Dubai has launched a robotics and automation programme to support the development of the technologies as part of the emirate's move towards the future economy.
The Dubai Robotics and Automation Programme, which was launched on Wednesday by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, will help in developing robotics technology and empowering national talent, Dubai Media Office said on Twitter.
The programme, led by the Dubai Future Foundation, aims to boost the contribution of the robotics and automation sector to 9 per cent of the emirate's gross domestic product within 10 years.
It includes five major initiatives and focuses on five future areas of research and development, including production and manufacturing, health, logistics and transportation, tourism and customer services, and improving working conditions.
The programme will also provide 200,000 robots to raise levels of efficiency and productivity in the service, industrial and logistics sectors, and contribute to enhancing the competitiveness of the economy over the next 10 years, the media office said.
The development of the robotics and automation sector will help to diversify Dubai’s future economy and contribute to creating new economic opportunities and improving the quality of life, said Sheikh Hamdan, who is also chairman of the Executive Council of Dubai and chairman of the Dubai Future Foundation.
“We seek to make Dubai one of the world’s top 10 cities in robotics and automation by adopting and developing advanced robotics technologies, empowering national talent and generating innovative new solutions, products and services,” he said.
The strategy will also contribute to “Dubai's leadership regionally and globally to be one of the best cities of the future and the most prepared to employ and develop future technology”, the media office said.
Dubai has been boosting efforts to support the development of its future economy.
In July, the emirate formed a higher committee for future technology and digital economy, which aims to help shape the future of artificial intelligence by investing in the metaverse and establishing partnerships to boost Dubai’s digital economy.
Dubai's government also unveiled a metaverse strategy this year that aims to create 40,000 jobs and add $4 billion to the emirate's economy in the next five years.
The strategy, which aims to position the emirate among the top 10 cities that will shape the emerging technology's future globally, aims to double the number of blockchain companies and the metaverse by five times.
As part of the latest programme, laboratories have been allocated to develop and test robotics and automation technologies and provide a platform for collaborative projects, create prototypes and involve the public in innovative product experiences, the media office said.
Sheikh Hamdan also called on Dubai government entities and the private sector to strengthen co-operation with local and international research and academic institutions to develop a regulatory and legal environment that supports the growth of the robotics and automation sector.
All initiatives that will be organised and launched as part of the programme will be overseen by the Dubai Council for Robotics and Automation, made up of representatives from public and private sectors and academia.
The programme supports the development of future-orientated sectors in Dubai, including transport, space, healthcare, education and artificial intelligence, the media office said.
The Dubai robotics and automation programme is based on three pillars — governance, support for research and development, and adoption and utilisation of technologies.
As part of the governance aspect, the programme will develop structural supportive mechanisms for robotics and automation development, institutionalise collaboration between developers, create a favourable regulatory and legal environment, formulate standards and create a comprehensive knowledge base.
Under the second pillar, it will support scientific R&D, increase funding allocation in key areas, maximise the participation of local talent and increase the pool of professionals specialised in the field.
The programme will also help industries adopt and utilise technologies, reduce the cost of robotics adoption, institutionalise investment co-operation, support systems integration, ensure public acceptance for new technologies and enhance rates of robotics technology deployment.
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Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
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'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
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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.”
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
