Almost 40 per cent of UAE executives ranked AI number one - more than twice the number of any other technology. AFP
Almost 40 per cent of UAE executives ranked AI number one - more than twice the number of any other technology. AFP
Almost 40 per cent of UAE executives ranked AI number one - more than twice the number of any other technology. AFP
Almost 40 per cent of UAE executives ranked AI number one - more than twice the number of any other technology. AFP

Abu Dhabi's new Advanced Technology Research Council approves seven R&D priorities


Alkesh Sharma
  • English
  • Arabic

Abu Dhabi’s new Advanced Technology Research Council approved seven research and development priorities for the emirate in its first board meeting on Tuesday, according to the Abu Dhabi Media Office.

The seven priorities set out by the council are: autonomous robotics, advanced materials, cryptography, digital security, directed energy, quantum computing and secure systems. Research in each area will be undertaken at dedicated centres. Additional areas of research will be proposed by the end of the year.

The main objectives of ATRC are to establish Abu Dhabi as a world-leading research hub and a desired location for advanced technology talent from around the world.

The council is also working to develop global partnerships with industry and educational institutes to achieve global breakthroughs.

Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, chairman of the ATRC board, led the first meeting and gave directions to create a “comprehensive framework” for the emirate’s research activities by “aligning investments in scientific inquiry”, according to state news agency WAM.

He reiterated the importance of the council's role in fostering public-private partnerships with start-ups, SMEs and larger corporations as well as world-renowned universities and research instutions.

He also urged the research centres to create ambitious project and implement talent development programmes for graduates and young professionals in advanced technology.

"By investing in knowledge development, which enables our people and organisations to discover and innovate, Abu Dhabi is now at the forefront of scientific enquiry – from agritech solutions, to pioneering stem cell treatments, we are committed to solving tomorrow’s global challenges today," Sheikh Khaled bin Mohamed said.

"The Advanced Technology Research Council is a strategic incubator for this thriving sector, driving further growth, evaluating and supporting emerging fields of research and technology, nurturing talent, and fast-tracking breakthroughs, reinforcing Abu Dhabi’s position as a global centre for R&D," he added.

In May, UAE President Sheikh Khalifa announced the creation of the ATRC to strengthen Abu Dhabi’s position as a global research and development hub. It operates as an independent authority to accelerate a culture of innovation and discovery.

The council is focused on a wave of new breakthrough technology and will ensure that funds are channelled efficiently, so that technologies developed have a clear route to market, said ATRC's director-general, Faisal Al Bannai.

"Ultimately, we want to foster a culture of curiosity and exploration, and inspire the next generation of exceptional talent in science and advanced technology," he added.

Checks continue

A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.

Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.

Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.

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Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

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  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
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  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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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.”

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

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  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
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  • Field operator: Dh5,000 to Dh7,000