The digital display at an exhibition by the Andrey Melnichenko Foundation during the Cop28 summit in Dubai. AFP
The digital display at an exhibition by the Andrey Melnichenko Foundation during the Cop28 summit in Dubai. AFP
The digital display at an exhibition by the Andrey Melnichenko Foundation during the Cop28 summit in Dubai. AFP
The digital display at an exhibition by the Andrey Melnichenko Foundation during the Cop28 summit in Dubai. AFP


Restoring biodiversity goes beyond the problem of climate change


  • English
  • Arabic

March 11, 2024

One of the most curious exhibits at Cop28 in Dubai last November was the “Pleistocene Park” backed by Russian coal and fertiliser billionaire Andrey Melnichenko.

He thinks that restoring lost ecosystems could be the way to take up more carbon from the atmosphere.

Biodiversity is part of climate, and yet more than that. The question is how can we best preserve and restore the natural world?

Mr Melnichenko has made a start by funding the return of some large mammals, including horses, reindeer and musk-oxen, to a remote north-eastern corner of the Russian taiga and tundra. He has not yet revived the mammoth, which became extinct shortly after the end of the last Ice Age, about 10,000 years ago, though there are some proposals to use genetic samples preserved in permafrost.

Nevertheless, he believes that by trampling snow and recreating grassland, the animals will help the tundra store more carbon and slow the melting of permafrost.

Large, “charismatic” creatures such as dinosaurs and mammoths are those we most wish we could bring back. Conservation efforts for endangered species focus on the white rhino, the panda, the orangutan and similar species.

  • This specimen at the American Museum of Natural History in New York is believed to be a hybrid between Columbian and woolly mammoths. Photo: Ryan Somma
    This specimen at the American Museum of Natural History in New York is believed to be a hybrid between Columbian and woolly mammoths. Photo: Ryan Somma
  • Ivory from woolly mammoth tusks has been used for various creations for centuries. Getty Images
    Ivory from woolly mammoth tusks has been used for various creations for centuries. Getty Images
  • A skull of a woolly mammoth discovered by fishermen in May 1999 in the Netherlands. Photo: Celtic and Prehistoric Museum
    A skull of a woolly mammoth discovered by fishermen in May 1999 in the Netherlands. Photo: Celtic and Prehistoric Museum
  • A woolly calf displayed at the Royal British Columbia Museum. Photo: Ruth Hartnup
    A woolly calf displayed at the Royal British Columbia Museum. Photo: Ruth Hartnup
  • This artefact made from woolly mammoth ivory called the Lion-Man was found in the Hohlenstein-Stadel Cave, Germany. Photo: Dagmar Hollmann
    This artefact made from woolly mammoth ivory called the Lion-Man was found in the Hohlenstein-Stadel Cave, Germany. Photo: Dagmar Hollmann
  • A mammoth tusk with carvings made in the 19th century in Yukon, Alaska, on display at the De Young Museum in San Francisco, California. Photo: BrokenSphere
    A mammoth tusk with carvings made in the 19th century in Yukon, Alaska, on display at the De Young Museum in San Francisco, California. Photo: BrokenSphere
  • Venus of Brassempouy, a carving from mammoth ivory, on display at the Musee d'Archeologie Nationale in Saint-Germain-en-Laye, France. Photo: Dagmar Hollman
    Venus of Brassempouy, a carving from mammoth ivory, on display at the Musee d'Archeologie Nationale in Saint-Germain-en-Laye, France. Photo: Dagmar Hollman
  • A frozen calf named Yuka. Photo: Cyclonaut
    A frozen calf named Yuka. Photo: Cyclonaut
  • The Berezovka mammoth during excavation in 1901. Photo: Museum of Zoology in St Petersburg
    The Berezovka mammoth during excavation in 1901. Photo: Museum of Zoology in St Petersburg
  • A model of the Berezovka mammoth partially covered by its skin at the Museum of Zoology in St Petersburg, Russia. Photo: Andrew Butko
    A model of the Berezovka mammoth partially covered by its skin at the Museum of Zoology in St Petersburg, Russia. Photo: Andrew Butko
  • A leg with the skin and fur of a mammoth on display at the Museum of Natural History in Paris, France. Photo: Matt Mechtley
    A leg with the skin and fur of a mammoth on display at the Museum of Natural History in Paris, France. Photo: Matt Mechtley
  • A close-up of preserved woolly mammoth fur on display at the Natural History Museum in Vienna, Austria. Photo: Tommy Arad
    A close-up of preserved woolly mammoth fur on display at the Natural History Museum in Vienna, Austria. Photo: Tommy Arad
  • A recreation of a woolly mammoth at the Royal Victoria Museum, Victoria, British Columbia, Canada. Photo: Thomas Quine
    A recreation of a woolly mammoth at the Royal Victoria Museum, Victoria, British Columbia, Canada. Photo: Thomas Quine
  • Mammoth remains on display at the Siegsdorf Natural History and Mammoth Museum in Siegsdorf, Germany. Photo: Lou Gruber
    Mammoth remains on display at the Siegsdorf Natural History and Mammoth Museum in Siegsdorf, Germany. Photo: Lou Gruber
  • A cast of remains at the State Museum of Natural History in Stuttgart, Germany. Photo: Ghedoghedo
    A cast of remains at the State Museum of Natural History in Stuttgart, Germany. Photo: Ghedoghedo
  • The image depicts a late Pleistocene landscape in northern Spain with woolly mammoths, equids, a woolly rhinoceros and European cave lions with a reindeer carcass. Photo: Mauricio Anton
    The image depicts a late Pleistocene landscape in northern Spain with woolly mammoths, equids, a woolly rhinoceros and European cave lions with a reindeer carcass. Photo: Mauricio Anton
  • A woolly mammoth skull from Bzianka, Poland, with one downward spiralling tusk. Photo: Henryk Ferdynand Hoyer
    A woolly mammoth skull from Bzianka, Poland, with one downward spiralling tusk. Photo: Henryk Ferdynand Hoyer
  • A mammoth molar featured in a display of artefacts at the Georges-Garret Museum in Vesoul, France. Photo: Remi Mathis
    A mammoth molar featured in a display of artefacts at the Georges-Garret Museum in Vesoul, France. Photo: Remi Mathis
  • In 2015, a 15,000-year-old woolly mammoth was unveiled at Marina Mall in Abu Dhabi. Delores Johnson / The National
    In 2015, a 15,000-year-old woolly mammoth was unveiled at Marina Mall in Abu Dhabi. Delores Johnson / The National
  • The woolly mammoth was roughly the same size as modern African elephants. Delores Johnson / The National
    The woolly mammoth was roughly the same size as modern African elephants. Delores Johnson / The National
  • The woolly mammoth coexisted alongside early humans. This one lives in a mall. Delores Johnson / The National
    The woolly mammoth coexisted alongside early humans. This one lives in a mall. Delores Johnson / The National
  • Miners in the Klondike gold fields of Canada's far north discovered the mummified remains of a baby woolly mammoth. Government of Yukon / AFP
    Miners in the Klondike gold fields of Canada's far north discovered the mummified remains of a baby woolly mammoth. Government of Yukon / AFP
  • While some scientists are trying to bring the woolly mammoth back, others have studied how using gene editing can resurrect extinct animals such as the Christmas Island rat. Getty Images / AFP
    While some scientists are trying to bring the woolly mammoth back, others have studied how using gene editing can resurrect extinct animals such as the Christmas Island rat. Getty Images / AFP
  • The team found they could reconstruct 95 per cent of the Christmas Island rat genome. Getty Images / AFP
    The team found they could reconstruct 95 per cent of the Christmas Island rat genome. Getty Images / AFP
  • Climate change, not humans, caused the extinction of woolly mammoths. PA
    Climate change, not humans, caused the extinction of woolly mammoths. PA
  • When icebergs melted, it became too wet for the mammoths to survive because their food source was wiped out. PA
    When icebergs melted, it became too wet for the mammoths to survive because their food source was wiped out. PA
  • Giant bronze sculptures of mammoths on display during the World Biathlon Championships in the Siberian city of Khanty-Mansiysk. AFP
    Giant bronze sculptures of mammoths on display during the World Biathlon Championships in the Siberian city of Khanty-Mansiysk. AFP
  • An imagined woolly mammoth on display at the University of Alaska Museum of the North in Fairbanks, Alaska. The Havens Studio / Reuters
    An imagined woolly mammoth on display at the University of Alaska Museum of the North in Fairbanks, Alaska. The Havens Studio / Reuters
  • Mat Wooller, director of the Alaska Stable Isotope Facility, kneels among a collection of mammoth tusks at the University of Alaska Museum of the North. University of Alaska Fairbanks / AFP
    Mat Wooller, director of the Alaska Stable Isotope Facility, kneels among a collection of mammoth tusks at the University of Alaska Museum of the North. University of Alaska Fairbanks / AFP
  • These woolly mammoth remains are a huge attraction at the Marina Mall in Abu Dhabi. Delores Johnson / The National
    These woolly mammoth remains are a huge attraction at the Marina Mall in Abu Dhabi. Delores Johnson / The National
  • A gilded woolly mammoth skeleton was created to benefit the amfAR Cinema Against Aids in Cap d’Antibes, southern France. Prudence Cuming Associates / Damien Hirst / AP
    A gilded woolly mammoth skeleton was created to benefit the amfAR Cinema Against Aids in Cap d’Antibes, southern France. Prudence Cuming Associates / Damien Hirst / AP

Visiting a wildlife park such as Kenya’s Nakuru, Zimbabwe’s Hwange or Sri Lanka’s Yala reveals a rich variety of animals such as elephants, lions, leopards, hippopotamuses and crocodiles.

However, these are but vestiges of former paradisiacal ecosystems, that spanned every continent before the arrival of modern humans.

Their advanced hunting skills, the clearing of forests by fire, perhaps in combination with the climatic changes at the end of the last Ice Age, wiped out the mammoth along with the sabre-toothed tiger, the woolly rhinoceros, giant kangaroos and others.

Then came the takeover of land for agriculture, and the onset of invasive species that accompany people, such as dogs, cats and rats.

The modern era has seen further encroachment, industrial-scale forest clearance, the slicing up of habitats by roads for logging and mining, noise and light pollution that drive animals away and interfere with mating patterns, the overuse of pesticides and fertilisers, and the flooding of valleys by hydroelectric dams.

Climate change now threatens to outpace the rate at which species can adapt or move to cooler climates. Acidification of the oceans by carbon dioxide combines with industrial fishing, coastal development and excess nutrient run-off to devastate coral reefs, an essential building block of marine ecosystems.

In some studies, the Amazon rainforest appears dangerously close to dieback, when it would convert to savannah, releasing large stores of trapped carbon into the atmosphere – equivalent to about 13 years of emissions from all fossil fuel combustion.

Today, humans amount to 34 per cent of all mammal biomass; our domestic creatures – mostly cows, pigs, sheep and chickens – for 62 per cent. Wild mammals are just 4 per cent.

For all the focus on the big charismatic animals, the effect on less visible parts of the ecosystem may be more important – plants, insects, birds and amphibians.

British scientist James Lovelock, who died in 2022 aged 103, created the hypothesis of “Gaia” – that the Earth and life upon it form a unified, self-regulating organism. But he came to fear that so much biodiversity had been destroyed that Gaia might lose its ability to adjust and recover.

If the living world started releasing rather than absorbing trapped carbon, that would be a devastating blow to our ability to limit climate change.

Yet we are putting a growing burden on the natural world. Not so much because of overpopulation, an unhealthy obsession of some mostly western scientists and campaigners who fixate on developing countries. The problem comes more from the growing needs for food, timber and – ever more – biofuels.

Air transport, in particular, plans to rely on sustainable aviation fuels made mostly from biological materials – waste at first, such as used cooking oils, but once that supply is exhausted, attention will turn to dedicated crops.

But much renewable electricity, particularly in Europe, comes from burning biomass – particularly wood. This has dubious sustainability, and, as trees take time to grow after being replanted, may occur a carbon debt that takes decades to repay.

The International Energy Agency estimates the current energy from biological material at just over 60 exajoules – equivalent to about 10 per cent of world demand for primary energy, or about half the energy consumption of North America.

While a large share of “traditional use” – often unsustainable cutting down of trees for firewood if it rose to over 100 exajoules by 2050 would stop, some of this comes from re-using waste.

The agency has carefully tried to keep its estimates within the bounds of sustainability, but other studies reveal much higher figures.

We should seek to tread more lightly on the earth rather than more heavily. That suggests initiatives of rewilding – returning some arable or pasture land to nature, restoring habitats such as mangroves, re-establishing populations of large mammals, and allowing predators such as bears and wolves to return.

Agriculture should be more intensive but over less land, and with more focused attention on managing its negative consequences, such as fertiliser overuse, run-off, and water withdrawals.

Over-reliance on biomass for low-carbon fuels can be replaced by hydrogen-based synthetic fuels using renewable energy or carbon capture and storage. Biomass power plants can be downplayed in favour of nuclear and geothermal power, batteries and hydrogen or carbon capture-based generation.

Restoring biodiversity goes beyond the problem of climate change. Some of the proposed ways of tackling climate change may be very damaging to biodiversity, while others favour it.

Pleistocene Park may be an extreme example, but the integrity of ecosystems should be cherished, not trampled under the hooves of a one-eyed climate policy.

Robin M. Mills is chief executive of Qamar Energy, and author of The Myth of the Oil Crisis

'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

Top%2010%20most%20competitive%20economies
%3Cp%3E1.%20Singapore%0D%3Cbr%3E2.%20Switzerland%0D%3Cbr%3E3.%20Denmark%0D%3Cbr%3E4.%20Ireland%0D%3Cbr%3E5.%20Hong%20Kong%0D%3Cbr%3E6.%20Sweden%0D%3Cbr%3E7.%20UAE%0D%3Cbr%3E8.%20Taiwan%0D%3Cbr%3E9.%20Netherlands%0D%3Cbr%3E10.%20Norway%0D%3Cbr%3E%3C%2Fp%3E%0A
Dubai works towards better air quality by 2021

Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

“Sandstorms are our main concern because the UAE is just a receiver.

“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”

TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2041mm%2C%20352%20x%20430%3B%2045mm%2C%20396%20x%20484%3B%20Retina%20LTPO%20OLED%2C%20up%20to%201000%20nits%2C%20always-on%3B%20Ion-X%20glass%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20S8%2C%20W3%20wireless%2C%20U1%20ultra-wideband%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%2032GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%201GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20watchOS%209%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EHealth%20metrics%3A%3C%2Fstrong%3E%203rd-gen%20heart%20rate%20sensor%2C%20temperature%20sensing%2C%20ECG%2C%20blood%20oxygen%2C%20workouts%2C%20fall%2Fcrash%20detection%3B%20emergency%20SOS%2C%20international%20emergency%20calling%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20GPS%2FGPS%20%2B%20cellular%3B%20Wi-Fi%2C%20LTE%2C%20Bluetooth%205.3%2C%20NFC%20(Apple%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP6X%2C%20water%20resistant%20up%20to%2050m%2C%20dust%20resistant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20308mAh%20Li-ion%2C%20up%20to%2018h%2C%20wireless%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20eSIM%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFinishes%3A%3C%2Fstrong%3E%20Aluminium%20%E2%80%93%20midnight%2C%20Product%20Red%2C%20silver%2C%20starlight%3B%20stainless%20steel%20%E2%80%93%20gold%2C%20graphite%2C%20silver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20Watch%20Series%208%2C%20magnetic-to-USB-C%20charging%20cable%2C%20band%2Floop%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Starts%20at%20Dh1%2C599%20(41mm)%20%2F%20Dh1%2C999%20(45mm)%3C%2Fp%3E%0A
Best Foreign Language Film nominees

Capernaum (Lebanon)

Cold War (Poland)

Never Look Away (Germany)

Roma (Mexico)

Shoplifters (Japan)

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Naga
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EMeshal%20Al%20Jaser%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3EAdwa%20Bader%2C%20Yazeed%20Almajyul%2C%20Khalid%20Bin%20Shaddad%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
RESULT

Esperance de Tunis 1 Guadalajara 1 
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 5’

Company%20profile%20
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EElggo%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20August%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Luma%20Makari%20and%20Mirna%20Mneimneh%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Education%20technology%20%2F%20health%20technology%3Cbr%3E%3Cstrong%3ESize%3A%3C%2Fstrong%3E%20Four%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-seed%3C%2Fp%3E%0A
Results

United States beat UAE by three wickets

United States beat Scotland by 35 runs

UAE v Scotland – no result

United States beat UAE by 98 runs

Scotland beat United States by four wickets

Fixtures

Sunday, 10am, ICC Academy, Dubai - UAE v Scotland

Admission is free

Famous left-handers

- Marie Curie

- Jimi Hendrix

- Leonardo Di Vinci

- David Bowie

- Paul McCartney

- Albert Einstein

- Jack the Ripper

- Barack Obama

- Helen Keller

- Joan of Arc

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

Company profile

Name: Infinite8

Based: Dubai

Launch year: 2017

Number of employees: 90

Sector: Online gaming industry

Funding: $1.2m from a UAE angel investor

How the UAE gratuity payment is calculated now

Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.

The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.

1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):

a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33

b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.

2. For those who have worked more than five years

c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.

Note: The maximum figure cannot exceed two years total salary figure.

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.”

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

25-MAN SQUAD

Goalkeepers: Francis Uzoho, Ikechukwu Ezenwa, Daniel Akpeyi
Defenders: Olaoluwa Aina, Abdullahi Shehu, Chidozie Awaziem, William Ekong, Leon Balogun, Kenneth Omeruo, Jamilu Collins, Semi Ajayi 
Midfielders: John Obi Mikel, Wilfred Ndidi, Oghenekaro Etebo, John Ogu
Forwards: Ahmed Musa, Victor Osimhen, Moses Simon, Henry Onyekuru, Odion Ighalo, Alexander Iwobi, Samuel Kalu, Paul Onuachu, Kelechi Iheanacho, Samuel Chukwueze 

On Standby: Theophilus Afelokhai, Bryan Idowu, Ikouwem Utin, Mikel Agu, Junior Ajayi, Valentine Ozornwafor

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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Updated: November 21, 2024, 12:33 PM