Dr Nawal Al-Hosany is permanent representative of the UAE to the International Renewable Energy Agency
August 28, 2023
As we fast approach Cop28 this year, we must look to our key drivers of collaboration to help build and deliver global consensus on tangible, concrete next steps to keep 1.5°C within reach. Those key drivers I am referring to are, of course, Emirati women.
Emirati Women’s Day is not only an opportunity for us to celebrate the example set by our women and girls. It is also a chance to show the international community what we are capable of when we work together – especially when it comes to setting the energy transition and climate action agenda.
The theme for this year’s Emirati Women’s Day, which arrives just less than 100 days ahead of Cop28, is: “We Collaborate for Tomorrow.” It is an apt description for the role Emirati women have played since our nation’s inception.
One such recent example comes from Abu Dhabi this year, when the “Climate Change and Gender Equality” initiative was born. Spearheaded by Sheikha Fatima bint Mubarak, the Mother of the Nation, the Ministry of Foreign Affairs, the General Women’s Union and the UN Women Liaison Office for the GCC, this initiative underlines the UAE’s proactive approach to two intertwined challenges: climate change and gender equality.
Set to facilitate dialogues about the intersectionality between gender and climate, the initiative will address topics such as the differential impacts of extreme weather patterns on women and girls, the role women play in climate decision making, and the specific needs and viewpoints of women and girls in frontline communities, in the context of a changing climate.
This collaboration between the UAE and UN Women is an example of how international partnerships can amplify local efforts, which Mouza Al Shehhi, director of the UN Women’s liaison office in the region, underscored when the initiative was launched.
Dr Mouza Al Shehhi, director of the UN Women - Liaison Office for the GCC, speaking at the International Conference on Women, Peace and Security in Abu Dhabi. Ruel Pableo for The National
One of the reasons more Emirati women are leading climate partnerships is the rising interest and participation of UAE citizens in Stem fields
The foresight and leadership of Emirati women in bringing this initiative to the world is symbolic of a wider pattern in our society: prominent Emirati women have become beacons of climate progress.
As the UAE gears up for Cop28, it’s clear to see that Emirati women are not just active participants on this journey to a climate resilient, sustainable future, but key drivers and shapers of it. The global community stands to benefit from such an inclusive approach.
While representing the UAE on the international stage, I have witnessed first-hand how Emirati women are some of the most compelling champions for collaboration. At Cop27, my female colleagues, who made up a significant portion of the UAE’s 1,000-strong delegation, were instrumental in negotiations, dialogues and agreements with our international counterparts, including an MoU with Egypt to develop one of the world’s largest onshore wind projects.
It was clear then, as it is now, that Emirati women play a central role in global climate diplomacy, focusing their efforts to foster collaboration among nations.
Today, women account for more than a third of leadership positions in the Ministry of Climate Change and Environment, which is a key mediator in global climate action efforts.
But these leadership roles are by no means recent. Emirati women leaders have always been part of the fabric of the Emirates. The 2020 Women in Sustainability Report found that Emirati women-led delegations had been crucial in forging more than 20 international environmental treaties and agreements.
One of the reasons more Emirati women are leading climate partnerships is the rising interest and participation of UAE citizens in Stem fields, which is helping to fuel the UAE’s emergence as a global powerhouse in renewable energy.
Over the past decade, there has been a 77 per cent increase in the participation of Emirati women in Stem fields. Today, Unesco figures indicate 61 per cent of Stem graduates in the UAE are women, compared to an average 57 per cent in the rest of the Arab world.
Perhaps it is not surprising then to know that women – including Emiratis – now account for about a quarter of the UAE’s nuclear energy sector. That’s one of the highest industry percentages globally.
Emirati women not only occupy vital technical roles in sectors such as nuclear, solar and wind, but sit at the helm of the country’s renewable energy agenda. In fact, they have occupied lead roles in more than 50 per cent of the country’s renewable energy initiatives.
In these roles, Emirati women have been responsible for fostering important international collaborations that brought advanced technology to the region and supported the progress of renewable energy projects locally and abroad.
Students from Abu Dhabi high schools work in a 3D printing workshop in Abu Dhabi. The programme attracts Emirati students for hands-on workshops that aim to motivate the students to pursue Stem education. Silvia Razgova for The National
Beyond renewable energy, women have been at the heart of the UAE’s progress towards the UN’s Sustainable Development Goals. Through both domestic and international collaborations, Emirati women have championed sustainable development by shaping the sustainability dialogue, developing clean energy solutions and the development of smart cities.
The 2020 Women in Sustainability report noted that projects led by Emirati women resulted in a 30 per cent increase in sustainable urban development initiatives in the previous five years – often in collaboration with international partners and led by the UAE National Committee on SDGs.
The rich experiences of collaboration the many thousands of Emirati women have acquired in our national history have positioned them uniquely for leadership in climate and energy sectors.
These experiences, combined with their skill and ability to mobilise stakeholders, have produced some of the world’s most influential leaders in climate diplomacy, renewable energy and sustainable development.
More than that, the collaborative efforts of Emirati women in these critical fields epitomise the UAE’s approach to climate action.
The country’s leadership has built an approach to collaboration that will serve as a linchpin of the UAE’s future climate action and enable an inclusive and action-oriented Cop28 this year.
It is an approach that is forecast to help the country exceed its Paris Agreement commitments by 2030, representing a pace of progress that proves collaboration really does hold the key to a more sustainable future for humanity.
Today is about recognising the role of Emirati women in our national story, amplifying the successes they have led, and providing the platform for more.
Their example must be used as a tool to promote greater inclusivity and collaboration across genders and sectors. And it must serve as an inspiration to the international community to integrate collaboration into all climate and energy strategies for an inclusive and just transition.
“We Collaborate for Tomorrow” must become a rallying call – not just on Emirati Women’s Day, but across every sector in the lead-up to Cop28 and far beyond.
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
MATCH INFO
Who: UAE v USA What: first T20 international When: Friday, 2pm Where: ICC Academy in Dubai
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
UAE group fixtures
Sunday Feb 23, 9.30am, v Iran
Monday Feb 25, 1pm, v Kuwait
Tuesday Feb 26, 9.30am, v Saudi
UAE squad
Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed
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.”
How much do leading UAE’s UK curriculum schools charge for Year 6?
Nord Anglia International School (Dubai) – Dh85,032
Kings School Al Barsha (Dubai) – Dh71,905
Brighton College Abu Dhabi - Dh68,560
Jumeirah English Speaking School (Dubai) – Dh59,728
Gems Wellington International School – Dubai Branch – Dh58,488
The British School Al Khubairat (Abu Dhabi) - Dh54,170
Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
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
Gender equality in the workplace still 200 years away
It will take centuries to achieve gender parity in workplaces around the globe, according to a December report from the World Economic Forum.
The WEF study said there had been some improvements in wage equality in 2018 compared to 2017, when the global gender gap widened for the first time in a decade.
But it warned that these were offset by declining representation of women in politics, coupled with greater inequality in their access to health and education.
At current rates, the global gender gap across a range of areas will not close for another 108 years, while it is expected to take 202 years to close the workplace gap, WEF found.
The Geneva-based organisation's annual report tracked disparities between the sexes in 149 countries across four areas: education, health, economic opportunity and political empowerment.
After years of advances in education, health and political representation, women registered setbacks in all three areas this year, WEF said.
Only in the area of economic opportunity did the gender gap narrow somewhat, although there is not much to celebrate, with the global wage gap narrowing to nearly 51 per cent.
And the number of women in leadership roles has risen to 34 per cent globally, WEF said.
At the same time, the report showed there are now proportionately fewer women than men participating in the workforce, suggesting that automation is having a disproportionate impact on jobs traditionally performed by women.
And women are significantly under-represented in growing areas of employment that require science, technology, engineering and mathematics skills, WEF said.
