The UAE Ministry of Industry and Advanced Technology will adopt the Smart Industry Readiness Index, the global standard used by the World Economic Forum, which will help local companies use Fourth Industrial Revolution technologies to boost productivity and their contribution to the economy.
Siri was created by the Singapore Economic Development Board in partnership with leading technology companies, consultancies and industry and academic experts. It covers the three core building blocks of 4IR: process, technology and organisation.
The index is an important component of the UAE's own Industry 4.0 programme and will serve as a benchmark for companies, equipping them with frameworks to open the door to integration and highlight the benefits of digital transformation.
The first 70 companies in the UAE’s industrial sector have already been evaluated for the index, said Omar Suwaina Al Suwaidi, undersecretary of the MoIAT. The ministry’s goal is to assess 200 companies by the end of 2022.
“The rewards for success are clear: higher productivity, better product quality, enhanced operational efficiency, reduced energy consumption – all of which can make a substantial contribution to our sustainable development goals,” Mr Al Suwaidi said at the Global Manufacturing and Industrialisation Summit in Dubai on Tuesday.
The UAE's Industry 4.0 plan, announced in October, aims to boost productivity and the development of innovative products, increase manufacturing by 30 per cent and add Dh25 billion ($6.8bn) to the nation's economy by 2031.
Among the first to sign up for the programme were the departments of economic development of Abu Dhabi, Dubai and Ajman, UAE multinationals Emirates Global Aluminium and defence conglomerate Edge, and global technology firms Microsoft and Siemens.
The UAE also introduced Operation 300bn, a 10-year strategy to increase the industrial sector's contribution to the country's gross domestic product to Dh300bn, and “Make it in the Emirates” initiative, both of which have the goal of transforming the nation into a manufacturing powerhouse.
Siri will be a key platform of the MoIAT's Industry 4.0 programme, which aims to accelerate the adoption of advanced technologies across the UAE’s industrial sector.
Mr Al Suwaidi also outlined the other initiatives that have been launched to support this objective, including the Champions 4.0 Network, a group of 12 local and multinational companies that will showcase the benefits of 4IR technologies.
The rewards for success are clear: higher productivity, better product quality, enhanced operational efficiency, reduced energy consumption – all of which can make a substantial contribution to our sustainable development goals
Omar Suwaina Al Suwaidi,
undersecretary of the UAE Ministry of Industry and Advanced Technology
The Siri index, which is backed by the Singapore government, comprises three layers and provides a critical first step to digital transformation that will future-proof companies and industries.
“The topmost layer identifies three fundamental building blocks of Industry 4.0: technology, process, and organisation. All three building blocks must be considered to harness the full potential of Industry 4.0,” it says on its website.
“Underpinning the building blocks are eight pillars, which represent critical aspects that companies must focus on to become future-ready organisations. The third and final layer comprises 16 dimensions that companies should reference when evaluating the current maturity levels of their facilities.”
The WEF said 4IR has the potential to raise global income levels and improve the quality of life around the world. Further into the future, Industry 4.0 can lead to a “supply-side miracle”, with long-term gains in efficiency and productivity, it said.
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Jetour T1 specs
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The specs
Engine: Dual 180kW and 300kW front and rear motors
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UAE currency: the story behind the money in your pockets
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books
THE 12 BREAKAWAY CLUBS
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
THE NEW BATCH'S FOCUS SECTORS
AiFlux – renewables, oil and gas
DevisionX – manufacturing
Event Gates – security and manufacturing
Farmdar – agriculture
Farmin – smart cities
Greener Crop – agriculture
Ipera.ai – space digitisation
Lune Technologies – fibre-optics
Monak – delivery
NutzenTech – environment
Nybl – machine learning
Occicor – shelf management
Olymon Solutions – smart automation
Pivony – user-generated data
PowerDev – energy big data
Sav – finance
Searover – renewables
Swftbox – delivery
Trade Capital Partners – FinTech
Valorafutbol – sports and entertainment
Workfam – employee engagement
Prophets of Rage
(Fantasy Records)
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
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3) Be aware of people asking to test drive the car alone
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6) Call 901 if you see any suspicious behaviour
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What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
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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.”
