At the G20, we took another step towards sustainable development for all

Today, it is even more apparent that our planet and weather patterns are changing before our eyes. Extreme weather events are becoming more frequent and ferocious, food security is becoming an issue of life-changing importance for more communities, and our ecosystems are rapidly changing, eradicating our natural flora and fauna.

In light of these mounting challenges, the spirit of inclusivity and collective responsibility must inspire us all to act. Indeed, it is only by working together in the best interests of all people that we may solve the most pressing issues facing humanity.

This is the globally unifying message affirmed by President Sheikh Mohamed and a high-level UAE delegation at the 18th G20 Heads of State and Government Summit, which gathered world leaders, heads of global organisations and national representatives in New Delhi.

At its heart, President Sheikh Mohamed’s message at the summit is a resounding call to back inclusivity over exclusion, fairness over inequality and action today over catastrophe tomorrow – a message that defines the UAE’s own presidency of Cop28 in November.

Participants backed the G20 declaration’s 83 paragraphs that outlined the need to triple renewable energy capacity by 2030

At the G20 Summit, the President discussed the need to identify a way forward in financing sustainable development to ensure climate action addresses the needs of those most affected around the world.

To make real impact, climate finance must be affordable, available and accessible to all, which Sheikh Mohamed discussed in his side meetings with various leaders, including Indian Prime Minister Narendra Modi, French President Emmanuel Macron, Indonesian President Joko Widodo, Turkish President Recep Tayyip Erdogan, and Argentine President Alberto Fernandez.

The meetings undertaken by Sheikh Mohamed during the G20 Summit reflect the enormous scope of the UAE’s relations spanning the globe – a bridge between East and West, a convener of North and South.

While the UAE is a young nation, our leadership has always believed that we have a duty to work hand-in-hand with others and listen to their diverse perspectives to encourage consensus. It is this sense of shared responsibility that continues to nurture our country’s multilateral partnerships at the highest levels.

Sheikh Mohamed underscored our nation’s commitment to collaboration throughout the G20 Summit, emphasising that the UAE is determined to translate aims into action to uplift communities around the world, particularly youth, women, and civil society.

That is a message we intend to carry forward through to Cop28 and beyond, and the UAE looks forward to working with G20 partners to deliver on pledges to support those whose lives and livelihoods have been significantly altered by climate change. It is encouraging that the G20 has now welcomed the African Union as a member, making the group more representative of the Global South. And our goal, as I reiterated in Kenya and Tanzania last week, is to make Cop28 the most inclusive and impactful yet.

Locals pass by the G20 logo near the Bharat Mandapam at ITPO Convention Centre in New Delhi last month. EPA

In the run-up to Cop28, the UAE continues to engage with other nations on major sustainability and energy initiatives, as the world witnessed at the G20 Summit. For example, the India-Middle East-Europe Economic Corridor (IMEC) will link multiple regions through trade and development co-operation, with participants agreeing to assess the potential of electricity and clean hydrogen exports to enhance supply chains and connectivity.

Another initiative is the Global Biofuels Alliance launched by India on the sidelines of the G20 Summit with the UAE and other nations as initiating members. The alliance will encourage partners to increase trade in sustainable biofuels while making the economic case for the adoption of greener alternatives.

Through our commitment to both, the UAE has reinforced the steps it is taking to elevate international co-operation towards a shared vision of a cleaner and greener tomorrow.

The G20 Leaders’ Summit Declaration, achieved after more than 200 hours of deliberations, saw participants back the declaration’s 83 paragraphs, which outlined the need to triple renewable energy capacity by 2030 and establish a green development pact to incentivise sustainable growth. Inspired by President Sheikh Mohamed’s engagement on the international stage, we in the UAE believe that the declaration is a promising sign of the progress to come.

Reaching consensus is no small challenge, but the concrete outcomes from the G20 demonstrate what is possible when all parties apply creativity, grit, and optimism to partnership.

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The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

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MATCH INFO

Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai

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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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THE%20SPECS

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Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Simran

Director Hansal Mehta

Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey

Three stars

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ULTRA PROCESSED FOODS

- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns

- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars

- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces

- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes

- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts