Leaders from the G7 agreed to replace outdated paper-based systems with digital tools in a bid to speed up exports and international trade, during a virtual meeting hosted by Britain's Culture Secretary on Wednesday.
Oliver Dowden and his counterparts from Canada, France, Germany, Italy, Japan, the US and the EU agreed on plans "to turbocharge exports by digitising the cumbersome and centuries-old paper-based system" for key international trade transactions, while also improving the free flow of data.
The G7 also agreed to a series of principles to tackle online safety by ensuring major tech companies have systems and processes in place that reduce illegal and harmful activity and prioritise child protection.
The joint ministerial declaration, signed ahead of June’s G7 summit, is part of the first of seven ministerial declarations due to be signed this year.
“As a coalition of the world’s leading democracies and technological powers, we want to forge a compelling vision of how tech should support and enhance open and democratic societies in the digital age," Mr Dowden said.
“Together we have agreed on a number of priorities in areas ranging from internet safety to digital competition to make sure the digital revolution is a democratic one that enhances global prosperity for all.”
The leaders also agreed to tackle concerns over the market power of big tech platforms, with international regulators and policymakers set to meet the UK’s Competition and Markets Authority in autumn to discuss long-term co-ordination and enforcement.
Felicity Burch, director of digital for the Confederation of British Industry, said the latest moves from the G7 mark “a major milestone in the international digital agenda”.
“Over the last year, digital technologies have acted as a bedrock of resilience for economies,” Ms Burch said.
"This agreement can be a springboard for an inclusive, sustainable recovery and industry is ready to play its part to deliver this shared vision.”
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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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Nutritional yeast
This is Firth's pick and an ingredient he says, "gives you an instant cheesy flavour". He advises making your own cream cheese with it or simply using it to whip up a mac and cheese or wholesome lasagne. It's available in organic and specialist grocery stores across the UAE.
Seeds
"We've got a big jar of mixed seeds in our kitchen," Theasby explains. "That's what you use to make a bolognese or pie or salad: just grab a handful of seeds and sprinkle them over the top. It's a really good way to make sure you're getting your omegas."
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