Brazil's President Luiz Inacio Lula da Silva, Chile's President Gabriel Boric and Rio de Janeiro's Mayor Eduardo Paes attend the Urban 20 (U20), the Mayors' forum of the cities from the G20 countries, in Rio de Janeiro, Brazil, on November 17. Reuters
Brazil's President Luiz Inacio Lula da Silva, Chile's President Gabriel Boric and Rio de Janeiro's Mayor Eduardo Paes attend the Urban 20 (U20), the Mayors' forum of the cities from the G20 countries, in Rio de Janeiro, Brazil, on November 17. Reuters
Brazil's President Luiz Inacio Lula da Silva, Chile's President Gabriel Boric and Rio de Janeiro's Mayor Eduardo Paes attend the Urban 20 (U20), the Mayors' forum of the cities from the G20 countries, in Rio de Janeiro, Brazil, on November 17. Reuters
Brazil's President Luiz Inacio Lula da Silva, Chile's President Gabriel Boric and Rio de Janeiro's Mayor Eduardo Paes attend the Urban 20 (U20), the Mayors' forum of the cities from the G20 countries,


G20 offers a way to end global hunger and poverty


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November 18, 2024

In the lead-up to the G20 summit, which starts in Rio de Janeiro today, host country Brazil has launched the Global Alliance for Hunger and Poverty. Given that the first and second UN Sustainable Development Goals are to end poverty and hunger, respectively, by 2030, this is an important and urgent step.

The G20, which comprises the world's 20 largest economies, as well as the EU and the African Union, has over the past quarter century, aspired to play a key role in addressing the world's hot-button issues. The grouping's collective might – it boasts about 85 per cent of the world's gross domestic product, comprises more than 75 per cent of global trade and includes around two thirds of the planet’s population – gives it the collaborative power, resources and leadership to tackle some of our most acute crises.

The Global Alliance, then, is an opportunity for the world's richest countries to join forces

Despite rapid progress being made in diverse fields, including technology and health care, we still live in a world where billions don't have enough to eat. Last year, about 2.3 billion people globally faced moderate or severe food insecurity, according to the World Health Organisation. Of those, more than 864 million people were particularly worse off, facing severe food insecurity, having to go without food for a whole day or more.

The current situation comes after decades-long progress made in tackling hunger and poverty. These efforts stalled recently due in large part to the Covid-19 pandemic, escalating conflicts and climate change. The Global Alliance, then, is an opportunity for the world's richest countries to join forces in an effort to drive necessary funding to nations that are the most severely affected by these debilitating factors.

Leading a delegation representing the UAE, which is a frequent guest at G20 summits given its network of alliances and economic clout, is Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, who will be well versed with these challenges. The UAE has exerted much effort to tackle major challenges like those of poverty, disease, hunger and bolstering food security in the Mena region and beyond.

Coming to a consensus between key member countries despite having divergent interests – most notably between the US, China and Russia – it has proved difficult to resolve some of today's pressing geopolitical issues, namely the wars in Ukraine and the Levant. Surely, however, unanimity is more easily achieved on the development agenda, where interests overlap.

The G20's message of urgency for the world's most powerful countries, including geopolitical rivals, to unite in an effort to attain the UN's sustainable goals, especially poverty and hunger, cannot be overstated. According to a report released by the UN in June, "only 17 per cent of the SDG targets are currently on track, with nearly half showing minimal or moderate progress, and over one-third stalled or regressing".

Brazil's Minister of Social Development, Wellington Dias, told Reuters last week that the issue is not a lack of funds: the world invests about $100 billion a year to fight poverty and hunger. "The problem," he pointed out, "is that investments are too fragmented and inefficiently allocated."

As leaders meet over the next two days, it is imperative that a part of the mandate for the Global Alliance for Hunger and Poverty, beyond pledging funds, focuses on how those funds are used in a holistic manner so that the most vulnerable people in the world begin to see their lives improve.

A child carries a bowl of rice as people collect aid food at Bureij refugee camp in the central Gaza City, on November 6. AFP
A child carries a bowl of rice as people collect aid food at Bureij refugee camp in the central Gaza City, on November 6. AFP
Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

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The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
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BLACK%20ADAM
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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.”

MATCH INFO

Newcastle United 3
Gayle (23'), Perez (59', 63')

Chelsea 0

UAE currency: the story behind the money in your pockets
The specs

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Trump v Khan

2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US

2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”

2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.

Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”

Key recommendations
  • Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
  • Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
  • Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
  • More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
Updated: November 18, 2024, 4:20 PM