This week should be one of the most significant in the history of the United Nations. As it celebrates its 75th birthday, the UN’s secretariat sought to use this year’s meeting of the world’s leaders in the General Assembly to champion multilateralism and reinforce the need for them to work together.
As polarisation increases and competition between the world’s major leaders rises, global challenges like climate change, widening income gaps and the proliferation of violent non-state actors need global co-operation under the banner of the UN.
The UN General Assembly High-Level Debate that kicks off today and goes on for a week was meant to be a pivotal moment to recommit to the Sustainable Development Goals. It occurs a decade ahead of the deadline to meet the 17 targets the world agreed upon in 2015. The 75th anniversary was to be a moment to take stock, celebrate and learn from past mistakes.
Then Covid-19 happened. And just like everyone else, the UN’s plans had to change, too. Suddenly, the protocol and ceremony of world leaders descending upon New York was replaced by virtual calls being set up – some tailored to suit other time zones – for the first time in the history of these meetings.
Unlike any other September in decades, the UN’s iconic building will stand largely empty, impacted greatly by the pandemic. There will be few speeches from the UN General Assembly Hall’s famous podium, and off-the-cuff conversations in the corridors of the UN building and swanky New York hotels will be replaced with virtual teleconference discussions, scripted and formal to avoid officials talking over one another.
Without the need to be physically present in New York, many diplomats will be going about their work outside of the UN. For example, US Special Representative for Syria Engagement and Special Envoy to the Global Coalition to Defeat ISIS James Jeffrey and American Special Envoy for Syria Joel Rayburn are embarking on a trip to Syria, Iraq and Germany this week, rather than their usual presence in New York to meet counterparts and seek UN-endorsed solutions. The reality is that to succeed, diplomacy, like learning, has to be a social experience. Building trust requires social interaction and looking your interlocutor in the eye – it cannot be a solely transactional experience.
While the mechanics of the annual UN meeting have been greatly altered due to Covid-19, the world still needs the annual gathering of the international leaders – perhaps now more than ever. UN Secretary General Antonio Guterres said last week that the Covid-19 pandemic “has shown the enormous fragility of the world”. Fragility coupled with economic and social strains mean heightened tensions.
In March, Mr Guterres called for a ceasefire by all sides involved in armed conflicts around the world, stressing the importance of joint efforts to combat Covid-19. While a worthy idea and concept, it was not heeded. And while multilateral co-operation is vital in tackling Covid-19 and all of its ramifications, the leaders of too many countries are set on going it alone.
There are, however, bright spots worth focusing on. For example, Unicef and Unesco are coming together to help finance connectivity for children in underdeveloped schools in order to ensure their continued education. Furthermore, countries like the UAE have taken a lead in providing medical aid to countries and healthcare practitioners around the world.
This week will provide an opportunity for countries to come up with more areas of collaboration, and how to avoid leaving behind whole countries and societies that are not as well connected. Long before Covid-19 struck, concerns about a growing divide in access to technology was rising. The events of this year have made it even more evident.
In addition to securing the right to digital access for all, the UN continues to have an important role to play in peace building and in upholding the responsibility to protect, even though that concept has been greatly damaged with gross violations of human rights in Myanmar, Syria and beyond.
The reality is that to succeed, diplomacy, like learning, has to be a social experience
Yesterday, September 21, was ‘’peace day”, designated by the UN in 1981 as a day to advocate for peace and justice. Today marks 40 years since the Iraq-Iran war kicked off and lasted eight long years until Iran accepted the terms of a negotiated settlement, as documented in UN resolution 598 on July 20, 1988, which came into effect August 8, 1988.
Today, the Arab world faces internal troubles in too many of its countries, leading to the establishment of UN political missions trying to resolve their problems, unfortunately will little success. The 75th anniversary should be a moment to reconfirm support for these UN missions, which have a fundamental role to play in protecting civilians and in preventing their countries from becoming failed states.
Meeting the Sustainable Development Goals was always going to be a challenge for all 193 member states of the UN. However, Covid-19 and the impact it has had on early education and health systems could deal a deathblow to meeting the targets, unless there are ample financial and diplomatic investments to compensate. Alternatively, Covid-19 might force co-operation between countries and allow the acceleration of new methods of work that leapfrog over the challenges of the old way of working. It is up to the leaders, diplomats and advocates meeting this week to decide which path the world will take.
Mina Al-Oraibi is editor-in-chief of The National
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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Dubai College A 50-12 Dubai College B
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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More on Quran memorisation:
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
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Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
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