Diversity and inclusion are at the heart of the UAE-Canada relationship

As Canada’s first Jewish female Ambassador to the UAE and a representative of Canada’s feminist foreign policy, I am a strong advocate of gender equality, diversity and tolerance. I welcome the opportunities that the Abraham Accords bring to both the UAE and to Israel, and see myself as uniquely positioned to be a champion for the values that underpin peace and prosperity in the region. I am delighted to share Canada’s viewpoints and commitment to support and foster opportunities for enhanced diplomacy in the region.

Further to Canada’s announcement to welcome the news of normalisation of relations between the UAE and Israel in August, a discussion with the UAE Ambassador to the United States of America, Yousef Al Otaiba, was organized earlier this month by our partner, the Canada-UAE Business Council, to bring together Canadian and UAE business leaders and officials. The discussion was an opportunity to reflect on the significance of the Accords, highlighting the many opportunities for collaboration and common aspirations that the US, UAE and Canada share.

For Canada, the Accords are a reflection of a core Canadian value that we share with the UAE: that diversity and inclusion are our strength. Tolerance, inclusion and diversity were core principles of the vision of Sheikh Zayed, the UAE’s Founding Father, for this country. They have been a part of the Emirati DNA since the UAE’s founding 50 years ago. Like Emiratis, Canadians believe that diversity is a driver of solutions and innovation, and an accelerator of peace and security in the world. We will work side by side with the UAE to continue to advocate for the importance of diversity and inclusion in the UAE and beyond.

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, received the credentials of Marcy Grossman, Canada's new ambassador to the UAE, at Qasr Al Watan Palace in Dubai on Sunday. Wam

We are certain that this historic development will foster people-to-people ties between the UAE and Israel, as the UAE has signalled its preference to create a “warm peace”. Normalisation will increase the opportunities for the exchange of citizens through tourism and education, which will further serve to enhance the understanding of each other’s values and cultures.

Canada has seen first-hand how welcoming the world increases tolerance and serves to build those people-to-people ties, which promote understanding. We frequently hear from international students in Canada how much they appreciate the benefits of living in a pluralistic society and how it shapes their future. We will continue to forge a common dialogue around the resilience and cohesion created in societies that put people-to-people exchanges at the centre of their approach.

The normalisation of relations between the UAE and Israel may also help advance gender equality in the region. As a proud ambassador of Canada’s feminist foreign policy, I see many areas where Canada can partner with the UAE to make a difference in diplomacy, security, business, science and beyond. As our Ambassador for Women, Peace and Security stated recently, Canada and the UAE know that women play an integral role in building prosperous, peaceful and secure societies and that the future we are trying to build is not achievable without women’s full and meaningful inclusion at every decision-making table. Canada’s global leadership in the area of women, peace and security is at the heart of our feminist foreign policy and commitment to the world. Through collaboration with the UN and with other states and actors, Canada continues to strengthen partnerships with regional friends such as the UAE.

We also welcome the focus of the Strategic Agenda for the Middle East highlighted in the Abraham Accords: the expansion of trade co-operation. This presents vast new opportunities for businesses and scientific collaboration in the region and around the world. As a longstanding friend to both the UAE and Israel, Canada will build upon its strong trade partnerships between both countries in order to continue to put forward to our partners the best that Canada has to offer. With expertise in agriculture and food security, energy and clean technology, health care and emerging technologies such as artificial intelligence, I invite Canadian businesses to seize this moment of opening as an opportunity to diversify and expand their businesses here in the UAE and the region. I look forward to engaging with many of you in the coming months.

Expo 2020 Dubai will be an opportunity for Canada to highlight to a global audience our innovation, culture and values. In the post-Covid context, Expo 2020 Dubai has moved beyond being simply a physical destination to an occasion convening people, businesses and organisations, in-person and virtually. The addition of a virtual facet to the event will permit participation beyond the initially expected 25 million physical participants. We are excited about showcasing Canada’s best in technology and expertise. This is key to accelerating global economic recovery and building a more sustainable, peaceful and prosperous future. With the future in mind, Canada is committed to creating a better future, exploring the next dimension and investing in generating solutions to common issues facing our planet.

Marcy Grossman is the Canadian ambassador to the UAE

COMPANY%20PROFILE

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FIXTURES (all times UAE)

Sunday
Brescia v Lazio (3.30pm)
SPAL v Verona (6pm)
Genoa v Sassuolo (9pm)
AS Roma v Torino (11.45pm)

Monday
Bologna v Fiorentina (3.30pm)
AC Milan v Sampdoria (6pm)
Juventus v Cagliari (6pm)
Atalanta v Parma (6pm)
Lecce v Udinese (9pm)
Napoli v Inter Milan (11.45pm)

'Saand Ki Aankh'

Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars

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.”

Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.

What the law says

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.

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Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5