Thai marine biologists attempt to rescue a pilot whale that had swallowed at least 80 plastic bags. EPA
Thai marine biologists attempt to rescue a pilot whale that had swallowed at least 80 plastic bags. EPA

Profligate plastic waste needs action now



Most of us are aware of the profligate wastage of plastic in the UAE and worldwide but following the news that Waitrose will soon start charging for plastic bags, we might soon have an additional incentive to cut back.

The horrific impact of our sea of plastic waste drew the world's attention this month when a whale died in Thailand after eating 85 plastic bags. According to the United Nations Environment Programme, eight million tonnes of plastic are dumped in our oceans every year on top of the existing 150 million tonnes already floating there, killing marine creatures and filtering into our food chain.

Yet humans are the biggest culprits. In the UAE, the average resident uses 450 plastic water bottles each year, according to the Ministry of Climate Change and Environment. In a country where it is still common to see one or two items packed per bag in stores, it has never been more prescient to address this problem.

The European Union last month proposed a ban on single use plastics, including straws and cutlery. If the UAE is to make similar strides, a mindset adjustment is needed among consumers and businesses.

An estimated 11 billion plastic bags are used annually in this country while excessive food packaging is prevalent. The tide needs to turn on the overuse of a product which is placing a stranglehold on the environment. Waitrose's decision to trial a 25 fils charge per plastic bag from Saturday in Abu Dhabi stores is a start; Spinneys is now considering doing the same.

The sum might be negligible for most but the accompanying reminder that the cost to the environment is anything but cheap might jog consumers into being more restrained. When supermarkets began charging for plastic bags in England two years ago, their usage dropped by more than 85 per cent in six months. It requires a concerted effort from all stores and supermarkets, as well as consumers themselves, to change patterns of behaviour and question whether that bag or clingfilm-wrapped apple is really necessary.

It takes little effort to take your own recyclable bags with you when you go shopping; stores can play their part too by asking customers whether they actually need bags.

It emerged recently that plastic contamination has reached Antarctica with worrying implications for the food chain and water purity. All of us could do more to reduce our consumption.

If we don't act soon, it will be impossible to stem the tide of plastic pollution.

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

MATCH INFO

Manchester City 4 (Gundogan 8' (P), Bernardo Silva 19', Jesus 72', 75')

Fulham 0

Red cards: Tim Ream (Fulham)

Man of the Match: Gabriel Jesus (Manchester City)

The 12 Syrian entities delisted by UK 

Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV

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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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.”

In numbers

1,000 tonnes of waste collected daily:

  • 800 tonnes converted into alternative fuel
  • 150 tonnes to landfill
  • 50 tonnes sold as scrap metal

800 tonnes of RDF replaces 500 tonnes of coal

Two conveyor lines treat more than 350,000 tonnes of waste per year

25 staff on site

 

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