A senior Facebook chief has vowed to fight Russia's ban to ensure its citizens are not deprived of “valid and real” information on the country's war in Ukraine.
Sheryl Sandberg, chief operating officer of Meta, the company that owns Facebook, said that before the onset of social media countries such as Russia were “controlled by one voice".
Speaking at Expo 2020 Dubai, Ms Sandberg said Facebook had been seeking to counter misinformation from the Russian government before it was blocked.
Russia imposed a ban on Facebook on Friday, as its invasion of Ukraine continued.
Social media is bad for dictators – that's why Putin took us down
Sheryl Sandberg
Access to Twitter was also restricted.
Russia's communication regulator said the move was in response to restrictions placed on its media by Facebook, citing 26 cases of “discrimination” against Russian media by the platform since October 2020.
“Social media is bad for dictators — that's why Putin took us down,” said Ms Sandberg in a talk moderated by CNBC’s Hadley Gamble for International Women’s Day.
“Before social media, in a country like Russia, the media was completely controlled by one voice.
“Social media changes the ability of people to post and to speak … But, the scariest part of all of this is the lack of access.
“When we go down in Russia, people are losing their ability to actually understand what's happening. So, I think we need to fight for access and make sure that social media exists so that people do get information from all over the world, and that information is valid and real.”
Meta has been working on removing misinformation posted by Russian groups, including labelling posts that may be false.
Ms Sandberg said that Russia had asked Facebook to stop labelling its posts as misinformation, a request the company refused.
“We have been labelling things that the government says as invalid and misinformation and we were doing it in Russia,” she said.
“In fact, one of the reasons they took us down is because they asked us to stop labelling those posts as misinformation and we refused.
“So again, because we are not controlled by Russia, we were labelling the things they were saying that were false as ‘false’.”
“I think it is a real shame that we're down and other services are down because we now don't know what kind of information is available there. It’s much more restrictive.”
Meta's head of global affairs, Nick Clegg, said the company would continue to do everything it could to restore its services.
“Soon, millions of ordinary Russian will find themselves cut off from reliable information, deprived of their everyday ways of connecting with family and friends and silenced from speaking out,” he said in a statement on Twitter.
Major tech and social media companies have faced pressure to respond to Russia's invasion of Ukraine, which has led to economic sanctions against Moscow by governments around the world.
Russia calls its actions in Ukraine a “special operation".
The White House said it was “deeply concerned” by Russia's decision to block the US firm, and said it was part of a wider effort to cut off information.
The ban came after Russia's parliament passed a new law imposing jail terms of up to 15 years for spreading what it called intentionally “fake” news about the military.
The BBC said it would temporarily suspend the work of all its journalists and support staff in Russia following the introduction of the law.
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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.”
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort: