ABU DHABI // Sheikh Hamed bin Zayed was, on Sunday, met at Khalifa University by a very special individual – “Reem”, one of only four US$50 million, all-purpose robots in the world.
With the touch of a button on its casing, Sheikh Hamed, chairman of the Abu Dhabi Crown Prince’s Court, launched the $5m (Dh18.3m) Mohammed bin Zayed International Robotics Challenge.
Sheikh Hamed is also deputy chairman of the Khalifa University board of trustees, and the challenge will take place every two years.
“Challenges like this stimulate students and researchers from all over the world to enable scientific research and innovation,” said Dr Arif Al Hammadi, executive vice president at the university.
Next year’s challenge will focus on land and aerial robots that can assess situations and work together in emergencies.
Dr Mohammed Al Mualla, senior vice president of research and development at KU, said the first challenge would be open only to postgraduate departments and research centres around the world. Later versions will be open to all students and the public.
Participants will have to design and build robots that can, in tandem, land on a moving vehicle, put out fires and access areas that are hazardous for humans.
Dr Al Hammadi said the contest was in line with the Government’s push for innovation.
“We want to encourage students to create and for every university in the UAE to eventually have a robotics lab for its students,” he said.
Encouraging innovation among Emirati youth is one of the key goals of the competition, Dr Al Mualla said.
“We envision these robots having greater access to hard-to-reach places and decreasing response times rapidly,” he said.
Dr Paolo Dario, director of the BioRobotics Institute in Pontedera, Italy, said: “We are asking participants to create robots that are fast, dynamic and have the ability to react in shifting situations.”
Dr Dario, the visiting chief researcher of robotics and biomedical engineering at Khalifa University, said the challenge would provide an important step in developing the robotics industry in the UAE.
“Involving local companies by making them the beneficiary end-users would help create the industry and could assist many sectors such as energy, health and security,” he said.
Although it is widely believed that the development of a robotic industry will usher in unlimited economic growth, Dr Lakmal Seneviratne said there were many gaps to be filled.
“There is still a lot of work to be done to fill these technological gaps,” said Dr Seneviratne, director of the university’s Robotics Institute.
A call for proposals will begin in May, with submissions due in September. Seven finalists will be chosen in October and the challenge will take place in November next year.
Each group of finalists will receive $500,000, with the winning team taking home $2m.
Teams interested in entering the competition can find more information at mbzirc.com.
tsubaihi@thenational.ae
The%20specs
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THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
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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.”
Company%20profile
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Pots for the Asian Qualifiers
Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now