When the images of Pope Francis wearing a white puffer jacket went viral on social media, millions of people around the world believed that the pontiff had a newly found passion for modern fashion. And while the AI-generated pictures duped the world, they also demarcated a new frontier in our relationships with the four institutions we measure in the 2023 Edelman Trust Barometer Global Report.
That frontier is the increasing commodification of trust. Belief and trust are now as polarised as the world we live in today. Trust around the world is being challenged by a precarious balance of information or, in fact, misinformation.
And trust – over belief – has the power to define the perceptions of the institutions that govern and influence everyday life for billions of people around the world. For the past 23 years, Edelman has measured trust in government, business, media and NGOs globally through our Trust Barometer report to assess the health of the relationships between social, commercial and political life around the world.
This year’s report, Navigating a Polarised World, has studied the increasing divide between institutions and 32,000 respondents in 28 countries. The report outlines the increased social and political polarisation globally, driven by a lack of trust in government and media; economic pessimism; and a lack of shared values. Today, people are having to navigate an uncertain global economic future without a trust safety net.
People in the top quartile of income live in a different trust reality than those in the bottom quartile
With global economic shocks such as inflation and spiking interest rates, economic optimism is collapsing around the world, with 24 out of 28 countries in our study recording all-time lows, and 53 per cent of respondents saying that their countries are more divided today than in the past. Meanwhile, a once-shared media landscape has given way to the many echo chambers available online, making it harder to solve problems collaboratively. Overall, media is not trusted globally, with especially low trust in social media. And the social divide across the world affects perceptions. People in the top quartile of income live in a different trust reality than those in the bottom quartile.
Yet, the 2023 Edelman Trust Barometer Global Report has found that the UAE continues to be one of the most unified and trusted countries, according to its residents. Despite a global cost-of-living crisis, as well as soaring energy costs in Europe and North America, the UAE is ranked as one of the most trusted countries in the world. The UAE’s government once again was the most trusted institution at 86 per cent, followed closely by business at 78 per cent.
Respondents to Edelman’s report believe that the UAE’s government, businesses and NGOs are seen as competent and ethical. Meanwhile, 72 per cent of respondents in the UAE believe they will be better off economically in five years’ time, while only 40 per cent – a staggering ten point drop since 2022 – of global respondents believe they and their families will be better off in five years.
It is the very real experiences in the UAE that buck the trend we see in the 2023 Edelman Trust Barometer Global Report. Contrary to the global economic fragmentation post-Covid-19, the UAE has sought to build bridges around the world with trade deals such as the India-UAE Comprehensive Economic Partnership Agreement or the 23 trade and investment agreements with South Korea to bring businesses in the two countries closer together.
The UAE government and businesses are united in their long-term outlook to navigate the impacts of rising polarisation. For example, the UAE Strategy for the Future covers solutions to optimise broader economic and social welfare in the country, encompassing technology, infrastructure, healthcare, international relations and food security – all combining to ensure the prospect for stability and unity in the nation continues in the long term. Ultimately, decisive and clear action is leading to trust, and that trust is giving the UAE a licence to lead.
As trust increasingly becomes a commodity elsewhere, the UAE has found a way to value it the most. While AI and a polarised world might well make many across the globe question what they see, it is the lived experiences in the UAE that make it rank so highly in the 2023 Edelman Trust Barometer Global Report. Our trust in the country goes beyond belief and is based on action.
The biog
Name: Abeer Al Shahi
Emirate: Sharjah – Khor Fakkan
Education: Master’s degree in special education, preparing for a PhD in philosophy.
Favourite activities: Bungee jumping
Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
Jawan
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
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THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
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.”
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5