Ahmad bin Byat, Smart Dubai’s chairman, left, during the Internet of Things exhibition and conference in Dubai yesterday. Satish Kumar / The National
Ahmad bin Byat, Smart Dubai’s chairman, left, during the Internet of Things exhibition and conference in Dubai yesterday. Satish Kumar / The National
Ahmad bin Byat, Smart Dubai’s chairman, left, during the Internet of Things exhibition and conference in Dubai yesterday. Satish Kumar / The National
Ahmad bin Byat, Smart Dubai’s chairman, left, during the Internet of Things exhibition and conference in Dubai yesterday. Satish Kumar / The National

Internet of Things technology to feature prominently in Smart Dubai’s development


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Smart buildings using Internet of Things (IoT) technology are likely to feature prominently in the next phases of Smart Dubai’s development strategy, according to Ahmad bin Byat, Smart Dubai’s chairman.

“Having smarter buildings will enable customers to manage their energy bills better, as well as air conditioning and facilities management,” he said yesterday at the sidelines of the inaugural Internet of Things exhibition and conference in Dubai.

“If you are living in a place where these can be delivered in a more efficient way, that translates into benefits for everyone, not least the customer.”

Mr bin Byat’s remarks coincided with an announcement from Dubai Civil Defence (DCD) that it planned to leverage IoT technology to deliver the National Life Safety Dashboard. The project is a real-time, data analytics system that will “allow DCD officials, government stakeholders, building owners and occupants to view the health and operational safety status of every building for Dubai”.

IoT technology, which combines the interconnection of internet-connected devices with real-time analysis of data, is viewed as a key enabler for Dubai’s smart-city vision, according to Ahmad bin Humaidan, director general of Dubai Smart Government.

“Innovation is the primary driver of the knowledge economy and society in general,” he said in his opening address at the conference.

“Collaboration between government entities and the private sector is the key to providing value-added services to citizens.”

Formally launched last year by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, the Smart Dubai strategy is intended to transform the city into the smartest metropolis in the world by 2017.

Mr bin Byat, who is also the chairman of telecoms operator du, said the UAE – and Dubai in particular – was uniquely placed to achieve this goal, given the country’s solid infrastructure, the population’s adaptability, and the adoption of technology.

“We are lucky in this country to have a very robust infrastructure, which is fundamental for anyone even thinking of offering anything called ‘smart’,” he said.

“The population in Dubai, Abu Dhabi and elsewhere are very professional and connected people. So the transformation of such a set-up is quite easy. That is why we have this target to become the smartest city [by 2017], I really think that it is doable.”

jeverington@thenational.ae

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How will Gen Alpha invest?

Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.

“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.

Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.

He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.

Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”

TICKETS

Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.

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Cry Macho

Director: Clint Eastwood

Stars: Clint Eastwood, Dwight Yoakam

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