UAE’s DIFC to set up global knowledge hub as financial data values soar

People walk outside the Gate Building at the Dubai International Financial Centre. (Reuters)
Updated 04 July 2017
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UAE’s DIFC to set up global knowledge hub as financial data values soar

DUBAI: The Dubai International Financial Centre (DIFC) in the UAE is planning to set up a research and information hub to capitalize on the soaring value of financial data in international investment markets.
The DIFC’s aim is to “build a regional knowledge hub by aggregating financial market insight and providing the tools to assess the pulse of the global economy,” according to a memo sent to selected financial members of the center and seen by Arab News.
The first step will be a website “as a platform by research providers and institutions… that can be used by policymakers, (economists), analysts, traders, students and others,” the memo continued.
Although the plan is at an early stage, it is a prototype of a database for financial and economic information that could become very valuable.
Just last week, it emerged that GIC, the sovereign wealth fund of the government of Singapore, was in talks with the owners of Mergermarket, a financial data service specializing in the areas of mergers and acquisitions, corporate finance and private equity.
Reports said that the GIC was interested in buying a 30 percent stake in Mergermarket, in a deal that would value the subscription-based website at as much as £1 billion ($1.3 billion).
That potential deal follows others in the field of financial information that have illustrated a rising trend in values in this specialist sector.
Zawya, the Middle East-focused information and financial-data website, was sold to Thomson Reuters for a reported $40 million in 2012, while the Financial Times, the London-based newspaper regarded as a global market leader in financial information, was sold by its then-owner, the UK conglomerate Pearson, to Nikkei of Japan for £844 million in 2015.
In between those deals, Mergermarket, then also owned by Pearson, was sold to private-equity investor BC Partners for £382 million in cash, after a fierce bidding round that saw interest
from some of the biggest private-equity investors in the world.
If the deal, currently under consideration, goes through it would represent a doubling of BC Partners’ investment in three years.
Founded in 2000, Mergermarket has expanded to 67 locations across the US, Europe, Asia and the Middle East and currently boasts 190,000 subscribers.
Although DIFC’s plans are at an early stage, observers believe it is a logical step for a center often regarded as the premier financial hub in the Arabian Gulf.
“There is a lot of brainpower and information in the DIFC, and it should really be the thought-leader in financial matters in the region. The challenge, however, is to monetize all that knowledge. Subscription-based databases have to get it just right to be successful,” said one expert, who did not want to be identified.
In 2014, the DIFC announced a 10-year strategy that would see it triple in size — in terms of member firms and employees, rentable space, and value of financial assets.


Facebook accused of discrimination with job ad targeting

Updated 19 September 2018
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Facebook accused of discrimination with job ad targeting

  • It charges that job ads on Facebook targeted male users only
  • Facebook lets advertisers target ads on the basis of gender and age, which is against the law in America

WASHINGTON: A complaint has been filed with the US government accusing Facebook and 10 other companies of using the platform’s job ad targeting system to discriminate on the basis of gender.
The complaint was announced Tuesday by the American Civil Liberties Union, a union called the Communications Workers of America and a labor law firm, on behalf of three female job seekers and a group of “thousands” of members represented by the union.
It charges that job ads on Facebook targeted male users only. It also alleges that most of the listings were for jobs in male-dominated fields, so women and non-binary users were excluded from seeing these ads.
Facebook lets advertisers target ads on the basis of gender and age, which is against the law in America, the complaint reads.
“I shouldn’t be shut out of the chance to hear about a job opportunity just because I am a woman,” said Bobbi Spees, one of the three women named in the complaint.
Facebook spokesman Joe Osborne said in a statement to CNNMoney that there is no place for discrimination on Facebook.
“It’s strictly prohibited in our policies, and over the past year we’ve strengthened our systems to further protect against misuse,” Osborne said.
Facebook will defend itself once it has reviewed the complaint, he added.
The ACLU noted that online platforms such as Facebook are generally not liable for content published by others.
“But in this case, Facebook is doing much more than merely publishing content created by others,” the advocacy group argued.
“It has built the architecture for this discriminatory marketing framework, enabled and encouraged advertisers to use it, and delivered the gender-based ads according to employers’ sex-based preferences.”
Last month the US Department of Housing and Urban Development accused Facebook of breaking the law by letting landlords and home sellers use its ad-targeting system to discriminate against potential buyers or tenants.
Facebook responded by cutting more than 5,000 ad-targeting options to prevent advertisers from discriminating on the basis of traits such as religion or race.