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
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Match info:
Burnley 0
Manchester United 2
Lukaku (22', 44')
Red card: Marcus Rashford (Man United)
Man of the match: Romelu Lukaku (Manchester United)
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
Directed: Smeep Kang Produced: Soham Rockstar Entertainment; SKE Production Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma Rating: Two out of five stars
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
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Torque: 1,000Nm
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Fuel consumption: 10.6L/100km
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Gulf Under 19s
Pools
A – Dubai College, Deira International School, Al Ain Amblers, Warriors B – Dubai English Speaking College, Repton Royals, Jumeirah College, Gems World Academy C – British School Al Khubairat, Abu Dhabi Harlequins, Dubai Hurricanes, Al Yasmina Academy D – Dubai Exiles, Jumeirah English Speaking School, English College, Bahrain Colts
Recent winners
2018 – Dubai College 2017 – British School Al Khubairat 2016 – Dubai English Speaking School 2015 – Al Ain Amblers 2014 – Dubai College
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.”
Race card
4pm Al Bastakiya Listed US$300,000 (Dirt) 1,900m
4.35pm Mahab Al Shimaal Group 3 $350,000 (D) 1,200m
5.10pm Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m
5.45pm Burj Nahaar Group 3 $350,000 (D) 1,600m
6.20pm Jebel Hatta Group 1 $400,000 (T) 1,800m
6.55pm Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m
7.30pm Dubai City Of Gold Group 2 $350,000 (T) 2,410m
The National selections:
4pm Zabardast
4.35pm Ibn Malik
5.10pm Space Blues
5.45pm Kimbear
6.20pm Barney Roy
6.55pm Matterhorn
7.30pm Defoe
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Profile of Foodics
Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
