
But rice prices stayed high in Bangladesh despite the largest imports in nearly two decades, which will encourage farmers to expand the amount of land used to cultivate the staple crop, Hasan said.
India’s rice exports in 2018 depend largely on non-basmati shipments as basmati exports are likely to remain more-or-less steady at around 4 million tons, said Vijay Setia, president of the All India Rice Exporters’ Association.
“Non-basmati exports depend on stock positions in importing countries like Bangladesh and Sri Lanka,” Setia said.
African nations stepped up buying from Thailand last year, but that could ease in 2018 as state stockpiles are depleted in the Southeast Asian country, potentially boosting appetite for Indian supply, said a Mumbai-based dealer with a global trading firm.
“For key markets like Bangladesh and Sri Lanka, India has freight advantage over Thailand. This will help even in 2018,” the Mumbai-based dealer said.
India’s rice exports forecast to hit record 12.3 million tons, thanks to Bangladesh
India’s rice exports forecast to hit record 12.3 million tons, thanks to Bangladesh
Prince Khaled bin Alwaleed reveals 5 investments in health technology
- Announcement made during Future Investment Initiative in Riyadh
RIYADH: Saudi venture capitalist Prince Khaled bin Alwaleed announced five new investments during the Future Investment Initiative in Riyadh on Tuesday.
Prince Khaled explained exclusively to Arab News that the five new portfolio companies were focused on the medical technology and health technology sectors.
The royal investor also emphasized his company KBW Ventures’ alignment with Saudi Arabia’s deployment of capital in bioscience and biotechnology.
He said: “We actually have a long footprint in biosciences, but the focus on health technologies and medtech was relatively small until the past 18 months.
“One of our first investments in this health space years ago was a Canadian company that is refining the allergy testing experience, a next-gen solution.
“We haven’t disclosed any of these five publicly yet, and there’s more in the pipeline that we are in the due diligence process for now.”
Three of KBW’s new ventures — Truelli, Qvin, and CytoSPAR — specialize in different types of diagnostics using advanced proprietary technology.
NeuroPlan is an app that aims to democratize neurological insights by helping users to track and improve cognitive capacity, while the fifth company, Rula Health, is a telehealth startup seeking to address mental health issues.
Prince Khaled added that KBW Ventures, aligned with the Saudi government’s focus on improving the overall health of its population, was also assessing several other businesses for potential investment that aimed to slow the aging process and improve lifespan.
He said: “I’ll be in a conclave around healthy aging solutions at FII addressing technologies that we are looking at in the longevity sector.”
The prince, who is a vegan and fitness aficionado, stressed that early disease detection, prevention, and personalized medicine were all areas that captured both his attention and capital.
During his panel discussion Prince Khaled noted that while KBW Ventures previously focused on early-stage investments, the firm has now moved into growth stage funding.
He said: “A survey of US companies that raised Series A funding and went on to close Series B saw an average of 28 months between rounds; it hasn’t been like that since 2012.”
KAUST is at the forefront of sustainable development in Saudi Arabia, says Byrne
RIYADH: King Abdullah University of Science and Technology places a strong emphasis on sustainability, actively advancing carbon capture initiatives and coral reef protection in Saudi Arabia, according to its president.
Speaking to Arab News on the sidelines of the Future Investment Initiative event, Edward Byrne highlighted KAUST’s role in attracting foreign direct investments into the Kingdom through its research and development efforts.
“Sustainable development is at the heart of KAUST. There are incredibly exciting projects underway in a whole range of areas. But the work at KAUST, led by Carlos Duarte and his colleagues, is rejuvenating the fantastic coral reefs in the Red Sea with great success,” Byrne stated.
He further expressed enthusiasm for the university’s collaboration with Aramco on carbon capture, noting, “I am also very excited about the carbon capture work with Aramco, which is showing huge promise. We’re going to need more fossil fuel for many years, so I think this is really important for the environment.”
Byrne also mentioned KAUST’s expertise in sophisticated supercomputing, which will aid the Kingdom in managing large data sets. In November, KAUST unveiled Shaheen III, described as the most powerful supercomputer in the Middle East, according to the TOP500 report, which tracks supercomputer performance. This system is anticipated to play a crucial role in developing and testing predictive mathematical models.
Discussing how KAUST contributes to Saudi Arabia’s economic growth through foreign direct investment and partnerships, Byrne said: “You can’t build a solid house without bricks. And the scientific advances in KAUST are some of the major bricks. It will help build the economy of the nation. Our job now is to translate that brilliant science in so many areas—water, agriculture, health, environment, energy — into new companies, into new businesses for the Kingdom, and we are on the journey.”
Byrne emphasized that KAUST is a leading research powerhouse, translating its efforts into practical outcomes in vital areas for the Kingdom, including human health, innovative desalination methods, and genetically modified crops.
He explained that KAUST conducts its research in partnership with both government and commercial entities. “KAUST cannot do things in isolation. Many have been done in partnership with government departments in Saudi Arabia, but many have been done in commercial partnerships, both with large companies like Aramco, who are still our number one commercial partner, and with many spinoffs. There are over 400 spinoffs now operating in the Kingdom in all of these areas,” Byrne noted.
Additionally, the KAUST president highlighted the university's role in strengthening the private sector in Saudi Arabia by encouraging young graduates to become entrepreneurs. He mentioned that KAUST is equipping students with advanced technologies, including artificial intelligence, to meet the demands of the modern workforce.
“Even employers don’t fully understand the skill set that people will need, and the knowledge base they will need ten years from now in their industries. So, we are working to help understand that, unravel it, so we can make sure that Saudi Arabia is on the crest of the wave in how we’re educating our young people here,” Byrne said.
Diriyah Co. set to launch eight new hotels as part of $62.2bn giga-project
RIYADH: Saudi developer Diriyah Co. is set to break ground on eight new hotels in November, according to the firm’s CEO.
Speaking to Arab News during the Future Investment Initiative, which is taking place in Riyadh from Oct. 29 to 31, Jerry Inzerillo shared details about the new accommodations, including the Baccarat Hotel, the Corinthia Hotel, and the Armani Hotel.
This initiative is part of a $62.2 billion giga-project backed by the Public Investment Fund, designed to create a lifestyle destination that celebrates Saudi culture and heritage, while positioning the Kingdom as a premier destination for tourism and leisure.
“Today, before we announce it in November, I’m giving you the scoop because we’re groundbreaking next month, eight new hotels,” Inzerillo said.
He elaborated on the projects, stating, “So, groundbreaking the Baccarat Hotel, the new Corinthia Hotel, the new Armani Hotel, beautiful, the new Fusion Hotel from Paris, the new Rosewood Hotel, the new Raffles Hotel, the new Ritz-Carlton, and the new Address. So, we’ll groundbreaking all of that.”
Inzerillo also mentioned the upcoming opening of the Bab Samhan Marriott Luxury Hotel for guests in November.
“So, all of a sudden now, our hospitality practice is really coming into full swing. I believe that by the time we get to Founding Day, we will have broken 3 million people visiting the UNESCO World Heritage Site,” he said.
“We have sold out the Ritz-Carlton residences. We’ve sold out the Oberoi residences. We’re selling a lot of the farms in the Wadi’s Safar. We’ve opened community centers; we’ve opened our sales center; we’re getting ready to open our new Zallal, which is going to be fabulous, at the end of March, April. So, we’re so happy because we’re on time and on budget with 40,000 construction workers on the job as of today,” he added.
In discussing the locations of the new hotels, Inzerillo noted that Diriyah encompasses a complete historical zone.
“What we’re going to announce next year with us together is our spectacular new boulevard like the Champs-Elysees, same length, 1.9 km. We’re going to be revealing it next year,” he said.
“But the hotels that I mentioned are all in historical Diriyah; some are at King Salman Square, some are up by the industrial site,” he added.
Inzerillo anticipates that most of the hotels will be fully operational and ready for tourists by 2027. This timeline is primarily due to the extensive infrastructure work required to make historical Diriyah a 4 km walkable, pedestrian-friendly city akin to Florence, which involved building 10 million cubic meters of infrastructure underground.
“That took us three years. It took two years to engineer and design it. But now, by the end of 2025, that will be all capped off, and then the buildings can come up very quickly. So today is also not just about quantity but about quality,” the CEO added.
He also highlighted a key distinction: While Riyadh is growing and requires a diverse range of hotels, Diriyah will focus exclusively on four- and five-star accommodations.
“So, we don’t have big convention hotels. We don’t have 800-room hotels. So, most of the hotels in terms of size range from 50 rooms to 250 rooms,” Inzerillo noted.
Regarding climate control in the walkable areas, the CEO shared that 60,000 parking spots are air-conditioned and cool, with 6,000 already operational and profitable.
“Now, if you want to park your car, keep it cool and then come up, you can come up into the walkable area,” Inzerillo explained.
He added that the buildings will feature a mud color, with close corridors for added shade.
“But then we have heat mitigation. We’ll be putting cooling under the floors, cooling on the roofs, you know, misting. So, the blowing of air, the supply of air,” he said.
“Historical Diriyah is 50 meters above the Wadi. So, Diriyah is always 5 to 7 degrees cooler than the rest of Riyadh. So, we’re hoping, you know, this summer June, July, and August is quite hot, but all the restaurants are indoor, outdoor, all the hotels are indoor, outdoor. So, Diriyah, it will be ready and enjoyable and programmable every single day of the whole year,” the CEO stated.
On the topic of investment, Inzerillo revealed that the developer signed three deals on the first day of the forum.
“This morning, it’s interesting because I had an Italian developer that we’re doing a $200 million deal with, a Colombian investor that we’re doing a $100 million deal with, and an Emirati investor that we’re doing a $200 million deal with,” he said.
This surge in investment is linked to significant growth across the Kingdom, especially in cities like Riyadh, Jeddah, Makkah, Madinah, and Dammam, attracting considerable foreign and Gulf investment.
Inzerillo shared further details about the agreements: “Two of the deals, two of the conglomerates were only interested in hotels. So now we, as the developer, will build the 42 hotels with the management companies, and then they will take out the equity; they will own the hotels.”
He continued: “One of the other deals today was for residences, 138 residences. So, we will co-develop as developers, but they will own the residential complex.”
Looking ahead, Inzerillo said: “When we welcome people from all over the world for the largest expo ever planned, 2030, historical Diriyah, it will be basically finished.”
He added: “By that time, we will have over almost 30,000 staff that will be predominantly Saudi workers and leaders.”
The CEO emphasized that Diriyah and the Kingdom would be ready to welcome millions of visitors by then.
Quantum-powered sensors to take the spotlight in aerospace sector: Thales Group Chairman & CEO
RIYADH: Quantum-powered sensors and systems are set to overtake artificial intelligence and play a significant role in the aerospace sector, according to the chairman and CEO of Thales Group.
In an interview with Arab News during the eighth edition of the Future Investment Initiative in Riyadh, Patrice Caine – who also serves as chairman of the global aerospace systems company – highlighted that the quantum revolution is in close reach.
He emphasized that the “second quantum revolution” will likely grow in prominence over the coming years, eventually matching or surpassing artificial intelligence’s influence.
“It’s already in play. People talk more and more about it,” he said. “But it’s not, we say, as famous as AI, but it will become, certainly in the future.”
He clarified that Thales is focusing on quantum sensors and communication rather than the more widely recognized field of quantum computing.
Caine underlined that these areas have the potential to deliver significant advancements, particularly in enhancing the efficiency of sensors and decision-making systems within aerospace.
Thales aims to leverage these quantum advancements to develop next-generation solutions, redefining operational capabilities in aerospace security and beyond.
Caine added that this type of technology will likely be applied on an industrial scale in the next decade.
“We are not far from it. In fact, we have already proof of concept. We can already see these types of applications in our labs. Now, the journey is to industrialize these early prototypes,” he added, emphasizing the importance of finding market demand along with creating the technology.
Caine emphasized that, unlike incremental improvements, quantum technology could drastically increase system efficiency.
“It’s, I would say, another way to apply quantum properties to sensors to enhance the efficiency of these sensors by 100 times more, which is huge. It’s revolutionary,” he said.
Caine said that AI is “the technology of the moment,” and the company currently has almost 600 experts working on algorithms, processes, tools, and methodologies related to the technology.
He further emphasized that the company utilizes symbolic AI, also known as model-based AI, for its clients, unlike the data-based technology used by the majority of the public.
He further explained the implications of the technology on an industrial scale, saying: “In the short term, it (AI) will make our solutions, products, systems more and more premium.”
Caine added: “So, potentially there is an advantage and an economic or financial advantage to bring products powered by AI. That’s clearly the first consequence.”
The CEO believes that getting to grips with AI will become essential for competitiveness.
“Longer term, it may become a must, either you master AI or not. And if you are not mastering it, you will progressively lose ground versus competition,” he said.
Thales Group is a global technology leader specializing in advanced solutions for aerospace, defense, security, and digital identity. The company designs and manufactures systems for critical sectors, including air traffic management, avionics, cybersecurity, and AI.
Humanoid robots expected to cost $25K by 2040, says Musk
RIYADH: Elon Musk, CEO of Tesla and SpaceX, shared his vision of the future at the Future Investment Initiative, suggesting that by 2040, humanoid robots could surpass the human population.
During a panel discussion titled “The Future of AI,” Musk highlighted the rapid advancements in robotics and artificial intelligence.
He predicted that there could be at least 10 billion humanoid robots, each priced between $20,000 and $25,000.
Musk said the world is moving toward a future where robots can handle a variety of tasks, significantly altering labor dynamics, estimating that the cost of such robots would be notably low—around $25,000 for a versatile unit.
He also voiced concerns about the existential risks associated with artificial intelligence. “AI poses a significant existential threat, and we need to address it seriously,” he remarked. To that end, he founded XAI to develop an AI that truly benefits humanity, explaining, “I created XAI to ensure we have an AI that genuinely cares for humanity’s best interests.”
The conversation included insights into the future of transportation, with Musk asserting that “all cars will drive themselves—this is inevitable. They will be 10 times safer than human drivers.”
Looking to the stars, he expressed enthusiasm about space exploration, stating, “I believe we can launch starships to Mars within two years.” He also predicted that over time, “most countries will develop their own AI clusters.”
On demographic issues, Musk emphasized the critical role of birth rates in sustaining society: “If we don’t produce new humans, there’s no future for humanity, and all the policies in the world won’t change that.”
