DP World explores quantum computing technology to optimize business

DP World explores quantum computing technology to optimize business
The technology can be applied to industrial logistics, fleet and traffic management, and other operations across the supply chain. (Shutterstock)
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Updated 19 April 2021

DP World explores quantum computing technology to optimize business

DP World explores quantum computing technology to optimize business
  • The company organized training sessions for its employees, as well as actual quantum computing coding exercises

DUBAI: Dubai’s port company DP World is exploring quantum computing technology to optimize its operations, the company said in a statement.

It said it was working with D-Wave Systems, a Canadian quantum computing company, to look at how the advanced technology can be applied to DP World’s logistics and trade business.

The company organized training sessions for its employees, as well as actual quantum computing coding exercises.

The technology, DP World said, can be applied to industrial logistics, fleet and traffic management, and other operations across the supply chain.

“Quantum computing capabilities complement our need to reach ultimate smart trade and achieve a seamless logistics infrastructure, where everything is connected, devices work in harmony, and all our operations components communicate with each other intelligently,” Mohammed Al-Muallem, DP World’s chief executive, said.

Quantum computers provide exponential processing power to solve complex problems, better than traditional computers.

The move is part of DP World’s digital push.


Tadawul Group aiming to give 70% of its profits to shareholders

Tadawul Group aiming to give 70% of its profits to shareholders
Updated 12 sec ago

Tadawul Group aiming to give 70% of its profits to shareholders

Tadawul Group aiming to give 70% of its profits to shareholders

JEDDAH: Saudi Tadawul Group is planning to allocate 70 percent of its profits as dividends unless it decides to push ahead with expansion plans, according to the firm’s CEO.

Khaled Al-Hussan said the company, which had a strong debut on the Kingdom’s stock market, does not currently have any financial obligations, and is planning to enter the debt market.

Its share price reached SR119 ($31.7) on Wednesday Dec. 8, fluctuating between an intraday high of SR127.6 and a low of SR115.4.

Speaking to Asharq, Al-Hussan said: “At the time of offering we had allocated a policy about dividends distribution, in which the target is to distribute 70 percent of the company’s profits unless there was a need to use these profits for strategic development issues.” 

Al-Hussan said that 20 percent of the institution’s tranche subscription went to foreign investments.

The market legislation now allows double listing, a move to attract foreign companies who are listed in other markets to join the Saudi stock exchange for initial public offerings. 

The group is currently in discussions with companies in this regard, said Al-Hussan, adding: “We will see companies that will be double-listed.”

The group’s revenues come from two subsidiaries — Tadawul, and The Securities Depository Centre, also known as Edaa.

Tadawul announced last April that it will become a holding company under the name Saudi Tadawul Group, with four subsidiaries.

The new companies are Saudi Exchange Tadawul, Securities Clearing Center Co., known as Muqassa, Edaa, and a new company called Tadawul Advanced Solutions Co.


India's Paytm Payments Bank granted status upgrade

India's Paytm Payments Bank granted status upgrade
Image: Shutterstock
Updated 8 min 48 sec ago

India's Paytm Payments Bank granted status upgrade

India's Paytm Payments Bank granted status upgrade
  • It will also be eligible to be a partner in government-run financial inclusion schemes

India's Paytm Payments Bank has gained central bank approval to function as a scheduled payments bank, it said on Thursday, helping it to expand its financial services operations.

As a scheduled payments bank, Paytm Payments can participate in government and companies’ request for proposals, primary auctions, fixed-rate and variable rate repos, and reverse repos, along with participation in Marginal Standing Facility.

It will also be eligible to be a partner in government-run financial inclusion schemes.

Shares in One 97 Communications ended 2.6 percent higher in a broader Mumbai market that was up 0.3 percent.

Paytm founder and billionaire Vijay Shekhar Sharma owns 51 percent of Paytm Payments Bank, while the rest is held by One 97 Communications Ltd.

Paytm Payment Bank, a niche bank aimed at widening financial inclusion, still cannot lend or issue credit cards on its own.

It had more than 64 million savings accounts and over 52 billion Indian rupees ($688.5 million) deposits, including savings accounts, current accounts and fixed deposits with partner banks at the end of March this year.


Saudi PIF gains almost $3m from Tadawul Group’s market debut

Saudi PIF gains almost $3m from Tadawul Group’s market debut
Updated 12 min 21 sec ago

Saudi PIF gains almost $3m from Tadawul Group’s market debut

Saudi PIF gains almost $3m from Tadawul Group’s market debut

JEDDAH: Saudi Arabia’s Public Investment Fund achieved gains of SR1.1 billion ($2.9 million) after the strong market debut of the Saudi Tadawul Group.

Tadawul shares rose more than 14 percent during its first trading session following its initial public offering on Wednesday Dec. 8. 

The price reached SR119 ($31.7), fluctuating between an intraday high of SR127.6 and a low of SR115.4, according to a bourse filing.

PIF now owns 84 million shares of the company's 120 million shares, with the remaining 36 million shares offered for IPO, according to Al-Eqtisadiah paper.

The fund’s share in Tadawul Group is the seventh largest of its holdings in the Saudi Market, in terms of market value, and the second in terms of ownership percentage, Al Arabiya reported.


NEOM to build Cognitive City security system to defend against cyber attacks

NEOM to build Cognitive City security system to defend against cyber attacks
Updated 18 min 35 sec ago

NEOM to build Cognitive City security system to defend against cyber attacks

NEOM to build Cognitive City security system to defend against cyber attacks

RIYADH: NEOM signed an initial agreement on Thursday to build and trial the ‘Cognitive City’ quantum security system, a statement revealed.

NEOM has teamed up with Arqit Quantum, known as Arqit, to develop new software capable of defending cognitive cities against cyber attacks.

The new quantum system will be built and tested at NEOM during the first half of 2022, and it can also be exported to other cognitive cities around the world, the statement said.

“NEOM is without doubt leading the world in the development of cognitive communities, and therefore the perfect launch partner for this technology,” Executive Director of Emerging Technologies for NEOM Mansoor Hanif said.


Tighter state control eases China's producer inflation in November from 26-year high

Tighter state control eases China's producer inflation in November from 26-year high
Image: Shutterstock
Updated 09 December 2021

Tighter state control eases China's producer inflation in November from 26-year high

Tighter state control eases China's producer inflation in November from 26-year high
  • The jump in consumer prices was mainly driven by increasing food prices

Tighter government control triggered a slowdown in Chinese producer prices as they went up by an annual rate of 12.9 percent in November, easing from the previous month’s 26-year high of 13.5 percent, official data showed.

The loss of steam reflects the efficacy of the government’s policies of controlling commodity prices and supply shortfalls in the previous period. 

The world's second-largest economy has tried to adopt policies of supply and price stabilization to curb the rise in prices.

This would improve policymakers’ ability to boost the economy, Bloomberg reported.

On a monthly basis, producer prices didn’t experience any change in November compared to a 2.5 percent increase a month earlier.

Meanwhile, consumer prices went up by a yearly rate of 2.3 percent, up by 0.8 percent from a month earlier, to hit its highest level since August 2020. 

The inflationary pressures were attributable to last year’s low base effects.

The jump in consumer prices was mainly driven by increasing food prices, which went up by 1.6 percent, accelerating from the previous month’s drop. 

In particular, fresh vegetables prices surged by 30.6 percent while that of pork slumped by 32.7 percent.

In addition, annual core inflation rate, which excludes changes in volatile items such as food and energy, hit 1.2 percent in November dropping by 0.1 percent from October’s level.