Meta Platforms’ new Threads app registered 10 million sign-ups in the first seven hours of its launch, chief executive Mark Zuckerberg said.
“Threads is here. Let’s do this,” Mr Zuckerberg, who already has 340,000 followers on the new platform, said on Wednesday in posts on the app and on Facebook.
“The goal is to keep it friendly as it expands. I think it’s possible and will ultimately be the key to its success. That’s one reason why Twitter never succeeded as much as I think it should have, and we want to do it differently.”
Threads, Instagram’s text-based conversation app, marks the highest-profile attempt so far to challenge the primacy of rival social media platform Twitter.
Threads is where “communities come together to discuss everything from the topics you care about today to what’ll be trending tomorrow”, according to its listings on Apple’s App Store and Google’s Play Store.
“Whatever it is you’re interested in, you can follow and connect directly with your favourite creators and others who love the same things – or build a loyal following of your own to share your ideas, opinions and creativity with the world.”
Users aged 12 and older will be able to log into the app through their Instagram accounts.
The app allows people to post threads, reply to others and follow profiles that they are interested in.
Threads and replies can include short pieces of text, links, photos, videos or a combination of them.
People can follow users to see their threads and replies in their feeds. Access to posts on Threads will be determined by a profile’s privacy setting.
However, the newest app’s data policy was mocked by Twitter chief executive Elon Musk and its founder Jack Dorsey.
Threads said users’ financial and contact information, browsing history, health and fitness information, usage data, purchases and location may be collected by the app.
“All your Threads are [sic] belong to us,” Mr Dorsey wrote in a tweet with a screenshot showing Threads' privacy policy.
Mr Dorsey launched his competitor to Twitter – Bluesky – this year. Mastodon, an open-source social network created by a German developer, has also been regarded as an alternative to Twitter.
Mr Zuckerberg said there should be a public conversations app with more than one billion people on it.
“Twitter has had the opportunity to do this but hasn’t nailed it. Hopefully, we will,” he said.
“I’m currently planning to use my Instagram broadcast channel for daily product updates and Threads for discussion and sharing thoughts, but we’ll see where these platforms go …”
While a Meta representative said the new app would be available in more than 100 countries, Threads was not available in some EU countries due to regulatory concerns.
The app is available to download for users in the UAE.
Threads is considered to be the most potent rival to Twitter, which has experienced a period of turbulence since Mr Musk's $44 billion takeover last year.
What differentiates Threads from Twitter is that it is decentralised, meaning no single individual or organisation owns or regulates it, similar to cryptocurrencies – exactly what Mr Musk envisions for the microblogging platform.
The first sign of Threads emerged in March when it was reported that Meta would launch an Instagram-branded app to take on Twitter, which was confirmed to The National by a company representative. At the time, the project was known as “P92".
Screenshots on the App Store show features such as the ability to find followers and follow the same accounts being followed on Instagram, as well as conversations that are similar to Instagram threads.
One more advantage Threads will have is that its users will already have their Instagram circles to draw from, instead of starting over and building a new community.
Despite this, Threads is a stand-alone app. When you first use the app, you will be given the option to automatically follow all the same accounts you follow on Instagram.
Compatibility-wise, Threads is available on devices running iOS 14 or later. It is also available to download for Android users.
It will not be available for iPads – unsurprising since Instagram is also not on Apple’s tablets.
“Our plan is to make Threads part of the fediverse – a social network of different servers operated by third parties that are connected and can communicate with each other,” the Threads app said.
“Our vision is that Threads will enable you to communicate with people on other fediverse platforms that we don’t own or control.”
As of January, Instagram had about two billion users while its sister platforms Facebook and WhatsApp had 2.96 billion and two billion, respectively, the latest data from Statista shows. In comparison, Twitter has about 556 million users.
COMPANY%20PROFILE
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Specs – Taycan 4S
Engine: Electric
Transmission: 2-speed auto
Power: 571bhp
Torque: 650Nm
Price: Dh431,800
Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor
Transmission: 2-speed auto
Power: 455bhp
Torque: 700Nm
Price: from Dh431,800
Five films to watch
Castle in the Sky (1986)
Grave of the Fireflies (1988)
Only Yesterday (1991)
Pom Poki (1994)
The Tale of Princess Kaguya (2013)
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.”
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
more from Janine di Giovanni
HOW DO SIM CARD SCAMS WORK?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards, often by claiming their phone has been lost or stolen
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
LA LIGA FIXTURES
Saturday (UAE kick-off times)
Leganes v Getafe (12am)
Levante v Alaves (4pm)
Real Madrid v Sevilla (7pm)
Osasuna v Valladolid (9.30pm)
Sunday
Eibar v Atletico Madrid (12am)
Mallorca v Valencia (3pm)
Real Betis v Real Sociedad (5pm)
Villarreal v Espanyol (7pm)
Athletic Bilbao v Celta Vigo (9.30pm)
Monday
Barcelona v Granada (12am)
2018 ICC World Twenty20 Asian Western Sub Regional Qualifier
Event info: The tournament in Kuwait is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.
Teams: UAE, Bahrain, Saudi Arabia, Kuwait, Maldives, Qatar
Friday fixtures: 9.30am (UAE time) - Kuwait v Maldives, Qatar v UAE; 3pm - Saudi Arabia v Bahrain
Killing of Qassem Suleimani
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
Company%20Profile
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Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Company%20profile
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UK's plans to cut net migration
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.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
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.
COMPANY%20PROFILE
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