Kagan McLeod for The National
Kagan McLeod for The National

Newsmaker: Twitter



For many people, Twitter was the first place they heard about Tuesday’s triple bomb attacks in Brussels. Just like November’s massacre in Paris and the attacks against Charlie Hebdo journalists in the French capital in ­January last year, the site was on hand to alert its millions of users to unfolding events.

This social-media sensation, which celebrated its 10th birthday earlier this week, may not have been originally designed for breaking news – but after its tentative beginnings in March 2006, it soon became the first port of call for journalists and news-junkies hungry for the world’s latest developments and trends.

Yet during its decade-long existence, Twitter has evolved into something of a Jekyll and Hyde. With 300-plus million users, the social-media platform is, say observers, at its best the moment a global event has just occurred – but at its worst thereafter.

Take Brussels. As news of the bombings circulated on Twitter, The Daily Telegraph columnist Allison Pearson, in an attempt to make a political point about ­Britain's forthcoming in/out EU referendum, took to her account to message the words: "Brussels, de facto capital of the EU, is also the jihadist capital of Europe. And the Remainers dare to say we're safer in the EU! ­#Brexit". Responses – ranging from "Shame on you" to "you are utterly sick" and worse – were typical of the tit-for-tat that has come to define a part of Twitter that many have come to lament over its short lifetime. Indeed, even the veteran BBC broadcaster Andrew Neil felt moved to publicly respond to a misguided tweet on the Brussels attacks with the words: "People are dying, others in great pain and you make joke about sprouts?! Blocked. Never darken my ­Twitter line again."

This week, however, was also a cause for much celebration in social-media circles as the globe reflected on Twitter’s significant contribution to shaping our modern world – from democratising the internet and opening up space for debate and real humour to featuring in the likes of the Arab Spring. For an online messaging tool that restricts users to 140 characters per tweet, the fact that it has managed to become a global phenomenon at all is a testament to a business model that has enabled the corporation to employ 3,900 people worldwide from its head office in San Francisco.

When Twitter’s co-founder Jack Dorsey sent his March 21, 2006 tweet – “just setting up my twttr” – little could he predict the social-media revolution that his missive would soon spark. Before Twitter was hatched, Dorsey’s early vision had been centred on a site that people could use to share their current status – everyday things such as where they were and where they were going. This notion quickly took on a more nuanced edge when the idea evolved into a medium for connecting people. Dorsey got together with his fellow technophiles, and thrashed out a plan for how the project might be realised. The site’s name – which was soon vowelled-­up to become Twitter, and rolled out to the public four months after its March appearance – wasn’t arrived at immediately, but was agreed upon as a name befitting the expected chatter of a microblogging site.

An apparent power struggle at the heart of Twitter soon saw one of the site's other co-founders, Noah Glass, depart the scene, and Dorsey assume the role of chief executive in 2006. According to a 2013 book by Nick Bilton – Hatching ­Twitter: A True ­Story of Money, ­Power, Friendship, and Betrayal – Glass was forced out by ­Dorsey, who had threatened to quit Twitter if his colleague, seemingly in the midst of a personal crisis because of a failing marriage, wasn't let go. Yet in 2008, Dorsey, who has denied being the catalyst for Glass's departure, lost his position as Twitter's chief executive when a managerial crisis – involving his business decisions – engulfed his leadership. In 2015, however, the self-taught computer coder and university dropout took back the reins of the company, which two years previously had been valued at US$18 billion.

But, what of Twitter itself? During its early years, it flirted with celebrity users, but it wasn’t until the Hollywood A-lister Ashton Kutcher signed up in 2009 that the site’s potential for reaching out to the great and the good really took off.

Today, Twitter has become something of a status symbol for users around the world, not least actors, singers and sports people, many of whose active followers number into the hundreds of thousands, and even the millions. The ­American pop princess Katy Perry (@katyperry) is currently the most followed individual on ­Twitter with more than 84 million followers. The American reality TV star Kim Kardashian (@KimKardashian) is no slouch either, with more than 40 million followers. Politicians, while not everybody’s idea of a good time, are also healthily represented on Twitter. Just ask the US president, Barack Obama (@BarackObama), whose account is followed by more than 70 million people. Sheikh ­Mohammed bin Rashid (@HHShkMohd), Vice ­President of the UAE and Ruler of ­Dubai, has nearly 6 million followers. Even the leader of the ­Catholic Church, Pope Francis (@Pontifex), has the equivalent of a small country following him, with nearly nine million Twitter devotees. Tweets from these individuals – and others like them – have the ability to be retweeted thousands of times, grab world headlines, and even break Twitter itself. And we can’t forget that Oscars selfie tweet in 2014, from Ellen Degeneres (@TheEllenShow), which featured a slew of A-list celebrities (including Bradley Cooper, ­Meryl Streep, Brad Pitt, Julia Roberts, Angelina Jolie and Kevin ­Spacey). At 3.3 million, it became the most retweeted tweet of that year.

Twitter has also evolved to become a serious player in the humour stakes. In the ­United Kingdom, for instance, the one-time shadow chancellor of the exchequer Ed Balls is now celebrated over the microblogging site on April 28 – also known as Ed Balls Day. It all began on April 28, 2011, when he searched for his own name on Twitter, and accidentally tweeted “Ed Balls”. Next month will mark the fifth anniversary of this quintessentially Twitter-esque (and globally remarked) event – with “Ed Balls” currently nearing an impressive 61,000 retweets.

It has also made cyber waves in other ways. The American Greg Rewis made Twitter history when he became the first individual to propose marriage, to his girlfriend Stephanie in 2008, via the social-media platform. Thankfully for him, she said yes.

Social campaigns have also found wings on Twitter. ­#BringBackOurGirls – featuring the hashtag sign that has become synonymous with promoting topics on Twitter – was effective in galvanising support for the girls kidnapped by the militant group Boko Haram in Nigeria in 2014. Twitter even found itself at the centre of the raid that killed Osama bin Laden in 2011, when an IT consultant living in Abbottabad inadvertently live-tweeted details of the US-led operation. And it has infiltrated outer space, too, when the ­Canadian astronaut Chris Hadfield caused a Twitter meltdown after snapping astonishing images of Earth from the International Space Station in 2013.

Yet as the recent events in ­Brussels have shown, Twitter has also developed a less than salubrious reputation that has often strayed into the outright damaging. Take the fortunes of Justine Sacco who, in 2013, was tweeting small missives about her travels from New York to South Africa. Before the final leg of her journey to Cape Town, the corporate communications director tweeted the fateful lines: "Going to Africa. Hope I don't get Aids. Just kidding. I'm white!" Sacco only had 170 Twitter followers – but by the time she touched down in South Africa, she had assumed the role of internet pariah. It didn't matter that her message, however inappropriate, was an attempt to make fun of her own privilege – many Twitter users rounded on Sacco with self-­crusading venom. She consequently lost her job – and became the subject of an internet hate-campaign that had a profound effect on her life. Her story was included in a book on the subject by the Welsh author Jon Ronson, entitled So You've Been Publicly Shamed.

So what of Twitter’s future? As it plots its next 10 years, the site will no doubt look to adapt to the ever-­changing needs of its millions of users. For many observers of the site, which has yet to reach the popularity of ­Facebook, ­Twitter’s future lies as a platform for providing breaking news – a use that, seized upon by the world’s broadcasters, has proven to be an instantly effective method for media engagement. For others, there are doubts about whether the site – which, it appears, is planning to increase its traditional 140-character limit – will still be used (or used with the same gusto) at all in a decade’s time. But while any rumours of its impending demise remain greatly exaggerated, the rise of Twitter has not only laid bare the ups and downs of technological advancement, but the good and bad of humankind itself. #justsaying

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Company Profile 

Founder: Omar Onsi

Launched: 2018

Employees: 35

Financing stage: Seed round ($12 million)

Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners

How much sugar is in chocolate Easter eggs?
  • The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
  • The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
  • The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
  • The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
  • The Cadbury Creme Egg contains 26g of sugar per 40g egg

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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.”

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

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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
COMPANY%20PROFILE
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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request