Technology has never been more fundamental to the way we live, and the Covid-19 pandemic has only made that integration stronger. When the virus kept us physically apart, our gadgets kept us connected. They were also central to the contact tracing that endeavoured to keep us safe. We can be thankful that such advanced technology was on hand to help us navigate such an extraordinary year, and yet its critical role has put huge power and control in the hands of a small number of private companies. That inherent tension is set to become even more profound this year.
Working lives across the globe will continue to be disrupted over the next few months, as governments and businesses encourage people to work from home to keep the virus at bay while vaccination programmes are implemented and inoculations take place. But technology has shouldered the burden of mass remote working so effectively that it may well be here to stay.
As our homes adopt new identities, doubling as office spaces, classrooms and gyms, we’ll continue to reach for emerging smart home technology, from air purifiers to smart workout mirrors, from digital whiteboards to a mass of entertainment streaming services. The way we communicate will also continue to drift away from text and towards video and audio. Less focus on the keyboard, more on each other. That change will have voice assistants continue their rise to ubiquity.
Augmented, extended and virtual reality will facilitate new advances in education and health. After all, even when the threat of the virus eventually subsides, remote teaching and remote diagnosis will stand to benefit millions of people worldwide. Wearables will log ever more detailed health data, and the idea of physically visiting a doctor may soon become outmoded. The coronavirus has accelerated technological development in other areas, too, most notably the expansion of Amazon's chain of Go stores, where checkout-free shops use cameras and AI to track shoppers and bill them automatically.
Nearly every field of technology will take greater advantage of 5G this year. Last year was meant to be its big moment, but the pandemic caused well-laid plans to be scrapped. In recent months, however, a clutch of new 5G phones – most notably the iPhone 12 range – have been eagerly snapped up by consumers.
According to Swedish company Ericsson, there are already 218 million 5G subscriptions worldwide, a number that has outstripped predictions. Despite conspiracy-fuelled fears about the technology, it is clear that there is now huge demand for it. Devices will become cheaper and networks will continue to expand; 60 per cent of the global population should be reached by 2026, making 5G the fastest-deployed mobile network ever. The impact of this will be felt not only on a personal level, but also across all industries, from farming to gaming, as automation and connectivity come together to create the much-touted “Internet of Things”.
One sector that will benefit hugely from this connectivity is the car industry. Elon Musk, chief executive of Tesla, announced on December 20 that the company will launch its Full Self-Driving subscription early this year, which “enables a new level of safety and autonomy”. Without regulatory approval, human drivers will still be legally responsible for their vehicles, but FSD is set to “offer more insight into how your Tesla perceives the world around you and future Full Self-Driving Capabilities”. Think of it as a proof of concept, reassuring the public that this technology actually works. Meanwhile, across the world, from Arizona to Shanghai, driverless taxis are waging a similar PR drive, carrying passengers safely to their destinations.
The use of 5G will also mean a big increase in the amount of data being generated by us and by machines. That means more computer analysis of how the world works, and algorithms getting better at predicting behaviour. This will inevitably be met with pushback from privacy campaigners.
Facial recognition systems came in for sustained criticism last year, as the implications on civil liberties began to be more widely understood; as a consequence, IBM and Microsoft announced their systems would not be made available to law enforcement agencies. The question of who gets to see the data we generate cannot be forgotten.
Growing piles of data also means a greater dependence on security to keep it safe. Passwords, for so long the ineffective gatekeeper of personal and corporate information, will have to take more of a back seat. Every minute of every day, cyber crime costs the global economy $2.9 million, with about 80 per cent of those attacks directed at password-cracking. Microsoft announced in recent weeks its vision of passwordless access for all its customers this year. More of us will begin to use hardware keys to secure access to the services we use, and not before time.
It’s become traditional to label every year a bad one for Facebook, but in fact every social media network has suffered reputational damage over the past 12 months. The dominance of Facebook, Google and Amazon is set to be challenged by several lawsuits in several territories this year, as lawmakers take action over data privacy, misinformation and anti-competitive behaviour.
But what about the gadgets that used to make technology such a carefree topic of conversation? The entirely virtual CES show, due to take place on Monday, January 11, will have Samsung launch rival phones to the iPhone 12, continue its commitment to foldable tech, and new screens that it's boldly calling "future of the display". It's a small reminder that technology, despite its critical role in society, can still generate a small buzz of excitement for those who love a shiny new toy to play with.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Profile of Udrive
Date started: March 2016
Founder: Hasib Khan
Based: Dubai
Employees: 40
Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
RESULT
Manchester United 1 Brighton and Hove Albion 0
Man United: Dunk (66' og)
Man of the Match: Shane Duffy (Brighton)
SPECS
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GRAN%20TURISMO
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Dengue%20fever%20symptoms
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Wonka
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The bio
Favourite book: Kane and Abel by Jeffrey Archer
Favourite quote: “The world makes way for the man who knows where he is going.” - Ralph Waldo Emerson, American essayist
Favourite Authors: Arab poet Abu At-Tayyib Al-Mutanabbi
Favourite Emirati food: Luqaimat, a deep-fried dough soaked in date syrup
Hobbies: Reading and drawing