CES 2022: annual tech trade show to open despite Covid-19 concerns

The Consumer Electronics Show 2022 – one of the biggest technology trade fairs in the world – is taking place but with fewer big companies participating in person than expected due to a surge Covid-19 cases in the US.

The three-day annual event will go live in a hybrid format, both online and in-person in Las Vegas, on Wednesday and global leaders in consumer electronics will unveil ground-breaking innovations.

This year’s focus is on pioneering technology such as the metaverse, 5G, FoodTech, space technology, drones, self-driving cars, smart homes, artificial intelligence, cryptocurrency and non-fungible tokens, or NFTs.

Qualcomm president and chief executive Cristiano Amon delivers a speech during a press conference at the CES Unveiled in Las Vegas on Tuesday. EPA

Although the event will officially start on Wednesday, a few presentations took place on Tuesday.

Last year, CES was held online due to pandemic-induced shutdowns and the global vaccination drive, which was still in its initial stages.

However, the pandemic brings changes to this year’s conference, such as strict health protocols and a shorter show.

The event, which was originally planned to end on Saturday, will close on Friday as an “additional safety measure to the current health protocols”, said the Consumer Technology Association (CTA), which runs the show.

“As the world’s most influential technology event, CES is steadfast in its pledge to be the gathering place to showcase products and discuss ideas that will ultimately make our lives better,” CTA president and chief executive Gary Shapiro said.

Workers prepare a booth before the CES technology show on Tuesday in Las Vegas. AP

“We are shortening the show to three days and have put in place comprehensive health measures for the safety of all attendees and participants,” said Mr Shapiro.

In the days leading up to the event, many technology companies cancelled their in-person participation and some media outlets also dropped plans to send journalists over health concerns.

Some of the big names that bowed out of the event include Microsoft, Twitter, Alphabet, Intel, BMW, Mercedes, Waymo, T-Mobile, Amazon, General Motors, Meta and Lenovo. They have either completely withdrawn and opted for online-only participation or have reduced their physical presence.

“I am sorry we will miss seeing everyone at CES this year, but we are prioritising the safety of our team and other attendees,” T-Mobile’s chief executive Mike Sievert said on Twitter.

Alphabet-owned Waymo said that based on the rapidly rising Covid-19 infection rates, the company had made "the difficult decision not to participate in person at CES … the safety and well-being of our team is top of mind for us”.

The US on Monday reported more than one million new Covid-19 cases, setting yet another grim global record, as the Omicron variant continues to spread across the country.

On Monday, the White House's top infectious disease expert Dr Anthony Fauci said that the peak may be weeks away.

But since a streak of cancellations over the past few weeks, 143 new companies have signed up to exhibit in person, the CTA said.

“Over 2,200 exhibitors are confirmed to exhibit in person at CES 2022. In the last two weeks, 143 additional companies have signed up to exhibit in person.

“Construction of exhibitors’ show floor space is well under way and soon attendees will be able to see and experience the latest tech innovations,” it said.

With 11 official venues, CES spans more than 148 thousand net square metres of exhibit space. Venues are grouped into three geographical areas – Tech East, Tech West and Tech South.

The first CES was held in New York City in 1967. Since then, it has become one of the most critical events for the technology industry, attracting tens of thousands of visitors and serving as a platform to introduce important new products and innovations.

In January 2000, about 170,000 people attended in Las Vegas.

John Deere chief technology officer Jahmi Hindman delivers a speech in front of one of the latest autonomous tractors during a press conference at the CES Unveiled in Las Vegas on Tuesday. EPA

Visitors to CES must be fully vaccinated against Covid-19 and be prepared to show proof of vaccination status to pick up a badge to gain access to the event.

Badges can be picked up at McCarran International Airport.

CES will give visitors one complimentary Abbott BinaxNOW Covid-19 Antigen Self Test kit, provided by Abbott, when they collect their badge.

CTA has reminded visitors via its website to test for Covid-19 before departing for Las Vegas and within 24 hours of entering a CES venue.

Those that are unable to travel to Las Vegas have the possibility of joining digitally.

Digital registration will grant access to more than 40 live-streamed conference sessions, presentations, select press conferences and the ability to engage with exhibitors at CES. Registration information can be found here.

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Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

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UAE currency: the story behind the money in your pockets

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.”