Google is set to launch its first foldable smartphone in June in what could be a direct challenge to the dominance of market leader Samsung Electronics.
The technology company is set to unveil what is being called the Pixel Fold, a 7.6-inch inward-folding device similar to Samsung's flagship Galaxy Z Fold series, at its I/O industry conference on May 10, CNBC reported, citing internal documents.
It will also come with a 5.8-inch cover screen, smaller than the Galaxy Z Fold's 6.2-inch design, it said.
Expectedly, the price is at a premium: The Pixel Fold, internally known as “Felix”, is said to cost at least $1,700, making it the most expensive in the Pixel line-up and well within range of the Galaxy Z Fold's $1,799.
South Korea-based Samsung also has its lower-tier Galaxy Z Flip, the current iteration of which starts at $999.
Google declined to comment to The National.
The growth in popularity of foldable smartphones has been largely attributed to Samsung, which pushed the category into the mainstream, starting with the original Galaxy Z Fold in 2019.
While the category is growing, it still accounts only for a marginal share in the overall smartphone sector.
Foldables held a 1.2 per cent market share in the industry, with 14.2 million units shipped in 2022, while traditional smartphones accounted for 98.8 per cent of the total, with more than 1.19 billion shipments last year, according to the International Data Corporation.
However, by 2027, foldable shipments are expected to jump to 48.1 million units at a compound annual growth rate (CAGR) of 27.6 per cent, compared to a CAGR of 2.1 per cent for traditional devices, whose shipments are set to rise to 1.32 billion, it said.
That would make the market share of foldables increase to 3.5 per cent, the IDC study showed.
Foldable devices remain niche but their uniqueness and the new user experience they offer could be a key selling points for users, the IDC said.
“Foldable devices currently bring that 'wow factor' and I believe they will continue to grab more headlines and outperform non-foldable smartphones over the next five years,” said Nabila Popal, research director at the IDC's Worldwide Tracker team.
Google's launch of the Pixel Fold would be the culmination of years of speculation. It first announced foldable screen support for its Android mobile operating system in 2018, then followed it up with patent filings for foldables in 2019.
While the move will provide a boost to Google's Pixel smartphone line-up, taking on Samsung could prove to be a tall order.
The Korean company, the world's biggest mobile phone manufacturer, holds a 62 per cent market share in the foldable category, way ahead of second-placed Huawei Technologies, the latest data from Counterpoint Research shows.
Huawei, Oppo, Xiaomi and Vivo, all based in China, have all introduced foldables but they are mostly limited to the Chinese market.
Motorola, the maker of the famous Razr flip phone that has been relaunched as a foldable, may be the only contender, for now, in markets such as the US, where the Pixel line-up is concentrated, Counterpoint had previously said.
Meanwhile, rumours about Apple's foray into the segment have been swirling for several years now, with speculation about a foldable iPhone growing when Samsung and Huawei first released their first folding devices in 2019.
Foldable devices currently bring that 'wow factor' and I believe they will continue to grab more headlines and outperform non-foldable smartphones over the next five years
Nabila Popal,
research director at the International Data Corporation
California-based Apple has filed patents for devices with foldable displays, as reported by data tracking website Patently Apple.
Bloomberg's Mark Gurman, a reliable source when it comes to insider news at Apple, has also suggested that the company may be working on a foldable iPad.
“More models from both new and current vendors are expected to bring further improvements and enhancements to the category to help drive continued adoption,” the IDC said.
The Pixel Fold will run on Google's Tensor G2 chip, which is found in the latest Pixel 7 devices, and will be water-resistant, the documents viewed by CNBC showed.
It will also have a larger battery that will enable it to last for 24 hours and up to 72 hours using low-power mode, the report said.
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What Super Bowl LIII
Who is playing New England Patriots v Los Angeles Rams
Where Mercedes-Benz Stadium in Atlanta, United States
When Sunday (start time is 3.30am on Monday UAE time)
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
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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Credits
Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
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Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
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