Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, leads a meeting of the Advanced Technology Research Council’s board of directors on Monday. The board includes Dr Sultan Al Jaber, Minister of Industry and Advanced Technology. Wam
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, leads a meeting of the Advanced Technology Research Council’s board of directors on Monday. The board includes Dr Sultan Al Jaber, Minister of Industry and Advanced Technology. Wam
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, leads a meeting of the Advanced Technology Research Council’s board of directors on Monday. The board includes Dr Sultan Al Jaber, Minister of Industry and Advanced Technology. Wam
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, leads a meeting of the Advanced Technology Research Council’s board of directors on Monday. The board includes Dr Sultan Al Jaber, Minister of Ind

Abu Dhabi to launch three new ventures on data security, autonomous mobility and AgriTech


Alkesh Sharma
  • English
  • Arabic

Abu Dhabi’s Advanced Technology Research Council plans to launch three new ventures aimed at boosting research and development in the Emirates, as it seeks to expand its innovation economy.

The ventures include projects to enhance data security in the quantum era, apply advancements in smart autonomous mobility, and develop AgriTech through robotic technologies.

The initiatives are expected to be launched this year by the council's commercialisation arm VentureOne, the Abu Dhabi Government Media Office said in a statement on Monday.

The projects are aimed at translating research into products and services, the statement said.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, who led a meeting of the council's board of directors on Monday, reviewed the plans.

He emphasised the UAE’s role as an incubator for innovation and encouraged the application of technology-based solutions across key sectors.

Founded in 2020 at Masdar City, the council is responsible for defining Abu Dhabi’s research strategy across academia and industry, facilitating investment funding, and driving policy and regulation for smart decision-making.

The UAE has made significant R&D strides in the past few years, elevating its position in global technology. It moved up five places to rank as the top Arab country on the UN Frontier Technologies Readiness Index 2023. The UAE was 37th out of 166 countries on the list.

Sheikh Khaled also reviewed additional plans for Abu Dhabi to strengthen its position in the global R&D landscape. He highlighted the importance of the council’s UAE Research Map in boosting co-operation efforts among relevant entities.

Launched in May, the UAE Research Map has attracted more than 2,000 visits in its first two months and features 30 participating entities, with more than 450 registered experts.

Sheikh Khaled emphasised the need to qualify and prepare national talent in Stem (science, technology, engineering and maths) fields.

The meeting also reviewed the council’s applied research pillar, the Technology Innovation Institute, which recently unveiled the Abu Dhabi Quantum Optical Ground Station. It is the first and largest facility in the Middle East and North Africa dedicated to developing secure free-space optical communications.

JAPANESE GRAND PRIX INFO

Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday 

Race venue: Suzuka International Racing Course
Circuit Length: 5.807km
Number of Laps: 53
Watch live: beIN Sports HD

Command%20Z
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3ESteven%20Soderbergh%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EMichael%20Cera%2C%20Liev%20Schreiber%2C%20Chloe%20Radcliffe%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%C2%A03%2F5%3C%2Fp%3E%0A
PSG's line up

GK: Alphonse Areola (youth academy)

Defence - RB: Dani Alves (free transfer); CB: Marquinhos (€31.4 million); CB: Thiago Silva (€42m); LB: Layvin Kurzawa (€23m)

Midfield - Angel di Maria (€47m); Adrien Rabiot (youth academy); Marco Verratti (€12m)

Forwards - Neymar (€222m); Edinson Cavani (€63m); Kylian Mbappe (initial: loan; to buy: €180m)

Total cost: €440.4m (€620.4m if Mbappe makes permanent move)

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.”

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

MO
%3Cp%3E%3Cstrong%3ECreators%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Ramy%20Youssef%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Teresa%20Ruiz%2C%20Omar%20Elba%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Updated: July 22, 2024, 3:57 PM