Ahmed Ali Al Sayegh is UAE Minister of State and UAE Sherpa for the G20
July 18, 2022
On July 14, four countries – India, Israel, the UAE and the US – came together on the occasion of US President Joseph Biden’s visit to the region to announce the I2U2 initiative.
I2U2 is a group focused on economic co-operation through joint investments in strategic sectors. It aims to mobilise private sector capital and expertise to help modernise infrastructure, decarbonise industries, enhance public health and promote the development of green technologies.
I2U2 projects will not only serve the UAE, but also future generations across the region and beyond. With more than 100 million young people in the Middle East alone, we have the largest demographic in our region’s history to transition to adulthood. I2U2 projects will be a symbol of hope for these youth, granting them greater opportunities to be agents of change and progress.
Two projects to be implemented under the I2U2 stand out in particular. First, I2U2 private sector partners will establish a fully integrated food and agricultural park to promote climate-smart agricultural innovation in I2U2 countries while building climate change mitigation and resilience in agriculture. The food and agri-park, which will be based in India and led by ADQ, a UAE-based holding company, will promote green leadership as we transition to more sustainable methods to ensure food security.
US President Joe Biden and Israeli Prime Minister Yair Lapid attend the first virtual meeting of the I2U2 group. Reuters
Second, the I2U2 group will champion a $330 million hybrid renewable project in India’s Gujarat State consisting of 300 megawatts of wind and solar capacity. The India and US-led Dwarka solar wind hybrid project is the first of its kind and will mobilise joint action in clean energy.
As a major energy producer that has embraced sustainability, the UAE is committed to driving progress, based on the belief that the world is vulnerable to the effects of climate change, from political instability to food insecurity.
These projects are simply two of many that are slated to drastically improve lives, boost economic growth and bolster our collective defences against the issues of tomorrow. The race against time continues, and the UAE is determined to remain at the forefront of efforts to address these challenges alongside our international partners. Our participation in the I2U2 partnership showcases strong leadership in the Arab world and globally in key areas such as climate change mitigation.
In fact, the UAE’s contributions to I2U2 will go well beyond financing, with deep technical and project experience adding substantial value to the projects under consideration. The UAE, as the home to Irena and Masdar – two of the world’s leading clean energy and sustainability bodies – will proudly contribute its expertise to I2U2 projects. Together, we can accelerate progress by leveraging each other’s strengths.
One must only look to the UAE’s achievements in fostering a more peaceful, stable and prosperous region to understand how the I2U2 initiative will forever change how our countries engage with each other. Two years ago, the UAE and Israel signed the historic Abraham Accords with US support. In the years since, our countries have mobilised international action on key files such as global health, investment, food security, agriculture and advanced technology. Now, the total non-oil trade value between the UAE and Israel is expected to reach $5 billion by the end of 2022. Recently, the UAE also concluded Comprehensive Economic Partnership Agreements (CEPAs) with India, Israel and Indonesia, pledging to shorten trade routes and drastically increase the ease of doing business. These CEPAs signed by the UAE in the first half of 2022 are expected to grow the national economy by 2.6 per cent by 2030 and deepen the bonds of friendship between our countries, including the two I2U2 partners with which we signed a CEPA.
UAE President Mohamed bin Zayed delivers the opening speech during the virtual I2U2 summit, seen alongside Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation. Presidential Court
The I2U2 initiative champions that same spirit of co-operation and solidarity. By connecting Asia to the Middle East and North America, the initiative will usher in the next era of partnership between our countries to achieve our shared aim of growth and development for our peoples.
I2U2 is a manifestation of the various opportunities for co-operation between our economies, which hold the common values of peace, tolerance and prosperity. Although I2U2 countries’ borders do not meet geographically, we are aligned in terms of our vision of peaceful progress in the region and beyond.
As we in the UAE look to the next 50 years of our development, our I2U2 partners will stand side by side in developing innovative solutions to ensure our people live healthier, longer and more enriching lives. We, too, will double down on efforts to craft a better world for all. That is the enduring power of multilateralism and the spirit of co-operation that will continue to drive us forward.
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
4pm: Al Bastakiya Listed US$250,000 (Dirt) 1,900m
Winner: Yulong Warrior, Richard Mullen (jockey), Satish Seemar (trainer)
4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m
Winner: Jordan Sport, Adrie de Vries, Fawzi Nass
5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m
Winner: Jungle Cat, William Buick, Charlie Appleby
5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m
Winner: Kimbear, Patrick Dobbs, Doug Watson
6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m
Winner: Blair House, James Doyle, Charlie Appleby
6.55pm: Al Maktoum Challenge Round-3 Group 1 $400,000 (D) 2,000m
Winner: North America, Richard Mullen, Satish Seemar
7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m
Winner: Hawkbill, William Buick, Charlie Appleby.
UAE v IRELAND
All matches start at 10am, and will be played in Abu Dhabi
1st ODI, Friday, January 8
2nd ODI, Sunday, January 10
3rd ODI, Tuesday, January 12
4th ODI, Thursday, January 14
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
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.”
Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side 8 There are eight players per team 9 There have been nine Indoor Cricket World Cups for men. Australia have won every one. 5 Five runs are deducted from the score when a wickets falls 4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs B Side nets, between the striker and halfway down the pitch: 1 run C Side nets between halfway and the bowlers end: 2 runs D Back net: 4 runs on the bounce, 6 runs on the full
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
How it works
Booklava works on a subscription model. On signing up you receive a free book as part of a 30-day-trial period, after which you pay US$9.99 (Dh36.70) per month to gain access to a library of books and discounts of up to 30 per cent on selected titles. You can cancel your subscription at any time. For more details go to www.booklava.com
Company profile
Name: The Concept
Founders: Yadhushan Mahendran, Maria Sobh and Muhammad Rijal
Based: Abu Dhabi
Founded: 2017
Number of employees: 7
Sector: Aviation and space industry
Funding: $250,000
Future plans: Looking to raise $1 million investment to boost expansion and develop new products
A list of the animal rescue organisations in the UAE
Looking for a new family pet? Here are the links to visit when it comes to adopting...
Centre Court - from 4pm (UAE time)
Angelique Kerber (1) v Irina Falconi
Martin Klizan v Novak Djokovic (2)
Alexandr Dolgopolov v Roger Federer (3)
Court One - from 4pm
Milos Raonic (6) v Jan-Lennard Struff
Karolina Pliskova (3) v Evgeniya Rodina
Dominic Thiem (8) v Vasek Pospisil
Court Two - from 2.30pm
Juan Martin Del Potro (29) v Thanasi Kokkinakis
Agnieszka Radwanska (9) v Jelena Jankovic
Jeremy Chardy v Tomas Berdych (11)
Ons Jabeur v Svetlana Kuznetsova (7)
Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.
The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers.
