The National

Take the good, not the bad, on Twitter

Twitter has advantages as long as people are able to discern facts from fiction and rumours

National Editorial

February 04, 2014

For many people around the world, Twitter has replaced traditional news sources, in part because of the sheer volume of information that flows through the social media platform. But the size and speed of that flow makes it hard to discern accurate information from rumours and falsehoods. Some people even use Twitter to incite hatred, insult and defame others. Others use it to stoke speculation or religious and sectarian tensions. “Trolling” is a growing phenomenon in the Twittersphere, as those who can’t or won’t confront others in real life hide behind their keyboards.

Lt Gen Dhahi Khalfan Tamim, Dubai's deputy chairman of police security, brought the issue to the FNC on Monday. As The National reported yesterday, he said that many people misuse social media to spread lies and rumours that taint the image of the UAE. He called for the establishment of a government committee to fight online attacks against the country. Indeed, the wisest response a government can have is to use the platform to respond to lies with the truth.

Both officials and ordinary people need to deal with Twitter in a mature manner. Banning or regulating Twitter is not practical or necessarily desirable, not least because it has many positive uses. What is needed is the voice of reason and real information to be put forward, allowing users to choose the authoritative sites and filter out the bad sources through unfollowing. This way, users can regulate their own experience.

Twitter is a good tool for government to communicate with the public, and many UAE officials use it for this purpose. The World Leaders on Twitter Ranking Report shows that Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, is among the top 10 of the 123 heads of state who use Twitter for citizen engagement. And just this week, Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, used Twitter to reassure the general public about President Khalifa's health.

There are many advantages to using Twitter. It makes social interaction easier, allows people’s voices to be heard, spreads emergency information quickly when it’s needed, and helps organisations to reach out to potential clients. It is not a space that would benefit from further regulation, but from further interaction between credible sources and Twitter’s users.

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.”

Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
While you're here
ONCE UPON A TIME IN GAZA

Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi

Directors: Tarzan and Arab Nasser

Rating: 4.5/5

Famous left-handers

- Marie Curie

- Jimi Hendrix

- Leonardo Di Vinci

- David Bowie

- Paul McCartney

- Albert Einstein

- Jack the Ripper

- Barack Obama

- Helen Keller

- Joan of Arc

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
BORDERLANDS

Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis

Director: Eli Roth

Rating: 0/5

More from this package
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

While you're here
COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
If you go

The flights

There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.

The trip

Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.

The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.

 

You might also like
THE SPECS – Honda CR-V Touring AWD

Engine: 2.4-litre 4-cylinder

Power: 184hp at 6,400rpm

Torque: 244Nm at 3,900rpm

Transmission: Continuously Variable Transmission (CVT)

0-100kmh in 9.4 seconds

Top speed: 202kmh

Fuel consumption: 6.8L/100km

Price: From Dh122,900

UAE currency: the story behind the money in your pockets