Global climate conference Cop27 started on Sunday in Egypt's Sharm El Sheikh city.
The conference runs until November 18 and will bring world leaders together to discuss the climate crisis.
The Red Sea resort has been extensively redeveloped by the Egyptian government for the event.
This year, the summit will be focusing on four areas of the climate crisis: mitigation, adaptation, finance and collaboration.
UN Secretary General Antonio Guterres in October said the world faces a “catastrophe”, after a UN report found the world was set for warming of 2.8°C by the end of the 21st century.
“Global and national climate commitments are falling pitifully short,” Mr Guterres said.
The climate has been in the headlines this year amid wildfires, droughts and flooding around the world.
Campaigners say not enough progress has been made since Cop26, which took place last year in Glasgow, Scotland.
That conference resulted in the Glasgow Pact, which committed signatory nations to lower carbon emissions.
While the conference formally begins on Sunday, policy announcements have already been made.
On Friday, the EU said that it will sign a partnership agreement on hydrogen and renewable energy with Egypt during Cop27.
Preparations for Cop27 — in pictures:
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Workers walk past signage promoting this year’s United Nations global summit on climate change, known as COP27, adorns Peace Road, in Sharm el-Sheikh, South Sinai, Egypt. AP Photo -

A 10-lane highway, part of the refurbishing of the city for this year’s United Nations global summit on climate change, known as COP27, in Sharm el-Sheikh, South Sinai, Egypt. AP Photo -

A private yacht cruises in the Red Sea ahead of this year’s United Nations global summit on climate change, known as COP27, in Sharm el-Sheikh, South Sinai, Egypt. AP Photo -

A new hybrid electric bus is parked at an entrance of the conference center complex for this year’s United Nations global summit on climate change, known as COP27, in Sharm el-Sheikh, South Sinai, Egypt. AP Photo -

Guests enter the convention center hosting the COP27 U.N. Climate Summit. AP Photo -

Signs promoting the Cop27 climate summit on Peace Road in Sharm El Sheikh, Egypt. AP -

The entrance to the 'Green Zone' before this year’s Cop. AP -

A cruise ship is docked at the international harbour ahead of this year’s United Nations global summit on climate change, known as COP27, in Sharm el-Sheikh, South Sinai, Egypt. When world leaders, diplomats, campaigners and scientists descend on Sharm el-Sheikh in Egypt for talks on tackling climate change, don't expect them to part the Red Sea or perform other miracles that would make huge steps in curbing global warming. AP Photo -

An advert for Cop27 on Peace Road. -

The Egyptian flag flies in the Old Market of Sharm El Sheikh ahead of the summit. -

A billboard shows Egyptian President Abdel Fattah el-Sissi ahead of this year’s United Nations global summit on climate change, known as COP27, along Peace Road, in Sharm el-Sheikh, South Sinai, Egypt. When world leaders, diplomats, campaigners and scientists descend on Sharm el-Sheikh in Egypt for talks on tackling climate change, don't expect them to part the Red Sea or perform other miracles that would make huge steps in curbing global warming. AP Photo -

A peace sign adorns a concrete barrier that surrounds parts of the city of Sharm el-Sheikh, South Sinai, Egypt. When world leaders, diplomats, campaigners and scientists descend on Sharm el-Sheikh in Egypt for talks on tackling climate change, don't expect them to part the Red Sea or perform other miracles that would make huge steps in curbing global warming. AP Photo -

A new pedestrian promenade, part of the refurbishing of the city for the event.
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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India squad for third Test against Sri Lanka
Virat Kohli (capt), Murali Vijay, Lokesh Rahul, Shikhar Dhawan, Cheteshwar Pujara, Ajinkya Rahane, Rohit Sharma, Wriddhiman Saha, Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Vijay Shankar
India squad for ODI series against Sri Lanka
Rohit Sharma (capt), Shikhar Dhawan, Ajinkya Rahane, Shreyas Iyer, Manish Pandey, Kedar Jadhav, Dinesh Karthik, Mahendra Singh Dhoni, Hardik Pandya, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar, Siddarth Kaul
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