On a daily basis, we read headlines of disasters such as the disintegrating Spalte Glacier in Greenland and the devastating wildfires on the West coast of the US. The effects of climate change are increasingly evident. But if there is one thing these climate-related challenges make clear, it is that everyone must contribute to create a sustainable future for us all.
Education is the key in making a difference to the future, and it entails a change in the mindset of a generation on how to approach the problem.
We take the issue very seriously and are proud that for the past few years the Emirates Airline Festival of Literature has been single-use-plastics free.
We have a green procurement strategy and it is important to us that as part of our programme, we organise thought-provoking talks on sustainability issues. Authors such as ethologist Dr Jane Goodall, sustainability adviser Tony Juniper, and green champion Stephen Ritz have all appeared at the Festival to talk about their areas of expertise.
It has been compelling to see the affect change-maker Greta Thunberg has had on the debate. She and David Attenborough have elevated the urgency of the sustainability message.
Inspired by Thunberg's example, children across the world have joined the movement to save our planet. People like Greta Thunberg and David Attenborough have made the issue resonate more acutely, prompting individuals to do our bit, instead of sitting back and expecting only government or environmental bodies to take the lead.
A healthy environment is essential to the survival, well-being and development of children, and therefore a requirement for fulfilling the United Nations Convention on the Rights of the Child. If environmental issues are really human rights issues, children's rights are an intrinsic part of environmental protection.
This is why we were so thrilled last year to became part of the Voices of Future Generations initiative, under the patronage of Unesco, and support Sheikha Hissa bint Hamdan bin Rashid Al Maktoum in her role as the Gulf region's Goodwill Ambassador for the project.
Voices of Future Generations is a unique writing initiative that encourages young people to write stories in Arabic or English, with the focus on sustainability issues.
The range and ingenuity of their submissions has been exceptional
We have just announced the first regional winners of this competition. Looking at their submissions, one thing was clear: young people of the UAE are eloquent, inventive and have a strong vision of their ideal world.
The range and ingenuity of their submissions has been exceptional – from wanting an end to racial discrimination, to wanting increased tolerance, to the urgent need to preserve water in the face of climate change and solving the problem of plastic pollution, each entry had to tackle one or more of the Sustainable Development Goals. But the children's submissions were not traditional educational texts; their stories were tales of adventure and overcoming adversity.
If you look at our current situation vis-a-vis the pandemic as the first chapter of an adventure story, it gives us hope. We are setting the scene for the battle to come, where the next generation will prevail. After a mighty adventure, they will triumph over climate change, intolerance and inequality and viruses. This perspective gives us the courage and energy we need in life to succeed, and make our reality match those of the stories.
These stories are imaginative, empowering and inspiring, and they show that together, we can build a better future. As we have seen in the reach of Greta Thunberg's message, children are more likely to be influenced by other children. So these adventure stories are a wonderful way to build awareness of the challenge ahead in a meaningful way.
It is exciting to be part of a project that helps these young people have their voices heard through writing, which is at the heart of what we do.
Being a part of this global initiative also makes the connections between what is happening around the globe and shows us that we are not alone. We need to work together to find the answers.
There will not be one simple, straight forward, all-encompassing solution. There will be multiple initiatives just like this one all around the world that will play a part in a more sustainable future, to the benefit of us all.
The 2021 competition is now open for registration. Never has there been a more important time for young people to think of safeguarding the future.
It will be interesting to see whether their experiences during 2020 have had an affect. Whatever direction the stories take, I can’t wait to see how the next cohort of young writers plan to make our world a better place.
Ahlam Bolooki is festival director for Emirates Airline Festival of Literature
Zayed Sustainability Prize
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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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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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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
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”