Saudi Aramco tower in King Abdullah Financial District in Riyadh. The quantum computer is expected to complement Saudi Arabia's technological drive. AFP
Saudi Aramco tower in King Abdullah Financial District in Riyadh. The quantum computer is expected to complement Saudi Arabia's technological drive. AFP
Saudi Aramco tower in King Abdullah Financial District in Riyadh. The quantum computer is expected to complement Saudi Arabia's technological drive. AFP
Saudi Arabia has installed its first quantum computer in further boost to its key energy sector, as the kingdom continues to adopt cutting-edge technology across different industries to diversify its economy.
The 200-qubit machine will be built through a partnership between Saudi Aramco, the world's largest oil-producing company, and French technology firm Pasqal, the companies said in a joint statement on Monday.
It is scheduled for deployment in the second half of 2025 and is aimed at pioneering the use of the highly-advanced technology in the energy sector, solving complex problems and identifying more use cases for quantum computing.
“This isn't just any quantum computer; it will be the most powerful tool deployed for industrial usages, unlocking a new era of innovation for businesses and society,” Georges-Olivier Reymond, chief executive and co-founder of Paris-based Pasqal, said.
“The era of quantum computing is here. No longer confined to theory, it's transitioning to real-world applications, empowering organisations to solve previously intractable problems at scale.”
Quantum computing uses highly specialised technology to solve complex problems that traditional computers or even supercomputers cannot, or reduce the time it takes to solve them.
A qubit – short for quantum bit – is the basic unit of quantum computing that is more versatile than binary bits in classical computers.
Quantum computers are exponentially faster than its counterparts. In 2019, Google claimed that its Sycamore chip was able to solve a maths problem – that would take 10,000 years – in just 200 seconds.
Currently, some of the world’s biggest technology firms are working with computers with a capacity of about 100 qubits, but to tackle the biggest problems, machines with 100,000 or one million qubits may be required.
Late last year, US technology major IBM announced that it had successfully developed the world's first 1,000-qubit chip, Condor, which more than doubled the previous record of 433 qubits set by IBM’s Osprey chip.
The quantum computer is expected to complement Saudi Arabia's technological drive, as the kingdom continues to roll out initiatives and attract investments to prepare for the economy of the future.
The machine will help integrate advanced solutions into Saudi Aramco's business, and would be “further evidence of our contribution to the growth of the digital economy”, Ahmad Al Khowaiter, Saudi Aramco’s executive vice president for technology and innovation, said.
“In a rapidly evolving digital landscape, we believe it is crucial to seize opportunities presented by new, impactful technologies and we aim to pioneer the use of quantum computing in the energy sector,” he said.
Front from left, Raphael Fauveau, chief financial officer of Pasqal , and Nabil Al Nuaim, senior vice president of digital and IT at Saudi Aramco, at the signing ceremony between the two companies. Standing from left, Wasiq Bokhari, chairman of the board of Pasqal, Jamil Bagawi, senior vice president of national champions at Aramco, Amin H Nasser, president and chief executive of Aramco, Georges-Olivier Reymond, co-founder and chief executive of Pasqal, and Ahmad Al Khowaiter, executive vice president for technology and innovation at Aramco. Photo: Saudi Aramco
LA LIGA FIXTURES
Friday Valladolid v Osasuna (Kick-off midnight UAE)
Saturday Valencia v Athletic Bilbao (5pm), Getafe v Sevilla (7.15pm), Huesca v Alaves (9.30pm), Real Madrid v Atletico Madrid (midnight)
Sunday Real Sociedad v Eibar (5pm), Real Betis v Villarreal (7.15pm), Elche v Granada (9.30pm), Barcelona v Levante (midnight)
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), EsekaiaDranibota (Harlequins), Matt Mills (Exiles), JaenBotes (Exiles), KristianStinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), EmosiVacanau (Harlequins), NikoVolavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), ThinusSteyn (Exiles)