Amid continued global popularity coupled with increasing scrutiny from various regulators and officials, TikTok’s chief executive Shou Zi Chew reaffirmed the platform's ultimate goal is to “inspire creativity and create joy”, and also said it “makes sense” that Joe Biden’s US presidential campaign joined the platform.
Mr Chew made the comments at the Leap 2024 conference in Riyadh, a four-day technology exhibition featuring established companies, budding start-ups, entrepreneurs and government officials from around the world.
“We think that it makes sense for them,” he said, when asked about Mr Biden’s campaign, which started posting videos to TikTok in early February.
“This is a great platform to send a message and to connect to large community of engaged users,” Mr Chew said, noting other political campaigns and various causes have joined the social platform.
The user-generated video-sharing platform, has an estimated 1 billion active monthly users and has been the social-network du jour, particularly among younger people.
“Our most viral content is usually the very joyful content, it’s inspiring and joyful,” the chief said during a fireside chat at the Riyadh Exhibition and Convention Centre.
Despite its ascent to the top of app download charts and being on the tip of every tongue in the tech world and social media users, TikTok is not without its critics, particularly among regulators in Europe and North America.
TikTok is owned in part by China-based ByteDance, and concerns and speculation have swirled about how the platform saves and uses personal user data.
While testifying before the US Congress in last year, Mr Chew, a Singaporean, dismissed concerns raised by representatives.
“Let me state this unequivocally: ByteDance is not an agent of China or any other country,” he said during his opening remarks.
In India the platform is banned and US elected officials have gone as far as to suggest the app might present a national security risk, in part because of TikTok’s financial connection to China.
Several US federal legislators have suggested a potential ban of the app unless ByteDance divests from the company.
Concerns about the potential for child exploitation, though not unique to TikTok, have also been a talking point.
Mr Chew told the packed auditorium that the company has invested significantly in keeping users safe and that the work is continuing.
“Safety is a core part of the TikTok experience,” he said, referring to protections for users under 18 such as truncated features and screen time limits.
Under 13s are not allowed to use the app, according to the company’s policies.
There is also concern regarding elections taking place in various parts of the world, about inauthentic behaviour or potentially fake, AI-generated videos appearing on TikTok, something Mr Chew said he was already addressing.
“We catch, remove and publish about them [inauthentic actors] in a transparency report,” he said. “We’re making the right investments [in security] to identify the inauthentic behaviour, especially with all the elections taking place across the world this year."
As for what keeps TikTok’s popularity and momentum going, Mr Chew said the platform’s emphasis on not focusing solely on who people follow had proved significant.
“We thought that content should be recommended to people not just based on who they follow, and instead the innovation we brought in was showing people what they like,” he said, noting TikTok’s algorithm, which takes in account of how long videos are played, replayed, shared and stitched.
“That really is the secret."
During his visit to Saudi Arabia for Leap, TikTok has announced a strategic partnership with non-profit organisations Injaz Al Arab and Injaz Saudi to use its platform to raise awareness of employability skills among young people in Saudi Arabia.
“Entrepreneurship and employment initiatives are critical to realising Saudi Arabia's Vision 2030, the nation’s ambitious road map for economic transformation,” said Helena Lersch, TikTok’s vice president of public policy and global head of corporate social responsibility.
“TikTok is committed to working with local leaders to support initiatives that will help realise this vision and be a platform to inspire the next generation.”
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
FROM%20THE%20ASHES
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Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Results
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Company%20profile
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UAE currency: the story behind the money in your pockets
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.”
The specs
Engine: 3.8-litre V6
Power: 295hp at 6,000rpm
Torque: 355Nm at 5,200rpm
Transmission: 8-speed auto
Fuel consumption: 10.7L/100km
Price: Dh179,999-plus
On sale: now
The%20specs
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Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
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