LEAP 2023 Witnesses Launching of National Geospatial Center

The General Authority for Survey and Geospatial Information (GASGI) announced the launching of the National Geospatial Centre, at the LEAP 2023 conference, in Riyadh. (SPA)
The General Authority for Survey and Geospatial Information (GASGI) announced the launching of the National Geospatial Centre, at the LEAP 2023 conference, in Riyadh. (SPA)
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LEAP 2023 Witnesses Launching of National Geospatial Center

The General Authority for Survey and Geospatial Information (GASGI) announced the launching of the National Geospatial Centre, at the LEAP 2023 conference, in Riyadh. (SPA)
The General Authority for Survey and Geospatial Information (GASGI) announced the launching of the National Geospatial Centre, at the LEAP 2023 conference, in Riyadh. (SPA)

Experts at the LEAP 2023 conference, which concluded on Thursday in Riyadh, stressed that the future of smart cities depended on technical solutions, modern legislation, and the reduction of carbon emissions.

This came as the General Authority for Survey and Geospatial Information announced the launching of the National Geospatial Centre, one of GASGI initiatives.

- Geospatial reference

The new center will constitute a national geo-reference for geospatial data governance, and will work on setting standards and controls for the integrated use of the information ecosystem and organizing mechanisms for data collection and sharing.

Benefiting the government and private sectors, the center will contribute to providing up-to-date information and enhancing national security in a way that supports the Kingdom’s economy and sustainable development.

Geospatial information is one of the most important elements motivating investment. Studies have shown that the economic impact of geospatial data on the Kingdom’s GDP ranges between 20 and 40 billion riyals, distributed over the sectors of safety, public health, infrastructure, energy, education, trade, and risk and disaster management.

- Future of mobility

Former Prime Minister of Estonia and head of a tech company Taavi Roivas said that most European countries were far from the progress achieved by the Kingdom in digital services.

His remarks came during a session themed, “The future of mobility: electric cars, aviation, and autonomous cars,” within the activities of the LEAP23 conference in Riyadh.

Roivas noted that self-driving cars were the ideal solution for future mobility, as they allow people to move easily within facilities with large areas such as universities, residential complexes, commercial centers, and various roads. He also said that 20 percent of road accidents were due to human errors.

- Africa’s capabilities

For his part, Kashifu Inuwa Abdullahi, Director-General and CEO of Nigeria’s National Information Technology Development Agency (NITDA), emphasized the importance for countries to focus on talent development.

He noted that Africa needed about $8.3 trillion to enhance the capabilities of the talented population.

During a panel discussion on the last day of LEAP 2023 - the largest global gathering for technology and digitization developments - Abdullahi said that the Saudi leadership has established a role model in business development, especially in the field of self-driving cars, and the management of congestion to reduce accidents and speed up business.

The future of smart cities depends on technical solutions, legislation, and the promotion of safe practices in aspects related to safe transportation and reducing carbon emissions, he underlined.

- Smart cities

Lawrence Eta, digital chief and analytics officer at the Royal Commission for AlUla, suggested that the Kingdom would witness, during the next five years, the emergence of a number of smart cities that would place it at a leading position in the world.

He highlighted the importance of protecting the privacy of individuals by ensuring safe standards for data and information, providing physical and human infrastructure that attracts investment, and working to develop youth skills.

- Creativity

Helen Pan, General Manager of the US-based Apollo Autonomous Driving, shed light on the need for training and qualification during all stages, in addition to developing the element of creativity, to provide the highest levels of security and safety through smart transportation, especially self-driving cars.

China and the United States have achieved great progress in these aspects, she remarked.

For his part, Nizar Atwaijri, CEO of STC Pay, revealed the company’s endeavor to support industrial and development growth in all fields, through cooperation with the Saudi Central Bank (SAMA) and digital banks and companies.

He disclosed a plan to reshape the infrastructure of startups, through a digital platform that adopts digital empowerment as an essential component for providing innovative financial services.



Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo

The US dollar charged ahead on Thursday, underpinned by rising Treasury yields, putting the yen, sterling and euro under pressure near multi-month lows amid the shifting threat of tariffs.

The focus for markets in 2025 has been on US President-elect Donald Trump's agenda as he steps back into the White House on Jan. 20, with analysts expecting his policies to both bolster growth and add to price pressures, according to Reuters.

CNN on Wednesday reported that Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries. On Monday, the Washington Post said Trump was looking at more nuanced tariffs, which he later denied.

Concerns that policies introduced by the Trump administration could reignite inflation has led bond yields higher, with the yield on the benchmark 10-year US Treasury note hitting 4.73% on Wednesday, its highest since April 25. It was at 4.6709% on Thursday.

"Trump's shifting narrative on tariffs has undoubtedly had an effect on USD. It seems this capriciousness is something markets will have to adapt to over the coming four years," said Kieran Williams, head of Asia FX at InTouch Capital Markets.

The bond market selloff has left the dollar standing tall and casting a shadow on the currency market.

Among the most affected was the pound, which was headed for its biggest three-day drop in nearly two years.

Sterling slid to $1.2239 on Thursday, its weakest since November 2023, even as British government bond yields hit multi-year highs.

Ordinarily, higher gilt yields would support the pound, but not in this case.

The sell-off in UK government bond markets resumed on Thursday, with 10-year and 30-year gilt yields jumping again in early trading, as confidence in Britain's fiscal outlook deteriorates.

"Such a simultaneous sell-off in currency and bonds is rather unusual for a G10 country," said Michael Pfister, FX analyst at Commerzbank.

"It seems to be the culmination of a development that began several months ago. The new Labour government's approval ratings are at record lows just a few months after the election, and business and consumer sentiment is severely depressed."

Sterling was last down about 0.69% at $1.2282.

The euro also eased, albeit less than the pound, to $1.0302, lurking close to the two-year low it hit last week as investors remain worried the single currency may fall to the key $1 mark this year due to tariff uncertainties.

The yen hovered near the key 160 per dollar mark that led to Tokyo intervening in the market last July, after it touched a near six-month low of 158.55 on Wednesday.

Though it strengthened a bit on the day and was last at 158.15 per dollar. That all left the dollar index, which measures the US currency against six other units, up 0.15% and at 109.18, just shy of the two-year high it touched last week.

Also in the mix were the Federal Reserve minutes of its December meeting, released on Wednesday, which showed the central bank flagged new inflation concerns and officials saw a rising risk the incoming administration's plans may slow economic growth and raise unemployment.

With US markets closed on Thursday, the spotlight will be on Friday's payrolls report as investors parse through data to gauge when the Fed will next cut rates.