Global Collaboration Village: Redefining engagement with Next-Gen AR and VR at Davos

Short Url
Updated 26 January 2025
Follow

Global Collaboration Village: Redefining engagement with Next-Gen AR and VR at Davos

  • This year’s debut of Next-Gen AR at Davos has focused on collecting feedback to refine the platform

DAVOS: The World Economic Forum’s Global Collaboration Village is using augmented reality and virtual reality technologies to tackle some of the world’s most pressing issues, the president of the initiative told Arab News.

Its Next-Gen platform, developed in partnership with Accenture and powered by Microsoft Mesh, debuted at the WEF annual meeting in Davos this week, and Chieh Huang said that it aimed to extend the collaborative impact of Davos beyond the annual meeting by creating a virtual space that fostered engagement year-round.

He said: “So we often get the question, well, what is the Global Collaboration Village? We’re here in Davos — isn’t this the global collaboration village? And in some sense, yes, it is.”

He continued: “But as Davos and our annual meeting gets more crowded, we want to see if there are ways for us to extend impact throughout the world, 365 days a year.”

This year’s debut of Next-Gen AR at Davos has focused on collecting feedback to refine the platform.

“This is a platform in which we want to stoke more conversation between public entities and private entities,” Huang said. “As you build a platform and any technology product, you want to hear the feedback of, well, what worked well, what didn’t work well. And what better way to do that than here (at the annual meeting), where all of our constituents and users are here.”

Huang emphasized the importance of user input in shaping the experience.

“The graphics are higher fidelity, they’re photorealistic,” he said. “We’re mixing virtual reality in some cases where we want to transport you to a location, but other times we just want to sit around a table, visualize a 3D object, and say, ‘Hey, have you noticed this thing?’ or, ‘Have you noticed that thing?’ Using augmented reality when it’s apropos.”

Feedback so far has been overwhelmingly positive. “The most-used term this week has been: Wow,” Huang said. “When you see the state-of-the-art hardware and software these days, it is a wow moment.”

The tech offers an alternative to traditional 2D communication platforms such as Zoom or PowerPoint by immersing users in a 3D environment.

“If you talk to anyone that’s ever been in an immersive environment, it changes your perception,” Huang explained. “Through that immersiveness, there is a higher level of engagement.”

The platform also aims for inclusivity and device-neutrality. “Next-Gen is available not only with Meta devices but Apple’s Pro as well, and in the future, we want to add more devices onto that as well,” Huang said.

One example of the platform’s potential lies in its use by Saudi Arabia at this year’s WEF to showcase the Kingdom’s Vision 2030 initiative.

“From the outside, I don’t live in Saudi Arabia, I don’t live in the region. It might seem very foreign to say, ‘Hey, there’s this Vision 2030, where they’re trying to transform an entire country and society,’” Huang said.

“You can send around leaflets, you can watch that on YouTube, or maybe get a PowerPoint, but will that actually show and demonstrate what’s really going on? You could say nothing can replace going there. But is there an in-between? That’s where the Global Collaboration Village can shine,” he said.

The GCV mission is clear; to foster collaboration, spark innovation and enable participants to visualize solutions in transformative ways.

Huang concluded: “We want this platform to be a space where global solutions can be visualized, tested and realized — ultimately shaping a better future for all.”


CMA approves new rules to spur Saudi investment fund sector

Updated 09 July 2025
Follow

CMA approves new rules to spur Saudi investment fund sector

RIYADH: Saudi Arabia’s Capital Market Authority has announced a package of regulatory enhancements aimed at strengthening the investment fund environment in the Kingdom, according to a press release issued on Wednesday.

The reforms, which involve amendments to the Investment Funds Regulations, Real Estate Investment Funds Regulations, and the glossary of terms used across CMA regulations, are designed to advance the regulatory framework governing investment funds.

The goal is to elevate the competitiveness of the asset management industry by identifying development opportunities, adopting international best practices, and enhancing transparency and governance.

The reforms reflect Saudi Arabia’s broader efforts to deepen its capital markets and attract more local and international investment, in line with Vision 2030 economic diversification goals.

According to a CMA board decision, the updated rules will help expand and develop the investment fund and REIT sectors, increase transparency for unitholders, and improve investor protection through more robust governance standards.

Key reforms

One of the major changes includes broadening the categories of entities allowed to distribute investment fund units. Under the new rules, fund units may now be distributed via licensed investment platforms and e-money institutions approved by the Saudi Central Bank, including through their websites and mobile apps.

Additional reforms cover the procedures for fund termination and the removal of fund managers, as well as new guidelines for voluntary withdrawal by managers of both public and private funds.

A key requirement is obtaining CMA approval for such withdrawals, and ensuring that the outgoing fund manager transfers all management responsibilities to a successor within 60 days. This is aimed at safeguarding investor rights and ensuring a smooth transition process.

REIT flexibility in parallel market

In a move to expand investment opportunities and increase potential returns for investors, the CMA will now allow traded real estate investment funds listed on the parallel market to invest in real estate development projects at the time of fund establishment.

These investments will not be bound by the standard asset allocation ratios and restrictions previously outlined in the Real Estate Investment Funds Regulations.


Egypt’s annual urban consumer inflation at 14.9 percent in June, stats agency says

Updated 09 July 2025
Follow

Egypt’s annual urban consumer inflation at 14.9 percent in June, stats agency says

  • Urban food and beverage prices were down 1.2%

DUBAI: Egypt’s annual urban consumer price inflation slowed to 14.9 percent in June from 16.8 percent in May, data from statistics agency CAPMAS showed on Wednesday.

The drop in inflation is steeper than the median forecast of 15 analysts polled by Reuters, which had seen annual urban consumer inflation last month at 16.2 percent.

Urban food and beverage prices were down 1.2 percent overall compared to May 2025 but were up by 6.9 percent against June 2024, according to CAPMAS.

Urban inflation on a monthly basis inched down in June by 0.1 percent compared to May, as meat and poultry prices were down by 3.8 percent, fruits by 2.1 percent and vegetables by 1 percent, while the prices of bread and cereals were up by 0.3 percent and seafood by 0.8 percent.

Egypt’s annual inflation has plunged from a record high of 38 percent in September 2023, helped by an $8 billion financial support package agreed with the International Monetary Fund in March 2024. 


Most Gulf markets close higher shrugging off Trump’s tariff news

Updated 09 July 2025
Follow

Most Gulf markets close higher shrugging off Trump’s tariff news

  • Saudi Arabia’s benchmark index eased 0.1%
  • Abu Dhabi index added 0.4%

LONDON: Most stock markets in the Gulf reversed early losses to close higher on Wednesday as investors appeared unfazed by the latest tariff threats from US President Donald Trump. 

Trump ramped up his trade offensive on Tuesday, announcing a 50 percent tariff on copper and renewed long-threatened levies on semiconductors and pharmaceuticals. He also reiterated plans to slap 10 percent tariffs on imports from Brazil, India, and other BRICS countries. 

Saudi Arabia’s benchmark index eased 0.1 percent, dragged down by a 3.1 percent slide in utilities heavyweight ACWA Power and a 0.9 percent decrease in oil giant Saudi Aramco.

In the UAE, Dubai’s main index gained 0.7 percent, hitting a fresh 17-year high, lifted by a 3.6 percent rise in Emirates Central Cooling Systems Corp. 

Emirates has signed a preliminary agreement with Crypto.com to accept payments through its platform. 

The UAE continues to grow as a regional hub for crypto firms, with several enabling crypto payments for real estate, tuition, and transport. 

Abu Dhabi index added 0.4 percent, posting its sixth straight session of gains. 

Abu Dhabi National Insurance Co. advanced 6.4 percent following regulatory approval to open a branch in India. 

Qatar’s benchmark index closed flat. 

Outside the Gulf, Egypt’s blue-chip index, which traded after a session’s break, finished 0.4 percent higher, with Commercial International Bank rising 0.6 percent higher. 

Egypt’s stock exchange suspended trading on Tuesday, citing ongoing disruptions affecting brokerage firms’ ability to communicate efficiently across the trading system, after a fire broke out on Monday in a telecoms data center in Cairo. 


Blacklane and EVIQ partner to expand EV charging network in Saudi Arabia 

Updated 09 July 2025
Follow

Blacklane and EVIQ partner to expand EV charging network in Saudi Arabia 

  • Initiative aims to support development of sustainable infrastructure, focusing on clean technologies
  • Deal includes development of dedicated charging stations for vehicle fleets

JEDDAH: Electric vehicle charging infrastructure is set to expand across Saudi Arabia following a strategic partnership between Blacklane and EVIQ, accelerating the Kingdom’s shift toward clean and sustainable mobility. 

Under the agreement, EVIQ — a joint venture between the Public Investment Fund and Saudi Electricity Co. — will collaborate with the international chauffeur-driven transport firm to support the expansion of the Kingdom’s EV charging network across key cities and mobility hubs, according to a press release. 

The initiative aims to support the development of sustainable infrastructure in line with Saudi Vision 2030, focusing on clean technologies and environmental responsibility. It also supports the Kingdom’s goal to transition 30 percent of vehicles in Riyadh to electric by 2030 and achieve net-zero emissions by 2060 — a target it aims to reach ahead of schedule

Mohammed Bakr Gazzaz, CEO of EVIQ, said: “By integrating national charging infrastructure with premium fleet operations, we aim to reinforce the foundation for a scalable, future-ready transport ecosystem aligned with Saudi Arabia’s Vision 2030.” 

The deal includes the development of dedicated charging stations for vehicle fleets, most notably an integrated charging center at Blacklane’s new regional headquarters for the Gulf region in Riyadh. 

“As we rapidly scale operations across the nation, we’re thrilled to have EVIQ on-board to actively support our expanding electric fleet. Together we are setting new benchmarks for sustainable innovation and success,” said Jens Wohltorf, CEO and co-founder of Blacklane. 

Blacklane will incorporate EVIQ’s public charging network into its operations in Saudi Arabia to support its growing electric vehicle fleet. Both companies also plan to explore opportunities for system integration aimed at improving network functionality and user accessibility. 

The partnership follows Blacklane’s recent introduction of Lucid electric vehicles into its Saudi fleet, as part of efforts to expand its EV offerings. EVIQ’s fast-charging network supports the company’s goal of enhancing its electric mobility services in the Kingdom, the release added. 

As part of the partnership, the companies will co-develop training programs under Blacklane’s Chauffeur Training Academy, focusing on EV charging best practices to support service quality, safety, and sustainability. 

Blacklane’s expansion in Saudi Arabia is backed by TASARU Mobility Investments, a wholly owned investment arm of PIF.


Closing Bell: Saudi main index slightly dips to 11,278; Nomu gains

Updated 09 July 2025
Follow

Closing Bell: Saudi main index slightly dips to 11,278; Nomu gains

  • Parallel market Nomu gained 104.43 points to close at 27,448.22
  • MSCI Tadawul Index edged down 0.27% to 1,445.25

RIYADH: Saudi Arabia’s Tadawul All Share Index dropped marginally on Wednesday, shedding 16.34 points or 0.14 percent to close at 11,277.73. 

The total trading turnover of the benchmark index was SR5.48 billion ($1.46 billion), with 140 of the listed stocks advancing and 109 declining. 

The Kingdom’s parallel market Nomu, gained 104.43 points to close at 27,448.22.

The MSCI Tadawul Index edged down by 0.27 percent to 1,445.25.

The best-performing stock on the main market was Umm Al Qura for Development and Construction Co. The firm’s share price increased by 8.62 percent to SR26.70. 

The share price of Saudi Real Estate Co. also rose by 7.68 percent to SR20.89. 

Retal Urban Development Co. also saw its share price advance by 6.62 percent to SR16.10. 

On the announcements front, Alinma Bank said that it completed the issuance of US dollar-denominated sukuk worth $500 million, under its Trust Certificate Issuance Program. 

According to a press statement, the sukuk issue is expected to settle on July 15. 

The share price of Alinma Bank declined by 1.19 percent to SR26.68. 

Jahez International Co. for Information System Technology announced that it has signed an agreement to acquire a 76.56 percent stake in Snoonu Corporation Holding LLC, a Qatari-based technology and logistics firm that operates an e-commerce and on-demand delivery platform. 

In a press statement, the company revealed that it will acquire 8.14 million shares, representing 75 percent of Snoonu’s share capital, from existing shareholders for $225 million. 

Jahez will also subscribe to 723,960 newly issued shares in Snoonu, representing 1.56 percent of the stake, for $20 million. 

The share price of Jahez edged up by 1.11 percent to SR27.44.