Saudi Arabia’s Public Investment Fund (PIF), the kingdom's sovereign wealth fund, and Japanese conglomerate SoftBank Group, will create a robotics initiative that will pave the way for technology to be integrated across industries and the public sector.
PIF and SoftBank are working to partner with governments, private companies and academia to create a platform to drive the robot industry while establishing a set of standards which currently do not exist, according to a statement carried by the Saudi Press Agency.
“The real world applications of robotics industry are rapidly moving from theory to reality, and this shift is creating a pressing need to improve, future-proof and standardise areas relating to regulation and measurement,” said Masayoshi Son, Softbank chairman and chief executive.
The collaboration widens PIF's previous partnership where it came on board to invest in SoftBank’s global tech investment fund, that was created last year to support companies and entrepreneurs. Other investors include Abu Dhabi’s Mubadala, which has said it would commit US$15 billion to the SoftBank Vision Fund, as well as Apple, Foxconn and Qualcomm.
PIF's two day Riyadh event in October will bring together industry leaders such as DP World Chairman Sultan bin Sulayem, Mastercard CEO Ajay Banga, the chairman of Hong Kong's First Eastern Investment Group Victor Chu, NYSE President Thomas Farley, the chief executive of Russian Direct Investment Fund Kirill Dmitriev, Group CEO of HSBC in addition to a number of decision makers and academics from some of the largest companies, financiers, educational institutions and government entities from around the world.
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PIF and SoftBank’s programme comes at a time when the robotics industry is growing at a rapid pace.
Robot popularity is increasing with spending expected to total just under US$100 billion this year up 18 per cent from last year, according to the International Data Corporation (IDC). This includes drones and robotics-related hardware, software and services.
The IDC expects that number to accelerate further to $231bn in five years, a compound annual growth rate of 23 per cent. Robots represent 0.7 per cent of the global industrial workforce with a ration of 69 robots per 10,000 employees, according to data cited by SPA.
Growing demand for robotics is growing across a wide range of industries. “Technology advancements in mobile robots and collaborative robots are opening up opportunities to deploy robots in new areas outside of the more traditional industrial manufacturing processes,” said John Santagate, IDC research manager. “While technology improvements are helping to fuel demand, the increased demand is incentivizing innovators in the field to invest in delivering robots that are capable of performing a wider range of tasks."
PIF and SoftBank are pushing to start a programme to standardise measurements for robot power, performance and intelligence in line with growing demand. The companies said that the evolution and adoption of autonomous environments had the potential to propel economic and social climates, but it also presented a range of changes that would impact people.
“Policies and methods to standardise and govern several aspects of the industry are needed,” said Moustafa Mahmoud, founder and chief executive of Dubai-based artificial intelligence (AI) company Cognitev.
Regulating robot creators, not devices themselves, is paramount said Mr Mahmoud.
“They are just machines in the end, but the people designing, building and working with the robots are where the regulation needs to happen,” said Mr Mahmoud citing prosthetic limbs, previously simplistic in design with components made of wood or plastic, whereas today they are robotic.
“What's to stop a manufacturer from just restoring the basic motor function that humans lack and not actually produce a limb that gives enhanced power? Who is regulating that?” Mr Mahmoud said.
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6.20pm: West Acre
7pm: Flood Zone
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8.15pm: Romantic Warrior
8.50pm: Calandogan
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UAE currency: the story behind the money in your pockets
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Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Scores:
Day 4
England 290 & 346
Sri Lanka 336 & 226-7 (target 301)
Sri Lanka require another 75 runs with three wickets remaining
Our family matters legal consultant
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Nancy Ajram
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COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
MATCH INFO
Fixture: Ukraine v Portugal, Monday, 10.45pm (UAE)
TV: BeIN Sports
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score)
Porto (0) v Liverpool (2), Wednesday, 11pm UAE
Match is on BeIN Sports
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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Sholto Byrnes on Myanmar politics
Killing of Qassem Suleimani
