The speed of the mobile internet in the UAE is set to double following the launch by Etisalat of the country's next-generation broadband network.
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Etisalat says its high-speed service - which allows for streaming videos and viewing high-definition YouTube clips over a smartphone - will help it cash in on increasing demand for the mobile internet.
It offers data speeds of more than 100 megabits per second - more than double the best connection offered by the existing 3G service.
Matthew Willsher, the chief marketing officer at Etisalat, said there was "exponential" growth in demand for mobile data.
"Mobile data is a huge opportunity for growing revenue," he said. "We're growing at approximately double a year. Our number of smartphones is increasing very fast as well."
The so-called 4G network - the fourth generation of mobile phone broadcast standards - covers most of the main urban areas of the UAE, with a wider service being launched next year. A small group of users will start testing the new network over the next couple of days.
"In about a month we'll be making the service available to all customers right throughout the country," said Mr Willsher.
Consumers will initially be able to access the 4G network by using a "dongle", which plugs into the USB port of a computer.
Retailers are also gearing up to stock 4G-compatible phones, which Etisalat forecasts will hit the market over the next six months.
Etisalat's mobile-internet network uses long-term evolution (LTE) technology, which is sometimes referred to as "4G" for marketing purposes.
Nasser bin Obood, the acting chief executive of Etisalat, said the company had invested Dh6 billion (US$1.63bn) in both its next-generation mobile and fibre-optic networks.
"We are proud today to launch the LTE network in all major cities," said Mr bin Obood.
It is believed the 4G network cost just a fraction of Etisalat's Dh6bn infrastructure investment. But analysts said it could provide one of the operator's most important revenue streams in the future.
"Data is the growth area really," said Matthew Reed, a senior analyst for the Middle East and Africa at Informa Telecoms & Media.
"In terms of people having SIM cards, the UAE mobile market is pretty saturated. So they really need to make as much in the way of finding growth in other areas, and data is one of the key ones," he said.
The UAE, along with Saudi Arabia, is among the first markets in the world to offer 4G services.
"It certainly shows that the UAE and Middle East is keeping pace with technologies in other parts of the world," said Dino Wilkinson, a partner at the law firm Norton Rose in the Middle East.
"That's a feature of telecoms in the more emerging markets. They have those sort of legacy systems. Sometimes you find that they do leapfrog in terms of technology," said Mr Wilkinson.
Earlier this month, three operators in Saudi Arabia claimed the crown for launching the region's first 4G network, as STC, Mobily and Zain Saudi all announced the "region's first" 4G networks within days of each other.
A representative of Etisalat said its network was the most comprehensive, designed for mobile use, and operating to a different standard than the Saudi Arabia networks.
"We're very excited to be certainly the first in the country with LTE, and the first in the region with mobile LTE," said Mr Willsher.
Etisalat's rival du said this year it was also gearing up to launch a 4G network, although not a nationwide service. The company did not comment yesterday.
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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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Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
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Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
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Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
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The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
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The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
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“There are 25 stations in total,” Mr Al Daraji said.
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“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
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Place of birth: Kalba
Family: Mother of eight children and has 10 grandchildren
Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken
Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah
Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”
