Wars of rhetoric have become more pervasive and have the potential of being more destructive than modern warfare, said Noura Al Kaabi, Minister of Culture and Knowledge Development.
In her speech at the Ministry of Defence in Abu Dhabi on Sunday, Ms Al Kaabi said technological advancements have presented a significant challenge and changed the face of war as it is known.
She said “wars are always present in people’s minds,” in an age where almost everyone is online and has access to social media.
"The kind of war created by means of communications at present is much more dangerous than the traditional form of war, especially in light of the presence of a large number of technology users who easily get influenced by such digital types of war," the minister said.
She said the digital platforms from which these wars can be waged, or exposed, take form in a variety of ways, with social media being the most dynamic.
“The first is widely-used social media sites and accounts which are easily accessible to large numbers of people who are almost impossible to trace as they usually don’t reveal their real identity,” she said.
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Other digital platforms include advanced technological applications implemented by more sophisticated communication arms of terror groups, like ISIL, whose ability to appeal to impressionable minds around the world has allowed it to expand its network internationally
The final form of digital platforms the minister referred to was the use of web portals by government departments to effectively disseminate their messages including their political agenda.
"With world governments increasingly relying on information technology in their daily dealings and services, cyber war will take up a leading role in modern warfare and its impact will extend in a way that will be difficult for world governments to contain," the minister noted.
She said the UAE has implemented an in-depth strategic vision for the future and has managed to deal in a sound and strategic way with all forms of challenges.
She said the UAE is keen "ensure the highest level of security and stability for its citizens and residents, a fact which makes us all proud of being part of a country that proves before the whole world every day its distinction and pioneering role across multiple domains."
The minister said digital diplomacy is important in influencing individual opinions, adding that the UAE has made great strides in this field and has secured very active channels of communications with the international community to strengthen its national branding, reported state news agency Wam.
"The past period has witnessed the emergence of certain groups and entities that have wielded technologies to benefit their own agenda, thereby posing new forms of threats that we have not witnessed before."
If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
Company%20profile
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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.”
'Avengers: Infinity War'
Dir: The Russo Brothers
Starring: Chris Evans, Chris Pratt, Tom Holland, Robert Downey Junior, Scarlett Johansson, Elizabeth Olsen
Four stars