Data is ‘oil of the future,’ Dubai government summit told

Mohamed Al-Gergawi, UAE minister for cabinet affairs and the future
Updated 11 February 2018
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Data is ‘oil of the future,’ Dubai government summit told

DUBAI: Data is the “oil of the future,” Mohammad Al-Gergawi, UAE minister for cabinet affairs and the future, told the opening session of the World Government Summit in Dubai.
A packed audience heard the minister set out the agenda for the three-day event, which has attracted 4,000 leaders from the worlds of business and economic and public policy. Digital communications giants such as Google and Facebook would soon know more about individuals than governments do, Al-Gergawi said.
“By 2045, we will be able to transfer and upload the contents of the human mind to a data center. Governments must be prepared for these coming changes. The aim of this summit is to find answers and set priorities to meet these challenges and opportunities.”
The theme of the summit is “shaping future governments,” and Al-Gergawi detailed the challenges policymakers will face in health, artificial intelligence, crypto currencies and their impact on global finance, climate change and the issues of digital connectivity.
Klaus Schwab, founder and chairman of the World Economic Forum, who also spoke at the opening session, harked back 10 years to the onset of the global financial crisis, which he said threatened a series of other crises in economies, in societies and between generations.
“We avoided a complete breakdown of the financial system, but there was a cost. The world’s debts now add up to 200 per cent of global GDP,” he said.
Schwab said most experts, such as the Organisation for Economic Co-operation and Development and the International Monetary Fund, were forecasting two years of  “sound, comprehensive growth,” but he said financial markets were still addicted to low interest rates and cheap capital.
There were still risks of a social crisis, he said, with levels of inequality and an unfair system of wealth distribution, as well as a generational crisis. “The world’s education systems do not satisfy the requirements of the 21st century.”
He highlighted global risks such as geopolitical issues, inequality, cybersecurity, gender parity and failures of leadership.
The pace of technological change was increasing all the time and adding to the pressures on policymakers, Schwab said. “Never before has the speed of change been so fast as in 2018. But also, never again will the speed of change be so slow as it is in 2018.”


Bahrain LNG terminal to start commercial operations in May

Updated 25 March 2019
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Bahrain LNG terminal to start commercial operations in May

  • Bahrain LNG is the developer of the receiving and regasification terminal within the Khalifa bin Salman Port facility in Hidd

DUBAI: Bahrain’s liquefied natural gas (LNG) terminal will start commercial operations in May, with the first LNG shipment to be imported mostly from the UAE’s ADNOC, state media quoted the CEO of Bahrain’s National Oil and Gas Authority (NOGA) as saying.
Bahrain LNG is the developer of the receiving and regasification terminal within the Khalifa bin Salman Port facility in Hidd, Bahrain, Bahrain LNG’s website says.
The terminal also houses an offshore LNG receiving jetty and breakwater, a regasification platform, subsea gas pipelines from the platform to shore, an onshore gas receiving facility, and an onshore nitrogen production facility, according to the website.
Bahrain’s first LNG floating storage unit is anchored in the United Arab Emirates’ Fujairah port, Refinitiv Eikon data shows.
The storage unit is expected to arrive at the Hidd terminal in May, Bahrain News Agency quoted NOGA chief executive Jassem al Shirawi as saying on Monday.
The report did not specify the overall shipment amount, a small part of which Chevron will deliver later.
The terminal is more than 98 percent ready and the trial period will last only a few weeks, he told the news agency.
“Bahrain has signed agreements with more than 25 companies and gas-producing countries from around the world to import LNG,” al Shirawi was quoted as saying.
The LNG import terminal, with a capacity of 800 million cubic feet per day, will allow Bahrain to import the super-chilled fuel as demand grows for natural gas to feed large industrial projects, generate power and produce oil.