Egypt is preparing to be at the centre of the political spotlight when the Cop27 global summit begins on Sunday.
The UN climate change talks come at a time when the most populous Arab nation faces tough economic choices ― caused in part by the fallout from the Russia-Ukraine war and the coronavirus pandemic before it.
During the two-week gathering in the Red Sea resort of Sharm El Sheikh, Egypt will mostly wear its African hat and assume the role of the standard bearer for a continent struggling to persuade the industrialised West to give it the funds it needs to transition from fossil fuels and adapt to climate change.
It will also seize the opportunity to highlight its potential in the fight against climate change. The country has rapidly expanded its use of renewable and clean energy and has signed multibillion-dollar deals to produce green fuel.
The November 6-18 summit is expected to attract 45,000 delegates, including 100 heads of state and governments ― among them US President Joe Biden and British Prime Minister Rishi Sunak.
Hosting such a large gathering for a milestone event has already boosted Egypt's international profile and afforded it the chance to show its role as a regional power enjoying close ties in its neighbourhood and beyond.
But there has also been criticism of Egypt's rights record at a time when Cairo is focused on ensuring that the summit produces tangible results in the fight against climate change while also battling an economic crisis chiefly caused by the fallout from the Russia-Ukraine war and the coronavirus pandemic.
President Abdel Fattah El Sisi has said criticism of the country's human rights record overlooks the leaps made in health, power projects and the many billions of dollars spent on infrastructure to provide the 104 million Egyptians with decent housing, education and access to medical care.
Separate from the climate summit, Mr El Sisi has launched a national dialogue and released government critics in an outreach to his opponents as he works towards political inclusion after years of being reluctant to carry out reforms.
Mr El Sisi, a former army general in office since 2014, has revived a presidential commission mandated to look at the cases of thousands of critics in pre-trial detention. At least 1,000 detainees have been freed since the president first called for a national dialogue in April.
In a call before Cop27, US Secretary of State Antony Blinken spoke with Egyptian Foreign Minister Sameh Shoukry and welcomed the news that "significant numbers of political detainees" were being released.
He "voiced support for additional such pardons and releases, as well as for steps to strengthen due process of law and protections for fundamental freedoms for all," the US State Department said.
Civil society say they can't access Cop27 - in pictures
The government has not linked the dialogue to the climate summit. It said some political reforms could not be carried out earlier during Mr El Sisi’s rule because of the national security threat posed by terrorism.
Some rights groups have claimed that climate change activists will stay away from this year's Cop summit because they cannot secure accreditation or afford hotel room charges that have significantly gone up in the run-up to the Sharm El Sheikh summit.
It was an issue also raised by Mr Blinken in his call with Mr Shoukry, as the US official touched on the "critical contributions of civil society, including to a successful Cop27."
The Egyptian government has rejected the activists' claims, saying it’s making efforts to ensure civil society groups can participate meaningfully and that it has set aside a venue in Sham El Sheikh for protesters to gather.
Wael Aboul Magd, the special representative for the Egyptian Cop27 presidency, said organisers would ensure civil society groups are able to participate in all activities except for the negotiating process, which is open only to country delegates.
“We’ve exerted every effort to ensure their presence,” he told reporters at a recent briefing. “We’re doing a lot to ensure meaningful participation.”
Authorities also denied charges that they had enabled hotels to sharply increase room rates for Cop27.
The government, Mr Aboul Magd said, is subsidising “a few thousand rooms” in two and three-star 2 hotels and hostels. Rooms will have “a very low cost to ensure there are no impediments stopping people from coming,” he said.
“The Egyptian government understands and appreciates that with hosting the climate summit comes responsibilities,” said Negad Borai, a veteran rights lawyer and a member of the national dialogue’s board of trustees.
“That Egypt has been selected to host the summit is an international recognition that it’s a stable nation that can protect a conference of this size and in the process endure criticism.”
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.”
Killing of Qassem Suleimani
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
UAE currency: the story behind the money in your pockets
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Match info:
Real Betis v Sevilla, 10.45pm (UAE)
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
The specs: 2019 Jeep Wrangler
Price, base: Dh132,000
Engine: 3.6-litre V6
Gearbox: Eight-speed automatic
Power: 285hp @ 6,400rpm
Torque: 347Nm @ 4,100rpm
Fuel economy, combined: 9.6L to 10.3L / 100km
UAE SQUAD
Mohammed Naveed (captain), Mohamed Usman (vice captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
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