Madain Saleh, the first-ever archaeological site in Saudi Arabia to join Unesco's World Heritage List. AFP
Madain Saleh, the first-ever archaeological site in Saudi Arabia to join Unesco's World Heritage List. AFP
Madain Saleh, the first-ever archaeological site in Saudi Arabia to join Unesco's World Heritage List. AFP
Madain Saleh, the first-ever archaeological site in Saudi Arabia to join Unesco's World Heritage List. AFP

Saudi Arabia, Egypt and Oman elected to Unesco's world heritage committee


Emma Day
  • English
  • Arabic

Just one week after Saudi Arabia won a seat on Unesco's executive board, the kingdom has been given another honour by the cultural and educational agency.

Saudi Arabia was elected to Unesco's world heritage committee for the first time yesterday, during the 22nd General Assembly of the States Parties to the World Heritage Convention in Paris.

The accolade means that the kingdom will now sit on the official governing body of the Unesco World Heritage List, which has final say on what sites and properties can be added to the prestigious list.

Landmarks on the World Heritage List are afforded legal protection by international treaties, with sites currently on the list including the six Al Ain Oases in the UAE and Jordan's Petra.

On Wednesday, the General Assembly elected eight new members to the committee alongside Saudi Arabia, namely Egypt, Ethiopia, Mali, Nigeria, Oman, Thailand, the Russian Federation and South Africa.

The countries join Australia, Bahrain, Bosnia and Herzegovina, Brazil, China, Guatemala, Hungary, Kyrgyzstan, Norway, Saint Kitts and Nevis, Spain and Uganda to form the current committee.

The committee, which meets once a year, consists of 21 members, who can serve a six-year tenure – though, according to Unesco, many serve four years, to give other parties a chance to be on the committee.

The committee is also responsible for the implementation of the World Heritage Convention, which outlines how to identify heritage sites, how to preserve them, and decides how to allocate the World Heritage Fund for financial requests. It is also in charge of the List of World Heritage in Danger, and decides which sites can be added or removed from the index.

The 44th session of the World Heritage Committee is due to take place next year in Fuzhou, China,
between Monday, June 29 and Thursday, July 9. The 43rd session was held earlier this year in Baku, Azerbaijan, between June 30 and July 10.

Following the announcement of Saudi Arabia's addition to the committee, the kingdom's Culture Minister, Prince Badr bin Abdullah bin Farhan Al-Saud, thanked King Salman and Crown Prince Muhammad Bin Salman for their support of the cultural sector.

The kingdom currently has five sites inscribed on the World Heritage List: Madain Saleh in Al-Ula, the Turaif district in Diriyah, the historic area in Jeddah, rock paintings in Jubbah and Shuwaymis, and the oasis of Al-Ahsa.

Saudi Arabia was also last week elected to the UN heritage body's executive board for 2019-2023, which comprises 58 member states, including the UAE. It meets twice a year to discuss the goals and objectives of the UN body, setting guidelines for its policies and strategy.

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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Tips for taking the metro

- set out well ahead of time

- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines

- enter the right cabin. The train may be too busy to move between carriages once you're on

- don't carry too much luggage and tuck it under a seat to make room for fellow passengers

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if you go

The flights 

Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning. 

The trains

Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.

The hotels

Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.

Leaderboard

15 under: Paul Casey (ENG)

-14: Robert MacIntyre (SCO)

-13 Brandon Stone (SA)

-10 Laurie Canter (ENG) , Sergio Garcia (ESP)

-9 Kalle Samooja (FIN)

-8 Thomas Detry (BEL), Justin Harding (SA), Justin Rose (ENG)

UAE currency: the story behind the money in your pockets
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Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
Keep it fun and engaging

Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.

“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.

His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.

He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.

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