Every step Amal Mudallali has taken on her career path has been made with the aim of serving public interest.
And, as the first female UN ambassador from Lebanon, she is making history with each foot forward.
Mudallali was first appointed permanent representative of Lebanon to the United Nations in 2017. However, she still identifies as a journalist at heart, which was her professional dream while growing up.
She previously worked as a correspondent for Arabic and English language broadcasters and publications, as well as a foreign policy adviser to the late prime minister Rafic Hariri.
"I love to share knowledge, tell stories and have a connection with people," she tells The National. "It's all about serving people, because the more they know, the more informed they are and the better decisions they make."
This ideology paves the way for a better and more democratic society which, according to Mudallali, embodies the value of giving back.
The diplomat reveals she frequently takes inspiration from Ramadan, one of her favourite times of year. She recalls spending time at her grandparents’ home as a child, where the family gathered around the table for iftar every night.
“It was magic,” she says. “To me, Ramadan means goodness, sharing and caring about others. It’s about remembering what is important in life and being good to others.”
Helping others, that's what the UN and life are all about
While the spiritual sentiment of Ramadan persists, the holy month is different in Lebanon this year. Owing to Covid-19, gatherings have been limited to small family get-togethers and virtual meet-ups.
“Isolation is more the norm than getting together this Ramadan, which is the opposite of what the month is all about,” Mudallali says.
But that’s not all that has changed in Lebanon. The country is reeling under the impact of mounting crises which have pushed more than 50 per cent of the population into poverty.
Consequently, Mudallali’s job at the UN shifted from pioneering global change to rallying for international support for her struggling country.
“It’s not an easy situation,” she says. “You go to represent a country that was doing well, you wanted to have a legacy, make Lebanon prominent. You turn to appealing for help because of how difficult our lives have become. It’s not the positive contribution I wanted us to have.”
The August 4, 2020 blast at Beirut port, which killed more than 200 people, injured thousands more and destroyed large swathes of the city, was particularly affecting. Mudallali had been attending a general assembly discussing food insecurity in Lebanon following the explosion.
“Sitting there, listening to them talk about poverty and food insecurity in Lebanon was too much to handle,” she said. “Lebanon became an example of hunger. This isn't what we worked for.”
Despite such hurdles, Mudallali still does her best to support vulnerable communities the world over.
Her appeal for vaccine equity was supported by 182 countries out of 193 in total, and eventually presented at the UN General Assembly, where she called for equal vaccine distribution to vulnerable countries with no resources to purchase the shots themselves.
"All the countries thanked Lebanon for the initiative, I was so proud. This was the heart of my job," she says. "Helping others, that's what the UN and life are all about."
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.”
