The Seychelles, a string of 115 verdant, rocky islands in the Indian Ocean, recently announced, in the midst of the coronavirus pandemic, that it would protect 30 per cent of its glittering turquoise waters from commercial use.
Safeguarding some 410,000 square kilometres of the sea will benefit wildlife on the shore and in the water, including 100,000 giant tortoises and some of the world’s last pristine coral reefs. But, beyond helping such species, establishing the new Marine Protected Areas – which was made possible through an innovative debt-swap deal – will also bolster the health, wellbeing, and prosperity of the Seychellois, who number under 100,000 but cater to more than 350,000 visitors each year.
Currently hosting only a handful of tourists stranded by the pandemic, the country is under a lockdown aimed at preventing the further spread of the virus. President Danny Faure’s decision to press ahead with this protection effort, even as his country deals with a public-health emergency, serves as a powerful reminder of the importance of nature to people’s physical and economic wellbeing – and not just in the Seychelles.
The Seychelles's pristine waters attract visitors from around the world. Courtesy: Constance Ephellia
The human, economic, and social consequences of the rapid and devastating global spread of the coronavirus will last for years to come. And with the pandemic still unfolding, the most urgent priority is to support those directly affected by the virus and its associated hardships.
But this pandemic has also provided us with unprecedented and compelling proof of how closely our fate is linked with the health of the natural world. And right now, our relationship with nature is broken. We have cut down forests, overgrazed grasslands, built ports and roads, and expanded our cities at a rapid rate, destroying countless natural habitats. At the same time, we trade wildlife globally, moving common and endangered species alike across the world as if they were inanimate commodities.
All of this is bringing us into closer and more frequent contact with viruses that can spread from animals to people, including Covid-19 and dozens of other deadly and debilitating illnesses, from HIV to Ebola. Likewise, our degradation of marine ecosystems causes blooms of pathogens that can cause potentially fatal diseases such as cholera.
The good news is that far-sighted political leaders and the United Nations are already formulating nature-focused action plans that could help to stop the next pandemic before it starts. These strategies include conserving ecosystems and wilderness still untouched by human activity, clamping down on wildlife trade – including by educating people about the risks of consuming wildlife – as well as restoring and protecting significant areas of land and ocean.
The world already safeguards 15 per cent of its land and 7 per cent of the ocean. But, for the sake of our health and prosperity, we must do more. Indeed, there is increasing agreement among countries that we need to return half the planet to nature and use the other half responsibly, and that we should start by protecting at least 30 per cent of it by 2030.
Seychelles has decided to preserve its envrionement. Reuters
Both nature and people would benefit. Research shows that abundant animals, plants, insects, and microbes living in complex, mature ecosystems can limit the spread of disease from animals to people.
But natural places do much more than provide a safety net against illness. They also shield us from the destructive power of extreme weather, safeguard us from our own pollution, and supply us with food, medicine, and leisure opportunities.
The Seychellois depend on the land and sea for their incomes and food. Fishing employs 17 per cent of the country’s workforce and provides the population with a low-cost, sustainable source of protein. Tourism, which is concentrated along the Seychelles’ coastlines and is driven by the country’s natural beauty on land and underwater, employs some 25 per cent of the workforce.
Safeguarding 30 per cent of the country’s waters will end harmful activities within the fully protected areas while bolstering sustainable fishing around them. And keeping the country’s natural places pristine – including, in addition to its seas, its mangrove forests, sea grass beds, and salt marshes – can help to ensure that the Seychelles remains the natural paradise that draws responsible visitors.
Research shows that biodiversity can limit the spread of disease from animals to people
When the worst of the pandemic has passed and the world embarks on the hard work of nursing its people, societies, and economies back to health, we must not overlook the need to care for nature and let nature care for us. A healthy environment is our best antiviral, and protecting more of it will help us to rebound from this pandemic and stop the next one before it starts.
Many countries are already demonstrating how we can build stronger bonds between nature, our economy, and our health. And the Seychelles’ recent marine-protection initiative offers hope that if every country, no matter how small, does its part, the planet can be safer and more prosperous for all of us – just as nature promises.
Enric Sala is Explorer-in-Residence at the National Geographic Society.
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
In 2016, the Shaded Dome was awarded with the 'De Vernufteling' people's choice award, an annual prize by the Dutch Association of Consulting Engineers and the Royal Netherlands Society of Engineers for the most innovative project by a Dutch engineering firm.
It was assigned by the Dutch Ministry of Defence to modify the Shaded Dome to make it suitable for ballistic protection. Royal HaskoningDHV, one of the companies which designed the dome, is an independent international engineering and project management consultancy, leading the way in sustainable development and innovation.
It is driving positive change through innovation and technology, helping use resources more efficiently.
It aims to minimise the impact on the environment by leading by example in its projects in sustainable development and innovation, to become part of the solution to a more sustainable society now and into the future.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
Favourite road trip: My first trip to Kazakhstan-Kyrgyzstan. The desert they have over there is different and the language made it a bit more challenging.
Favourite spot in the UAE: Al Dhafra. It’s unique, natural, inaccessible, unspoilt.
COMPANY PROFILE
Name: ARDH Collective
Based:Dubai
Founders:Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector:Sustainability
Total funding: Self funded
Number of employees:4
Torbal Rayeh Wa Jayeh
Starring: Ali El Ghoureir, Khalil El Roumeithy, Mostafa Abo Seria
Stars: 3
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.
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Know before you go
Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
If you’re driving, make sure your insurance covers Oman.
By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Company Profile
Name: Thndr Started: 2019 Co-founders: Ahmad Hammouda and Seif Amr Sector: FinTech Headquarters: Egypt UAE base: Hub71, Abu Dhabi Current number of staff: More than 150 Funds raised: $22 million
The Beach Bum
Director: Harmony Korine
Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.