World Governments Summit: live updates
Elon Musk and his Boring Company have signed an initial deal to bring an underground road system to Dubai, named the Dubai Loop.
The billionaire tech tycoon and UAE's AI minister Omar Al Olama announced the project on the final day of the World Governments Summit.
Boring Company will partner with Dubai authorities to look at constructing tunnels that carry vehicles underneath the city, similar to the Las Vegas Loop, which uses all Tesla vehicles. That system carries convention centre visitors in high-speed tunnels to avoid surface traffic.
"Once people try it out they're going to say wow, it's really cool. It's going to seem so obvious in retrospect," Mr Musk said.
"It's going to be like a wormhole, from one part of the city, boom, and you're at another part of the city, and it's great. We look forward to his partnership."
Mr Al Olama said the project would cover "Dubai's most densely populated areas for people to go from point to point, in a seamless manner".
It's going to be like a wormhole, from one part of the city, boom, and you're at another part of the city
Elon Musk
"We're going to join the first trip, in the first pod, when it's completed," Mr Al Olama added.
The Dubai Government later said the deal was a strategic partnership to "study the implementation of the Dubai Loop", and shared a picture of Dubai Crown Prince Sheikh Hamdan overseeing the signing of the deal with Boring Company officials.
The government said it is looking at a 17km system with 11 stations that could carry 20,000 passengers per hour. Few further details were given.
The existing Las Vegas Loop runs underneath the convention centre, one of the world's largest. It took two years to build the tunnels and five stations for 70 driverless vehicles to navigate. The eventual plan is for a sprawling citywide system connecting the airport to hotels and casinos and more than 100 stations.
Like Dubai, Las Vegas is one of the world's hottest cities and below-ground transport is seen as ideal for future-proofing.
Mr Musk added that underground travel is a safer option than travel by flying cars, and is less likely to be disrupted by poor weather or other external factors.
"Underground is a good place to be in a worst-case scenario for global thermonuclear warfare," he said.
But what is really useful about the tunnels is alleviating traffic and congested areas, Mr Musk added.
"Now the challenge going above ground or with any kind of flying object is that it tends to be very noisy and generate a lot of wind force," he said.
'No sandstorms, no bad weather'
"If you have bad weather, like let's say there's a blizzard or a sandstorm or something, well, now nobody can fly. None of these problems exist with underground travel.
"We have a demonstration case of this in Las Vegas, connecting the whole city with all of the big hotels and the convention centre, the airport and everything."
In conversation with Mr Al Olama, Mr Musk touched on improving US government efficiencies and the potential of humanoid robots, generative AI and deep intelligence.
Tesla’s $20,000 Optimus humanoid robots are able to perform unsafe, repetitive, boring tasks otherwise undertaken by humans, such as hazardous materials disposal, housework and even social care.
Humanoid Tesla robots
Mass production of about 60,000 robots annually could be possible by 2026, according to Tesla. Their impact would be a game changer for the service industry and financial institutions, said Mr Musk.
“Once you have humanoid robots and deep intelligence, you can basically have quasi-infinite products and services available,” he said.
“With Tesla building the most advanced humanoid robot, and those human humanoid robots directed by deep intelligence, you can produce any product and provide any service.
“There's really no limit to the economy at that point, you can make anything."
While warning a dystopian future could be just a few years away, he said they way people earn a living could change.
“I'm not sure at that point if money will even be meaningful," he said.
“You have no meaningful limit on the number of robots and the robots can basically do anything then.
“You'll have a sort of universal high-income situation. It's going to be a very different world.”
'Nightmare Alley'
Director:Guillermo del Toro
Stars:Bradley Cooper, Cate Blanchett, Rooney Mara
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Venom
Director: Ruben Fleischer
Cast: Tom Hardy, Michelle Williams, Riz Ahmed
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Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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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First Test: at Lord's, England won by 211 runs
Second Test: at Trent Bridge, South Africa won by 340 runs
Third Test: at The Oval, July 27-31
Fourth Test: at Old Trafford, August 4-8
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Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
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- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
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A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
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Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
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Price, base: Dh708,750
Engine: 1.5L three-cylinder petrol, plus 11.6 kWh lithium-ion battery
Transmission: Six-speed automatic
Power: 374hp (total)
Torque: 570Nm (total)
Fuel economy, combined: 2.0L / 100km
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- Solo riders only, no passengers allowed
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
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Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
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