Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, met Pope Francis during a visit to the Vatican last year. Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, met Pope Francis during a visit to the Vatican last year. Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, met Pope Francis during a visit to the Vatican last year. Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, met Pope Francis during a visit to the Vatican last year. Mohamed Al Hammadi / Crown Prince Court

How the UAE is actively promoting dialogue and understanding between different cultures and religions


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In 2016, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced an unprecedented restructuring of the Federal Government, with the creation of new ministries, including tolerance, happiness and youth affairs departments.

Sheikh Mohammed stated: “We have learned from events in our region over the past five years … [that] we need to study, teach and practice tolerance – and to instill it in our children, both through education and our own example… We have learned from hundreds of thousands of dead and millions of refugees in our region that sectarian, ideological, cultural and religious bigotry only fuel the fires of rage.”

Since it was established in 1971, the UAE has managed to consolidate its image as a promoter of peace and symbol of tolerance. This was thanks to the late Sheikh Zayed, who laid the foundation of such an image in the UAE community. He was merciful and tolerant in his treatment of others. His generosity and humanitarian initiatives reached out to nations all over the world. He once said: “To treat every person, no matter what his creed or race, as a special soul, is a mark of Islam. It is just that point, embodied in the humanitarian tenets of Islam, that makes us so proud of it.” He believed in human diversity as an opportunity for mutual acquaintance, collaboration and building relations.

This approach has been consolidated by Sheikh Khalifa and has become a reality in this generous country that hosts nearly 200 nationalities, representing a wide variety of cultures, religions and races coexisting in peace, tolerance and harmony.

The country has issued legislation and laws that criminalise terrorism, extremism and incitement to hatred. This includes the Anti-Discrimination Law, which criminalises all acts related to contempt of religions or holy sites and all forms of hate speech.

Such legislation protects faiths, ensures the freedom of worship and emphasises tolerance within the system of values, customs and traditions that govern society. Moreover, the country has hosted and sponsored meetings of the Forum for Promoting Peace in Muslim Societies, which has set up the Muslim Council of Elders, bringing together a distinguished group of enlightened religious scholars and intellectuals.

Within this context, many centres have been created, including Hedayah, the International Center of Excellence for Countering Violent Extremism and the Sawab Centre, to tackle radical, extremist and hate speech that distorts the image of Islam and Muslims, and to promote the noble Islamic values that call for tolerance, dialogue and coexistence between nations.

The UAE has also introduced itself as a unique model in the world in terms of its openness to other nations, strengthening the values of diversity and coexistence. It will host branches of prestigious world museums, including the Louvre and Guggenheim, and has established branches of distinguished international universities, including Paris Sorbonne University Abu Dhabi and New York University Abu Dhabi, making the country a crossroads of civilisations and an area of interaction between different cultures. The UAE has also been actively promoting dialogue and understanding between different cultures and religions.

In this context, Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, met Pope Francis during a visit to the Vatican in September 2016. This reflects our wise leaders’ strong belief in the values of tolerance, dialogue and coexistence between religions, and confirms their firm determination to promote such values worldwide.

The value of tolerance and the culture of giving have characterised the behaviour of Emiratis throughout history. After the UAE was established in 1971, these values have been preserved to reflect the civilised image of the country, which originate from Sheikh Zayed, whose legacy has been secured by his sons, from the noble Islamic values that call for tolerance, coexistence and moderation and, thirdly, from the Emirati ethics that have been sustained by a set of deeply-rooted Arab customs. Finally, the UAE Constitution and international conventions have provided a legal framework that ensures the protection and sustainability of these values. Therefore, it is no wonder that such bases form the main pillars of the National Tolerance Programme. This centres on various principles, including enhancing the role of the government to foster tolerance, strengthening the role of the close-knit family in establishing a tolerant community, consolidating the values of tolerance among youth to protect them against extremism, contributing to the international efforts to instill the values of tolerance and shedding light on the role of the UAE as a tolerant country.

The creation of the Ministry of State for Tolerance does not only aim to preserve the values of tolerance and coexistence that are already the norm in the UAE community, and introduce initiatives that stimulate and promote these values locally, regionally and globally, but it also aims to deliver a noble Emirati message to the world. This message states that instilling the values of tolerance, coexistence and respect of cultural diversity and denouncing speeches that incite hate, extremism and rejection of others must be at the forefront of national and international priorities. Such measures are the only way to achieve security, stability and peace.

The UAE’s unique step in creating the Ministry of State for Tolerance, and appointing Sheikha Lubna Al Qasimi to head this portfolio, will consolidate the image of the UAE, both regionally and globally. It will make the UAE a fortress against all forms of extremism and hatred, and announce the country as a globally leading model in terms of government action that inspires other nations.

Dr Jamal Sanad Al Suwaidi is the director general of the Emirates Centre for Strategic Studies and Research

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What is Financial Fair Play?
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What the rules dictate?
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There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

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.”

The biog

Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.

His advice to anyone starting out in business is to have no fear as life is about taking on challenges.

“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.

"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”

Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.

He relaxes by spending time with his family at home, and enjoying his wife’s India cooking. 

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Date of birth: April 18, 1998

Playing position: Winger

Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda

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Investors: Eight first-round investors including, Beco Capital, 500 Startups, Dubai Silicon Oasis, Hala Fadel, Odin Financial Services, Dubai Angel Investors, Womena, Arzan VC

 

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