Four young Emiratis will help lead the charge towards a more sustainable future as the UAE prepares to host the crucial Cop28 climate summit in November.
The eco-conscious quartet — including a girl aged 12 — will serve as Emirati Youth Sustainability Ambassadors at the international gathering in Dubai as the Emirates seeks to shine a light on the significant role to be played by the next generation in protecting the planet.
Dr Sultan Al Jaber, President-designate of Cop28 and Minister of Industry and Advanced Technology, on Wednesday announced that the country will sponsor 100 international youth delegates to attend the conference, to be held at Expo City Dubai.
It will prioritise those from the least developed countries, small island developing states, indigenous peoples and other minority groups from around the world.
Here, The National speaks to the young climate champions hoping to effect change on the road to Cop28 and beyond.
The schoolgirl inspired by Sheikh Zayed's legacy
Ghaya Saad Alahbabi may be only 12, but she is aware the world is facing a pivotal moment in its climate change fight.
When she turned 11, she wasn't concerned about how many gifts she received or how many friends would attend her party, as her mind was focused on something bigger.
She marked her birthday by launching an art competition, with paintings made up of recycled materials to show what can be achieved with a sustainable vision.
The Grade 7 pupil at Liwa International School has organised more than 20 cleaning campaigns that have brought people together to spruce up the country's coastline and beaches.
“But it can't just be me,” she said. “It has to be all of us together to make a difference.”
She is inspired by UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan.
“It was a quote I read,” she said.
The powerful words from Sheikh Zayed were: “We cherish our environment because it is an integral part of our country, our history and our heritage.
“On land and in the sea, our forefathers lived and survived in this environment. They were able to do so only because they recognised the need to conserve it, to take from it only what they needed to live, and to preserve it for succeeding generation.”
Ghaya looks to how Sheikh Zayed and the UAE have successfully put words into action, and it fuels her desire to do the same.
“They didn’t believe him when he said he would plant the desert with trees and look at us today,” she said.
She wants children to dream big and never lose sight of the need to preserve the Earth for generations to come.
“I would tell children to dream big — continue on your path but whatever you do please care for your environment because it can’t just be me, it has to be all of us.”
A teenager ready to lead
Mariam Al Ghafri epitomises the faith of the UAE leadership in the potential of the nation's youth.
At only 15, she has already come up with more than two dozens inventions with the aim of making everyday life better.
One includes a device which aims to detect if a child was locked inside car by measuring CO2 levels.
A rise would indicate someone was inside the car and trigger an alarm to be raised.
Another idea is to translate images into Braille.
Many of her inventions are prompted by her own life experiences.
“My cousin was once stuck in a car for 30 minutes and that is how I got the idea of the car sensor,” she said.
Mariam wants to pursue a career in engineering and takes her ambassador duties seriously.
“My role as an ambassador is to elevate the thinking of the Emirati child and put him in a position of responsibility that he must bear by preparing programmes and activities that enable him to do so.
She credits Sheikha Fatima, Mother of the Nation, for giving children a voice.
“She offered us the chance to speak up and influence decisions that supports children's rights. Children are the least responsible for climate change, but they will suffer its effects, so we must stop it.”
A youngster dedicated to the cause
Sofia Faghihy has an impressive track record in the climate change fight, at the age of only 16.
She is passionate about Cop 28 and believes decision-makers can make a difference if united.
She has previously met former UN Secretary General Ban Ki-moon, taken on eco ambassadorial roles for her school and volunteered for wildlife conservation work in Sri Lanka.
Her notable achievements include winning the International Mathematics Olympiad 2021 and the International Cyber Olympiad in the following year.
She secured the Sheikha Fatima Bint Mubarak Award for Excellence in 2022 and acted as Secretary General for the Gems World Academy Model United Nations 2023, where pupils serve as UN delegates to address the pressing issues facing the world.
Even with such a busy schedule, she also found time to author a non-fiction book, entitled Space Exploration: The New Rennaisance.
“I am driven by an innate desire to succeed. I see myself as a very privileged person by having access to a great education and constant support from my family, and I really want to give that back to the community as much as possible,” Ms Faghihy said.
“I feel like I should use the skills I was given not only to benefit myself but rather society as a whole through my existing and future platforms.”
The farmer showing the way
Saeed Al Remithi, 23, has his own organic farm, selling everything from tomatoes to milk, eggs and poultry.
He is sowing the seeds of sustainability in his every day work, using pesticide-free fertilisers, setting up solar panels and embracing hydroponic farming methods which greatly reduces water usage.
The farm located in Sweihan in Al Ain covers the needs of his family.
When he was 20 he wanted to build an eco-friendly farm.
“My uncle was having trouble with his greenhouses and complaining about the high cost of electricity and water consumption so I came up with a prototype of a hydroponic farm that worked using solar panels and the rest was history,” he said.
“Today we sell our products and we hope to compete with many of the local products you see in the market today. Our products are all organic.”
Mr Al Remithi is looking forward to advancing the green agenda at Cop28, where his business will be a highlighting as a model of good sustainable practice.
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.”
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
MATCH INFO
UAE Division 1
Abu Dhabi Harlequins 12-24 Abu Dhabi Saracens
Sly%20Cooper%20and%20the%20Thievius%20Raccoonus
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Sucker%20Punch%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%202%20to%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
Read more from Johann Chacko
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
