Samsung registered a 46 per cent increase in pre-orders for its newly-launched Galaxy S21 phone series in the Gulf region compared to last year's S20 line-up, a senior company official said.
The premium model in the series, the S21 Ultra, attracted the most interest with more than 65 per cent of total pre-orders, Osman Albora, senior director of Samsung Gulf Electronics' mobile division, told The National.
“Orders were even higher in the UAE … 56 per cent more than the S20 series,” said Mr Albora, who did not disclose the exact number of orders.
The consumer electronics giant began sales of three new models – the S21, the S21+ and the S21 Ultra – across the GCC on Sunday. It began taking advance orders for the devices on January 14, when they were launched globally.
The S21 Ultra starts from Dh4,899. The S21+ and S21 start from Dh3,799 and Dh3,199, respectively.
Samsung said it sold 45.2 per cent of 5G phones in the UAE, the second-largest economy in the Arab world, in 2020, and Mr Albora predicts this will increase.
“5G enhances the overall mobile experience … its share will continue to grow … Samsung has democratised the technology by offering it across [a] different range of portfolios,” Mr Albora said.
Last year, Samsung’s business in the premium phone segment – which includes handsets priced at $600 or above – grew in double digits in the UAE, Mr Albora said, citing data from German research company GFK's UAE market report.
“In the premium segment, we held 34.1 per cent market share in the UAE – nearly 12 per cent more than 2019 … we experienced a similar growth in other parts of the Gulf region.”
Samsung is adding a stylus to the S21 Ultra – a first in the series. Users can either opt for an existing S Pen from a Note device or buy one separately.
As with its US rival Apple, Samsung has also stopped shipping wired headphones and in-box chargers with the S21 series, citing sustainability reasons.
Mr Albora is optimistic about growth in 2021.
“2020 was the year of change and technology helped us to stay connected throughout the unpredictable time.
“It also accelerated the mobile-first world as people have started using their smartphones much more. This trend is here to stay in the post-Covid world and 5G will be one of the main driving forces,” he added.
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.”
GRAN%20TURISMO
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TO ALL THE BOYS: ALWAYS AND FOREVER
Directed by: Michael Fimognari
Starring: Lana Condor and Noah Centineo
Two stars
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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THE 12 BREAKAWAY CLUBS
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
