News related to
Tech

Eight Sleep, the US-based sleep fitness company, has launched its flagship Pod 5 system in Saudi Arabia, aiming to address the Kingdom’s widespread sleep quality issues. The move follows internal data indicating that Saudi Arabia ranks lowest among over 30 global markets in sleep quality.

The Pod 5 system features a temperature-controlled mattress cover and blanket, offering adjustable cooling and heating between 55°F to 110°F. Integrated surround-sound speakers provide soothing soundscapes and guided meditations, developed in collaboration with neuroscientist Andrew Huberman. A new Health Check feature monitors heart rate and breathing during sleep, providing overnight health insights through AI analysis. The system’s price ranges from $2,849 for the Core model to $6,099 for the full setup, with an annual subscription fee starting at $199.

Eight Sleep’s expansion into Saudi Arabia follows its entry into the UAE market, where sales within the first three months were five times higher than the average for other markets. The company plans to expand further into the GCC region, with Saudi Arabia and the UAE as key focus markets.

The launch of Pod 5 in Saudi Arabia comes amid growing awareness of sleep health in the region. A survey of 2,727 people across the GCC found that only half manage to sleep for the recommended six to eight hours per night, with 24 percent getting less than six hours. Cities such as Riyadh and Jeddah are among the worst in the world for sleep, according to data from wearable device company Whoop.

Eight Sleep’s Pod technology aims to address these issues by offering personalized sleep solutions. The system’s AI-powered features adjust bed temperature automatically, track sleep health metrics, and provide personalized sleep fitness scores. The company claims that after one month of using the Pod, members reported 32% better sleep quality scores on average, with improvements in daytime energy, sleep interruptions, and sleep onset time.

The sleep tech market in Saudi Arabia is growing, with both wearable and non-wearable technologies playing important roles in improving sleep quality and managing sleep disorders. Non-wearable sleep tech devices, such as smart mattresses and sleep-enhancing pillows, currently dominate the market. Consumers frequently want to test the comfort and functionality of these products in retail settings before making a purchase.

Elon Musk confirmed that Saudi Arabia has authorised the deployment of Starlink, his satellite internet service, for aviation and maritime applications. The announcement was made during the Saudi-US Investment Forum in Riyadh, where Musk also expressed interest in introducing Tesla’s autonomous vehicles to the Kingdom.

Starlink, operated by Musk’s aerospace company SpaceX, aims to provide high-speed internet connectivity, particularly in underserved and mobile regions. The approval in Saudi Arabia allows the service to cater to the country’s aviation and maritime sectors, enhancing communication capabilities in these industries.

Musk’s participation in the forum coincided with a visit by former U.S. President Donald Trump, who was in the Kingdom to strengthen bilateral economic ties. During the event, Musk showcased Tesla’s Optimus humanoid robots and discussed the potential introduction of Tesla’s self-driving vehicles in Saudi Arabia, aligning with the nation’s Vision 2030 initiative to diversify its economy through technological innovation.

Saudi Arabia has been investing heavily in its transportation and logistics infrastructure, aiming to become a global hub in these sectors. The integration of Starlink’s satellite internet service is expected to bolster the Kingdom’s capabilities in aviation and maritime operations, contributing to its broader economic diversification goals.

While Musk did not provide a specific timeline for the introduction of Tesla’s autonomous vehicles in Saudi Arabia, his discussions with Saudi officials indicate a mutual interest in exploring advanced transportation technologies. The Kingdom’s commitment to embracing innovative solutions positions it as a potential market for Tesla’s self-driving technology.

The United Arab Emirates has finalised a significant agreement with the United States to import advanced American-made artificial intelligence semiconductors, marking a pivotal step in Abu Dhabi’s ambition to become a global AI hub. The deal, announced during President Donald Trump’s Gulf tour, permits the UAE to import 500,000 Nvidia H100 chips annually, facilitating the development of large-scale data centres in the region.

This agreement coincides with the UAE’s broader commitment to invest $1.4 trillion in the U.S. over the next decade, focusing on sectors such as AI infrastructure, semiconductors, energy, and manufacturing. The investment framework includes partnerships with major U.S. companies like BlackRock, Microsoft, and Global Infrastructure Partners, aiming to mobilise up to $100 billion for next-generation data centres and energy infrastructure.

A key component of the deal is the construction of a 10-square-mile, 5-gigawatt data centre in Abu Dhabi, led by Emirati firm G42 and involving several U.S. tech companies. This facility is set to be the largest of its kind outside the United States, significantly enhancing the UAE’s data processing capabilities and supporting its AI initiatives.

The agreement also includes substantial U.S. investments in the UAE, with American energy companies expected to invest in upstream oil and gas and unconventional energy projects. Top U.S. firms such as ExxonMobil, Oxy, and EOG Resources are involved in these initiatives, reflecting a deepening of bilateral energy ties.

President Trump’s Gulf tour, which included visits to Saudi Arabia, Qatar, and the UAE, focused on securing financial commitments from wealthy energy producers to boost the U.S. economy and create jobs. The UAE’s pledge to increase its energy sector investments in the United States to $440 billion by 2035, up from the current $70 billion, underscores the success of this diplomatic effort.

The UAE’s strategic shift towards the U.S. in technology and energy sectors is seen as a move to decouple from Chinese influence, particularly in AI. Emirati officials have explicitly pursued this realignment to secure U.S. technology transfers, including advanced semiconductors like Nvidia’s H100 GPUs. This pivot follows U.S. pressure to remove Chinese equipment from critical infrastructure, exemplified by G42’s removal of Huawei technology from its data centres.

The $1.4 trillion investment framework also encompasses initiatives in critical minerals and industrial capacity. The UAE’s $1.2 billion mining partnership with Orion Resource Partners targets lithium, cobalt, and rare earth metals essential for AI hardware and renewable energy systems. Additionally, Emirates Global Aluminum plans to build the first new aluminum smelter in the U.S. in 35 years, aiming to nearly double the country’s domestic production.

Wintermute, a prominent algorithmic trading firm in the digital asset sector, has inaugurated its U.S. headquarters in New York City, marking a significant step in its global expansion strategy. This move positions the firm closer to American financial markets and regulatory bodies, enhancing its engagement with U.S.-based partners.

The establishment of the New York office aligns with Wintermute’s objective to solidify its presence in the world’s largest financial market. CEO Evgeny Gaevoy emphasized the strategic importance of this development, stating that the U.S. policy landscape has become more conducive to digital asset innovation. He noted that having a physical presence in New York enables the firm to engage more directly with institutional counterparties and respond swiftly to collaborative opportunities.

As part of its U.S. expansion, Wintermute has appointed Ron Hammond as Head of Policy and Advocacy. Hammond brings nearly a decade of experience in cryptocurrency legislation, having previously served as the Senior Director of Government Relations at the Blockchain Association. His tenure on Capitol Hill included drafting the Token Taxonomy Act, a bipartisan bill aimed at providing regulatory clarity for digital assets.

Hammond’s role at Wintermute involves leading policy engagement efforts across federal and state levels. He will provide technical input on legislation, contribute policy ideas, and coordinate responses to emerging proposals. Hammond expressed enthusiasm about joining Wintermute, highlighting the firm’s potential to contribute meaningfully to the development of the U.S. digital asset regulatory framework.

Wintermute’s decision to establish a U.S. headquarters comes amid a broader trend of crypto firms expanding into the American market, driven by evolving regulatory clarity and institutional adoption. The firm reports an average daily trading volume exceeding $15 billion and operates across more than 60 centralized and decentralized exchanges. Its services include over-the-counter trading and liquidity provision, catering to a global clientele.

Franklin Templeton has secured regulatory approval from the Monetary Authority of Singapore to launch the Franklin OnChain U.S. Dollar Short-Term Money Market Fund, marking the first tokenised fund accessible to retail investors in Singapore. The fund requires a minimum investment of US$20, aiming to democratise access to money market instruments through blockchain technology.

The fund is structured under the Franklin Templeton Investments Variable Capital Company and will be managed by Templeton Asset Management Ltd, with Franklin Advisers Inc serving as the sub-manager. It seeks to provide investors with exposure to a portfolio of high-quality, short-term securities, including transferable securities and money market instruments of governments, as well as eligible securities of companies worldwide, primarily denominated in or hedged to the U.S. dollar.

Shares of the fund will be issued and managed through Franklin Templeton’s proprietary blockchain-integrated transfer agency platform. This approach is designed to enhance transparency, security, and efficiency in asset management by leveraging blockchain technology to record transactions and share ownership.

The launch of this tokenised fund aligns with Singapore’s broader efforts to position itself as a hub for digital asset innovation. Franklin Templeton’s participation in Project Guardian, an initiative by MAS to explore the potential of decentralised finance and asset tokenisation, underscores its commitment to advancing financial technology in the region.

The fund mirrors the investment strategy of Franklin Templeton’s existing U.S. Dollar Short-Term Money Market Fund, which manages approximately US$1.7 billion in assets. By offering a tokenised version of this fund, Franklin Templeton aims to provide retail investors in Singapore with a familiar investment product enhanced by the benefits of blockchain technology.

Shares of eToro surged 29% to close at $67 on its first day of trading on the Nasdaq, valuing the Israeli trading platform at approximately $5.4 billion. The company raised nearly $620 million by selling 11.9 million shares at $52 each, exceeding its initial target of 10 million shares priced between $46 and $50.

This strong market entry reflects renewed investor optimism amid a broader rebound in the IPO market. BlackRock played a pivotal role as a cornerstone investor, expressing interest in purchasing up to $100 million in shares. Other firms like Robinhood, Chime, Figma, Aspen Insurance, and American Integrity Insurance have also entered or planned to enter the IPO market, signaling a revived appetite for public listings.

Founded in 2007 by Yoni Assia and his brother, eToro focuses on mobile stock and crypto trading, boasting 40 million users across 75 countries. In 2024, eToro reported a significant leap in net income to $192.4 million from $15.26 million in 2023, with revenues also climbing from $3.43 billion to $12.64 billion. Assia highlighted the importance of profitability and user engagement, particularly during market volatility, in driving the company’s success.

The company’s U.S. operations, however, are currently limited to trading in Bitcoin, Ethereum, and Bitcoin Cash due to a settlement with the Securities and Exchange Commission . In September 2024, eToro agreed to pay a $1.5 million fine to settle charges that it operated as an unregistered broker and clearing agency. As part of the settlement, eToro restricted its U.S. crypto offerings to the three aforementioned cryptocurrencies and provided users with a 180-day period to liquidate or transfer other crypto assets.

Despite these limitations, eToro’s global operations remain robust, with the company offering over 100 crypto assets to users outside the U.S. The platform’s unique social trading features, which allow users to share strategies and mimic top investors, have contributed to its popularity, with over half of its funded accounts engaging socially on the platform in 2023.