Meta Platforms, the owner of the world's biggest social media network, Facebook, has started its Spark AR Hackathon Challenge in Dubai, marking the first time the event is being held in the Middle East.
The programme, which is being held in collaboration with the UAE's Coders HQ initiative and Dubai's Museum of the Future, invites participants to use augmented reality to identify how modern technology will improve well-being across key economic sectors, the Prime Minister's Office said on Tuesday.
The event runs from May 23 until June 17, and is open to creators and developers globally.
“The global Spark AR Challenge keeps pace with the rapid developments in the sectors that are related to human life and driven by modern technology, data and digital solutions,” said Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications.
“It contributes to simulating innovation, finding viable proactive solutions and continuous improvement to build a digital economy based on knowledge and innovation.”
AR has grown significantly over the past few years, having been implemented in a variety of use cases that help to modernise and enhance user experiences.
Growth is being driven by AR-powered devices, including smartphones and smart glasses.
The most significant advancements to AR are in the metaverse — the virtual space that allows those in it to interact using three-dimensional avatars of themselves — which is being touted by Meta as a vital component of the World Wide Web's next iteration.
The global AR market was valued at $25.33 billion in 2021 and is projected to grow at a compound annual rate of more than 40 per cent from 2022 to 2030, according to Grand View Research.
The UAE government is focusing heavily on adopting future technology — including artificial intelligence, AR and virtual reality — as it seeks to transition towards an innovation-driven economy.
New technology, including AR and other innovations, attracted “considerable” foreign direct investment in 2021 as part of the $20.7bn in total FDI inflows, the Ministry of Economy announced last month.
Meta's hackathon features two key challenges from its partners: Emirates and Dublin-based professional services company Accenture will ask participants to create AR effects revolving around the theme “Mobility of Tomorrow”.
The winners of these challenges will have their work featured on the social media platforms of Emirates and Accenture, in addition to vying for cash prizes amounting to more than $50,000.
“With this global Spark AR Challenge, we want to bring this diverse community together to envision the future, while also showcasing the value that AR could bring to communities,” said Fares Akkad, regional director for the Mena region at Meta.
“The developer and creator community will play a crucial role in bridging the gap between the physical, augmented and virtual worlds. Through the challenge, creators across the world will be among the first to experience the transformative potential of the metaverse.”
Coders HQ was launched in the UAE as part of the National Programme for Coders to support developer communities, design solutions built on the newest innovations and become a breeding ground for the next generation of programmers.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Without Remorse
Directed by: Stefano Sollima
Starring: Michael B Jordan
4/5
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
'Spies in Disguise'
Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
Company%C2%A0profile
%3Cp%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMay%202022%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EHusam%20Aboul%20Hosn%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDIFC%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%E2%80%94%20Innovation%20Hub%3Cbr%3E%3Cstrong%3EEmployees%3A%20%3C%2Fstrong%3Eeight%3Cbr%3E%3Cstrong%3EStage%3A%20%3C%2Fstrong%3Epre-seed%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3Epre-seed%20funding%20raised%20from%20family%20and%20friends%20earlier%20this%20year%3C%2Fp%3E%0A
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.”
