World’s largest computer chip enters Mideast to push AI adoption further

Special The American chipmaker is launching the product in the UAE through a partnership with G42, a homegrown cloud computing company in Abu Dhabi. Cerebras
The American chipmaker is launching the product in the UAE through a partnership with G42, a homegrown cloud computing company in Abu Dhabi. Cerebras
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Updated 23 November 2021

World’s largest computer chip enters Mideast to push AI adoption further

World’s largest computer chip enters Mideast to push AI adoption further

DUBAI: It seems only fitting that the world’s biggest computer chip, developed by US-based Cerebras, be deployed in the Middle East, home to some of the world’s entertaining superlatives — biggest tower, deepest swimming pool, among many other “firsts.”

But this chip, roughly 9 inches on each side, promises more than just entertainment and a world title — it is meant to push artificial intelligence computing to levels the world has not seen before.

 “What we have built at Cerebras is a new type of processor and a new class of computer systems that is built from the ground up to be optimized for AI computing, delivering training for state-of-the-art models not in days, weeks, or months, but in minutes or hours,” Andy Hock, vice president of product at Cerebras, said.

Bringing down the time to create sophisticated AI models could be key to solving some of the world’s biggest challenges — including drug research and climate action — especially in the Middle East where governments have emphasized the importance of technology in “building the future.”

Hock, who was speaking to Arab News on the sidelines of the Global Manufacturing and Industrialization Summit in Dubai, said the region is “very ready” for this technology.

“There are world-class academics, national, and industry organizations that are already operating at the top tier in the world who just want to be faster,” he said.

The American chipmaker is launching the product in the UAE through a partnership with G42, a homegrown cloud computing company in Abu Dhabi.

Hock did not disclose who have specifically bought their massive computer chips, but said they are “working through the technical details with our partners at G42.”

“We understand there is a broad range of potential projects and stakeholders ranging from large Arabic language modeling to applications in healthcare for large-scale genomics and other health and life sciences applications, to applications in earth observation, satellite imaging, and remote sensing,” he said.

Rupal Hollenback, the company’s chief marketing officer, said Cerebras is looking to work on both government projects and industry applications in the region.

Cerebras, now valued at $4 billion after its recent Series F funding round, has a few success stories up its sleeve, perhaps most notably their early work with British drugmaker GSK to “accelerate new drug discovery to build new therapies more quickly.”

The pharmaceutical giant is using Cerebras’ technology to significantly reduce the amount of time preparing a drug for more advanced stages of research, consequently cutting down time to introduce a new drug to the market.

“The personal benefit is so clear when you’re able to get through trial and get a drug to market faster for the consumer,” Hollenback said.

Cerebras is hoping to replicate these results in the Middle East, initially focusing on the UAE, and eventually scaling to other parts of the region.

“(Our partnership with G42) will be a tipping point for us in the region to expand,” Hock said. 


Saudi Maharah’s unit acquires 41% of Care Shield for $90m

Saudi Maharah’s unit acquires 41% of Care Shield for $90m
Updated 13 sec ago

Saudi Maharah’s unit acquires 41% of Care Shield for $90m

Saudi Maharah’s unit acquires 41% of Care Shield for $90m

RIYADH: Growth Avenue Investment Co., a unit of Maharah Human Resources Co., closed the acquisition of a 41 percent stake in Care Shield Holding Co. in a deal valued at SR307 million ($90 million).

The title to the shares was transferred to the buyer, Maharah said in a bourse filing.

The deal was financed in part by the company’s own resources and in part by a loan from Al Rajhi Bank.

Growth Avenue Investment qualifies for a profit share from the acquired stake as of Jan. 1, 2022.

In August, Maharah announced that Growth Avenue had received the General Authority of Competition’s nod to proceed with acquiring Care Shield Holding.


LinkedIn reveals Saudi Arabia’s top 10 startups for 2022

LinkedIn reveals Saudi Arabia’s top 10 startups for 2022
Updated 15 min 22 sec ago

LinkedIn reveals Saudi Arabia’s top 10 startups for 2022

LinkedIn reveals Saudi Arabia’s top 10 startups for 2022

RIYADH: Professional networking solution provider LinkedIn has revealed the annual ranking of the top 10 startups based in Saudi Arabia that have demonstrated growth in 2022.

The annual ranking has been analyzed on the basis of the companies’ interactions with LinkedIn members. They are measured through employment growth, company and employee engagement, job interests, and talent attraction.

The top startups in Saudi Arabia for 2022: 

  1. Tamara
  2. Sary
  3. Nana
  4. Zid
  5. Tweeq
  6. Gathern
  7. Lendo
  8. Qawafel
  9. Resal
  10. Shgardi

“KSA’s Top Startups List 2022 reflects the current state of the startups and VC space in the country while also offering insights into the prevailing market trends influencing the community,” said Salma Altantawy, senior news editor at LinkedIn.

The announcement also indicated that fintech witnessed huge traction in the Kingdom with three startups — Tamara, Tweeq, and Lendo — in the sector making to the list.

Delivery services have also grown in popularity with platforms like Nana and Shgardi recording good traction. This is in addition to a rise in B2B solutions as companies like Sary and Qawafel found second and eighth positions, respectively.

“This year’s list sees the emergence of many startups from financial backgrounds. This signifies the increased popularity and growing need for simplified and innovative fintech solutions by consumers in Saudi Arabia,” she added.

To be eligible, LinkedIn said, companies must be independent and privately held, have 50 or more country-based employees, be seven years old or younger, and be headquartered in the country on whose list they appear.


TASI sees gains as global economic fears ease: Opening bell

TASI sees gains as global economic fears ease: Opening bell
Updated 52 min 24 sec ago

TASI sees gains as global economic fears ease: Opening bell

TASI sees gains as global economic fears ease: Opening bell

RIYADH: Saudi Arabia’s main index has continued to recover from a sharp drop that was caused by concerns about economic growth.

The Tadawul All Share Index gained 0.94 percent to reach 11,120 Wednesday morning, while the parallel market Nomu started 0.34 percent higher at 19,786, as of 10:08 a.m. Saudi time.

Saudi oil giant Aramco started with a 1.02 percent gain, while Rabigh Refining and Petrochemical Co. added 0.3 percent.

The Saudi National Bank, the Kingdom’s largest lender, increased by 0.98 percent, while Saudi British Bank increased by 0.95 percent.

The Kingdom’s highest valued bank, Al Rajhi, rose 0.5 percent, while Alinma Bank gained 0.86 percent.

Anaam International Holding Group continued to lead the gainers for a third session with a 5.42 percent gain, after it turned into profits of SR1.6 million ($425,599) in the first half of 2022.

The Saudi Public Transport Co. gained 1.77 percent, after winning an SR88 million public bus transport project with Taif Municipality.

Maharah Human Resources Co. added 0.83 percent, after securing a long-term Murabaha loan worth SR200 million from Al Rajhi Bank.

 


Arabian Drilling opens IPO at up to $24 per share

Arabian Drilling opens IPO at up to $24 per share
Updated 53 min 59 sec ago

Arabian Drilling opens IPO at up to $24 per share

Arabian Drilling opens IPO at up to $24 per share

RIYADH: Arabian Drilling Co. has set its price range for its initial public offering at SR90-100 ($24-$27) per share, as it kicks off the book-building period on Wednesday.

The process for institutional investors, which will end on Oct. 5, will be led by HSBC Saudi Arabia, Goldman Sachs Saudi Arabia, and SNB Capital, according to a bourse filing.

ADC is offering 30 percent of its capital, representing 26.7 million, in an attempt to join Nomu’s parallel market.

The retail subscription to 2.76 million shares, or 10 percent of the shares offered, will run from Oct. 18 to Oct. 19.


Saudi food chain Raydan seeks stockholders’ approval to slash capital to $42m

Saudi food chain Raydan seeks stockholders’ approval to slash capital to $42m
Updated 28 September 2022

Saudi food chain Raydan seeks stockholders’ approval to slash capital to $42m

Saudi food chain Raydan seeks stockholders’ approval to slash capital to $42m

RIYADH: Raydan Food Co. has invited its shareholders to vote on reducing the company’s capital from SR338 million ($90 million) to SR158 million.

This reduction plan was made in order to restructure the company’s capital structure to recover losses, according to a bourse filing.

Raydan Food reported earlier that its accumulated losses reached SR179 million in the first half of the year, representing 53 percent of its share capital.

Earlier this month, Raydan received the Capital Market Authority's approval for capital reductions.