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Will 2018 Witness the Spread of Digital Currencies?

Bitcoin medals. (AFP)
Bitcoin medals. (AFP)
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Will 2018 Witness the Spread of Digital Currencies?

Bitcoin medals. (AFP)
Bitcoin medals. (AFP)

The year 2017 was exceptional for digital currencies, especially bitcoin, whose value rose 1,800 percent to reach nearly $20,000 in December. Trade in the currency started in January at less than $1,000.

Spread of digital currencies

The combined market value of digital currencies has reached more than $730 billion, reported coinmarketcap.com. This makes them more valuable than giants such as Amazon ($570 billion) and Microsoft ($660 billion). It appears that it will only be a matter of time before the market value of digital currencies reaches a trillion dollars, surpassing the world’s largest company Apple, whose value lies at around $990 billion.

It appears that these digits will not stop increasing any time soon. Each day we hear reports about a new digital currency that attempts to offer innovative solutions to some problems in our daily and monetary lives. Among these new currencies, is one that can currently be traded in Saudi Arabia and the United Arab Emirates. The possibility of issuing the currency is still being studied. Should that happen, it will be part of a joint project between the UAE central bank and the Saudi Arabian Monetary Authority. Should it materialize, this will mark the first ever cooperation between monetary authorities between two countries to adopt these new innovations.

Some websites said that Facebook founder Mark Zuckerberg was studying the pros and cons of digital currencies. This could be the early signs of a possible partnership between him and one of the digital currencies. He may even go beyond that and decide to have Facebook issue its own currency to challenge bitcoin.

Other reports said that the Telegram app is seeking to develop its own digital currency to follow in the footsteps of the Kik app that issued its own currency, KIN.

These developments and others indicate that 2018 will be a busy one for digital currencies as more major companies and individuals are lured to this new trend for investment. Interest has reached such an extent that some digital currencies have actually turned away new users due to the record level of demand.

Withdrawing bitcoin

How do I get bitcoin? The currency can either be withdrawn or purchased. Whichever method you choose, you must first have an electronic wallet to store the currency. Wallets can be obtained from sites such as Web Wallet, Electrum, Software Wallet, blockchain.info and many others.

In the past, it was very easy to withdraw, or “mine”, bitcoin by using a computer or laptop through the proper program on your device. However, with the growing number of the currencies being released from as far back as 2009, the withdrawal process grew more complicated. Dedicated powerful “miners’ have therefore been manufactured to withdraw the currency. They include the Antminer S9, Avalon 6 and SP20 Jackson. These miners come at a price and some can cost more than $3,000. They also consume a lot of power and require constant cooling. One should take all these factors into consideration before making this kind of investment.

Fortunately, many websites that rely on cloud technology have emerged to make the consumer’s life easier. The sites allow users to rent out miners. Such websites include hashflare.io and genesis-mining.com.

Another way to obtain bitcoin is through buying the currency. They can be purchased through a smart bank transfer or through a bank card. Several websites offer such services, such as Coinbase.com, Xapo.com, BitStamp.com or through bitcoin’s official website, buy.bitcoin.com

Alternate currencies

Bitcoin was not the only currency enjoying an upward trend in markets. Other alternate currencies have emerged in the past year and achieved astronomical success worth 14,285 percent of their price at the beginning of the year. Verge, for example, started the year at no more than $0.00002 and by the end had risen to $0.24. This may seem like a simple figure, but the increase is massive.

Other currencies that enjoyed noticeable growth were Ripple, Dash, Litecoin and Ethereum, the second largest digital currency after bitcoin. Other promising currencies that have entered the market include Electroneum, TRON, Ethos and Cardano.

A word of advice. The digital currencies market is very unstable. It can witness great highs and very quick drops that cannot be predicted. You should therefore carefully study the market and the currency you want to invest in before embarking on an experience that may make you a millionaire or, in the blink of an eye, cost you all that you have invested.

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Business

Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
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Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat

Saudi Minister of Finance Mohammed Aljadaan stressed Sunday that the world economy is going through a “profound transition,” saying emerging markets and developing economies now account for nearly 60 percent of the global Gross Domestic Product (GDP) in purchasing power terms and over 70 percent of global growth.

In his opening remarks at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla, the minister said these economies have become an increasingly important driver of global growth with their share of global economy more than doubling since 2010.

“Today, the 10 emerging economies in the G20 alone account for more than half of the world growth. Yet, they face a more complex and fragmented environment, elevated debt levels, slower trade growth and increasing exposure to geopolitical shocks.”

“Unfortunately, more than half of low income countries are either in or at the risk of debt distress. At the same time global trade growth has slowed at around half of what it was pre the pandemic,” Aljadaan added.

The Finance Minister stressed that the Saudi experience over the past decade has reinforced three lessons that may be relevant to the discussions at the two-day conference, which brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics.

“First, macroeconomic stability is not the enemy of growth. It is actually the foundation,” he said.

“Structural reforms deliver results only when institutions deliver. So there is no point of reforming ... if the institutions are unable to deliver,” he stated.

Finally, he said that “international cooperation matters more, not less, in a fragmented world.”

Business

Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
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Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Sunday that world growth still lacks pre-pandemic levels, expressing concern as she expected more shocks amid high spending and rising debt levels in many countries.

Georgieva spoke at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla.

The two-day conference brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics to deliberate on policies to global stability, prosperity, and multilateral collaboration.

Georgieva said that the conference was launched last year in recognition of the growing role of emerging market economies in a world of sweeping transformations.

“I came out of this gathering .... With a sense of hope for the pragmatic attitude and determination to pursue good policies and build strong institutions,” she said.

Georgieva stressed that “good policies pay off,” and said that growth rates across emerging economies reached four percent this year, exceeding by a large margin those of advanced economies that are around 1.5 percent.

Business

Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
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Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)

Saudi budget carrier flynas has signed an agreement with the Syrian General Authority of Civil Aviation and Air Transport to establish a new commercial airline under the name "flynas Syria," with operations scheduled to begin in the fourth quarter of 2026.

Saturday’s agreement comes within the framework of bilateral cooperation between Saudi Arabia and Syria, as well as the strategic investment agreements between the two countries, coordinated with the Saudi Ministry of Investment and the Syrian General Authority of Civil Aviation and Air Transport.

The new airline will operate commercial air transport services in accordance with approved regulations and standards, meeting the highest safety and aviation security requirements. All licensing and operational procedures will be completed in coordination with the relevant authorities.

The carrier will be established as a joint venture, with 51% ownership held by the Syrian General Authority of Civil Aviation and Air Transport and 49% by flynas.

The new airline will operate flights to several destinations across the Middle East, Africa, and Europe. This expansion aims to bolster air traffic to and from Syria, enhance regional and international connectivity, and meet growing demand for air travel.

"This step is part of our commitment to supporting high-quality cross-border investments. The aviation sector is a key enabler of economic development, and the establishment of 'flynas Syria' serves as a model for constructive investment cooperation,” said Saudi Minister of Investment Khalid Al-Falih.

“This partnership enhances economic integration and market connectivity and supports development goals by advancing air transport infrastructure, ultimately serving the mutual interests of both nations and promoting regional economic stability,” he added.

President of the Syrian General Authority of Civil Aviation and Air Transport Omar Hosari also stated that the establishment of flynas Syria represents a strategic step within a comprehensive national vision aimed at rebuilding and developing Syria's civil aviation sector on modern economic and regulatory foundations.

“This will be achieved while balancing safety requirements, operational sustainability, investment stimulation, and passenger services. The partnership reflects the state's orientation toward smart cooperation models with trusted regional partners, ensuring the transfer of expertise, the development of national capabilities, and the enhancement of Syria's air connectivity with regional and international destinations, in line with global best practices in the air transport industry."

flynas Chairman Ayed Al-Jeaid stated that the company continues to pursue strategies aimed at growth and international expansion, describing the agreement as a historic milestone in the company's journey and a promising investment model in partnership with Syria.

flynas CEO Bander Al-mohanna said the step represents a qualitative leap in the company's strategy and financial performance, highlighting the transfer of the company's low-cost aviation experience to the Syrian market to support regional and international air connectivity.

flynas currently operates 23 weekly flights from Riyadh, Jeddah, and Dammam to Damascus, including two daily direct flights from Riyadh, one daily flight from Jeddah, and two weekly flights from Dammam.

The airline made history on June 5, 2025, by adding the Syrian capital to its network, becoming the first Saudi carrier to resume scheduled flights to Damascus.