The natural, organic shape of the Bangkota (coral reef) design at the Philippines Pavilion will have captivated you if you had the privilege of visiting World Expo 2020, held in Dubai.
Over the course of the spectacular international showcase, this futuristic, well-defined, free-flowing, open space of connectivity drew tens of millions of visitors from all over the world, displayed the archipelago’s unique and varied biodiversity and beauty, and served as a microcosm of the Philippines' dynamic, vibrant culture.
It also spoke to both our nations’ shared ambitions for a sustainable future – one built on the firm foundations of a strong 50-year partnership and consolidated through our countries’ joint commitment to climate action announced throughout the UAE’s hosting of the 28th Conference of the Parties of the United Nations Framework Convention on Climate Change (Cop28).
Today, the UAE is home to more than 200 nationalities, including approximately 660,000 Filipinos working in the UAE, living together in peace and harmony, and stands out as one of the most diverse and secure countries in the world.
President Ferdinand Marcos Jr’s inaugural visit to the UAE this week reflects our deep bond and close partnership with the Philippines. During his meeting with President Sheikh Mohamed bin Zayed Al Nahyan, both sides addressed the potential for the UAE and the Philippines to further strengthen ties in line with sustainable development goals, and across a variety of different fields.
At the heart of our historic relationship is the transformation of trade. The UAE is a dynamic and thriving economic environment, and a gateway to the Middle East, offering Filipino businesses a wealth of opportunities.
The Philippines is a key strategic partner for the UAE and a high-growth economy in the heart of a rapidly growing region. In 2023, trade volumes between our two countries reached nearly $2 billion, and we believe this number is set to grow significantly.
Over the last year alone, the UAE and the Philippines have signed six Memoranda of Understanding in various fields, paving the way for even greater collaboration.
At the heart of our historic relationship is the transformation of trade
Working together, we are advancing an ambitious trade and investment agenda in the form of a Comprehensive Economic Partnership Agreement (Cepa). Upon completion, we expect this comprehensive free trade agreement to enhance trade in goods and services, promote deeper economic collaboration, spur tremendous growth and positively affect the lives of millions of people in both countries.
Furthermore, we are confident this will accelerate two-way economic flows for the advantage of Filipino businesses, which will be able to see the benefits of reduced or eliminated tariffs, access to global markets and new business opportunities.
The UAE’s economic business environment is characterised as dynamic, prosperous and attractive to direct foreign investment. It ranks first amongst Arab nations and holds an advanced position globally as a modern financial, trading and economic hub.
Our economic strategies are designed to secure a sustainable future beyond oil, with Cepa serving as a key cornerstone. Central to this vision is our nation’s commitment to cultivating an innovation-led knowledge economy, positioning us at the forefront of scientific and technological advancement. This is reflected in UAE’s world class infrastructure, globally recognised financial centre and business-friendly environment, all of which establish our country as a premier destination for international trade and investment.
That is why we are particularly excited about the potential and possibilities of growing our relationship with the Philippines and partnering in sectors such as infrastructure, railways, renewable energy, real estate and health.
Both of our nations clearly have their sights set on the future. Consider the field of space exploration. In December 2022, our respective space agencies agreed to co-operate on joint research and development and data mobilisation for disaster management, emergencies, food security and agriculture.
Our ambitions also prioritise synergising our strengths to build sustainable food systems here on Earth. In this regard, the UAE Ministry of Climate Change and Environment is co-operating closely with the Philippines Department of Agriculture in the areas of soil science and management, biotechnology, post-harvest transactions and irrigation and water resources. The priority ambition being to build sustainable food systems together.
Environmental co-operation also extends through the renowned UAE-based non-profit Clean Rivers, which is playing a key role in tackling plastic pollution in Manila’s Pasig River Urban Development project, itself established in 2023 to clear and revive the vital waterway.
In an era of emerging climate-related threats, disaster resilience and preparedness stand out too as key focus areas in our alliance. As part of the UAE’s continuous humanitarian efforts to support all countries during times of crisis, the UAE was the first country to dispatch a plane carrying relief aid to the Philippines in response to landslides and floods caused by Typhoon Carina.
The aid effort, under the directives of President Sheikh Mohamed not only demonstrates the dedication of the UAE to the values of solidarity and partnership, but also reflects the country’s support and strong appreciation for the Filipino community living in the UAE, who contribute to the development and growth of the country.
As we enter the second half century of bilateral relations between our two countries, our bonds of friendship and fraternity stand at historic highs and incorporate new, innovative and diverse domains.
Just as the Philippines Expo Pavilion reminded the world of the flourishing and robust relationship that exists between our nations, the same can be said of this week’s remarkable meeting between our respective leaders.
It spoke to the higher purpose of a relationship built over half a century and, most crucially, laid the solid groundwork for a promising future of greater collaboration and progress.
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
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.”
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
The specs
Engine: 2.9-litre, V6 twin-turbo
Transmission: seven-speed PDK dual clutch automatic
Power: 375bhp
Torque: 520Nm
Price: Dh332,800
On sale: now
What is safeguarding?
“Safeguarding, not just in sport, but in all walks of life, is making sure that policies are put in place that make sure your child is safe; when they attend a football club, a tennis club, that there are welfare officers at clubs who are qualified to a standard to make sure your child is safe in that environment,” Derek Bell explains.
FIXTURES
All times UAE ( 4 GMT)
Friday
Saint-Etienne v Montpellier (10.45pm)
Saturday
Monaco v Caen (7pm)
Amiens v Bordeaux (10pm)
Angers v Toulouse (10pm)
Metz v Dijon (10pm)
Nantes v Guingamp (10pm)
Rennes v Lille (10pm)
Sunday
Nice v Strasbourg (5pm)
Troyes v Lyon (7pm)
Marseille v Paris Saint-Germain (11pm)
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
Q&A with Dash Berlin
Welcome back. What was it like to return to RAK and to play for fans out here again?
It’s an amazing feeling to be back in the passionate UAE again. Seeing the fans having a great time that is what it’s all about.
You're currently touring the globe as part of your Legends of the Feels Tour. How important is it to you to include the Middle East in the schedule?
The tour is doing really well and is extensive and intensive at the same time travelling all over the globe. My Middle Eastern fans are very dear to me, it’s good to be back.
You mix tracks that people know and love, but you also have a visually impressive set too (graphics etc). Is that the secret recipe to Dash Berlin's live gigs?
People enjoying the combination of the music and visuals are the key factor in the success of the Legends Of The Feel tour 2018.
Have you had some time to explore Ras al Khaimah too? If so, what have you been up to?
Coming fresh out of Las Vegas where I continue my 7th annual year DJ residency at Marquee, I decided it was a perfect moment to catch some sun rays and enjoy the warm hospitality of Bab Al Bahr.
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition