Britain's Ministry of Defence said on Thursday it will work with UK tech firm Orca Computing to investigate the scope to apply quantum technology in defence.
Here, The National explains what quantum computing is and why the UK MoD has agreed to work with Orca.
What is quantum computing?
The pioneer of quantum computing was Paul Benioff of Argonne National Labs, who in 1984 theorised the possibility of designing a computer based exclusively on quantum theory.
In the most simple of terms, quantum computing is extremely high-performance computing — so high performing it has the potential revolutionise global industry.
Normal computers process data in bits which have a binary value of zero or one. Quantum computers, by contrast, can process digits simultaneously using a two-state unit called a qubit.
This means that quantum computers have far greater processing power than their regular counterparts.
How much does a quantum computer cost?
This extra processing power comes at a heady cost. Quantum computing firm SEECQ says "a single qubit costs around $10,000 and needs to be supported by a host of microwave controller electronics, coaxial cabling and other materials that require large controlled rooms in order to function".
It estimates that in terms of pure hardware, "a useful quantum computer costs tens of billions of dollars to build".
Who is Orca Computing and what is the Orca computer?
Orca Computing is a 2-year-old UK company that is seeking to scale and integrate quantum computers with real-world technology.
This is a challenge, as qubits must be kept at extremely old temperatures or they will become unstable.
However, Orca says it has found an alternative to conventional quantum computing whereby its software allows small-scale photonic processors to use single units of light to power the process at room temperature.
Investors have been persuaded by Orca's Series A funding round, raising $15 million and attracting investment from the likes of Octopus Ventures, Oxford Science Enterprises, Quantonation and Verve Ventures.
Why has the MoD teamed up with Orca Computing?
The UK's MoD is also seemingly persuaded by Orca's proposition, having agreed to work in concert with the firm to develop future data-processing capabilities, using Orca's small PT-1 quantum computer.
"Our partnership with MoD gives us the type of hands-on, close interaction, working with real hardware which will help us to jointly discover new applications of this revolutionary new technology," said Richard Murray, chief executive of Orca Computing.
Stephen Till, of the MoD's science and technology lab, said access to the PT-1 would accelerate his ministry's understanding of the technology.
"We expect the Orca system to provide significantly improved latency — the speed at which we can read and write to the quantum computer," he said.
If you go
Flights
Emirates flies from Dubai to Phnom Penh with a stop in Yangon from Dh3,075, and Etihad flies from Abu Dhabi to Phnom Penh with its partner Bangkok Airlines from Dh2,763. These trips take about nine hours each and both include taxes. From there, a road transfer takes at least four hours; airlines including KC Airlines (www.kcairlines.com) offer quick connecting flights from Phnom Penh to Sihanoukville from about $100 (Dh367) return including taxes. Air Asia, Malindo Air and Malaysian Airlines fly direct from Kuala Lumpur to Sihanoukville from $54 each way. Next year, direct flights are due to launch between Bangkok and Sihanoukville, which will cut the journey time by a third.
The stay
Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.
Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
Wenger's Arsenal reign in numbers
1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
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