Future Beat: Year of the Water Rabbit
Hello there. Welcome to our final newsletter of 2022, which means we bid goodbye to another very eventful year for technology — and say hello to a new and (hopefully) better one for an industry evolving so fast we have no choice but to keep up.
Of course, this begs the question — what can we expect in 2023?
We’ve highlighted the most interesting areas that we believe will trend in the Year of the Water Rabbit (very on-theme for that fast pace we’re talking about).
From digital payments to virtual workspaces, we can expect more interaction without the need for actual contact. And don’t worry about being secure, because data protection is also top of the agenda.
Tech being trendy doesn’t also mean it can be anything it wants: industry leaders are angling to rein in the irresponsible use of artificial intelligence and ensure data centres adopt eco-friendly operations.
And, of course, there’s the metaverse, which you’ve probably heard of by now. All digital fingers point to this emerging tech as reshaping life as we know it, so get your avatar ready, if and when it goes mainstream.
Organisations will buckle down and whip out their cheque books to try and attain these goals. Here’s to hoping for competition and results from which all of us will benefit.
Elsewhere,?the future of cryptocurrencies remains promising?despite FTX's spectacular collapse,?a new industrial zone will be built?in Dammam, Saudi Arabia, and the UAE has launched a?campaign to cut food waste in schools.
Have a good week – and we wish everyone a Happy New Year.
Alvin Cabral , Business Reporter – Consumer and Technology
In brief?| As digital transformation continues to take hold globally, companies, governments and other organisations are expected to ramp up their information technology budgets to keep in step with change or get ahead of the curve. IT spending, projected to rise 5 per cent to $4.6 trillion in 2023, according to Gartner, will be earmarked for several key areas that are set to reshape businesses, societies and lives.
Quoted?| “Economic turbulence will change the context for technology investments, increasing spending in some areas and accelerating declines in others.”
— John-David Lovelock, research vice president and distinguished analyst at Gartner
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Why it matters?| The intertwining technologies of the present era are amazing, and businesses are increasingly relying on them to offset the adverse effects of the Covid-19 pandemic's fallout and, more recently, global economic uncertainty. The best and most popular innovations can be seen and experienced anywhere, even in the palm of one's hand or with a single tap. Tech like artificial intelligence, the use of data centres and cashless payments will continue to expand, while emerging ones such as the metaverse will eventually find their place. The cycle of innovating and craving for more of it will never end.
Bonus bit?| Closer to the UAE,?digital transformation investments?across the Middle East, Turkey and Africa region are projected to surpass $74 billion by 2026, as organisations seek to achieve long-term stability and growth, the International Data Corporation has said.
Tools of the trade?| A new logistics and re-exports port will be built in the Saudi city Dammam, as the kingdom continues to position itself as a global hub for trade. The?$27 million zone at King Abdulaziz Port, covering more than 100,000 square metres, will have a handling capacity of 300,000 20-foot equivalent units and support inland freight transportation between the central and eastern regions and the rest of the Arab world's biggest economy.
A big breath of fresh air?| Rolls-Royce is preparing to test a prototype of its?UltraFan engine, the world's largest turbofan, which is designed to slash carbon emissions in the coming years, and would help propel (pun intended) the aviation industry's sustainability push and achieve a goal of becoming net-zero by 2050.
Educated eating?| The UAE has long been an advocate of reducing food waste, and its latest?Waste-free Schools project?is another testament to this. The country has a plan to reduce wastage by 50 per cent by 2030 — a year not that far off — so expect more campaigns on this front, utilising innovation and a shared responsibility to implement them.
Predicting the future?|?Signal or noise??The future of?the cryptocurrency industry remains promising?despite the collapse of FTX.
This is a signal?| Yes, the implosion of FTX — until very recently one of the biggest cryptocurrency exchanges in the world — isn't a good look for the industry. Disgraced chief executive Sam Bankman-Fried's bad press isn't helping matters either. But this does not speak for the overall crypto sector: FTX's failure was not due to the technology itself, but because of human action. As such, this is an opportunity to harness the inherent transparency of blockchains to build an economic system that holds itself to a higher standard. The technology is already there; we just need the right — and responsible — people to run it.
In case you missed it
The discovery of a substance not identified before in mammals could lead to the?world’s first urine test to detect a type of cancer, according to the UK's Beatson Institute for Cancer Research. Currently, patients have liver cancer diagnosed through surgery, ultrasound scans or blood tests. But a newly discovered metabolite in mice has given hope a urine test could be developed to detect a mutated form of the disease.
How can we reduce carbon emissions in the air? Simple — plant more trees. The towering decorations of mother nature can be made to produce?a substance called biochar, which helps in soil rejuvenation and carbon capture. The ghaf tree — native to the UAE and its national tree — has been touted as a potential source of the low-carbon-emitting material.
And allow the last hurrah of this edition to be an invitation to the first peeks of what 2023 holds for some of our favourite or important sectors, including?real estate in Abu Dhabi and Dubai,?stock markets,?aviation,?smartphone cameras?and?how life in the UAE will change?as new laws come into force. We've got you all covered.