UAE’s telecoms regulator adopts a new identity

The UAE Telecommunications and Digital Government Regulatory Authority (TDRA) has rebranded, the entity announced on Monday.

Its new identity follows a decree in September last year which changed the authority's name, reflecting its broader remit. The authority's board voted to adopt the new name at a board meeting in December.

“We are witnessing a full digital transformation … electronic government was started before 2000, mobile government was started in 2013 and today we are talking about a digital government supported by data and [the] Fourth Industrial Revolution,” Hamad Obaid Al Mansoori, TDRA’s director general, told an online roundtable on Monday.

“Digital government is a completely different concept, as it goes beyond providing services. It seeks to enhance the quality of life … employ digital data and technologies supported by artificial intelligence in people's transactions, relationships and lives,” said Mr Al Mansoori.

Hamad Obaid Al Mansoori, TDRA’s director general (C), at the launch of UAE National Cybersecurity Strategy in June 2019. Courtesy TDRA

Usage of telecoms and digital services in the UAE and across the world soared over the past year as companies increasingly switched to remote working to stem the spread of the pandemic. The Emirates also temporarily lifted a ban on voice-over-internet protocol applications and other video conferencing tools to help remote working.

“We think digitally, interact digitally, design digitally, work digitally and present our products digitally. This becomes an integral part of the daily life of individuals in the government or in the private sector as they are working more remotely due to the pandemic,” Mr Al Mansoori added.

The total number of internet subscriptions in the UAE totalled nearly 3 million in December, almost the same as in November, according to the TDRA. There were almost 33 broadband internet connections per 100 residents in the Emirates, it added.

The TDRA said its strategy has been aligned with the country's digital transformation, and that it has set six new objectives that "aim to build a strong infrastructure to connect government agencies towards providing high quality digital services”, Mohammad Al Zarooni, chief executive of policies and programmes, said.

The TDRA, which regulates the UAE’s telecom sector and provides frameworks to government entities in the field of smart transformation, is also monitoring the impact of its changes on users and collecting feedback to improve services.

“We are closely monitoring how our latest efforts are transforming users' experience,” Mr Al Zarooni said.

Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

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Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

ENGLAND SQUAD

For first two Test in India Joe Root (captain), Jofra Archer, Moeen Ali, James Anderson , Dom Bess, Stuart Broad , Rory Burns, Jos Buttler, Zak Crawley, Ben Foakes, Dan Lawrence, Jack Leach, Dom Sibley, Ben Stokes, Olly Stone, Chris Woakes. Reserves James Bracey, Mason Crane, Saqib Mahmood, Matthew Parkinson, Ollie Robinson, Amar Virdi.

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Previous men's records

2:01:39: Eliud Kipchoge (KEN) on 16/9/19 in Berlin
2:02:57: Dennis Kimetto (KEN) on 28/09/2014 in Berlin
2:03:23: Wilson Kipsang (KEN) on 29/09/2013 in Berlin
2:03:38: Patrick Makau (KEN) on 25/09/2011 in Berlin
2:03:59: Haile Gebreselassie (ETH) on 28/09/2008 in Berlin
2:04:26: Haile Gebreselassie (ETH) on 30/09/2007 in Berlin
2:04:55: Paul Tergat (KEN) on 28/09/2003 in Berlin
2:05:38: Khalid Khannouchi (USA) 14/04/2002 in London
2:05:42: Khalid Khannouchi (USA) 24/10/1999 in Chicago
2:06:05: Ronaldo da Costa (BRA) 20/09/1998 in Berlin

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

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.”