Google.org, the philanthropic arm of the Alphabet-owned internet company, set up a $1.3 million fund that aims to equip women, people with disabilities and refugees in the Mena region with the digital skills needed to run businesses and boost their career opportunities.
Three non-profit organisations – Cairo-based Helm, Amman-based Idare and Amsterdam-based Spark – are the beneficiaries of the grants, receiving $400,000, $300,000 and $600,000, respectively.
The funds will be used to reach out to people from diverse backgrounds in Egypt, Iraq, Jordan, Lebanon, Palestine and the UAE.
The data-driven investment programme will provide the skills needed amid the global digital pivot, Google.org president Jacquelline Fuller said.
"Digital skills are something that we have identified several years ago as being the most critical area globally where we thought Google could offer help and make the biggest impact on people's well-being," Ms Fuller, who is also a Google vice president, told The National in an exclusive interview on Monday.
"Looking at data, the growth of jobs – middle-income jobs in particular – all require digital skills ... we are big believers in artificial intelligence and machine learning to advance technology and advance the business sector."
Google.org, which invests more than $200m annually in non-profits, has contributed $15.5m to Mena non-governmental organisations over the past five years.
All grants are primarily aimed at improving job opportunities for both the unemployed and underemployed.
Ms Fuller said that women, in particular, are being disproportionately hit hard by the transition to a digital economy, which was only made worse by the Covid-19 pandemic.
About six million jobs are at risk in the Arab world due to the pandemic alone, according to the Arab Monetary Fund, with 64 per cent and 39 per cent of women in Saudi Arabia and Egypt, respectively, at high risk of displacement if they are unable to acquire digital skills, according to McKinsey.
Meanwhile, refugees can contribute to the societies that welcome them as workers, innovators, entrepreneurs, taxpayers, consumers and investors, according to the Organisation for Economic Co-operation and Development.
In turn, these efforts can help to create jobs, raise productivity and the wages of local workers, stimulate international trade and investment, lift capital returns and improve innovation.
Employing people with disabilities in the private sector can be a part of wider efforts to improve workforce diversity, resulting in concrete economic benefits for these companies.
These benefits include increased innovation and staff commitment, more effective problem solving and a more positive reputation among clients, business partners and society, according to the International Labour Organisation and OECD.
California-based Google's support for Mena technology sectors is also well documented. Earlier this year, the company launched its Grow My Store tool in both Arabic and English to help local retailers build their business through the use of data analytics.
It selected 12 start-ups to join the second cohort of its accelerator programme. In September, it began to accept applications for the third cohort.
Looking at data, the growth of jobs – middle-income jobs in particular – all require digital skills ... we are big believers in artificial intelligence and machine learning to advance technology and advance the business sector
Jacquelline Fuller,
president of Google.org
Ms Fuller said that Google.org wants to assist in the achievement of these goals and address the prevailing challenges. The organisation looks at hard data to determine viability, with reinvestments often made if it finds solutions that are scalable.
These would also lead to the creation of small businesses, the "absolute cornerstones of economies", Ms Fuller said.
"Before we fund entities, we sit down together, look at what they are doing and their available data evidence. Together, we set metrics for how they will use the grants to reach a specific set of beneficiaries," she said.
Google.org has invested $15m over the past several years in the Mena region. Its biggest funding was a $25m open call this year for organisations serving women and young girls.
Ms Fuller also dismissed the notion that new-age technology is a threat to human jobs. New industries are being created that are opening up new job opportunities as a result of emerging technology, she said.
"It is a conversation that we are having globally, to think and understand [more about] new technology – machine learning and artificial intelligence – and how these forces are going to play out in the global economic sphere," she said.
"But we know these technologies are going to help spur innovation. We will see the biggest impact on how people's skills specifically needed for job roles are going to change over time and have a need to have advanced digital skills."
New jobs will also be created because of new technology. Citing the example of self-driving cars – a segment that did not exist some years back – Ms Fuller said that new roles such as those in the technical and manufacturing aspects will be required.
Google.org's newest grantees will be using the funds for various purposes. Helm will run workshops that will focus on digital literacy and business communication in Egypt, Jordan and the UAE over the next 18 months, with the intention of reaching more than 1,000 persons with disabilities.
Idare will train 200 young women in Jordan, including those without previous work experience, on a range of competencies such as product marketing and design thinking.
Spark will host digital skills training sessions for 250 young refugees and also offer coaching and mentoring sessions, as well as launch a regional start-up competition.
"We need to make sure we are addressing the full spectrum, from the basic end, making sure people have those skills to participate in the digital economy," Ms Fuller said.
Last month, Google.org's Impact Challenge for Women and Girls committed $25m to fund organisations creating pathways to prosperity for women and girls, with initiatives eligible to receive up to $2m.
In April, Impact Challenge on Climate was set up to help 11 groups to build a greener and more sustainable Europe.
It also committed $100m and 50,000 hours of pro bono support – professional services rendered voluntarily – to the global Covid-19 response, focusing on health and science, economic relief and recovery, and distance learning.
Since 2015, it has granted $32m to fund to organisations using data science to advance racial justice.
More from Aya Iskandarani
MATCH INFO
Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
SERIE A FIXTURES
Saturday (UAE kick-off times)
Atalanta v Juventus (6pm)
AC Milan v Napoli (9pm)
Torino v Inter Milan (11.45pm)
Sunday
Bologna v Parma (3.30pm)
Sassuolo v Lazio (6pm)
Roma v Brescia (6pm)
Verona v Fiorentina (6pm)
Sampdoria v Udinese (9pm)
Lecce v Cagliari (11.45pm)
Monday
SPAL v Genoa (11.45pm)
Specs
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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.”
WandaVision
Starring: Elizabeth Olsen, Paul Bettany
Directed by: Matt Shakman
Rating: Four stars
AUSTRALIA SQUADS
ODI squad: Aaron Finch (captain), Ashton Agar, Alex Carey, Pat Cummins, Josh Hazlewood, Marnus Labuschagne, Mitchell Marsh, Glenn Maxwell, Kane Richardson, Steve Smith, Mitchell Starc, Matthew Wade, David Warner, Adam Zampa
Twenty20 squad: Aaron Finch (captain), Sean Abbott, Ashton Agar, Alex Carey, Pat Cummins, Mitchell Marsh, Glenn Maxwell, Jhye Richardson, Kane Richardson, Steve Smith, Mitchell Starc, Matthew Wade, David Warner, Adam Zampa
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
MATCH INFO
Norwich City 0 Southampton 3 (Ings 49', Armstrong 54', Redmond 79')
SCHEDULE
Saturday, April 20: 11am to 7pm - Abu Dhabi World Jiu-Jitsu Festival and Para jiu-jitsu.
Sunday, April 21: 11am to 6pm - Abu Dhabi World Youth (female) Jiu-Jitsu Championship.
Monday, April 22: 11am to 6pm - Abu Dhabi World Youth (male) Jiu-Jitsu Championship.
Tuesday, April 23: 11am-6pm Abu Dhabi World Masters Jiu-Jitsu Championship.
Wednesday, April 24: 11am-6pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Thursday, April 25: 11am-5pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Friday, April 26: 3pm to 6pm Finals of the Abu Dhabi World Professional Jiu-Jitsu Championship.
Saturday, April 27: 4pm and 8pm awards ceremony.
The Lowdown
Us
Director: Jordan Peele
Starring: Lupita Nyong'o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss
Rating: 4/5