Sarah Al Amiri, Minister of State for Advanced Technology and chairwoman of the UAE Space Agency. Pacific Press
Sarah Al Amiri, Minister of State for Advanced Technology and chairwoman of the UAE Space Agency. Pacific Press
Sarah Al Amiri, Minister of State for Advanced Technology and chairwoman of the UAE Space Agency. Pacific Press
Sarah Al Amiri, Minister of State for Advanced Technology and chairwoman of the UAE Space Agency. Pacific Press

UAE minister Sarah Al Amiri among Bloomberg Catalysts to accelerate global problem solving


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The UAE technology minister Sarah Al Amiri is named on a list of prestigious thought leaders chosen to tackle pressing global issues.

The Minister of State for Advanced Technology is among Bloomberg’s Catalysts, who will form “a new global community of public and private-sector innovators and entrepreneurs accelerating solutions to today’s greatest problems”.

Billionaire Michael Bloomberg announced the list on Wednesday.

The selected Catalysts are said to be creating change at the cutting edge of technology and policy.

"The Bloomberg New Economy Catalysts are a group of talented entrepreneurs, scientists, policymakers and other leaders taking on pressing global challenges," Mr Bloomberg said.

“Many of them are from countries that are having an increasingly big impact on the world economy. And I know our forum will benefit from their contributions.”

Sarah Al Amiri at a press conference after the UAE Hope probe reached Mars. Reem Mohammed / The National
Sarah Al Amiri at a press conference after the UAE Hope probe reached Mars. Reem Mohammed / The National

Ms Al Amiri’s name has become synonymous with space exploration in her role as chairwoman of the UAE Space Agency.

“I am delighted to be joining the Bloomberg New Economy Catalyst community this year,” she said.

“The core ideals behind the Catalysts, galvanising investment in new ideas, building opportunities based on international innovation and collaboration, are very much a part of how we approach not only the development of the UAE space sector, but the work of the UAE Ministry of Industry and Advanced Technology.

“I believe the time has never been more appropriate to foster international dialogue and co-operation to address our mutual challenges and opportunities and the spirit of the Catalysts is very much in line with the multinational and international spirit of the Emirates,” Ms Al Amiri said.

“I see this as an important opportunity for us to help drive this positive global dialogue.”

A second UAE resident was given the title of Catalyst alongside Ms Al Amiri.

Simran Chowdhry, co-founder of BluePhin Technologies, will also be part of the forum.

Ms Chowdhry’s company is known for tackling water pollution using an autonomous robot.

Other Catalysts include Sarah Hanson-Young, senator for South Australia and the youngest woman to be elected to the Australian federal parliament, who is working to ensure a transition to a more sustainable world.

Also included is Nthabiseng Mosia, co-founder of Easy Solar, which finances solar systems and appliances for people with limited access to the grid to help power more than 500,000 homes across West Africa.

The first Bloomberg New Economy Catalyst online event will be held on June 30. It will discuss the future in sectors such as climate, agriculture, bio-tech, e-commerce, space and digital money.

UAE Hope Probe successfully enters Mars orbit – in pictures

  • Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid personally thank staff from mission control in Dubai after Hope probe's successful orbit entry on February 9. The National
    Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid personally thank staff from mission control in Dubai after Hope probe's successful orbit entry on February 9. The National
  • A man celebrates at an event at Burj Park in Dubai to celebrate the Hope probe going into orbit around Mars. Chris Whiteoak / The National
    A man celebrates at an event at Burj Park in Dubai to celebrate the Hope probe going into orbit around Mars. Chris Whiteoak / The National
  • People celebrate at an event at Burj Park to celebrate the Hope probe going into orbit around Mars. Chris Whiteoak / The National
    People celebrate at an event at Burj Park to celebrate the Hope probe going into orbit around Mars. Chris Whiteoak / The National
  • An event at Burj Park to celebrate the Hope probe going into orbit around Mars. Chris Whiteoak / The National
    An event at Burj Park to celebrate the Hope probe going into orbit around Mars. Chris Whiteoak / The National
  • People celebrate at an event at Burj Park to celebrate the Hope probe going into orbit around Mars. Chris Whiteoak / The National
    People celebrate at an event at Burj Park to celebrate the Hope probe going into orbit around Mars. Chris Whiteoak / The National
  • Guests arrive at the Burj Park event to mark the arrival of the Hope probe to Mars. Chris Whiteoak / The National
    Guests arrive at the Burj Park event to mark the arrival of the Hope probe to Mars. Chris Whiteoak / The National
  • A guest attending the Burj Park event to mark the arrival of the Hope probe to Mars. Chris Whiteoak / The National
    A guest attending the Burj Park event to mark the arrival of the Hope probe to Mars. Chris Whiteoak / The National
  • Burj Park was set up for people to watch the Hope probe attempt its Mars orbit insertion. Courtesy: UAE Government Twitter
    Burj Park was set up for people to watch the Hope probe attempt its Mars orbit insertion. Courtesy: UAE Government Twitter
  • UAE Mars Mission engineer, Hessa Al Matroushi, was interviewed at a Burj Park event to mark the arrival of the Hope probe to Mars. Chris Whiteoak / The National
    UAE Mars Mission engineer, Hessa Al Matroushi, was interviewed at a Burj Park event to mark the arrival of the Hope probe to Mars. Chris Whiteoak / The National
  • Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, attended the event at Burj Park to mark the arrival of the Hope probe to Mars. Chris Whiteoak / The National
    Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, attended the event at Burj Park to mark the arrival of the Hope probe to Mars. Chris Whiteoak / The National
  • Engineer Hessa Al Matroushi attended the event at Burj Park to mark the arrival of the Hope probe to Mars. Chris Whiteoak / The National
    Engineer Hessa Al Matroushi attended the event at Burj Park to mark the arrival of the Hope probe to Mars. Chris Whiteoak / The National
  • TV crews get ready at an event at Burj Park in Dubai to celebrate the Hope probe going into orbit around Mars. Chris Whiteoak / The National
    TV crews get ready at an event at Burj Park in Dubai to celebrate the Hope probe going into orbit around Mars. Chris Whiteoak / The National
  • An event at Dubai's Burj Park to celebrate the Hope probe's Mars orbit insertion attempt. Chris Whiteoak / The National
    An event at Dubai's Burj Park to celebrate the Hope probe's Mars orbit insertion attempt. Chris Whiteoak / The National
  • Guests arrive at an event at Burj Park to mark the Hope probe's Mars orbit insertion attempt. Chris Whiteoak / The National
    Guests arrive at an event at Burj Park to mark the Hope probe's Mars orbit insertion attempt. Chris Whiteoak / The National
  • Guests and media arrive at an event at Burj Park to witness Hope probe's Mars orbit insertion attempt. Chris Whiteoak / The National
    Guests and media arrive at an event at Burj Park to witness Hope probe's Mars orbit insertion attempt. Chris Whiteoak / The National
  • Guests arrive at an event at Burj Park to mark the Hope probe's Mars orbit insertion attempt. Chris Whiteoak / The National
    Guests arrive at an event at Burj Park to mark the Hope probe's Mars orbit insertion attempt. Chris Whiteoak / The National
  • Guests arrive at an event at Burj Park to mark the Hope probe's Mars orbit insertion attempt. Chris Whiteoak / The National
    Guests arrive at an event at Burj Park to mark the Hope probe's Mars orbit insertion attempt. Chris Whiteoak / The National
  • Guests arrive at an event at Burj Park to mark the Hope probe's Mars orbit insertion attempt. Chris Whiteoak / The National
    Guests arrive at an event at Burj Park to mark the Hope probe's Mars orbit insertion attempt. Chris Whiteoak / The National
  • The Burj Khalifa lights up at an event at Burj Park in Dubai to celebrate the Hope probe going into orbit around Mars. Chris Whiteoak / The National
    The Burj Khalifa lights up at an event at Burj Park in Dubai to celebrate the Hope probe going into orbit around Mars. Chris Whiteoak / The National
  • The UAE Flag area on the Corniche in Abu Dhabi lights up in red to celebrate the success of the Hope probe going into orbit around Mars. Victor Besa / The National
    The UAE Flag area on the Corniche in Abu Dhabi lights up in red to celebrate the success of the Hope probe going into orbit around Mars. Victor Besa / The National
  • The ADNOC Headquarters lights up in Abu Dhabi to celebrate the success of the Hope probe going into orbit around Mars. Victor Besa / The National
    The ADNOC Headquarters lights up in Abu Dhabi to celebrate the success of the Hope probe going into orbit around Mars. Victor Besa / The National
  • Sheikh Mohamed bin Zayed celebrates with Sheikh Mohammed bin Rashid at an event at Burj Park in Dubai to celebrate the Hope probe going into orbit around Mars. Chris Whiteoak / The National
    Sheikh Mohamed bin Zayed celebrates with Sheikh Mohammed bin Rashid at an event at Burj Park in Dubai to celebrate the Hope probe going into orbit around Mars. Chris Whiteoak / The National
  • People celebrate at an event at Burj Park in Dubai to mark the Hope probe going into orbit around Mars. Chris Whiteoak / The National
    People celebrate at an event at Burj Park in Dubai to mark the Hope probe going into orbit around Mars. Chris Whiteoak / The National
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Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

UAE currency: the story behind the money in your pockets
Company profile

Company name: Suraasa

Started: 2018

Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker

Based: India, UAE and the UK

Industry: EdTech

Initial investment: More than $200,000 in seed funding

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.”

Captain Marvel

Director: Anna Boden, Ryan Fleck

Starring: Brie Larson, Samuel L Jackson, Jude Law,  Ben Mendelsohn

4/5 stars

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MWTC info

Tickets to the MWTC range from Dh100 and can be purchased from www.ticketmaster.ae or by calling 800 86 823 from within the UAE or 971 4 366 2289 from outside the country and all Virgin Megastores. Fans looking to attend all three days of the MWTC can avail of a special 20 percent discount on ticket prices.