Government

Dubai law to facilitate data sharing between Government agencies and private sector

A new law to ease data sharing between Government agencies and the private sector was launched on Saturday as part of the emirate’s Smart City initiative.

The National staff

October 18, 2015

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DUBAI // A new law to ease data sharing between Government agencies and the private sector was launched on Saturday as part of the emirate’s Smart City initiative.

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced details of the Dubai Data Law through his Twitter account, @HHShkMohd.

“We issued today Dubai Data Law, which will allow sharing of Government data with private sector for a better Smart City of Dubai,” Sheikh Mohammed tweeted. “Dubai Data Law will create opportunities for collaboration, innovation and entrepreneurship between Government and non-Government entities.”

The new law will make the data accessible to researchers, investors and service developers via an integrated platform. The law will create opportunities for collaboration, innovation and entrepreneurship between government and non-government entities, which would in turn increase the competitiveness of data providers at the local, regional and international levels.

The data law lays down clear rules and mechanisms, making it obligatory for all government departments to share their data with each other in order to unify all Dubai related data and provide unified and integrated services to the public.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and General Supervisor of Dubai Smart City, said, “The new law will unify Dubai data and remove the last legal obstacles for those interested in investing in the digital economy. It will also complete the legislative framework of Dubai Smart City.”

The law will also facilitate the process of obtaining data for Smart Cities, which rely mainly on data and internet cloud computing technology to implement advanced infrastructure set up.

It will help authorities to prepare policies, implement plans and initiatives efficiently and effectively. The data law will also enable the emirate to achieve its vision of making Dubai a city that can manage data according to clear and specific methodology consistent with international best practices.

Dubai Police praised the new law, saying it will make Dubai’s government data accessible to the public and available to be classified, consolidated and exchanged among different entities.

Major General Khamis Matar Al Muzaina, Commander-in-Chief of Dubai Police, said: “The new law lays the legislative foundation for transforming Dubai into a smart city, and allows the provision of integrated services to the public and the building of a new digital economy in partnership with the private sector.”

Maj Gen Al Muzaina highlighted Dubai Police’s keenness to keep pace with the latest developments in smart services in order to enhance their performance, streamline their procedures and improve the services provided to the public. He added that the Dubai Police were among the first government entities to implement the smart government initiatives, which aim to transform to an era of smart government in 82 government services at country level in line with the Dubai government’s 2021 Vision and the initiatives launched by Sheikh Mohammed to invest in people and services alike in order to improve the emirate’s reputation as a notable international destination.

The Dubai Smart City project was launched in 2013 with a plan to provide residents “with high-speed Internet access in public places, and live services and information”. Sheikh Mohammed had tweeted at the time. “The Dubai Smart City project involves remote sensor devices all over Dubai. Education, health care and general security will be managed via smart systems. City management today requires new tools and a new thinking. We want to create a new reality for our people, a different life for our children and a new global development model.”

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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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