Bernardino Leon is director-general of the Anwar Gargash Diplomatic Academy in Abu Dhabi
January 01, 2022
In a span of less than 50 years, the UAE has emerged as an admirable example of a nation that is able to translate a vision of collective prosperity into reality, by successfully omitting the word “impossible” from its vocabulary. As the country celebrated its Golden Jubilee on December 2, it sent a reminder of how the founding fathers built the base of a modern nation that has excelled across the economic, social, political and diplomatic spectrums – overcoming a multitude of challenges.
Today, the UAE is renowned as a rising middle power, a term used to refer to a nation that can shape regional and global events. This aptly describes the UAE, a vibrant and diversified economy, and a key regional power, with a vast network of global partners and allies across the world. It is a nation that has evolved into a model of co-existence, tolerance and innovation that resonates globally.
The year 2021 has been a pivotal one for the young country – channelling the spirit and vision of its leaders, Sheikh Zayed, the UAE’s Founding Father, in particular – in pursuing its ambitions of shared progress through global co-operation. The country’s pursuit of human progress is the reason for it to be chosen as the headquarters of the International Renewable Energy Agency, as well as the host of World Expo 2020.
In July, the UAE added another feather to its cap when it was elected to the UN's Human Rights Council for the third time. The election serves as a testament to the country’s effort to not just promote and protect political, economic and social rights, but also to champion women’s empowerment, advocate religious and ethnic tolerance, harmony and co-existence, and lead by example. There is little wonder that the country – which hosts tens of nationalities and religious ethnicities – ranks among the top global destinations with regards to the quality of life, attracting people from all over the world to work and settle with their families for the long haul.
The country has championed the UN’s Universal Declaration of Human Rights by signing multiple rights treaties and working closely with the UN High Commissioner for Human Rights and the Secretariat to strengthen and protect human rights globally.
Reaffirming the UAE’s position on the global stage as an influence of peacekeeping and signifying its stance on human rights, equality and co-operation – it is perhaps the UAE’s election earlier this year to the UN Security Council as a non-permanent member that marked a major victory of its diplomacy in support of global security, peace and co-existence. This moment indeed highlighted the world’s trust and confidence in the UAE’s policies and diplomatic system.
The achievement also underscores the UAE’s long commitment to the UN, and a shared vision to achieve peace and prosperity through foreign aid policy, as well as development and humanitarian programmes. Given what the UAE has accomplished in protecting the values and rights of its own people, as well as its immense success in environmental protection and economic progression, the scope of what the nation can achieve internationally is boundless. Not only that, but the election will be the UAE’s second stint on the Security Council, after serving from 1986 to 1987.
The world was a very different place back then. It was a time when the Cold War had just begun to thaw. There were numerous tragedies, however, including the explosion of the US Space Shuttle Challenger in January, 1986, which still haunts the American space industry, as well as the Chernobyl disaster in April of the same year – the worst nuclear disaster in history, both in cost and casualties, which led to unprecedented radiation issues that impacted Russia and its surrounding countries.
The UAE's tenure on the UN Security Council begins in 2022. AP
Of course, the Middle East was facing its own dilemmas – the eight-year-long Iran-Iraq war was still ongoing. At the time, people were unaware that when that war was going to be over, another was about to begin – between Iraq and Kuwait – marking tremendous turbulence and uncertainty, for the Gulf region.
Global crises of all sorts are still ongoing today. We are facing critical challenges of our time. A two-year-long pandemic, tensions between the US and China (in which UAE can see itself as a mediator, given its friendly relations with both), as well as environmental disasters and humanitarian crises that spur inequality, mean that in January, 2022, the UAE will have a lot to cover and fight for.
The country’s values and principles can push progress to achieve the holistic goal of international peace and security. This is an important step for the UAE, and its global presence and power will be realised when it serves on the Security Council, especially given its diplomatic influence and future-focused foreign policy agenda.
Joining the 15-member council, the UAE marks its moment of shared responsibility in global action. Holding a seat is paramount because the council is the only UN body that can make legally binding resolutions.
Last month, the UAE said that it will use its tenure to strive for inclusion and building resilience, as well as tackling gaps of inequality, to put an end to global crises. According to the UN Charter, member states have a responsibility for maintaining global peace and security. This is the time that the UAE can demonstrate its significant role in pushing for multilateral responses in dealing with the current global challenges and tensions that we are witnessing before our eyes, especially due to its close relations with the West and its geopolitical position.
The country’s values and principles can push progress to achieve the holistic goal of international peace and security
Its role in building bridges is unshakable. The UAE’s recent constructive dialogues with Israel, Turkey, Syria and Iran, which are underpinned by the desire for bilateral relations and the goal of overcoming regional security challenges and threats – is a good example of why.
The country’s fight against climate change will also be a focal point when it assumes its seat next week. It is no wonder that it has placed environmental protection at the forefront of its agenda. The UAE’s announcement of its pledge to achieve net-zero emissions by 2050 and its successful the bid to host Cop 28 reflect this notion.
A future in which a climate meltdown is kept out of harm’s way. A future where there is no hunger and crisis of drinking water. For a hydrocarbon-producing country that sits in one of the most arid regions on Earth, embracing clean energy is, indeed, a daunting move. Then again, the UAE has proved that nothing is impossible when there is a clear vision and strong will.
The UAE’s positions on different regional and global issues make it an active and influential player while underscoring the commitment of the leadership to promoting peace, security and development. Such stands generate hopes for the country to add political and diplomatic impetus to the Security Council, in a way that is appropriate to address the various challenges facing the world at the political, security and developmental levels.
Assuming such high-ranking seats at the UN require diplomats with a firm stance, impeccable negotiating skills, and most of all – eyes that see what many choose not to see. The Anwar Gargash Diplomatic Academy in Abu Dhabi has been playing an instrumental role in this regard, by prioritising diplomacy in its effort to groom future diplomats. Providing aspiring diplomats with analytical and theoretical context, as well as imparting cross-cultural skills and experience, is key to ensuring their future success, as well as that of the nation.
A popular proverb cautions that a bad messenger falls into trouble, but a faithful envoy brings healing. Healing is precisely what the modern world needs. This is the task for modern diplomacy, which the UAE deftly carries while encouraging the future generation of diplomats to follow the path. The advantage of such a policy is that it leaves no room for failure.
Certainly, there is a great responsibility associated with sitting on the world’s highest chair in the coming days. But the UAE’s history as a trusted UN partner will allow it to make immense contributions for its two-year term. Using its influence to fight for our environment, push for equality and reduce tension and conflict, all while building bridges of peace is something we look forward to witnessing the UAE do at this noble table, at which it very much deserved to win a place.
UAE currency: the story behind the money in your pockets
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.”
UAE currency: the story behind the money in your pockets
Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
Our legal advisor
Rasmi Ragy is a senior counsel at Charles Russell Speechlys, a law firm headquartered in London with offices in Europe, the Middle East and Hong Kong.
Experience: Prosecutor in Egypt with more than 40 years experience across the GCC.
Education: Ain Shams University, Egypt, in 1978.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain
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.
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)
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange