• Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, visits Gitex 2021. All photos: @HHShkMohd Twitter
    Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, visits Gitex 2021. All photos: @HHShkMohd Twitter
  • This year, 3,500 companies from 140 countries are participating.
    This year, 3,500 companies from 140 countries are participating.
  • Gitex offers a global platform for cutting-edge technological designs.
    Gitex offers a global platform for cutting-edge technological designs.
  • Sheikh Mohammed said Gitex had brought the world together in celebration of innovation.
    Sheikh Mohammed said Gitex had brought the world together in celebration of innovation.

UAE

Government

Sheikh Mohammed says Gitex a symbol of 'national aspirations' after touring mega event

Ruler of Dubai delivers uplifting message during visit to global trade show

The National

October 20, 2021

  • English
  • Arabic

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said Gitex represents the UAE's "aspirations for its future economy" after touring the global event on Wednesday.

He praised the high-profile trade show for bringing the world together to develop the technology of the future.

The Ruler of Dubai highlighted the importance of the successful staging of the annual event as the world cautiously recovers from the pandemic.

"Gitex represents the first full and integrated exhibition after the pandemic," said Sheikh Mohammed. "Gitex represents our national aspirations for the economy of the future.

"It also represents the UAE in bringing together the East and West of the world to formulate their future aspirations in technology."

More than 3,500 exhibitors drawn from 140 countries have flocked to the Gulf Information Technology Exhibition at Dubai World Trade Centre this week, in an international celebration of innovation and cutting-edge designs.

Visitors have marvelled at a whole host of eye-opening inventions — from a mind-controlled car to a robot helper set to be the first step on the road to a cyber Madam Tussaud's.

Tech giants from around the globe have showcased their plans for the future and given the world a glimpse at how their creations will affect daily life in the decades to come.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, said the UAE was primed to be at the forefront of “growth and innovation” in the global technology sector after officially opening Gitex on Sunday.

“Dubai and the UAE continue to demonstrate their commitment to supporting the global technology community in accelerating growth and innovation, boosting resilience and driving its transformation agenda in the post-pandemic phase,” Sheikh Hamdan said.

“The strong response the event has drawn from the global sector is testament to the trust the sector places in Dubai as a safe destination for international trade shows.”

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How Islam's view of posthumous transplant surgery changed

Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.

Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.

The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.

One school of thought viewed the removal of organs after death as equally impermissible.

That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.

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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.”

Updated: October 20, 2021, 12:31 PM