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.



Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices rose to a near four-week high on Thursday, supported by safe-haven demand, while investors weighed how US President-elect Donald Trump's policies would impact the economy and inflation.

Spot gold inched up 0.4% to $2,672.18 per ounce, as of 0918 a.m. ET (1418 GMT). US gold futures rose 0.7% to $2,691.80.

"Safe-haven demand is modestly supporting gold, offsetting downside pressure coming from a stronger dollar and higher rates," UBS analyst Giovanni Staunovo said.

The dollar index hovered near a one-week high, making gold less appealing for holders of other currencies, while the benchmark 10-year Treasury yield stayed near eight-month peaks, Reuters reported.

"Market uncertainty is likely to persist with the upcoming inauguration of Donald Trump as the next US president," Staunovo said.

Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, CNN reported on Wednesday, citing sources familiar with the matter.

Trump will take office on Jan. 20 and his proposed tariffs could potentially ignite trade wars and inflation. In such a scenario, gold, considered a hedge against inflation, is likely to perform well.

Investors' focus now shifts to Friday's US nonfarm payrolls due at 08:30 a.m. ET for further clarity on the Federal Reserve's interest rate path.

Non-farm payrolls likely rose by 160,000 jobs in December after surging by 227,000 in November, a Reuters survey showed.

Gold hit a near four-week high on Wednesday after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.

However, minutes of the Fed's December policy meeting showed officials' concern that Trump's proposed tariffs and immigration policies may prolong the fight against rising prices.

High rates reduce the non-yielding asset's appeal.

The World Gold Council on Wednesday said physically-backed gold exchange-traded funds registered their first inflow in four years.

Spot silver rose 0.7% to $30.32 per ounce, platinum fell 0.8% to $948.55 and palladium shed 1.4% to $915.75.