Abu Dhabi clean energy company Masdar has been involved in renewables projects, such as this solar photovoltaic developed in Sharm El Sheikh, Egypt. Masdar
Abu Dhabi clean energy company Masdar has been involved in renewables projects, such as this solar photovoltaic developed in Sharm El Sheikh, Egypt. Masdar
Abu Dhabi clean energy company Masdar has been involved in renewables projects, such as this solar photovoltaic developed in Sharm El Sheikh, Egypt. Masdar
Razan Khalifa Al Mubarak is president of the International Union for Conservation of Nature and UN Climate Change High-Level Champion for the leadership team of Cop28 UAE
October 23, 2023
As climate change intensifies and biodiversity deteriorates, the time for action is now. The upcoming Cop28 presents a unique opportunity to mobilise the significant private sector financial resources required to tackle these dual crises of climate change and biodiversity loss.
The past decade was the warmest on record, leading to more frequent and intense storms, droughts and heatwaves. At the same time, species loss is occurring at an unprecedented rate, with one million species at risk of extinction within the coming decades.
Biodiversity loss affects climate change through a feedback loop: as ecosystems degrade, they lose their ability to act as carbon sinks. Climate change is also affecting critical ecosystems such as coral reefs, wetlands and forests that provide natural resilience against climate impacts. Preserving these ecosystems is not just crucial for biodiversity; it is also essential for climate mitigation and adaptation.
This is not only a crisis of nature but also a crisis for people and livelihoods, as communities worldwide grapple with the effects of erratic weather and diminished natural resources. Safeguarding these ecosystems becomes imperative for humanity, biodiversity and climate stability alike.
It is our collective responsibility to address these twin challenges urgently.
Climate action requires considerable financial investments from both governments and businesses – at an estimated four to $5 trillion every year by 2030. At the same time, we know that there is a significant funding gap in biodiversity conservation, ranging from $598 billion to $824 billion every year by 2030.
Dr Sultan Al Jaber, Cop28 President-designate, with Razan Al Mubarak, UN Climate Change High-Level Champion for Cop28, and Khalfan Belhoul, chief executive Dubai Future Foundation, at the Climate Future Week at the Museum of the Future in Dubai. Photo: Cop28 UAE
Dr Sultan Al Jaber, Cop28 President-designate and UAE Special Envoy for Climate Change, calls on all nations to come together to take decisive action to address climate change. Pawan Singh / The National
Razan Al Mubarak, UN Climate Change High-Level Champion for Cop28, says the world must pay heed to the voices of the vulnerable who bear the brunt of climate change. Pawan Singh / The National
Dr Sultan Al Jaber, Cop28 President-designate and UAE Special Envoy for Climate Change, shares the stage with Razan Al Mubarak, UN Climate Change High-Level Champion for Cop28, at a conference in Dubai in the lead-up to the summit. Pawan Singh / The National
Delegates listen in during the final day of Climate Future Week held at Museum of the Future in Dubai. Pawan Singh / The National
Private sector finance is becoming increasingly vital, to complement public funds in meeting the growing need for climate finance
Private sector finance is becoming increasingly vital in this context, to complement public funds in meeting the growing need for climate finance. Not only can the private sector fill this gap, but it can also contribute valuable expertise, innovation and efficiency.
Bridging the gap between national governments and non-state actors such as the private sector can help to amplify and catalyse even greater impact.
That is exactly what I have been advocating as the UN Climate Change High-Level Champion for Cop28 – to connect the work of governments with the many voluntary and collaborative actions taken by cities, Indigenous peoples, women, businesses and investors.
There are several innovative financial mechanisms that can mobilise private sector finance for climate action and biodiversity conservation. The key examples that I will highlight include philanthropy, blended finance, green bonds and public-private partnerships.
Philanthropy can play a crucial role by seeding innovative projects and can directly make an impact on communities that bear the brunt of climate change and biodiversity loss. Vulnerable populations often face immediate and tangible consequences, such as displacement, due to rising sea levels, loss of livelihoods due to disrupted ecosystems, and increased health risks due to heatwaves and pollution.
Philanthropic organisations and individual donors become pivotal in supporting initiatives that safeguard these communities, providing financial aid, supporting the development of sustainable livelihoods, and enhancing adaptive capacities to navigate through climatic challenges.
Unlike traditional investors, philanthropic entities can channel funds into high-risk or long-term projects, directly aiding people by establishing resilient infrastructures, fostering sustainable development, and supporting community-based conservation and adaptation practices.
Unlike traditional investors, philanthropic funding is less driven by expectations of financial returns, allowing it to support high-risk or long-term projects that may not be immediately profitable. The funding can serve as a catalyst, leveraging additional investments from public and private sectors.
Green bonds are another key example that can mobilise private sector finance for climate and biodiversity goals. Investors can purchase these bonds with the understanding that the funds will support a range of projects, from habitat restoration to renewable energy infrastructure. This tool allows organisations to secure necessary financing while offering investors a reliable return on investment.
Blended finance, which combines public and private funding sources, can also help to unlock private capital. This approach amplifies the impact of limited public resources by reducing investment risks or offering incentive, making the projects more attractive to private investors.
And finally, another important piece of the financing puzzle is public-private partnerships, wherein governments and private entities collaborate to develop, finance and operate projects or services. The public sector typically provides regulatory support and may subsidise the project, while the private sector brings in capital, technology and operational expertise. This collaborative approach can speed up the implementation of critical projects, ranging from renewable energy facilities to nature-based coastal protection measures such as mangrove restoration.
Recognising that finance is a critical enabler of action, the Cop28 presidency has continually called for climate finance that is available, accessible and affordable, especially for the Global South. We must accelerate efforts and bring in the private sector to meaningfully deliver transformative change.
Only by enlisting the resources, innovation and agility of the private sector can we hope to close the funding gap and set the stage for a more resilient, sustainable world.
Let’s transform commitments into capital and action – starting here, starting now.
COMPANY PROFILE
Name: Qyubic Started: October 2023 Founder: Namrata Raina Based: Dubai Sector: E-commerce Current number of staff: 10 Investment stage: Pre-seed Initial investment: Undisclosed
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood. Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues. Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity. Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
SERIE A FIXTURES
Friday (UAE kick-off times)
Sassuolo v Bologna (11.45pm)
Saturday
Brescia v Torino (6pm)
Inter Milan v Verona (9pm)
Napoli v Genoa (11.45pm)
Sunday
Cagliari v Verona (3.30pm)
Udinese v SPAL (6pm)
Sampdoria v Atalanta (6pm)
Lazio v Lecce (6pm)
Parma v Roma (9pm)
Juventus v Milan (11.45pm)
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.”
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area. Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife. Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items. According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”. He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale. Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Changing visa rules
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.
