Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs, has spoken of how “the values of philanthropy and human solidarity are deeply rooted in the UAE’s legacy”.
In a message posted on X in recognition of the UN-led World Humanitarian Day, he wrote, “We believe that humanitarian work is a noble endeavour that reflects our belief in building a more prosperous and dignified world for all humanity.”
The date is marked to recognise the work of humanitarian agencies and workers and highlight the importance of offering a helping hand to people affected by crises.
It is observed each year on August 19, the date of a 2003 suicide bombing in Baghdad that killed 22 people, including Sergio Vieira de Mello, then UN high commissioner for human rights and head of the UN mission in Iraq.
Sheikh Abdullah highlighted how “the UAE celebrates a historical record of encouraging human solidarity and alleviating suffering, helping those in need of support, assistance and relief around the world.
“Aligned with the unwavering values inspired by Sheikh Zayed’s legacy and the future-orientated vision of the country’s wise leadership, the principles of humanitarianism are inseparable from our nation’s history.”
He noted the “multitude of humanitarian crises today require co-ordination and unification of endeavours” and applauded “all humanitarians in the UAE and around the world who through their efforts champion a global message of benevolence and harmony”.
Sheikh Abdulla bin Mohammed Al Hamed, Chairman of the National Media Office, added that the UAE, guided by President Sheikh Mohamed bin Zayed and the legacy of Founding Father the late Sheikh Zayed bin Sultan Al Nahyan, has become a global leader in humanitarian work.
He highlighted how UAE citizens are governed by “a deep-rooted belief that all people have the right to live in peace, stability, dignity, justice, and equality”.
Sheikh Abdullah explained how the UAE's efforts to help those affected in Gaza – Operation Gallant Knight 3 and Tarahum for Gaza – and Sudan have gone a long way in cementing its humanitarian role on the international stage.
He also noted the country's “effective and successful mediation in prisoner exchanges” between Ukraine and Russia.
“This has made the UAE a leader in the global humanitarian system and helped it rank first globally for several consecutive years as the largest donor of foreign aid,” he added.
Praise for UAE relief efforts
UN partners on Monday recognised the UAE's commitment to supporting vulnerable people around the world.
Cindy McCain, director of the World Food Programme, said UAE support was key to its objectives.
"The UAE is a major partner of the World Food Programme, providing valuable support that helps us provide aid to those in need quickly in times of crisis," she said.
"This co-operation ensures our ability to achieve our humanitarian mission and secure food aid for people affected by humanitarian disasters.”
Khaled Khalifa, the Representative of the UN High Commissioner for Refugees to Gulf Co-operation Council, said UAE intervention was crucial at a time of global upheaval.
“World Humanitarian Day comes at a time when the world is witnessing tragedies, wars, and humanitarian crises that have deprived millions of people of essential services," he said.
"Today, we express our solidarity with our colleagues in the humanitarian field and with the victims of conflicts and disasters.
“We express our gratitude to partners like the United Arab Emirates, whose humanitarian contributions from both the public and private sectors have been a beacon of hope for forcibly displaced persons and host communities worldwide.”
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Griselda
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ARGENTINA SQUAD
Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez
SPECS
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PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
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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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
UAE currency: the story behind the money in your pockets