The illegal wildlife trade is a wrong that must be corrected


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T he UK is at the heart of an international drive to combat the illegal trade in wildlife. This is an issue that should concern us all: this trade threatens communities, it drives corruption, strengthens criminal groups and undermines the stability of often fragile states.

For these reasons the UK government will be hosting the London Conference on Illegal Wildlife Trade on Thursday. The event will bring together global leaders to help eradicate illegal wildlife trade and better protect some of the world’s most cherished species from being hunted into extinction.

The trade is also a serious criminal industry, worth billions of dollars every year. There is a risk that insurgent groups could benefit from such trade. We know that fragile states can offer criminal and extremist groups ungoverned space in which to operate. The effects of all this matters to the UK, as it does to the UAE, and countries right around the world.

To solve it, we need to reduce and remove demand for products, ban shipments of such goods and help choke supply.

That is why the UK government is seeking political commitment from the highest level. Countries who have been invited, including the UAE, are those most affected by the illegal wildlife trade, whether as range, transit or consumer states.

The conference aims to tackle three interlinked aspects of the illegal wildlife trade: improving law enforcement and the role of the criminal justice system; reducing demand for wildlife products; and supporting the development of sustainable livelihoods for communities affected by the trade.

There will be a particular focus on the plight of elephants, rhinos and tigers. These three species are the primary targets of organised criminal activity and face unprecedented levels of poaching.

Action is vital for ecosystem protection, but perhaps more importantly, the fact that these three species are threatened shows us the seriousness of the issue. If we can’t save these species, what chance do others have?

We have already seen the extinction of the western black rhino in Africa this year, which is a complete tragedy. We must work together to ensure it is the last extinction among these great animals.

It’s an emotive issue but we must be absolutely clear that it is not insoluble. The solutions are there but only if we join forces and ensure a system that works. From improved law enforcement to working with local communities, there is plenty we can do, and the UK is keen to get started with its global partners.

As a signatory to the Convention on International Trade in endangered Species since 1990, the UAE is well aware this is a key issue. The country has been active in building national capacity to protect some of the world’s rarest species from trafficking.

For example bodies such as Dubai Customs have engaged in the training of customs officers to combat the illegal trade at entry points. And the first-ever Arabic language species identification manual was used in the UAE. It is also telling that the International Fund for Animal Welfare has its Middle East headquarters in Dubai.

On the UK side, we are working closely with a number of organisations and NGOs such as the Princes Trust Sustainability Unit, the Royal Foundation of the Duke and Duchess of Cambridge and Prince Harry, and United for Wildlife.

The London conference will not duplicate the initiatives already underway by these organisations or the UN to tackle the trade but rather it will build on them, ensuring that they have the necessary high level endorsement.

It will look at the range of consequences: for the environment, for efforts to tackle crime and instability and for the communities directly affected by the trade.

The illegal wildlife trade is truly a global moral wrong, threatening the world’s most vulnerable societies and threatening our most iconic species with extinction.

Our values do not allow us to stand by and do nothing. I and many others will be watching closely for agreements in London this Thursday, but more importantly, for global commitment and robust collaboration going forward.

Dominic Jermey is the British ambassador to the United Arab Emirates

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.”

'Dark Waters'

Directed by: Todd Haynes

Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper 

Rating: ****

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Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Match info:

Manchester City 2
Sterling (8'), Walker (52')

Newcastle United 1
Yedlin (30')

From Europe to the Middle East, economic success brings wealth - and lifestyle diseases

A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.

One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait,  Qatar and Oman – and second on the list in Bahrain.

In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.

The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.

And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.

 

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Company/date started: 2015

Founder/CEO: Mohammed Toraif

Based: Manama, Bahrain

Sector: Sales, Technology, Conservation

Size: (employees/revenue) 4/ 5,000 downloads

Stage: 1 ($100,000)

Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)

Squad

Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas) 

The biog

Name: Younis Al Balooshi

Nationality: Emirati

Education: Doctorate degree in forensic medicine at the University of Bonn

Hobbies: Drawing and reading books about graphic design