Fellowship: more and more Asian students are taking their social life online through blogospheres and networking sites.
Fellowship: more and more Asian students are taking their social life online through blogospheres and networking sites.

Students in developing economies lead the way in use of social media



Top students in emerging economies have overtaken those in more-established markets when it comes to adopting some of the newest technologies, according to the first global Digital Generation survey. The study, conducted by Career Innovation in partnership with the global student-run organisation AIESEC, found that weblogging is much more common in Asia than elsewhere, with 73 per cent of Asian students, excluding India, writing their own weblogs. It also found that students in the US, western Europe and Australia were much lower users of technologies such as podcasts and mobile e-mail than their peers in less-developed markets.

"In the Europe and US, you can have many opportunities to connect to people, such as travelling," said Youssef Zafri, the president of AIESEC's Morocco chapter. "We don't have many opportunities like that. That's one of the reasons that people are using the internet and other technologies as an easy tool to get what they want." Conducted online, the study surveyed 2,277 "opinion-leading" students from 114 countries between January and June this year, in addition to a comparison sample of 530 professionals in 83 countries.

It found that online and other computer games are played most in India, with 70 per cent of respondents there saying they played them, and least in eastern Europe, with only 49 per cent playing. Indian students also came out on top in the use of multi-person audio conferences, with 56 per cent saying they have used that technology. Only 24 per cent of students from established markets reported using the e-mail functions on their mobile phones.

Globally, social networking was extremely important, with 75 per cent of respondents reporting that they logged on daily to a social or business networking site. Students ranked Facebook as their top choice, while those in the workforce preferred LinkedIn. The results showed that a new generation of young leaders is emerging who will enter the workplace expecting to communicate using social media, said Lucy Symons, the chief communication and networks officer for AIESEC International.

"Social networking is becoming increasingly popular, as is blogging and collaboration online," she said. "Young people are looking for fellowship online." They were also looking for clear, concise forms of communication, she said. The study discovered that four in every five students use instant messaging, while more than half make internet phone calls. The top-ranked brand for instant messaging was Windows Live Messenger, while the top brand for internet phone calls was Skype. Those who e-mail on their mobile phones prefer Nokia products, while those who venture into virtual worlds - 23 per cent - rank Second Life as their top choice. "We are living in a world today, an age of information, where you don't get your information in one place," Ms Symons said. "Young people want to use a variety of communications channels, and they don't want to be broadcast to. They want to be engaged."

khagey@thenational.ae

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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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Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC

Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC

Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan

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Format 10 overs per side, matches last for 90 minutes

Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals

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