Cloud technology is not new. But even though companies have been gradually embracing cloud computing over the past decade, last year proved just how vital the technology was to event planners.
People couldn’t leave their homes for the most part of 2020. As Covid-19 affected economies, organisers quickly realised that they needed the cloud’s web-based computing services to provide new digital services to home-bound customers. With the roll out of hybrid models, consumers witnessed a new generation of events that they could watch without the risk of contracting the coronavirus.
At the height of the pandemic, the events industry globally suffered massive losses. According to Plan B, a UAE-based events agency that surveyed more than 300 companies, the events industry in the Middle East lost between Dh2.8billion ($762.3 million) to Dh5.5bn ($1.5bn).
As the vaccination drive continues to gather pace across the world, physical events are beginning to reappear. But will hybrid or virtual events rein superior over physical experiences in the future?
In the US, a report this year by American computer software company Flexera showed that 92 per cent of enterprises have a multi-cloud strategy, while 82 per cent have a hybrid cloud strategy. Despite the acceleration of cloud adoption across the business landscape, most companies are barely scratching the surface of the cloud’s vast potential.
A PwC survey of C-level leaders in the US, released in 2021, showed that 53 per cent of companies have yet to reap substantial value from their cloud investments.
The Tokyo Olympics set a huge benchmark for the future of digitalised events and it marked a transformative time for athletes and sports fans, thanks to cloud-based technology. By offering new models of content delivery through the cloud, the Games reached a wider audience. An innovative broadcasting solution was designed to help transform the media industry for the digital era.
Going ahead, all eyes will be on the Middle East for the next two years as organisers gear up for Expo 2020 Dubai and the final preparations for the Fifa World Cup in Qatar.
Before the pandemic, it was predicted that up to 25 million visitors would attend the six-month-long event with more than 70 per cent of visitors coming from outside the UAE. While some travel restrictions remain, to expand Expo 2020 Dubai’s audience reach, the need for cloud-based technology seems more important than ever.
Enhancing broadcasting solutions through the cloud will maximise the thrill of sporting events
There are plans to livestream events such as panel discussions. The cloud's broadcasting solutions will enable citizens from across the world to immerse themselves in the event even from the comfort of their homes, throughout the six months.
While we are still some time away until the Fifa World Cup 2022, the potential for cloud technology to transform sports entertainment is immense. A series of artificial intelligence-powered solutions are set to transform and digitalise the way sports entertainment has so far been organised, broadcast and consumed.
One solution, for example, called Fan Video Hub, collects and filters real-time videos uploaded by fans from all over the world to a variety of social network platforms. Such innovations are bound to reshape the way sports entertainment is consumed. And enhancing broadcasting solutions through the cloud will only maximise the thrill of such sporting events.
Humans crave social interactions, therefore the global event landscape will not completely shift over to in-person events, but the reality is that nobody really knows when the pandemic will be over. With several restrictions lifted across the world, audiences will determine their own comfort levels with risk when it comes to attending these events.
But from the organiser's perspective, planning for an event to be hybrid or virtual allows companies to lay the groundwork for back-up plans while still anticipating actual physical attendance for these big events. When the virtual components for a hybrid event are already arranged, it is easier for attendees and planners to pivot between attending in person or online without completely rethinking the format.
For events to compel and connect, organisers need to keep up with the pace of change and contribute to its conversation. Technology has the power to accelerate and facilitate but not alter the fundamental experience.
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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Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
