Though “too late”, the launch of 3G mobile internet by telecoms operators in the West Bank will help stimulate the territory’s economy, despite Israeli restrictions and Israeli telcos operating illegally there offer faster services, Paltel chief executive Ammar Aker said.
"We are hoping 3G will have a good positive effect on the economy as it has in many other countries," Mr Aker told The National. "The different applications that 3G enables, the investment in IT and start-ups, it has improved everywhere in the world when mobile broadband was introduced."
Paltel and Wataniya Mobile launched 3G – which enables higher speed mobile internet for mobile phone users - in the West Bank last week, after previously having been limited by Israeli restrictions to offering voice, texts, and limited internet services.
“Tens of thousands” of customers have signed up for the new service since its launch a week ago, Mr Aker said. About $40 million was invested in setting up the 3G infrastructure for the West Bank. The West Bank and Gaza have about 3.8 million mobile users. However, Israeli operators have around 450-500,000 users in the West Bank, giving them a market share of 12-15 per cent, Mr Aker said.
Wataniya, which began offering services in the West Bank in 2009, was only permitted by Israeli authorities to begin offering services in Gaza in October 2017. The World Bank estimated in 2016 that Paltel and Wataniya had lost up to $1.5 billion in lost revenue between 2013-15 due to illegal competition from Israeli operators, together with Israeli restrictions.
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3G, first introduced in European markets around 15 years ago, is significantly slower than 4G, which operators in Israel began offering in 2014.
“Of course it is too late [for us to launch 3G],” said Mr Aker. “We were hoping we could offer 4G but unfortunately the Israeli operators are only letting us use 3G for now, and only in the West Bank and not in Gaza.”
“Israel launched 3G in 2006 and we’re launching it in the West Bank 12 years later, which to be honest is very devastating sometimes.”
Paltel continues to lobby to be able to offer 4G services, but its immediate priority is to be able to offer 3G services in the Gaza Strip, Mr Aker said.
“It might be faster for the time being, and we’ll work on getting 4G any time after that,” he said, saying the timing of such a launch was dependent on discussions at government level.
“We have to keep working with our international friends and the Ministry of Telecom in Palestine to pressure Israel on releasing 3G frequencies for Gaza.”
Israel, which governs the use of radio frequencies by both Israeli and Palestinian operators, has yet to grant the later access to the frequencies required for 4G services.
In November 2015, it gave permission to Palestinian operators to deploy 3G in the West Bank but not in Gaza.
Israeli operators, which include Orange, Cellcom and Pelephone, provide telecoms services to illegal settlements within the West Bank, enabling them to offer coverage throughout the territory.
"As I speak to you in my office, I get coverage from all of the Israeli operators,” said Mr Aker. “We have to compete with Israeli operators, they cover West Bank with much more advanced technology.”
Average revenue per user (ARPU) from Paltel’s subscriber base is set to rise now that 3G services are commercially available.
“We haven’t had any revenue streams from mobile data up to this point, so we hopefully this will generate extra revenues,” he said.
ARPU for West Bank customers is around $8, and between $5-6 in Gaza, he said.
Dunbar
Edward St Aubyn
Hogarth
Punchy appearance
Roars of support buoyed Mr Johnson in an extremely confident and combative appearance
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
CONFIRMED%20LINE-UP
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
And%20Just%20Like%20That...
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nag%20Ashwin%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EPrabhas%2C%20Saswata%20Chatterjee%2C%20Deepika%20Padukone%2C%20Amitabh%20Bachchan%2C%20Shobhana%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E%E2%98%85%E2%98%85%E2%98%85%E2%98%85%3C%2Fp%3E%0A
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.”
Look%20Both%20Ways
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
JOKE'S%20ON%20YOU
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5