Bill Gates says he will continue to run the Bill and Melinda Gates Foundation with his former wife Melinda as they have found a 'good new working rhythm'. AP
Bill Gates says he will continue to run the Bill and Melinda Gates Foundation with his former wife Melinda as they have found a 'good new working rhythm'. AP
Bill Gates says he will continue to run the Bill and Melinda Gates Foundation with his former wife Melinda as they have found a 'good new working rhythm'. AP
Bill Gates says he will continue to run the Bill and Melinda Gates Foundation with his former wife Melinda as they have found a 'good new working rhythm'. AP

2021 has been the most difficult year of my life, Bill Gates says


Deepthi Nair
  • English
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Microsoft co-founder Bill Gates says 2021 has been the most unusual and difficult year of his life.

“2021 has been a year of big transitions for me but it has not changed why I love the work I do,” Mr Gates, who is the world’s fourth-richest person in the world with a net worth of $135 billion, according to Forbes, said in a blog post on Tuesday.

The billionaire philanthropist and Melinda French Gates divorced on May 3 after 27 years of marriage. The Gates began dating in 1987 and wed on January 1, 1994, in Hawaii. The couple have three children. They also made public their separate plans to donate their wealth.

"Melinda and I continue to run our foundation together and have found a good new working rhythm, but I cannot deny that it has been a year of great personal sadness for me. Adapting to change is never easy, no matter what it is," Mr Gates said.

Mr Gates, 66, picked four themes that were top of his mind this year.

“As it [2021] comes to a close, I wanted to sit down and write about four things that are top of mind heading into 2022: the latest progress toward ending the Covid-19 pandemic, why decreased trust in institutions might be the biggest obstacle standing in our way, what the climate conversation can teach us about making progress and how the rapid digitisation brought on by the pandemic will shape our future,” he wrote in the blog post.

The Bill and Melinda Gates Foundation continues to take up the bulk of his time, Mr Gates said.

“The foundation is my top philanthropic priority, even as my giving in other areas has grown over the years – primarily in mitigation of climate change and tackling Alzheimer’s disease,” Mr Gates said in his updated Giving Pledge, which is a commitment by the world’s wealthiest people and families to give away most of their wealth, on December 1.

Mr Gates and Ms French Gates founded the foundation in 2000. Since then, it has become one of the most influential non-profit organisations in the world that spends $5bn annually on fighting poverty, disease and inequality around the world.

Although Covid-19 has been a huge focus, the foundation continues to make progress in other areas.
Bill Gates,
philanthropist

The foundation says it has spent $54.8bn since its inception. Last year, it pledged about $250 million to help fight the Covid-19 pandemic, with some of the funds channelled to the distribution of life-saving doses of Covid-19 vaccines to parts of Sub-Saharan Africa and South Asia.

“Although Covid-19 has been a huge focus, the foundation continues to make progress in other areas,” Mr Gates said in the blog post.

“Our US programme is working with partners to help students and teachers [to] navigate the strange new world of pandemic-era education, and my colleagues working on gender equality are fighting for a more equitable global recovery.”

Meanwhile, the foundation’s global health and development teams have found ways to protect advancements on diseases such as polio, tuberculosis and HIV, and make progress in reducing childhood mortality, Mr Gates said.

  • In this Jan. 9, 1994, file photo, computer mogul Bill Gates III and bride Melinda French greet guests in a reception line at a private estate in Seattle. The couple was married in Hawaii the week prior. AP Photo
    In this Jan. 9, 1994, file photo, computer mogul Bill Gates III and bride Melinda French greet guests in a reception line at a private estate in Seattle. The couple was married in Hawaii the week prior. AP Photo
  • Bill Gates Chairman and CEO of Microsoft and his wife Melinda listens to Josh Stack, 15, explaining the Demopolis, Alabama web site on a computer at the Demopolis Public library, February 24, 1998. Reuters.
    Bill Gates Chairman and CEO of Microsoft and his wife Melinda listens to Josh Stack, 15, explaining the Demopolis, Alabama web site on a computer at the Demopolis Public library, February 24, 1998. Reuters.
  • Bill Gates contends with an ill-fitting hard hat while his wife, Melinda Gates, looks on in Seattle at the groundbreaking of the University of Washington's new law school facility, William H. Gates Hall, May 4, 2001. AP Photo
    Bill Gates contends with an ill-fitting hard hat while his wife, Melinda Gates, looks on in Seattle at the groundbreaking of the University of Washington's new law school facility, William H. Gates Hall, May 4, 2001. AP Photo
  • Bill Gates and his wife Melinda, left, walk on a street in Dhaka, Bangladesh, Dec. 5, 2005. AP Photo
    Bill Gates and his wife Melinda, left, walk on a street in Dhaka, Bangladesh, Dec. 5, 2005. AP Photo
  • US Microsoft owner Bill Gates addresses a youth forum on HIV/AIDS at the University of Witwatersrand in Johannesburg, 22 September 2003, as his wife Melinda Gates and former South African President Nelson Mandela listen to him. AFP Photo
    US Microsoft owner Bill Gates addresses a youth forum on HIV/AIDS at the University of Witwatersrand in Johannesburg, 22 September 2003, as his wife Melinda Gates and former South African President Nelson Mandela listen to him. AFP Photo
  • Britain's Queen Elizabeth II presents Microsoft tycoon Bill Gates with his honorary knighthood at Buckingham Palace, London, Wednesday March 2, 2005 watched by his wife Melinda. AFP
    Britain's Queen Elizabeth II presents Microsoft tycoon Bill Gates with his honorary knighthood at Buckingham Palace, London, Wednesday March 2, 2005 watched by his wife Melinda. AFP
  • Bill Gates and his wife Melinda hold a press conference in New York 02 December to announce a 100 million USD gift to establish the Bill and Melinda Gates Children's Vaccine Program. AFP
    Bill Gates and his wife Melinda hold a press conference in New York 02 December to announce a 100 million USD gift to establish the Bill and Melinda Gates Children's Vaccine Program. AFP
  • Melinda Gates smiles at her husband Bill Gates during the opening news conference for AIDS 2006, the XVI International AIDS conference in Toronto, August 13, 2006. Reuters
    Melinda Gates smiles at her husband Bill Gates during the opening news conference for AIDS 2006, the XVI International AIDS conference in Toronto, August 13, 2006. Reuters
  • Bill Gates shares the stage with his wife Melinda during the 123rd Stanford commencement ceremony in Stanford, California. AFP
    Bill Gates shares the stage with his wife Melinda during the 123rd Stanford commencement ceremony in Stanford, California. AFP
  • Microsoft Corp co-founder Bill Gates and his wife Melinda Gates watch the swimming events at the National Aquatics Center during the Beijing 2008 Olympic Games, in Beijing, China August 10, 2008. Reuters
    Microsoft Corp co-founder Bill Gates and his wife Melinda Gates watch the swimming events at the National Aquatics Center during the Beijing 2008 Olympic Games, in Beijing, China August 10, 2008. Reuters
  • Bill and Melinda Gates attend a debate on the 2030 Sustainable Development Goals in Brussels January 22, 2015. Reuters
    Bill and Melinda Gates attend a debate on the 2030 Sustainable Development Goals in Brussels January 22, 2015. Reuters
  • Philanthropist and co-founder of Microsoft, Bill Gates and his wife Melinda talk, after being awarded Commanders of the Legion of Honor at the Elysee Palace in Paris, France, April 21, 2017. Reuters
    Philanthropist and co-founder of Microsoft, Bill Gates and his wife Melinda talk, after being awarded Commanders of the Legion of Honor at the Elysee Palace in Paris, France, April 21, 2017. Reuters
  • Bill and Melinda Gates smile at each other during an interview in Kirkland, Washington, Feb. 1, 2019. AP Photo
    Bill and Melinda Gates smile at each other during an interview in Kirkland, Washington, Feb. 1, 2019. AP Photo

Referring to his “empty nester” status with his three children married, off to college and school respectively, Mr Gates said “the house is a lot quieter without a bunch of teenagers hanging around all the time”.

“I miss having them at home, even if it is easier to focus on reading a book or getting work done these days.”

The pandemic dominated everyone’s lives since day one in 2021, he said.

“We have all had to adapt to a new normal, although what that looks like is different for every person. For me, the result has been a year spent mostly online, I had stretches of time without any face-to-face social interaction,” Mr Gates said.

“It has been a strange and disorienting experience. My personal world has never felt smaller than it did over the last 12 months.”

Climate and energy issues became a bigger part of Mr Gates’s focus over the past year. He released his book How to Avoid a Climate Disaster and also launched the Breakthrough Energy Catalyst programme to support the financing, production and purchase of new clean energy technology, according to the blog post.

The initiative, which is a coalition of philanthropists, companies and governments, will initially focus on investments in long-duration energy storage, sustainable aviation fuels, direct air capture and green hydrogen, according to an earlier blog post.

“I also found time to work on some non-foundation and non-climate related areas, like Alzheimer’s research and expanding free educational resources for teachers,” Mr Gates said in the blog post.

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Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)

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T20 WORLD CUP 

2024: US and West Indies; 2026: India and Sri Lanka; 2028: Australia and New Zealand; 2030: England, Ireland and Scotland 

ODI WORLD CUP 

2027: South Africa, Zimbabwe and Namibia; 2031: India and
Bangladesh 

CHAMPIONS TROPHY 

2025: Pakistan; 2029: India  

Results

Stage 7:

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2. Sam Bennett (IRL) Deceuninck-QuickStep - same time

3. Phil Bauhaus (GER) Bahrain Victorious

4. Michael Morkov (DEN) Deceuninck-QuickStep

5. Cees Bol (NED) Team DSM

General Classification:

1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28

2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35

3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02

4. Chris Harper (AUS) Jumbo-Visma - 0:01:42

5. Neilson Powless (USA) EF Education-Nippo - 0:01:45

Moral education needed in a 'rapidly changing world'

Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.

Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.

"Moral education touches on every aspect and subject that children engage in.

"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.

"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."

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.”

Updated: December 09, 2021, 3:30 AM