Samsung will start selling smartphones this year featuring the Tizen operating system backed by Intel.
"We plan to release new, competitive Tizen devices within this year and will keep expanding the lineup depending on market conditions," Samsung said. The company did not elaborate on model specifications, prices or timeframe for their debut.
The new handsets will come as Samsung looks to reduce its reliance on Google's Android operating system after the internet search company acquired handset maker Motorola Mobility Holdings US$12.5 billion in May. Executives from Intel, Samsung, NTT DoCoMo and Vodafone Group formed the Tizen Association last year to support the open-source software.
"The Tizen was born as Samsung hoped to lighten its growing dependence on Google on concerns that its top position in the smartphone market may weaken following the Google- Motorola tie-up," Byun Han Joon, an analyst at KB Investment & Securities in Seoul, said. "Intel always wanted to boost its presence in the mobile CPU market."
Google, operator of the world's most-popular search engine, plans to devote more attention to mobile devices as its rivalry with Apple accelerates. Samsung is the biggest seller of devices running Android in the $219bn global smartphone market.
Samsung reported record profit in the three months ended September 30 amid surging sales of its Galaxy smartphone. More than two-thirds of the earnings were generated by the telecommunications business, according to the company.
Samsung shipped 56.9 million smartphones in the third quarter, giving it a record 35 per cent market share, compared with 17 per cent for Apple, researcher Strategy Analytics said in October. In total handset sales, including basic types, Samsung remained the top seller, researcher IDC said separately.
The LiMo Foundation and Linux Foundation said in September 2011 they would jointly develop Tizen for use in devices including mobile phones and TVs.
In 2009, Samsung released its Bada platform, which is mainly used in lower-end smartphones sold in Europe and emerging markets.
* Bloomberg News
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Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
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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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