Margaret Thatcher, the former British prime minister, once famously said that consensus was “the process of abandoning all beliefs”. I beg to disagree.
Recently, I sat in a packed Vienna auditorium in the early hours of the morning as countries raced against the clock to reach agreement on an outcome document on drug policy.
The document now goes to the UN General Assembly special session on the world drug problem in New York this month.
Before the Vienna meeting, a series of other events were held internationally involving scientists, academia and other organisations, as well as civil society. The overall process, driven by countries, was open, transparent and inclusive in embracing experiences and lessons learnt.
Given the different histories, cultures and traditions of the countries, reaching agreement on such documents was never an easy proposition. But the United Nations has always striven to build accord and amity.
It is necessary. There are about 27 million individuals in the world dependent on the drugs they use. This includes 12 million people who inject drugs.
Opium production in Afghanistan creates serious problems not just for West and Central Asia, but across the world. Deadly new psychoactive substances, the ravages of cheap heroin in North America, increased cocaine consumption in West and East Africa, show there are more hotspots than bright spots globally.
Then there is the pervasive violence associated with illicit drugs that bludgeons countries and communities, especially in Central America. Possible links between criminals, including drug traffickers, and terrorists are also the cause of growing anxiety.
Produced over several months of high level negotiations and broad discussion, the outcome document is the best attempt to craft solutions to these dramatic problems. In doing so, it seeks to turn fine words into bold operations that can impact lives for the better.
The document stresses that the international drug control conventions have the necessary flexibility to confront the challenges of drug use and abuse.
What does this mean in practical terms? It means exploring alternatives to incarceration for minor offences of possession, and ensuring access to drugs for medical purposes.
Just as importantly it promotes health, including efforts against HIV, within a comprehensive and balanced approach that also enhances law enforcement to deal with the illicit drug supply.
Behind the document, however, lies a much deeper purpose: an acknowledgement that our policies support people and communities. That we must put people first.
Children facing pressure to take drugs, vulnerable women compelled to act as drug mules, and impoverished farmers growing illicit crops who seek an alternative livelihood are all the outcome document’s true constituency.
Conference room negotiations are not the end, they are the means. The UN special session process is strongly connected to the real lives of people. We should not lose sight of this fact.
One of the key principles of the international drug control conventions is the need for shared responsibility. No country can solve this problem alone and no country can exempt itself from the search for solutions.
The outcome document to be presented in New York is directly linked to this principle; it is a statement that, while it is difficult to please everyone, promotes cooperation and partnership. The world can benefit from such unanimity.
Consensus may not be pretty, but it is the best way of progressing against a global threat that desperately needs unity of action.
Yury Fedotov is executive director at the UN Office on Drugs and Crime
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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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Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.