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Focus Vol 107

8/31/2023

Quantum technology: Helping entrepreneurial decision making

The rapid advancement of quantum computing has garnered global attention, with the United Arab Emirates (U.A.E) emerging as a leader in recognizing its immense potential. Through substantial investments in research and development, the UAE has positioned itself as a hub for cutting-edge quantum computing facilities. In 2019, the country launched its National quantum program, aimed at developing practical applications of quantum technologies. To further solidify its position, the UAE announced ambitious plans in 2020 to construct one of the most powerful quantum computers in the world. Such are the vision of the leadership.

Quantum technology can revolutionize healthcare, finance and logistics. Leading computing companies offer quantum cloud services enabling convenient access for businesses. This paves the way for the quantum era, with projected industry value of$1.3 Trillion by 2035. Quantum technology's commercial potential drew Billions in investments, with $2.35 Billions contributed to start-ups in 2022. This surpasses the previous record, reflecting growing confidence in quantum viability, resulting in increased global patents.

Finance stands to benefit in the long term from quantum computing. Potential applications in the financial sector include portfolio and risk management, asset-liability management, collateral optimization and encryption-related activities. Quantum computingcan empower industry leaders to enhance their decision-making processes, allocate resources more effectively and tailor services to meet the evolving needs of customers. Furthermore, quantum computing can drive breakthrough innovations inareas such as carbon capture, new fuels, batteries, fertilizers, catalysts and more.

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