New York University Abu Dhabi has set out ambitious plans to tackle climate change and help advance artificial intelligence through the establishment of four new research centres.
NYUAD's Research Institute will be the driving force behind plans to transform the seat of learning into a "hub of development and innovation" in the Emirates.
The university, based on Saadiyat Island, said it aims to support efforts to provide solutions to pressing global challenges through its work.
The four new departments are the Arabian Centre for Climate and Environmental Sciences (Access), the Centre for Artificial Intelligence and Robotics (CAIR), the Centre for Smart Engineering Materials (CSEM), and the Centre for Quantum and Topological Systems (CQTS).
“As a global liberal arts and research university in and of Abu Dhabi, the drive to address global challenges serves as the guiding force in our mission to be a hub of development, innovation, engagement, and positive change for the UAE, the region, and the world," said Arlie Peters, provost of NYUAD.
"We follow a multidisciplinary approach to the discovery of new knowledge, and the establishment of four new research centres is a meaningful addition to our existing efforts to contribute to the development of a diversified knowledge economy and society in Abu Dhabi, help to advance NYU’s global mission, and carve a new model for higher education for the betterment of humanity.
"We are extremely proud of our scholars and students who remain dedicated to driving discoveries that are making a positive change to the world.”
What will new centres do?
Access will focus on the climate of the Gulf region.
Its broad remit will include scientific research on rainfall, coral reefs and urban environments.
The centre will collaborate with government agencies and its scientists will be part of the Climate Change Research Network.
CAIR was set up by faculty from the university's electrical and computer engineering, psychology, and computer science departments to conduct fundamental research and develop applications in AI and robotics.
Its work includes investigating movement sensors for robots, autonomous decision-making and robotic safety and resilence.
CSEM will provide a platform for partnerships between scientific and engineering faculties.
It will explore how smart devices can be used to improve efficiency in industry, such as in the oil and gas and civil engineering sectors.
CQTS will bring together expertise in the theory and application of quantum topological systems, with an emphasis on quantum computers, taking in machine learning and quantum cryptography.
Investing in UAE's knowledge-based economy
“As a world-class hub for cutting-edge research, we are very proud to be adding these four new centres to our Research Institute, all of which will address various and critical areas of research," said Sehamuddin Galadari, managing director of NYUAD's Research Institute.
"We are committed to contributing to the UAE’s vision of becoming a knowledge-based economy through science and innovation, and we are confident that the addition of the centres will help fulfill this goal even further.”
The biog
Year of birth: 1988
Place of birth: Baghdad
Education: PhD student and co-researcher at Greifswald University, Germany
Hobbies: Ping Pong, swimming, reading
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.”
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
UAE currency: the story behind the money in your pockets
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)