The gathering will explore how faith and science can be combined to engage communities in meaningful action. EPA
The gathering will explore how faith and science can be combined to engage communities in meaningful action. EPA
The gathering will explore how faith and science can be combined to engage communities in meaningful action. EPA
The gathering will explore how faith and science can be combined to engage communities in meaningful action. EPA

Religious leaders to take part in Abu Dhabi summit on road to Cop28


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Faith leaders will come together in Abu Dhabi in the lead-up to Cop28 to highlight the crucial role the world's religions can play in the fight against climate change.

The global summit, held under the patronage of President Sheikh Mohamed, will be held from November 6 to 7 – a few weeks before the climate conference takes centre stage.

The event has been organised by the Muslim Council of Elders, in partnership with the Cop28 Presidency, the UN Environment Programme and the Catholic Church, state news agency Wam reported on Wednesday.

A venue for the meeting has not been announced.

Senior representatives of the world's major religions will be joined by academics and environmental experts to discuss the ethical duty of faith leaders to address the climate crisis.

The gathering will also explore how faith and science can be combined to engage communities in meaningful action.

“As our world inches closer to irreversible climate damage that can only be addressed through collective effort, the preliminary summit of religious leaders for Cop28 comes at a critical moment,” said Mohamed Abdelsalam, secretary general of the Muslim Council of Elders.

He underlined the need to combat “climate change ignorance” and added that “raising awareness of environmental issues have become imperative”.

The council and UNEP will co-host a faith pavilion at Cop28.

“Inclusion is the foundation of the Cop28 Presidency,” said Majid Al Suwaidi, director general of Cop28.

“Faith-based communities and organisations play a crucial role in helping the world address climate change. To highlight this, Cop28 will be the first Cop to host a pavilion dedicated to the engagement of faith communities.

“Our goal is to provide a global stage for fostering religious engagement and interfaith dialogue with the aim of inspiring ambitious goals and concrete actions to address the climate crisis.”

Cop28 will be held at Expo City Dubai from November 30 to December 12.

More than 70,000 participants – including heads of state, government officials, industry leaders and climate experts – will come to the UAE to help deliver a vital blueprint for action to safeguard the planet.

Road to Cop28 – in pictures

  • Dr Sultan Al Jaber, Cop28 President-designate and Minister of Industry and Advanced Technology speaking in March at the Road to Cop28 launch event held at Al Wasl plaza at the Expo City in Dubai. Pawan Singh / The National
    Dr Sultan Al Jaber, Cop28 President-designate and Minister of Industry and Advanced Technology speaking in March at the Road to Cop28 launch event held at Al Wasl plaza at the Expo City in Dubai. Pawan Singh / The National
  • Dr Al Jaber said the UAE presidency had received more than 600 submissions on the two-week agenda in an “innovative and inclusive” consultation with delegates. Pawan Singh / The National
    Dr Al Jaber said the UAE presidency had received more than 600 submissions on the two-week agenda in an “innovative and inclusive” consultation with delegates. Pawan Singh / The National
  • A picture shows empty tourist facilities by the Habbaniyah lake affected by severe drought in Iraq's Anbar province, August 11. The sustainability of nature, land use, and oceans are integral to achieving all the Paris Agreement’s goals. AFP
    A picture shows empty tourist facilities by the Habbaniyah lake affected by severe drought in Iraq's Anbar province, August 11. The sustainability of nature, land use, and oceans are integral to achieving all the Paris Agreement’s goals. AFP
  • Climate change is creating severe pressure and risks for the food, agricultural and water systems that ensure human wellbeing. AFP
    Climate change is creating severe pressure and risks for the food, agricultural and water systems that ensure human wellbeing. AFP
  • In a first for Cop, a day will be dedicated to discussing health and its relationship between climate change. Dr Tedros Adhanom Ghebreyesus, the World Health Organisation's director general, thanked Dr Al Jaber during a recent meeting.
    In a first for Cop, a day will be dedicated to discussing health and its relationship between climate change. Dr Tedros Adhanom Ghebreyesus, the World Health Organisation's director general, thanked Dr Al Jaber during a recent meeting.
  • December 10 will focus on how to fix this, from scaling up regenerative agriculture and water-food systems that support habitat restoration and conservation and increase food security, to implementing stronger, fairer integrated governance between states and corporations, farmers and producers. AFP
    December 10 will focus on how to fix this, from scaling up regenerative agriculture and water-food systems that support habitat restoration and conservation and increase food security, to implementing stronger, fairer integrated governance between states and corporations, farmers and producers. AFP
  • Mariam Al Mheiri, Minister of Climate Change and Environment, Minister of State for Food Security in July launched Cop28's Food Systems and Agriculture Agenda. Ms Al Mheiri called on governments to demonstrate leadership by signing the first-ever Leaders Declaration on Food Systems, Agriculture and Climate Action during the Food Systems Summit in Rome.
    Mariam Al Mheiri, Minister of Climate Change and Environment, Minister of State for Food Security in July launched Cop28's Food Systems and Agriculture Agenda. Ms Al Mheiri called on governments to demonstrate leadership by signing the first-ever Leaders Declaration on Food Systems, Agriculture and Climate Action during the Food Systems Summit in Rome.
The biog

Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball

Skoda Superb Specs

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Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

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MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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Our legal consultant

Name: Hassan Mohsen Elhais

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

BANGLADESH SQUAD

Mashrafe Mortaza (captain), Tamim Iqbal, Liton Das, Soumya Sarkar, Mushfiqur Rahim (wicketkeeper), Mahmudullah, Shakib Al Hasan (vice captain), Mohammad Mithun, Sabbir Rahaman, Mosaddek Hossain, Mohammad Saifuddin, Mehidy Hasan Miraz, Rubel Hossain, Mustafizur Rahman, Abu Jayed (Reporting by Rohith Nair in Bengaluru Editing by Amlan Chakraborty)

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

The nine articles of the 50-Year Charter

1. Dubai silk road

2.  A geo-economic map for Dubai

3. First virtual commercial city

4. A central education file for every citizen

5. A doctor to every citizen

6. Free economic and creative zones in universities

7. Self-sufficiency in Dubai homes

8. Co-operative companies in various sectors

­9: Annual growth in philanthropy

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Engine: 3.5-litre V6

Transmission: eight-speed automatic

Power: 290hp

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Price: Dh155,800

On sale: now

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Slow loris biog

From: Lonely Loris is a Sunda slow loris, one of nine species of the animal native to Indonesia, Malaysia, Thailand and Singapore

Status: Critically endangered, and listed as vulnerable on the International Union for Conservation of Nature red list due to growing demand in the global exotic pet trade. It is one of the most popular primate species found at Indonesian pet markets

Likes: Sleeping, which they do for up to 18 hours a day. When they are awake, they like to eat fruit, insects, small birds and reptiles and some types of vegetation

Dislikes: Sunlight. Being a nocturnal animal, the slow loris wakes around sunset and is active throughout the night

Superpowers: His dangerous elbows. The slow loris’s doe eyes may make it look cute, but it is also deadly. The only known venomous primate, it hisses and clasps its paws and can produce a venom from its elbow that can cause anaphylactic shock and even death in humans

The Birkin bag is made by Hermès. 
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.

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What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

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: September 06, 2023, 7:00 PM