“New technologies like 5G, artificial intelligence, big data and the internet of things will change how we live, work and learn in ways that have yet to be imagined. And ITU is in the front seat,” said Houlin Zhao, ITU’s secretary-general. Pawan Singh / The National 
“New technologies like 5G, artificial intelligence, big data and the internet of things will change how we live, work and learn in ways that have yet to be imagined. And ITU is in the front seat,” saiShow more

ITU calls to connect almost 4 billion unconnected individuals globally



While great progress has been made, there still remain 3.9 billion people around the world who are not connected to the internet yet, according to a survey from the International Telecommunication Union.

“New technologies like 5G, artificial intelligence, big data and the internet of things will change how we live, work and learn in ways that have yet to be imagined. And ITU is in the front seat,” said Houlin Zhao, ITU’s secretary-general.

“The challenge before us today is to ensure that these technologies and ICTs in general continue to be a source for good for everyone across the world."

ITU’s Connect 2020 Agenda calls for up to 50 per cent of households in developing nations to have an internet access by 2020 and also to minimise the price and discrimination which are keeping many offline.

However, ITU estimates that almost 3 billion people will still remain offline in 2020 in the absence of coordinated approach towards connectivity. Most of these will be in developing nations.

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The ITU, which is the United Nations specialised agency for ICTs, is holding its 20th Plenipotentiary conference in Dubai, which opened on Monday.

Currently, out of the total internet users, 49 per cent come from Asia while 16.8 per cent and 3.9 per cent reside in Europe and Middle East respectively, according to Internet World Stats findings till June 30, 2018.

“We face a crucial challenge: harnessing the benefits of new technologies for all, while safeguarding against the risks from their misuse,” António Guterres, United Nations secretary general, said via video-message.

“Digital technologies have a crucial role to play in accelerating progress towards the Sustainable Development Goals.”

More than 2500 participants are expected to attend PP-18, which is taking place from 29 October to 16 November.

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

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Match info:

Leicester City 1
Ghezzal (63')

Liverpool 2
Mane (10'), Firmino (45')

The biog

Hometown: Cairo

Age: 37

Favourite TV series: The Handmaid’s Tale, Black Mirror

Favourite anime series: Death Note, One Piece and Hellsing

Favourite book: Designing Brand Identity, Fifth Edition

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

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.”