With the events of the past few years, people in the Middle East have become more engaged in politics than ever before. In part, that reflects the fact that an old myth - Arabs don't care about politics - has been disproved. But the more vibrant political discussions are also influenced by the new media, and in particular the surprisingly complex thoughts that are being expressed in 140 characters or less.
A report yesterday in The National about the "Twitterati" - the 50 most influential Twitter users in the region - detailed findings by the communications consultancy Portland. Among the "most connected" users in the Middle East, 78 per cent discuss mainly current political issues. As other Twitter users noted, the number one "most connected" communicator came as no surprise: Sultan Al Qassemi, an Emirati commentator and writer, has become an informal ambassador for the region. He was followed by Dima Khatib, a Qatari-based journalist, in the number two spot; and Wael Ghonim, a former Google executive who rose to prominence during Egypt's uprising, in number three.
Most of people on the list were commentators, activists and journalists, although prominent politicians also figured large, with Egypt's Mohamed ElBaradei, the former director general of the IAEA, ranking fourth.
In GCC states, and in the UAE in particular, Twitter has helped to narrow the communication gap between the leadership and people of the region. Both Sheikh Mohammed bin Rashid, Vice President of UAE and Ruler of Dubai, and Sheikh Abdullah bin Zayed, the UAE Foreign Minister, are included on the list.
The social-media platform has, in a sense, created a new space comparable to the majlis - a forum for frank discussion of issues on the day.
Facilitating the flow of ideas and debate is invariably a public good, but this new medium does come with caveats. In particular, Twitter allows for faceless interactions that, as many Twitter users know, can lead people to abandon common courtesy. As irritating as that can be, the more serious concerns arise when people lie, incite violence or extremism, or deliberately instigate. There are limits on these types of speech in any society, but in the cybersphere the lines can be hard to draw.
But what remains true is that in any free debate, quality ideas rise to the top. There may be some twits out there, but tweets will surely expose them.
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
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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Villains
Queens of the Stone Age
Matador
UAE currency: the story behind the money in your pockets
Pakistan squad
Sarfraz (c), Zaman, Imam, Masood, Azam, Malik, Asif, Sohail, Shadab, Nawaz, Ashraf, Hasan, Amir, Junaid, Shinwari and Afridi
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MATCH INFO
Manchester City 1 (Gundogan 56')
Shakhtar Donetsk 1 (Solomon 69')
Short-term let permits explained
Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Founder: Ayman Badawi
Date started: Test product September 2016, paid launch January 2017
Based: Dubai, UAE
Sector: Software
Size: Seven employees
Funding: $170,000 in angel investment
Funders: friends