A top UAE official said it was crucial the Cop27 summit in Egypt had a successful outcome, with the world's public demanding action on climate change.
Majid Al Suwaidi, director general of Cop28, said the UAE was in “listening mode” at this year’s climate summit in Sharm El Sheikh.
Speaking to The National in the Egyptian resort town on Sunday, he said it was the UAE’s job to hear where the countries stood and what they want to achieve.
The public and society are really calling for action. This process has to step up and deliver
Majid Al Suwaidi,
director general, Cop28
“We really are in listening mode,” he said. “It is important to have a positive outcome as we are host country for Cop28. Our job as president is to steer this process towards a successful outcome in the UAE.”
The UN’s annual climate summit, Cop27, has opened in Egypt, with more than 120 world leaders expected to attend the crucial event in Sharm El Sheikh.
But a tough two weeks of talks lies ahead amid a challenging global landscape.
When asked about some opinions that prospects for major breakthroughs at Cop27 were gloomy, Mr Al Suwaidi said he had attended a lot of Cops and all of them had gloomy predictions at the start.
“For me that is not a barometer of whether Cop27 will be a success or not,” he said. “Our Egyptian colleagues and friends are strong, know the issues and understand well how to run the process. We followed them through the year.
“They have done a phenomenal job [and] I’m really confident they will come out with some positive outcomes.”
Mr Al Suwaidi said if leaders make enough progress over the next two weeks, that sets up the UAE well for next year’s summit.
“We often look at Cops as the singular event but there is a process that builds up. If Egypt can deliver wins on some of the issues I think that would be a real success and helpful to us.”
Mr Al Suwaidi said there was an urgency at Cop27 to make progress and he had seen it year after year.
“People [are] much more interested in practical solutions,” he said. “The public and society are really calling for action. This process has to step up and deliver.”
When asked about the difficulty of trying to make progress amid the tough geopolitical outlook and soaring inflation, he said many of the challenges are a result of climate instability.
“Look at the energy issues we face globally,” Mr Al Suwadi said.
“There is a danger this detracts from [the] pathway we set up for addressing climate change.
“If [people] are struggling and don’t have the right means to take on new technology you need and renewable energy technology that can be more expensive than conventional fossil fuels — that’s a real issue. That’s why this process is important.
“But among all the challenges, one issue we all agree is around climate change. That bodes well for this process.”
Mr Al Suwaidi said hosting Cop28 next year was a really important moment for the UAE. He said the country had a track record in protecting the environment.
“I think of anybody, I have to be looking forward to it the most. [It is] one of most important events of our new President [Sheikh Mohamed's] term.”
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.”
Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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