A browser logs on at an Abu Dhabi internet cafe: changes to web addresses could result in string of Hindi characters separated by dots, or a link to a site such as "thenational.newspaper".
A browser logs on at an Abu Dhabi internet cafe: changes to web addresses could result in string of Hindi characters separated by dots, or a link to a site such as "thenational.newspaper".
A browser logs on at an Abu Dhabi internet cafe: changes to web addresses could result in string of Hindi characters separated by dots, or a link to a site such as "thenational.newspaper".
A browser logs on at an Abu Dhabi internet cafe: changes to web addresses could result in string of Hindi characters separated by dots, or a link to a site such as "thenational.newspaper".

Internet lords prepare to untangle web they wove


  • English
  • Arabic

A web address today is instantly recognisable to the world's more than 1.6 billion internet users, beginning with the familiar "http://" and ending in a suffix such as ".com" or ".ae". But all of that is about to be altered as the internet undergoes its most fundamental structural change since the inception of the world wide web. Soon, a web address could be a string of Hindi characters separated by dots, or a link to a site such as "thenational.newspaper". The changes will help to internationalise and liberalise what is already one of the world's most inclusive and democratic systems. It is available equally to all, based on common standards that anyone can participate in and governed by consensus through a loose international coalition of volunteers and elected managers. And while to the casual user the web seems to "just work", behind the scenes is a hive of international co-ordination and deal making, working around the clock to hold the internet's complex structure together. At the heart of the internet are 13 "root" servers, which act as the central directory of the web. Every web page has a unique internet protocol (IP) address, much like a phone number, and guidance from these servers allows the web browser to convert a request for "www.thenational.ae" into a search for the right page, located at 205.139.40.94. Converting a human-language request into a machine-readable number involves moving across the web address from right to left, beginning with the final suffix. In the case of the address above, information from the root server would point the browser to a directory of all pages ending in ".ae", which would then point onward to "thenational," and so on. The root server system is a core foundation of the internet and historically the sites containing physical root servers were tightly guarded, as a co-ordinated attack against all 13 could bring the web undone. Such a threat has been greatly reduced in recent years by distributing virtual copies of each root server across hundreds of locations. Maintaining the information in the root servers and holding together the system that connects them to the global network of internet providers and web hosts is a primary task of the Internet Corporation for Assigned Names and Numbers (ICANN). Founded in 1998, ICANN manages the internet's addressing system, so it wields significant influence over the direction of the web. The body is introducing two major reforms that represent the biggest changes to the addressing system since its inception. First, the system is being internationalised, enabling web addresses to be written in 22 different scripts, including Arabic, Korean and Japanese. Secondly, it is being opened up, allowing the registration of thousands of new top-level domains such as ".com", in all the new languages being supported. The result will be a web that is more diverse and decentralised than ever before. Until today, the bulk of websites clustered around a handful of domains such as ".com" and all were written in a common script. In the future, sites will scatter to thousands of specialised domains and many web addresses will be indecipherable to those who cannot read the many languages supported by the system. The reforms will also open up vast new tracts of digital land, which will be snapped up by the online equivalents of globetrotting speculators and eager first-home owners. There is a thriving market for valuable internet domain names; "www.horse.ae" was recently sold to a UAE horse lover for Dh6 million (US$1.6m). As well as the increasing number of internet users who want to navigate the web in their own language, the launch of entirely new domains will be met with a rush to grab the prime addresses. Mohammed Gheyath, the executive director for technology development affairs at the Telecommunications Regulatory Authority (TRA), told a forum in Abu Dhabi this week that the UAE hopes to turn its Arabic-language equivalent of ".ae" into a major hub for the Arabic internet. Similar plans are afoot at the Arab League, which intends to register ".arab" and turn it into a pan-regional web destination. While the potential for Arabic addressing is significant, the real explosion is expected among the internet communities in India and China, home to almost half of the world's internet users. China has already introduced a limited version of the system, allowing users to type web addresses in Chinese script, although the system has many limits. When Chinese becomes integrated into the core of the web addressing system, the country's booming internet industry will quickly shift its addressing into the local language, with international companies looking to break into the market sure to follow. While demand for local-language web addresses will be high, becoming the new Arabic version of ".com" will not be easy. Registering a whole new domain, in Latin characters or any other language, will be nothing like the cheap, simple process of registering a sub-domain today. In opening the web to whole new languages and domains, ICANN is modifying the way the system works, making serious changes to the root servers that guide the network. The current system for registering sub-domains has become fertile ground for speculators, conmen and shady dealers, who built entire businesses on registering thousands of websites each day. ICANN has no intention of seeing the new top-level domain registration system exploited in the same way. To begin with, applicants need to put down a $185,000 application fee and follow it up with a detailed proposal for how they will manage the domain and register new web addresses under it. ICANN is looking for organisations with the technical and managerial ability to take responsibility for a whole new portion of the internet, one that could become every bit as important as ".com" is today. Speculators need not apply. tgara@thenational.ae

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.”

Dubai Rugby Sevens

November 30-December 2, at The Sevens, Dubai

Gulf Under 19

Pool A – Abu Dhabi Harlequins, Jumeirah College Tigers, Dubai English Speaking School 1, Gems World Academy

Pool B – British School Al Khubairat, Bahrain Colts, Jumeirah College Lions, Dubai English Speaking School 2

Pool C - Dubai College A, Dubai Sharks, Jumeirah English Speaking School, Al Yasmina

Pool D – Dubai Exiles, Dubai Hurricanes, Al Ain Amblers, Deira International School

UAE currency: the story behind the money in your pockets
The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Gulf Under 19s final

Dubai College A 50-12 Dubai College B

PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

THE SPECS

      

 

Engine: 1.5-litre

 

Transmission: 6-speed automatic

 

Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

On sale: now  

 

Red Sparrow

Dir: Francis Lawrence

Starring: Jennifer Lawrence, Joel Egerton, Charlotte Rampling, Jeremy Irons

Three stars

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

ADCC AFC Women’s Champions League Group A fixtures

October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

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