A full-scale passenger Hyperloop capsule, presented by Hyperloop Transportation Technologies on October 2, 2018 in El Puerto de Santa Maria. AFP / CRISTINA QUICLER
A full-scale passenger Hyperloop capsule, presented by Hyperloop Transportation Technologies on October 2, 2018 in El Puerto de Santa Maria. AFP / CRISTINA QUICLER
A full-scale passenger Hyperloop capsule, presented by Hyperloop Transportation Technologies on October 2, 2018 in El Puerto de Santa Maria. AFP / CRISTINA QUICLER
A full-scale passenger Hyperloop capsule, presented by Hyperloop Transportation Technologies on October 2, 2018 in El Puerto de Santa Maria. AFP / CRISTINA QUICLER

2018 in review: hopes for Hyperloop the only good news for tech


  • English
  • Arabic

A look back at the year’s big technology stories is often a chance to marvel at the ingenuity of the world’s geeks in bringing the future into the present.

Yet arguably the most spectacular tech story of the year is almost old-school, as it centres on that age-old dream of getting from A to B as fast as possible.

Since the concept was unveiled by Tesla founder Elon Musk in 2013, hyperloop technology has been talked about as the next revolution in transport, with pods whisking people through sealed vacuum tubes at up to 1,200kph – far faster than a passenger jet.

Mr Musk’s ironically named Boring Company spent the year working on tunnels at various sites in the US, and in April its rival, Hyperloop Transportation Technologies revealed plans for a hyperloop link between Abu Dhabi and Dubai.

With the first segment scheduled to open in 2020, this could slash travel times between the two emirates from more than an hour to minutes.

In October, HTT achieved a major milestone by revealing its first prototype passenger pod, which will carry about 30 passengers on a test track in France.

Investment in AI is forecast to reach $114.22m in Middle east and Africa region by 2021. Pawan Singh / The National
Investment in AI is forecast to reach $114.22m in Middle east and Africa region by 2021. Pawan Singh / The National

But in what has emerged as a key theme in tech stories this year, the transition from dream to reality has proved harder than expected.

This month, Mr Musk unveiled a test tunnel for a much more modest, car-based network beneath a motorway in Los Angeles. But further development of even this low-tech, low-speed forerunner of the hyperloop has already been hit by delays and law suits.

Mr Musk is hoping to build more tunnels elsewhere, but with sceptics also raising doubts about those plans, it is still possible that the Emirates could host the world’s first commercial hyperloop system.

When it comes to other game-changing technology, however, this year was something of a bust. For its gadget of the year, the top pick of one UK national newspaper was a hairdryer. Yes, it uses some fancy aerodynamic effect, but it still only dries hair.

From drones to smart phones, e-cars to VR there was a distinct sense of deja vu, and a sense that the geeks have just run out of ideas.

As one reporter at this year’s Consumer Electronics Show in Las Vegas put it: “It’s less ‘Whoa, that’s awesome’, and more ‘Whoa, do we really need this?’”

Take smart-home technology. This trope has been around for at least half a century with companies promising us bright, shiny futures in homes that would transform our lives.

Quite how was not entirely clear because the tech simply did not exist. But now it does. And it’s still not clear.

One leading consumer goods maker at the show boasted of how its products are no longer merely Wi-Fi enabled – so last year – but also feature artificial intelligence.

In a demonstration, an AI-enabled washing machine was shown solving the enormous challenge of deciding when and how to wash a gym kit.

A similarly smart fridge showed off its ability to use automatic product recognition that allows it to “see” when food is about to expire, and suggest a meal out of those ingredients.

Quite what the AI would rustle up from, say, an orange, half a tin of baked beans and some mayo was never revealed.

________________

Read more:

Artificial intelligence to add $182 billion to UAE's economy by 2035

Dubai's Museum of the Future looks to AI guides and wearable tech

Life in 2028: how advances in AI could change our lives for the better - and worse

________________

That is not to say the year lacked examples of tech affecting our lives. On the contrary, there were plenty. That’s because 2018 was the year when many of us gazed on the connected world being created by the world’s tech behemoths ... and did not like what we saw.

Routine system upgrades by banks and telecoms companies showed their breath-taking ability to render millions of smartphones useless in a flash, while vast data breaches gave criminals access to the personal data of hundreds of millions of people.

Meanwhile, social media apps sparked a pandemic of fake news, with sometimes murderous consequences.

But it was also the year in which the cheerleaders of connectivity felt serious push-back from the public and politicians.

Having presided over repeated scandals involving personal data of millions of its users, Facebook’s growth in new users slumped and its stock price plunged by a third.

It is a similar story with the other tech behemoths such as Alphabet, the parent company of Google, and Amazon. Many experienced double-digit hits on their share prices – partly because of mounting public concern at their way of doing business.

The Baidu Apollo autonomous car is displayed during the annual Baidu World Technology Conference in Beijing on November 1, 2018. Fred Dufour / AFP
The Baidu Apollo autonomous car is displayed during the annual Baidu World Technology Conference in Beijing on November 1, 2018. Fred Dufour / AFP

Politicians also lost patience with the tech industry. Facebook and Google chief executives Mark Zuckerberg and Sundar Pichai were hauled before the US Congress to account for themselves.

Meanwhile, new EU legislation came into force in May. The General Data Protection Regulation is capable of imposing fines on any company in any country for negligent use of data on EU citizens. For the likes of Facebook, those fines could top $1 billion.

Concern over the role of social media in fake news also soared this year. From the spread of political misinformation to mob killings in India sparked by false rumours, there is now intense pressure on social media platforms to stem the tsunami of lies.

In his testimony to the US Congress this year, Mr Zuckerberg indicated his belief that the pandemic of fake news will be cured by that tech panacea of our age, AI. But this year will also be remembered as the one when the dazzling image of AI began to fade.

The death of a pedestrian in Arizona hit by a self-driving car last March focused attention on the wisdom of trusting AI in such complex tasks, although paradoxically, it now seems AI’s full powers had been deliberately reduced by its human creators.

Science fiction writers have long warned about how bad things happen when humans try to imbue computers with intelligence. But the take-home message of this year is that geeks think they know what is best for the rest of us.

And some seem keen to create AIs in their own likeness.

In June astronauts aboard the International Space Station took delivery of an AI called Cimon, designed to act as a personal assistant.

All went well at first but in an eerie echo of the rogue computer Hal in the movie 2001: A Space Odyssey, Cimon started to go off the rails during a public test.

First it ignored direct orders to switch tasks and seemed annoyed when told to behave. Then the somewhat creepy face on its screen insisted: “Be nice, please”, before asking “Don’t you like it here with me?”

Unless the technorati learn the lessons of 2018, ever more of us could start to feel the answer to that is: “No, not really”.

Robert Matthews is Visiting Professor of Science at Aston University, Birmingham, UK

The specs

Engine: 0.8-litre four cylinder

Power: 70bhp

Torque: 66Nm

Transmission: four-speed manual

Price: $1,075 new in 1967, now valued at $40,000

On sale: Models from 1966 to 1970

If%20you%20go
%3Cp%3EThere%20are%20regular%20flights%20from%20Dubai%20to%20Kathmandu.%20Fares%20with%20Air%20Arabia%20and%20flydubai%20start%20at%20Dh1%2C265.%3Cbr%3EIn%20Kathmandu%2C%20rooms%20at%20the%20Oasis%20Kathmandu%20Hotel%20start%20at%20Dh195%20and%20Dh120%20at%20Hotel%20Ganesh%20Himal.%3Cbr%3EThird%20Rock%20Adventures%20offers%20professionally%20run%20group%20and%20individual%20treks%20and%20tours%20using%20highly%20experienced%20guides%20throughout%20Nepal%2C%20Bhutan%20and%20other%20parts%20of%20the%20Himalayas.%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets

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.”

Mountain%20Boy
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Zainab%20Shaheen%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Naser%20Al%20Messabi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%203%2F5%3C%2Fp%3E%0A
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Astra%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202022%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAbdallah%20Abu%20Sheikh%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20technology%20investment%20and%20development%3Cbr%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%24500m%3C%2Fp%3E%0A
The specs: 2019 Mercedes-Benz C200 Coupe


Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km

UAE currency: the story behind the money in your pockets
Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.