Hassan Al Damluji sums up the philosophy of the Bill and Melinda Gates Foundation like this: “Our bottom line is to do good in the world.”
It is a neat way of expressing the alliance between big business – the “bottom line” beloved of billionaires everywhere – and philanthropy. The founder of Microsoft and his wife have brought a new professionalism and commercial awareness to the world of “charity” in the 15 years since the foundation was launched.
For the past three years, it has turned its attention to the Middle East and the Muslim world, and Mr Damluji is the person they chose to lead the drive into the region. At 32 years old, he combines altruism, business awareness and the new hard-nosed financial approach to regional philanthropy. “Young people want to do good, but you also have to make a living,” he says.
Mr Al Damluji’s family origins lie in the northern Iraqi city of Mosul, but his family came to Britain in the 1970s when his father met and married the Irish woman who became Hassan’s mother. “It’s an unusual combination, I know. Maybe that accounts for whatever creativity I have,” he says.
Studying Arabic and Middle East studies at the University of Oxford and later at Harvard University in America taught him a lot about the region, but also reinforced a big realisation: “I saw that my cousins in Iraq had a much harder life than me,” he says.
Having garnered some experience working in journalism in Britain, and a growing conviction that education could help to solve many of the problems of the region, Mr Al Damluji moved to Dubai to work for the consulting firm McKinsey and Company on education projects in Saudi Arabia, Yemen and Pakistan.
He was perfectly placed when the Gates Foundation came knocking in 2012 in its initiative to expand its philanthropic work into the Middle East, and the capital-rich Arabian Gulf in particular.
“The foundation had previously been focused on the absolute poverty of Africa and Asia, rather than the Muslim world. But of course there is poverty in the Middle East as well, in Yemen and Egypt for example, and there are other problems, notably in health care, in other parts of the region,” he says.
One of the foundation’s most high-profile projects was the Global Alliance for Vaccines and Immunisation (Gavi). It was launched in 2000 to improve access to modern vaccination programmes, mainly for children, in the world’s poorest countries, to combat diseases such as polio, malaria and tuberculosis.
Gavi had achieved notable success in parts of Asia and Africa, but in some parts of the Muslim world it had encountered a cultural resistance to western medical techniques. Joining hands with the Arabian Gulf states was considered a particularly important alliance. “In this part of the world, a sheikh’s voice carries more weight than Bill Gates’s. Islamic scholars from the UAE worked in Pakistan to change the thinking in some parts there,” says Mr Damluji.
A particularly strong partnership was struck with the UAE. The government of Abu Dhabi joined hands with the foundation to fund an immunisation programme against polio, which struck down thousands of children in the Muslim world – especially in Pakistan and other parts of Asia and Africa – for want of cheap and accessible immunisation. “We reframed the fight against polio as a Muslim fight, and there has been a great change,” says Mr Damluji. “Now northern Nigeria is off the list of endemic areas for the disease, and next year may be the first year when there are no new cases of polio in the world.”
That will be a great achievement for the campaign launched under a directive from Sheikh Khalifa, President of the UAE, and funded by Emirati philanthropy.
That is part of a steady increase in the Middle East’s importance to global charitable funding. The Gates Foundation spends around $5 billion a year on philanthropic grants. The UAE alone spends slightly more than this per annum in foreign aid, and total foreign aid spend from the entire Gulf is more than twice that figure.
Other projects have also been launched as part of the foundation’s greater focus on the Muslim world. The $500 million Lives and Livelihood Fund launched last summer in collaboration with the Islamic Development Bank (IDB) will make Sharia-compliant finance available for projects in health care, smallholder agriculture, basic agriculture, and refugee care, or “just about every global and health development issue important to the foundation”, says Mr Damluji.
Mr Gates has put in $100m with another $100m from the IDB, enough to get the project started. An additional $2bn of funding over the next five years will come from contributions, with UAE and other Arabian Gulf donors expected to figure prominently.
“People are looking at ways of addressing problems across the Muslim world in a collaborative way, and this is a cost-effective way to do it,” Mr Damluji says. “It is cheap capital to help the world’s poor move towards owning their own development. It is not focused on security, but sensible people are realising there is a connection. The Gulf is part of the solution to the region’s problems, and is already generating jobs and creating development.”
The financial sophistication of the new fund is symptomatic of the new belief in “venture philanthropy”, sometimes called “philanthrocapitalism”.
For Mr Damluji, that is undoubtedly a good thing. “Most of my colleagues are former consultants, even bankers. There is certainly a trend towards more professionalism, and donors want to see more visible returns,” he says.
He points to a very visible outcome from the vaccination campaign. “We believe Gavi has saved between 6 million and 7 million people’s lives. That’s roughly the population of the UAE that has been saved from death by disease. That is a real return,” he adds, proudly.
fkane@thenational.ae
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
TWISTERS
Director: Lee Isaac Chung
Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos
Rating: 2.5/5
What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
LIKELY TEAMS
South Africa
Faf du Plessis (captain), Dean Elgar, Aiden Markram, Hashim Amla, AB de Villiers, Quinton de Kock (wkt), Vernon Philander, Keshav Maharaj, Kagiso Rabada, Morne Morkel, Lungi Ngidi.
India (from)
Virat Kohli (captain), Murali Vijay, Lokesh Rahul, Cheteshwar Pujara, Rohit Sharma, Ajinkya Rahane, Hardik Pandya, Dinesh Karthik (wkt), Ravichandran Ashwin, Bhuvneshwar Kumar, Ishant Sharma, Mohammad Shami, Jasprit Bumrah.
RESULT
Valencia 3
Kevin Gameiro 21', 51'
Ferran Torres 67'
Atlanta 4
Josip Llicic 3' (P), 43' (P), 71', 82'
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
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.”
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Need to know
When: October 17 until November 10
Cost: Entry is free but some events require prior registration
Where: Various locations including National Theatre (Abu Dhabi), Abu Dhabi Cultural Center, Zayed University Promenade, Beach Rotana (Abu Dhabi), Vox Cinemas at Yas Mall, Sharjah Youth Center
What: The Korea Festival will feature art exhibitions, a B-boy dance show, a mini K-pop concert, traditional dance and music performances, food tastings, a beauty seminar, and more.
For more information: www.koreafestivaluae.com
COMPANY%20PROFILE
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
SPECS
%3Cp%3EEngine%3A%20Supercharged%203.5-litre%20V6%0D%3Cbr%3EPower%3A%20400hp%0D%3Cbr%3ETorque%3A%20430Nm%0D%3Cbr%3EOn%20sale%3A%20Now%0D%3Cbr%3EPrice%3A%20From%20Dh450%2C000%0D%3Cbr%3E%3C%2Fp%3E%0A
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5