Sheikh Mohammed bin Rashid was accompanied to Gitex by Omar Al Olama, Minister of State for AI, Digital Economy and Remote Work Applications, and several senior officials. Photo: Dubai Media Office
Sheikh Mohammed bin Rashid was accompanied to Gitex by Omar Al Olama, Minister of State for AI, Digital Economy and Remote Work Applications, and several senior officials. Photo: Dubai Media Office
Sheikh Mohammed bin Rashid was accompanied to Gitex by Omar Al Olama, Minister of State for AI, Digital Economy and Remote Work Applications, and several senior officials. Photo: Dubai Media Office
Sheikh Mohammed bin Rashid was accompanied to Gitex by Omar Al Olama, Minister of State for AI, Digital Economy and Remote Work Applications, and several senior officials. Photo: Dubai Media Office

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UAE

Sheikh Mohammed says Gitex reflects confidence of global tech players in the UAE

Sheikh Mohammed visits pavilions of Etisalat, Huawei, H3C, Oracle, G42, Microsoft and IBM

The National
Dubai

October 14, 2024

  • English
  • Arabic

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, toured Gitex Global 2024 conference on the opening day of the technology show on Monday

He said the "remarkable increase in international participation at Gitex 2024" confirms Dubai's position "as a global hub for advanced technologies such as artificial intelligence".

There has been a nearly 40 per cent increase in global participation at this year’s Gitex, with more than 400 government and digital agencies, and a host of new participants.

"We have a clear vision to advance the UAE’s leadership in the global digital and technology landscape, making it the world’s most future-ready nation. And Gitex is a testament to this vision," Sheikh Mohammed added.

“By fostering a culture of innovation and excellence, we are unlocking new opportunities for both established industry players and emerging entrepreneurs to grow and thrive.

"While we remain dedicated to nurturing homegrown talent and expertise, we are equally focused on forging strong partnerships with global technology leaders to accelerate progress and shape the future of this vital sector.”

Sheikh Mohammed also reviewed advancements in technology while visiting the pavilions of Etisalat, Huawei, H3C, Oracle, G42, Microsoft and IBM, and highlighted how Gitex "further accelerates the momentum set by [the country's] latest initiatives like the 'Dubai Universal Blueprint for Artificial Intelligence’".

The event will deliver more than 120 hours of AI-focused content and will feature the launch of the region’s largest Data Centre Symposium, which sets the stage for AI Everything Global 2025.

It also creates "an environment that nurtures innovation and empowers companies to explore the vast potential of emerging technologies", Sheikh Mohammed added.

Gitex 2024 is set to provide a strong boost to the goals of the Dubai Economic Agenda D33 to double the emirate’s GDP and generate an annual Dh100 billion contribution from digital transformation by 2033.

The 44th Gitex will bring together more than 6,500 exhibitors from at least 180 countries and run until October 18.

Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
While you're here

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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If you go...

Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.

Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50

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GOLF’S RAHMBO

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The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.

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The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

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Updated: October 14, 2024, 5:54 PM
Sheikh Mohammed bin RashidDubaiTechnologyUAE