Zack Stewart, grade 12 teacher at the Dubai American Academy, holds an online class from his home in Dubai. Pawan Singh / The National
Zack Stewart, grade 12 teacher at the Dubai American Academy, holds an online class from his home in Dubai. Pawan Singh / The National
Zack Stewart, grade 12 teacher at the Dubai American Academy, holds an online class from his home in Dubai. Pawan Singh / The National
Zack Stewart, grade 12 teacher at the Dubai American Academy, holds an online class from his home in Dubai. Pawan Singh / The National

Eight in 10 people in UAE will work remotely after Covid-19, says report


Alkesh Sharma
  • English
  • Arabic

Seventy-nine per cent of people in the UAE are expecting to work remotely more often even after the lifting of Covid-19 restrictions, and of those 63 per cent feel this will be permanent, according to a new survey that analysed the impact of the pandemic on work culture.

Meanwhile, 85 per cent of those surveyed are currently working from home, compared to just 2 per cent before movement restrictions were introduced in March, US-based telecommunications firm Ciena, which commissioned market research company Opinium to conduct the survey last month, said.

“The data overwhelmingly shows that the lines between our personal and professional lives are becoming increasingly blurred as we adapt to working from home more often,” Jamie Jefferies, Ciena's general manager and vice president for Europe, the Middle East and Africa, said.

“With more demand on our home broadband, we are looking to upgrade in every way we know how … all to make sure we have a good enough connection now and in the future,” he added.

The company said an increased reliance on home internet for remote working and other activities presents a “unique opportunity” for telcos.

The report, which surveyed 500 UAE adults on their internet habits and usage before and during the lockdown, found that they were reliant on home internet connections for much more than remote working.

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About 67 per cent of those surveyed were making more video calls to connect with colleagues and friends, while 78 per cent were using social media more frequently and 74 per cent were watching more TV and movies online.

“Until now, high-speed broadband and bandwidth were primarily focused around urban areas … particularly in big cities, where there is a high density of businesses,” said Mr Jefferies, adding that with more people working remotely, network providers will need to change how they deliver connectivity to users.

Nearly three quarters of individuals surveyed have taken steps to improve their home internet to meet increased demand.

The most common changes included buying a new wireless router (30 per cent), upgrading a broadband package (25 per cent) and purchasing a wireless extension or booster kit (24 per cent).

The transition to remote working has evoked mixed responses, with nearly 39 per cent of workers admitting to finding the process difficult. This figure was lower for private sector workers (37 per cent) than for public sector employees (48 per cent).

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.”

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Directed by: Craig Gillespie

Starring: Emma Stone, Emma Thompson, Joel Fry

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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Biography

Favourite drink: Must have karak chai and Chinese tea every day

Favourite non-Chinese food: Arabic sweets and Indian puri, small round bread of wheat flour

Favourite Chinese dish: Spicy boiled fish or anything cooked by her mother because of its flavour

Best vacation: Returning home to China

Music interests: Enjoys playing the zheng, a string musical instrument

Enjoys reading: Chinese novels, romantic comedies, reading up on business trends, government policy changes

Favourite book: Chairman Mao Zedong’s poems

LA LIGA FIXTURES

Friday

Granada v Real Betis (9.30pm)

Valencia v Levante (midnight)

Saturday

Espanyol v Alaves (4pm)

Celta Vigo v Villarreal (7pm)

Leganes v Real Valladolid (9.30pm)

Mallorca v Barcelona (midnight)

Sunday

Atletic Bilbao v Atletico Madrid (4pm)

Real Madrid v Eibar (9.30pm)

Real Sociedad v Osasuna (midnight)

RESULTS

5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
Winner: M'A Yaromoon, Jesus Rosales (jockey), Khalifa Al Neydai (trainer)

5.30pm: Khor Al Baghal – Conditions (PA) Dh80,000 (T) 1,600m
Winner: No Riesgo Al Maury, Antonio Fresu, Ibrahim Al Hadhrami

6pm: Khor Faridah – Handicap (PA) Dh80,000 (T) 1,600m
Winner: JAP Almahfuz, Royston Ffrench, Irfan Ellahi

6.30pm: Abu Dhabi Fillies Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: Mahmouda, Pat Cosgrave, Abdallah Al Hammadi

7pm: Abu Dhabi Colts Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: AS Jezan, George Buckell, Ahmed Al Mehairbi

7.30pm: Khor Laffam – Handicap (TB) Dh80,000 (T) 2,200m
Winner: Dolman, Antonio Fresu, Bhupath Seemar

EMIRATES'S%20REVISED%20A350%20DEPLOYMENT%20SCHEDULE
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Brief scoreline:

Liverpool 2

Mane 51', Salah 53'

Chelsea 0

Man of the Match: Mohamed Salah (Liverpool)

The specs

Engine: 3.8-litre V6

Power: 295hp at 6,000rpm

Torque: 355Nm at 5,200rpm

Transmission: 8-speed auto

Fuel consumption: 10.7L/100km

Price: Dh179,999-plus

On sale: now