DUBAI // The football World Cup in Brazil and Disney movie Frozen were among the year's top internet search terms.
Google users were also captivated by Apple's iPhone 6, Malaysian Airlines, Ramadan, the actor Robin Williams, the TV show Ramez Qersh Al Bahr, the Flappy Bird smartphone game, the Indian prime minister Narendra Modi and Diwali.
“If we compare the results this year to last year, they are very much in line and similar to global trends, and I think that reflects how international the UAE is as a country,” said Joyce Baz, head of communications at Google in the Middle East and North Africa.
The company’s annual search report looks at trends from trillions of searches worldwide throughout the year, calculated using algorithms to aggregate searches using anonymous data based on location, time and date. The top trends look at searches that register the highest spike in traffic over a sustained period.
Google also looked at trends in three distinct categories: people, events and movies. “The purpose behind it is to showcase the people, topics, events and places that capture the attention of people in the UAE,” said Ms Baz.
Frozen topped the list of trending movies in the country, ahead of Interstellar, Maleficent, Godzilla, Edge of Tomorrow, Captain America 2, Dracula Untold, Gone Girl, Lucy and American Hustle.
Trending events were the World Cup, the Malaysian Airlines crash, Ramadan, Diwali, the Gitex conference in Dubai, the Gaza conflict, the Ice Bucket Challenge, the Ebola outbreak, the Oscars and the Scottish referendum.
Celebrity deaths caused three people to trend in UAE Google searches – Robin Williams, the comedian Joan Rivers and actor Philip Seymour Hoffman.
“We find that people tend to end up searching and trying to understand more, and we find even related searches to the context of the death,” said Ms Baz.
The company found people looking up depression, for instance, after finding out about Robin Williams’s death in August.
The actor and comedian was the top search trend for the UAE, followed by the late businesswoman Sunanda Pushkar, Narendra Modi, Joan Rivers, Philip Seymour Hoffman, Formula One star Michael Schumacher, lawyer Amal Alamuddin, actress Renee Zellweger, celebrity Kim Kardashian and author Jordan Belfort.
UAE searches set the country apart from others in the Middle East, said Ms Baz.
“It’s very much in line with the global trends and way more international than any other country in the region,” she said.
Egypt and Saudi Arabia, for instance, show trends that are more locally relevant and less global. For the UAE, on the other hand, all of this year’s trending people are international.
“Obviously, in other countries, you find more search queries in Arabic than English,” Ms Baz said.
Google looked at trends in 72 countries for this year’s report.
“We really look at it as a way to capture the spirit of the times for that year,” said Ms Baz.
People can visit google.com/trends, an online tool to look up search terms they are interested in and see how search volumes have changed over time.
“It’s a tool for them to be able to draw the insights on their own,” said Ms Baz.
lcarroll@thenational.ae
Prophets of Rage
(Fantasy Records)
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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