Cop29 takes place from November 11 to 22 in Baku, Azerbaijan. Pawan Singh / The National
Cop29 takes place from November 11 to 22 in Baku, Azerbaijan. Pawan Singh / The National
Cop29 takes place from November 11 to 22 in Baku, Azerbaijan. Pawan Singh / The National
Cop29 takes place from November 11 to 22 in Baku, Azerbaijan. Pawan Singh / The National

Pressure builds on Cop29 climate talks to deliver


John Dennehy
  • English
  • Arabic

It is vital the Cop29 climate talks deliver a strong outcome despite entrenched positions on finance, climate advocates and experts say.

The pressure is on the Cop29 presidency to deliver an agreement that builds on the success of Cop28 in Dubai and lays the groundwork for Cop30 in Brazil next year.

Preparations are complicated because Azerbaijan had less time to organise the November 11 to 22 summit than other hosts due to its delayed selection over geopolitical wrangling. It is also expected to be a smaller gathering than previous years.

Cop29 also starts just days after crucial US elections that could see the return of climate change sceptic, Donald Trump, and comes before a hugely vital Cop in the south American country next year.

Dubai delivered the Global Stocktake – a report card for how the world is doing – where countries made the historic decision to transition away from fossil fuels.

Cop30 is crucial because countries need to come with revised climate plans – known as nationally determined contributions – to keep the 1.5ºC goal alive.

Now Baku needs to deliver on finance - how to pay for this transition and support those most vulnerable - but negotiators remain some distance apart.

“Waiting for another Cop is simply no longer an option,” said WaterAid climate expert, Patience Mukuyu, who said there needs to be a strong outcome on finance from the talks.

“It is the people around the world who have done the least to cause the climate crisis who continue to suffer from its devastating impacts – floods, droughts, cyclones, heatwaves and rising sea levels.”

  • Azerbaijan's capital Baku will host the UN Cop29 climate summit in November. All photos: Pawan Singh / The National
    Azerbaijan's capital Baku will host the UN Cop29 climate summit in November. All photos: Pawan Singh / The National
  • Baku Stadium is the venue for the crucial talks
    Baku Stadium is the venue for the crucial talks
  • Ilham Aliyev, president of Azerbaijan, during the Shusha Global Media Forum. Mr Aliyev said the country wanted to have a good outcome
    Ilham Aliyev, president of Azerbaijan, during the Shusha Global Media Forum. Mr Aliyev said the country wanted to have a good outcome
  • Cop29 signs have started to appear in Baku
    Cop29 signs have started to appear in Baku
  • Hikmet Hajiyev, foreign policy adviser to Azerbaijan’s president, said Armenia – which was recently at war with Azerbaijan – was invited to Cop29
    Hikmet Hajiyev, foreign policy adviser to Azerbaijan’s president, said Armenia – which was recently at war with Azerbaijan – was invited to Cop29
  • Azerbaijan is boosting renewable energy, such as at this Masdar operated solar farm called Garadagh
    Azerbaijan is boosting renewable energy, such as at this Masdar operated solar farm called Garadagh
  • But Baku has a long fossil fuel history, with oil derricks seen here and the stadium in the background
    But Baku has a long fossil fuel history, with oil derricks seen here and the stadium in the background
  • The spectacular oil rush was driven by entrepreneurs such as two of Sweden’s Nobel brothers. The Nobels installed oil pipelines and built the world’s first oil tanker. Seen here is a statue of Alfred Nobel at the Nobel museum in Baku
    The spectacular oil rush was driven by entrepreneurs such as two of Sweden’s Nobel brothers. The Nobels installed oil pipelines and built the world’s first oil tanker. Seen here is a statue of Alfred Nobel at the Nobel museum in Baku
  • Azerbaijan has a rich cultural history to showcase for those attending Cop29
    Azerbaijan has a rich cultural history to showcase for those attending Cop29
  • Baku's old city sits alongside newer buildings as the country develops using its oil wealth
    Baku's old city sits alongside newer buildings as the country develops using its oil wealth
  • Traditional-style construction in Baku
    Traditional-style construction in Baku
  • Stunning architecture in Baku's old city
    Stunning architecture in Baku's old city
  • Crafts for sale in Baku old city
    Crafts for sale in Baku old city
  • Up to 50,000 people are expected in Baku for Cop29
    Up to 50,000 people are expected in Baku for Cop29

New financial goal

Countries at Cop29 need to agree a new financial goal to replace from 2025 the $100bn pledge a year from developed countries to help developing countries deal with climate change. This is known as the “new collective quantified goal”. But countries remain at loggerheads on how to resolve this with a recent retreat convened by the presidency failing to break the deadlock.

“In short it is an agreement on the level of financial support and investment that rich countries should provide from public and private sources to help developing countries with their transition away from fossil fuels and to make themselves more resilient to those impacts of climate change that cannot now be avoided,” said Bob Ward, policy director at the Grantham Institute for Climate Change at the London School of Economics, who said Cop29 was a “really important summit” because of this.

“Without this financial support we are unlikely to see the level of action required in the future.”

Moustafa Bayoumi, climate change research fellow at the Anwar Gargash Diplomatic Academy in Abu Dhabi, said he expects a broad agreement at Cop29 that makes it easier for the close to 200 parties to find common ground.

"I think that's what they will have to resort to because they are very tough negotiations and there are a lot of uncertainties," he said. "There are a lot of geopolitical tensions.

"Negotiators today still have not reached agreement on the quantity, quality or sources of finance. Some developed countries also want to broaden the donor base to include developing countries."

Ms Mukuyu added the world had changed a lot since 2009 when the old pledge was made.

“Progress on the NCQG at this year’s Cop could change the course of the future for those living on the frontlines of the climate crisis.”

US President Donald Trump in 2017 announced that the US would withdraw from the landmark Paris climate deal. Kevin Lamarque / Reuters
US President Donald Trump in 2017 announced that the US would withdraw from the landmark Paris climate deal. Kevin Lamarque / Reuters

US election casts long shadow

The US election takes place on November 5, just a few days before the summit opens.

Donald Trump has vowed to take the US out of the Paris climate deal for a second time if elected, imperilling global climate action from a global superpower and major greenhouse gas emitter.

Carbon Brief, the respected UK-based climate specialist website, published analysis stating a Trump victory could add 4bn tonnes of US emissions by 2030.

President Joe Biden has championed climate action but much remains to be known about the climate plan of Kamala Harris, US vice president and the Democratic Party's nominee if elected. However, she mentioned climate in her acceptance speech on Thursday and has a record of advocating for the environment.

"It is not going to change the negotiations immediately," said Mr Bayoumi. "But it will potentially cast a shadow on the mood because then people will know whatever we're going to negotiate here might be undone depending on the election results," he explained.

He suggested a Harris victory might bring a more positive mood at the talks with the expectation of continuity from the Biden administration and could be seen as a "sigh of relief" among climate activists.

A woman wades through flood waters at an inundated residential area in Garissa, east-central Kenya. AFP
A woman wades through flood waters at an inundated residential area in Garissa, east-central Kenya. AFP

No one adapts without water

The Cop29 presidency has been ramping up activity over the past few weeks. It has launched a billion-dollar climate fund, unveiled the thematic schedule for the event and announced a raft of other initiatives to drive action at Cop29.

Among them is an effort to bring water front and centre to the debate. Scientists believe hotter temperatures, changes in historical rainfall patterns, and water contamination, are putting pressure on water.

The “Baku Dialogue on Water and Climate” seeks to bring together governments, UN organisations, academia and the private sector to work on how to adapt to these new realities.

“Clean water, sanitation and hygiene are essential for people to adapt, building their resilience to continued climate change,” said Ms Mukuyu. “This must be at the heart of Cop29.”

Baku Stadium, venue for Cop29, with oil derricks also visible. Azerbaijan's history is intertwined with fossil fuels. Pawan Singh / The National
Baku Stadium, venue for Cop29, with oil derricks also visible. Azerbaijan's history is intertwined with fossil fuels. Pawan Singh / The National

A smaller Cop

Cop28 in Dubai was the largest ever staged with, according to the UNFCCC, about 85,000 participants and more than 150 heads of state.

Cop29, however, is expected to be a smaller affair with organisers expecting up to 50,000 attendees but others put the figure around 40,000.

Mr Bayoumi said the last few Cops had been trying to be more inclusive by bring in businesses and wider society. This boosted numbers and interest, but also put pressure on the talks.

"It's good to be inclusive but it also needs to be very well managed, otherwise the negotiators can get overwhelmed with the number of places they have to be in, the queues, etc. It becomes very taxing," he said.

Clock is ticking

Regional climate weeks that are typically held across the world to drive momentum for Cop were cancelled this year due to a lack of funds.

But The UN General Assembly, along with Climate Week New York City, that both take place in September could be seen as crucial signposts ahead of the November summit.

The climate week in particular is seeing a surge of interest – with 1,350 organisations applying for speaker slots, as opposed to just under 650 last year – but organisers said it wasn’t clear if this was related to a slimmed down Cop29.

“It could be the challenges around Cop29, but it could also be because Climate Week NYC has an increasingly high profile among businesses and governments,” noted Rik Goverde, the event’s director of programme and corporate communications.

“So it is a bit hard to say what the influence of the business-sentiment around Cop is, if any.”

The G20 summit in Brazil also takes place during the closing days of Cop29 so it remains to be seen how the geopolitical landscape will influence the outcomes that are due on November 22.

Two other UN gatherings on biodiversity in Colombia in October and on desertification in Saudi Arabia in December are also getting attention.

“Our message to world leaders is this: there is no time to waste," said Ms Mukuyu.

“Delivering the finance needed to ensure people can adapt to climate change is not aid, it is justice.”

The effects of climate change on the Middle East region – in pictures

  • Flooding in the Al Barsha area of Dubai. Chris Whiteoak / The National
    Flooding in the Al Barsha area of Dubai. Chris Whiteoak / The National
  • Vehicles being recovered near Al Maktoum airport in Dubai. Antonie Robertson / The National
    Vehicles being recovered near Al Maktoum airport in Dubai. Antonie Robertson / The National
  • Flooding in the Al Barsha area of Dubai. Chris Whiteoak / The National
    Flooding in the Al Barsha area of Dubai. Chris Whiteoak / The National
  • Flooding along Sheikh Zayed Road in Dubai. Antonie Robertson / The National
    Flooding along Sheikh Zayed Road in Dubai. Antonie Robertson / The National
  • Flooding along Sheikh Zayed Road in Dubai. Antonie Robertson / The National
    Flooding along Sheikh Zayed Road in Dubai. Antonie Robertson / The National
  • Cars move through floodwater in Al Qudra, Dubai. Chris Whiteoak / The National
    Cars move through floodwater in Al Qudra, Dubai. Chris Whiteoak / The National
  • Flooding on Dubai's Al Khail Road. Chris Whiteoak / The National
    Flooding on Dubai's Al Khail Road. Chris Whiteoak / The National
  • People abandon their cars on Sheikh Zayed Road due to heavy rain. Antonie Robertson/The National
    People abandon their cars on Sheikh Zayed Road due to heavy rain. Antonie Robertson/The National
  • Flooding on Al Khail Road. Chris Whiteoak / The National
    Flooding on Al Khail Road. Chris Whiteoak / The National
  • Flooding in Oman. Photo: Royal Oman Police
    Flooding in Oman. Photo: Royal Oman Police
  • A damaged car in Derna, Libya. Reuters
    A damaged car in Derna, Libya. Reuters
  • A destroyed vehicle in Derna. AFP
    A destroyed vehicle in Derna. AFP
  • Abdul Salam Ibrahim Al-Qadi walks on rubble in front of his house, searching for his missing father and brother, in Derna. Reuters
    Abdul Salam Ibrahim Al-Qadi walks on rubble in front of his house, searching for his missing father and brother, in Derna. Reuters
  • An aerial view of the destruction in Derna. Reuters
    An aerial view of the destruction in Derna. Reuters
  • Flood-affected people taking refuge in a makeshift camp after heavy monsoon rains in Jaffarabad district of Balochistan province. AFP
    Flood-affected people taking refuge in a makeshift camp after heavy monsoon rains in Jaffarabad district of Balochistan province. AFP
  • Internally displaced flood-affected people shift husk for their animals in a flood-hit area following heavy rains in Dera Allah Yar in Balochistan. AFP
    Internally displaced flood-affected people shift husk for their animals in a flood-hit area following heavy rains in Dera Allah Yar in Balochistan. AFP
  • The aftermath of flooding in Egypt's southern city of Aswan, 920 kilometres south of the capital. AFP
    The aftermath of flooding in Egypt's southern city of Aswan, 920 kilometres south of the capital. AFP
  • The Nile River from the top of Famine Stela, or Rock of Starvation, Egypt. Reuters
    The Nile River from the top of Famine Stela, or Rock of Starvation, Egypt. Reuters
  • Volunteers search for people in need following heavy rainfall in east Mosul, Iraq, in March 2020. Reuters
    Volunteers search for people in need following heavy rainfall in east Mosul, Iraq, in March 2020. Reuters
  • People clean up after floods in Duhok, Iraq, on March 19. Reuters
    People clean up after floods in Duhok, Iraq, on March 19. Reuters
Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

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How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright

Voy!%20Voy!%20Voy!
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Omar%20Hilal%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Muhammad%20Farrag%2C%20Bayoumi%20Fouad%2C%20Nelly%20Karim%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Crops that could be introduced to the UAE

1: Quinoa 

2. Bathua 

3. Amaranth 

4. Pearl and finger millet 

5. Sorghum

The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

Company Profile:

Name: The Protein Bakeshop

Date of start: 2013

Founders: Rashi Chowdhary and Saad Umerani

Based: Dubai

Size, number of employees: 12

Funding/investors:  $400,000 (2018) 

The biog

Hometown: Cairo

Age: 37

Favourite TV series: The Handmaid’s Tale, Black Mirror

Favourite anime series: Death Note, One Piece and Hellsing

Favourite book: Designing Brand Identity, Fifth Edition

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

MATCH INFO

Watford 1 (Deulofeu 80' p)

Chelsea 2 (Abraham 5', Pulisic 55')

Teri%20Baaton%20Mein%20Aisa%20Uljha%20Jiya
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Amit%20Joshi%20and%20Aradhana%20Sah%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECast%3A%3C%2Fstrong%3E%20Shahid%20Kapoor%2C%20Kriti%20Sanon%2C%20Dharmendra%2C%20Dimple%20Kapadia%2C%20Rakesh%20Bedi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

INFO

What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
Tickets: www.ticketmaster.ae.

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Game Of Thrones Season Seven: A Bluffers Guide

Want to sound on message about the biggest show on television without actually watching it? Best not to get locked into the labyrinthine tales of revenge and royalty: as Isaac Hempstead Wright put it, all you really need to know from now on is that there’s going to be a huge fight between humans and the armies of undead White Walkers.

The season ended with a dragon captured by the Night King blowing apart the huge wall of ice that separates the human world from its less appealing counterpart. Not that some of the humans in Westeros have been particularly appealing, either.

Anyway, the White Walkers are now free to cause any kind of havoc they wish, and as Liam Cunningham told us: “Westeros may be zombie land after the Night King has finished.” If the various human factions don’t put aside their differences in season 8, we could be looking at The Walking Dead: The Medieval Years

 

Our family matters legal consultant

Name: Dr Hassan Mohsen Elhais

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

THE SPECS

2020 Toyota Corolla Hybrid LE

Engine: 1.8 litre combined with 16-volt electric motors

Transmission: Automatic with manual shifting mode

Power: 121hp

Torque: 142Nm

Price: Dh95,900

THE CLOWN OF GAZA

Director: Abdulrahman Sabbah 

Starring: Alaa Meqdad

Rating: 4/5

So what is Spicy Chickenjoy?

Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
 

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

The biog

Name: Salem Alkarbi

Age: 32

Favourite Al Wasl player: Alexandre Oliveira

First started supporting Al Wasl: 7

Biggest rival: Al Nasr

The essentials

What: Emirates Airline Festival of Literature

When: Friday until March 9

Where: All main sessions are held in the InterContinental Dubai Festival City

Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.

Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.

Information: www.emirateslitfest.com
 

Story%20behind%20the%20UAE%20flag
%3Cp%3EThe%20UAE%20flag%20was%20first%20unveiled%20on%20December%202%2C%201971%2C%20the%20day%20the%20UAE%20was%20formed.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIt%20was%20designed%20by%20Abdullah%20Mohammed%20Al%20Maainah%2C%2019%2C%20an%20Emirati%20from%20Abu%20Dhabi.%C2%A0%3C%2Fp%3E%0A%3Cp%3EMr%20Al%20Maainah%20said%20in%20an%20interview%20with%20%3Cem%3EThe%20National%3C%2Fem%3E%20in%202011%20he%20chose%20the%20colours%20for%20local%20reasons.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20black%20represents%20the%20oil%20riches%20that%20transformed%20the%20UAE%2C%20green%20stands%20for%20fertility%20and%20the%20red%20and%20white%20colours%20were%20drawn%20from%20those%20found%20in%20existing%20emirate%20flags.%3C%2Fp%3E%0A
The%20specs%20
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%3Cp%3EAriana%E2%80%99s%20Persian%20Kitchen%3Cbr%3EDinner%20by%20Heston%20Blumenthal%3Cbr%3EEstiatorio%20Milos%3Cbr%3EHouse%20of%20Desserts%3Cbr%3EJaleo%20by%20Jose%20Andres%3Cbr%3ELa%20Mar%3Cbr%3ELing%20Ling%3Cbr%3ELittle%20Venice%20Cake%20Company%3Cbr%3EMalibu%2090265%3Cbr%3ENobu%20by%20the%20Beach%3Cbr%3EResonance%20by%20Heston%20Blumenthal%3Cbr%3EThe%20Royal%20Tearoom%C2%A0%3C%2Fp%3E%0A
Winners

Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)

Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)

Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)

Best Young Women’s Player
Vicky López (Barcelona / Spain)

Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)

Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)

Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)

Women’s Coach of the Year
Sarina Wiegman (England)

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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Draw:

Group A: Egypt, DR Congo, Uganda, Zimbabwe

Group B: Nigeria, Guinea, Madagascar, Burundi

Group C: Senegal, Algeria, Kenya, Tanzania

Group D: Morocco, Ivory Coast, South Africa, Namibia

Group E: Tunisia, Mali, Mauritania, Angola

Group F: Cameroon, Ghana, Benin, Guinea-Bissau

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South Africa World Cup squad

South Africa: Faf du Plessis (c), Hashim Amla, Quinton de Kock (w), JP Duminy, Imran Tahir, Aiden Markram, David Miller, Lungi Ngidi, Anrich Nortje, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada, Tabraiz Shamsi, Dale Steyn, Rassie van der Dussen.

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

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Winners

Best Men's Player of the Year: Kylian Mbappe (PSG)

Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)

TikTok Fans’ Player of the Year: Robert Lewandowski

Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)

Best Women's Player of the Year: Alexia Putellas (Barcelona)

Best Men's Club of the Year: Chelsea

Best Women's Club of the Year: Barcelona

Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)

Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)

Best Coach of the Year: Roberto Mancini (Italy)

Best National Team of the Year: Italy 

Best Agent of the Year: Federico Pastorello

Best Sporting Director of the Year: Txiki Begiristain (Manchester City)

Player Career Award: Ronaldinho

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Top financial tips for graduates

Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:

1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.

2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.

3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.

4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.

Mobile phone packages comparison
Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Andor
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The biog:

From: Wimbledon, London, UK

Education: Medical doctor

Hobbies: Travelling, meeting new people and cultures 

Favourite animals: All of them 

CREW
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Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Updated: November 07, 2024, 10:09 AM