Apple is courting enterprise users and content creators for its Vision Pro, aiming to boost the appeal and utility of the headset in preparation for its next version.
The company introduced VisionOS 26 at the opening of its annual Worldwide Developers Conference on Monday and said the operating system would be introduced for Vision Pro users later this year.
Among the most important updates to VisionOS 26 are new app developer tools for enterprise users and support for Insta360, GoPro and Canon devices that can produce content in 180-degree, 360-degree and wide views.
The Vision Pro already has enterprise support for workspaces, employee training, remote fieldwork and 3D modelling, but the update signifies giving app developers more freedom to create customised enterprise applications.
The support for those devices, meanwhile, is a move to lure content creators, including filmmaking and social media users, into the Vision Pro fold and turn the device into a more widely used tool for their purposes.
Apple also announced the Vision Pro will support PlayStation VR2 Sense controllers, which are similar to Nintendo's Nunchuks for the Wii, which will broaden its gaming base on the headset.
These moves, along with the other announcements at the WWDC, are aimed at "simplifying user interfaces for daily use and enhancing the seamless integration and uniform appearance of its devices across various platforms", said Anisha Bhatia, a senior analyst at GlobalData.
However, the price remains a question mark. The original Vision Pro retailed for prices starting at $3,500 (Dh14,000 in the UAE), which was the biggest sticking point for the device.
Apple has since discontinued production of the Vision Pro. Reports suggest its next version will come later this year, in line with VisionOS 26's release, or next year.
Falling behind?
Among the rumoured changes for the device are a lighter design, a better immersive experience and, crucially, lower price points. Apple does not comment on speculation about its tech.
The next Vision Pro should also be able to take on the likes of Meta's Quest headsets, whose lower price points have helped them to be successful.
Apple, however, has always positioned the Vision Pro as a premium device. Chief executive Tim Cook, announcing the discontinuation of the Vision Pro in April, acknowledged the device was meant for early adopters, leaving the door open for more improvements for the mass market and, crucially, at a lower price point.
The Vision Pro's updates seemed to give Apple users something to look forward to after a lacklustre WWDC, particularly as more advanced Apple Intelligence features did not materialise.
That leaves Apple behind companies including Google and Meta Platforms, whose large language models have been generally praised. Apple, however, has maintained that its generative AI offering will be introduced in phases.
Apple also said it is opening up access to the Apple Intelligence generative AI models to outside developers, meaning it can tap into its 34 million-strong bench of developers who have played a big role in expanding the Apple ecosystem over the years.
"We think this will ignite a whole new wave of intelligent experiences in the apps you use every day," Craig Federighi, Apple's senior vice president of software engineering, said at the WWDC.
The reaction to the delayed release was reflected by Apple investors, driving the company's stock down by as much as 1.5 per cent before settling 1.2 per cent lower on Monday.
It is also unclear what plans Apple and OpenAI, the creator of ChatGPT and with which Apple partnered with at last year's WWDC, have to make Apple Intelligence keep up with industry leaders.
Apple's introduction of its new Liquid Glass interface, "focusing on design rather than AI or core technology, [may be] another sign the company may be falling behind in the AI race", said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank.
However, due to its influence and brand power, Apple has been given "breathing room", she added, noting that its shares have "notably diverged" from the rest of the so-called Magnificent Seven, a group that comprises Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta and Tesla. "Apple needs to act to stay in the top tier," Ms Ozkardeskaya said.
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.”
Zidane's managerial achievements
La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017
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Alaves 1 (Perez 65' pen)
Real Madrid 2 (Ramos 52', Carvajal 69')
Summer special
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Championship play-offs, second legs:
Aston Villa 0
Middlesbrough 0
(Aston Villa advance 1-0 on aggregate)
Fulham 2
Sessegnon (47'), Odoi (66')
Derby County 0
(Fulham advance 2-1 on aggregate)
Final
Saturday, May 26, Wembley. Kick off 8pm (UAE)
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