Many challenges await governments, societies and businesses in the coming years because of the spread of a "now-ism virus", the Dubai Future Forum has been told.
Dozens of futurists – experts who explore predictions about the future – have gathered at the Museum of the Future for the two-day forum to discuss what society, government and businesses will look like in the years to come.
Amy Webb, chief executive of the Future Today Institute and keynote speaker on the first day of the event on Tuesday, said people should think about the future while making decisions.
“From my point of view, governments, businesses and society – they’re now-ists. They’re not thinking like futurists. They’re preoccupied with the present,” Ms Webb said.
“And that makes sense. Living through the amount of change we’re all grappling with right now is extremely challenging and the stakes are unimaginably high.
Governments, businesses and society – they’re now-ists. They’re not thinking like futurists
Amy Webb,
Future Today Institute
“Now-ism is a virus. It’s incubated in uncertainty and fear and this virus is spreading. Corporations and governments are infected.
“At this point, more people are infected with the now-ism virus than Covid.”
She said society would face many challenges unless the world entered the "action era".
One of the biggest challenges for society is a sense of apathy towards public service, she said.
“We have fewer young people willing to commit to public service in some kind of way because it doesn't feel like they're obligated to do so,” she said.
Problems could arise for governments in the future because they are currently creating risk-focused scenarios, she said.
She said some governments were too focused on creating white papers, reports and policy recommendations.
Dubai stands out as an exception because of the progress it has made in such a short time.
"It's interesting that we're in Dubai, thinking about all of this, because this is a rare exception to that rule," she said.
"But if I look at a lot of other governments and a lot of countries around the world, this is not what's happening.
"We have to figure out a way to make foresight positioned so that government leaders can fulfil their own jobs."
Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, said in the opening speech that the UAE was a "great example" of a country that always planned for the future.
He said Emirates airline and districts such as Dubai Internet City were dedicated to helping to make the emirate a technology centre.
"In 2000, the internet was seen as a trend or technology with a lot of promise," Mr Al Olama said.
"At that point in time, we were an emerging hub and we weren't known for technology."
He explained that Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said "we want to dedicate a city for the internet – the Dubai Internet City".
"We started with a Dh200 million ($54.4m) loan from HSBC. I want you to think about what would make someone take such a bet with such conviction that 'I'm going to risk everything to be part of this trend and technology,'" Mr Al Olama said.
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Director:Guillermo del Toro
Stars:Bradley Cooper, Cate Blanchett, Rooney Mara
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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
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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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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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Founders: Walid and Karim Dib
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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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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
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Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
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