G42 Cloud, a unit of Abu Dhabi's artificial intelligence company G42, is teaming up with Dell Technologies to help boost digital transformation in the UAE using cloud technology.
As part of the collaboration, the two companies will work on various areas including private cloud solutions, consulting and other IT-related services to help customers manage their business operations securely, the two companies said in a statement on Thursday.
The preliminary agreement “allows us to explore both companies’ wide range of offerings and support our customers to maximise their business outcomes”, said Talal Al Kaissi, chief executive of G42 Cloud, adding that the partnership will unlock new opportunities for the two companies in the UAE and abroad.
“Cloud technologies today are helping economies expand and meet new market demands. G42 Cloud is focused on driving value and helping businesses to succeed in a digital-first world.”
The adoption of cloud technology is growing because of the increase in data consumption and evolving economic and societal landscapes that have become increasingly digital.
Global end-user spending on public cloud services alone is expected to approach the $600 billion mark in 2023, with inflationary pressures dictating how much growth the industry will be able to carve out, a study by Gartner showed.
The market, where demand grew as the consumption of data significantly increased during and after the Covid-19 pandemic, is projected to reach more than $490 billion in 2022, and is forecast to jump almost 21 per cent to about $592 billion next year, the US-based research company said in a report last month.
“We are happy to work with G42 Cloud in its efforts to encourage organisations to build a robust digital future,” said Walid Yehia, general manager of Dell Technologies in the UAE.
Last month, G42 Cloud signed an agreement with German software major SAP to help companies accelerate their digital transformation using cloud technology.
Under the partnership, SAP services will be used in the operations of companies in the public sector and regulated enterprises, as well as customer initiatives in the private sector, G42 Cloud said at the time.
Mubadala-backed G42, the parent company of G42 Cloud, is also teaming up with New York-based non-profit company OceanX, Jakarta’s G-Tech Digital Asia and the Indonesian government to boost ocean research.
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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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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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A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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