Sheikha Shamma bint Sultan, president and chief executive of the UAE Independent Climate Change Accelerators, speaks on the second day of the Ncema conference. Photo: National Emergency Crisis and Disaster Management Authority
Sheikha Shamma bint Sultan, president and chief executive of the UAE Independent Climate Change Accelerators, speaks on the second day of the Ncema conference. Photo: National Emergency Crisis and Disaster Management Authority
Sheikha Shamma bint Sultan, president and chief executive of the UAE Independent Climate Change Accelerators, speaks on the second day of the Ncema conference. Photo: National Emergency Crisis and Disaster Management Authority
Sheikha Shamma bint Sultan, president and chief executive of the UAE Independent Climate Change Accelerators, speaks on the second day of the Ncema conference. Photo: National Emergency Crisis and Dis

Public and private sector must merge funds to fight climate change, says Sheikha Shamma


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Sheikha Shamma bint Sultan, president and chief executive of the UAE Independent Climate Change Accelerators, on Wednesday called on the private and public sectors to merge funds so the country is better prepared for future emergencies.

During a speech at the National Emergency Crisis and Disaster Management Authority conference being held in Abu Dhabi, Sheikha Shamma also urged nations around the world to work together to prepare for future crises such as pandemics and disasters fuelled by climate change.

She said combining private and government budgets should be a priority to ensure that societies around the world are better prepared for the problems of the future.

“By merging private capital with development funding, blended finance structures allow stakeholders to re-risk their investments while still investing with purpose,” she said.

“Much has changed as a result of Covid-19. Many organisations have implemented remote or hybrid working policies, a development that has affected not just the way we work, but also the way we live.

“Investment in vaccine research has revolutionised the medical field, while disaster relief efforts have expanded and viral testing techniques have evolved.”

It’s important to recognise that the responsibility of building resilience lies not with one country or nation, but with all of us
Sheikha Shamma bint Sultan,
Head of the UAE Independent Climate Change Accelerators

Global health experts have said that one of the lessons learnt during the Covid-19 pandemic was the need for global co-operation.

Sheikha Shamma went on to address climate change, particularly in the UAE, pointing to the extreme flooding that plagued the Northern Emirates last year, as well as the effect of global warming on other countries.

“We need to look no further than our neighbouring nations to see the devastating effects of cyclones in Oman and mass floods in Pakistan,” she said.

“Almost a year later, Pakistan is still recovering from one-third of the country being submerged underwater, 15,000 people suffering death or injury, and the displacement of more than eight million individuals.”

Developing countries often bear the brunt of the effects of climate change, and Sheikha Shamma said global co-operation was crucial to protecting cities and communities around the world.

“It’s important to recognise that the responsibility of building resilience lies not with one country or nation, but with all of us, as stewards of our planet,” she said.

  • Volunteers from the community service group Takatof sweep debris from a road, after the floods in Fujairah. Khushnum Bhandari / The National
    Volunteers from the community service group Takatof sweep debris from a road, after the floods in Fujairah. Khushnum Bhandari / The National
  • Takatof volunteers carry the collected debris away with a wheelbarrow. Khushnum Bhandari / The National
    Takatof volunteers carry the collected debris away with a wheelbarrow. Khushnum Bhandari / The National
  • Municipality workers drain water from a flooded road in Fujairah. Khushnum Bhandari / The National
    Municipality workers drain water from a flooded road in Fujairah. Khushnum Bhandari / The National
  • The volunteers work on another part of the road. Khushnum Bhandari / The National
    The volunteers work on another part of the road. Khushnum Bhandari / The National
  • Workers pump floodwaters from the roads into tankers in Fujairah city. Khushnum Bhandari / The National
    Workers pump floodwaters from the roads into tankers in Fujairah city. Khushnum Bhandari / The National
  • Life was returning to normal in the emirate, on Saturday. Khushnum Bhandari / The National
    Life was returning to normal in the emirate, on Saturday. Khushnum Bhandari / The National
  • A vehicle surrounded by floodwaters. Khushnum Bhandari / The National
    A vehicle surrounded by floodwaters. Khushnum Bhandari / The National
  • Receding floodwaters in Fujairah city. Khushnum Bhandari / The National
    Receding floodwaters in Fujairah city. Khushnum Bhandari / The National
  • Eminence Private School surrounded by water after heavy rains in Fujairah. Khushnum Bhandari / The National
    Eminence Private School surrounded by water after heavy rains in Fujairah. Khushnum Bhandari / The National
  • Authorities are continuing with a clean-up operation in the city. Khushnum Bhandari / The National
    Authorities are continuing with a clean-up operation in the city. Khushnum Bhandari / The National
  • Waterlogged streets in Fujairah. Khushnum Bhandari / The National
    Waterlogged streets in Fujairah. Khushnum Bhandari / The National
  • Sadaf Resturant during a clean-up and renovations after the floods. Khushnum Bhandari / The National
    Sadaf Resturant during a clean-up and renovations after the floods. Khushnum Bhandari / The National
  • A waterlogged street in Kalba. Khushnum Bhandari / The National
    A waterlogged street in Kalba. Khushnum Bhandari / The National
  • Residents Tarikul Alauddin and Mojammel Ali, from Bangladesh, outside their house in Kalba, which was heavily damaged by flooding and left with no electricity. Khushnum Bhandari / The National
    Residents Tarikul Alauddin and Mojammel Ali, from Bangladesh, outside their house in Kalba, which was heavily damaged by flooding and left with no electricity. Khushnum Bhandari / The National
  • Property belonging to Wali Said, from Pakistan, inside his flooded home in Kalba. Khushnum Bhandari / The National
    Property belonging to Wali Said, from Pakistan, inside his flooded home in Kalba. Khushnum Bhandari / The National
  • Abdelbasit Hassan's home and car (not pictured) were damaged by the heavy rainfall in Kalba. Khushnum Bhandari / The National
    Abdelbasit Hassan's home and car (not pictured) were damaged by the heavy rainfall in Kalba. Khushnum Bhandari / The National
  • Tahidul Islam, from Bangladesh, sweeps out dirty water after the floods in Kalba subsided. Khushnum Bhandari / The National
    Tahidul Islam, from Bangladesh, sweeps out dirty water after the floods in Kalba subsided. Khushnum Bhandari / The National
  • Municipality workers clean up an area affected by floods in Fujairah. Khushnum Bhandari / The National
    Municipality workers clean up an area affected by floods in Fujairah. Khushnum Bhandari / The National
  • Staff at a restaurant scoop up water surrounding the premises in Fujairah. Khushnum Bhandari / The National
    Staff at a restaurant scoop up water surrounding the premises in Fujairah. Khushnum Bhandari / The National
  • Lorries slowly make their way on a heavily flooded road in the city. Khushnum Bhandari / The National
    Lorries slowly make their way on a heavily flooded road in the city. Khushnum Bhandari / The National
  • A car swept into a ditch by floodwaters in Fujairah. Khushnum Bhandari / The National
    A car swept into a ditch by floodwaters in Fujairah. Khushnum Bhandari / The National
  • A construction vehicle partially submerged on a street in the city. Khushnum Bhandari / The National
    A construction vehicle partially submerged on a street in the city. Khushnum Bhandari / The National
  • People walk across pools of water. Khushnum Bhandari / The National
    People walk across pools of water. Khushnum Bhandari / The National
  • A vehicle stalled by heavy rain and floodwaters in Fujairah on Friday. Khushnum Bhandari / The National
    A vehicle stalled by heavy rain and floodwaters in Fujairah on Friday. Khushnum Bhandari / The National
  • A flooded area in Fujairah city. Photo: Fujairah Media Office
    A flooded area in Fujairah city. Photo: Fujairah Media Office
  • Jama Al Ghurfa Mosque on Fujairah's corniche surrounded by floodwaters. Khushnum Bhandari / The National
    Jama Al Ghurfa Mosque on Fujairah's corniche surrounded by floodwaters. Khushnum Bhandari / The National
  • Vehicles on a waterlogged road in the city. Khushnum Bhandari / The National
    Vehicles on a waterlogged road in the city. Khushnum Bhandari / The National
  • A food and entertainment area surrounded by water in Fujairah, after days of rain. Khushnum Bhandari / The National
    A food and entertainment area surrounded by water in Fujairah, after days of rain. Khushnum Bhandari / The National
  • Vehicles partially submerged on the streets of the city. Photo: Mahesh Jangam / @MaheshMj80202 / Twitter
    Vehicles partially submerged on the streets of the city. Photo: Mahesh Jangam / @MaheshMj80202 / Twitter
  • A stalled minibus on a street in Fujairah. Khushnum Bhandari / The National
    A stalled minibus on a street in Fujairah. Khushnum Bhandari / The National
  • A flooded shop on the corniche in Fujairah. Khushnum Bhandari / The National
    A flooded shop on the corniche in Fujairah. Khushnum Bhandari / The National
  • Drivers navigate a flooded motorway in Fujairah. Khushnum Bhandari / The National
    Drivers navigate a flooded motorway in Fujairah. Khushnum Bhandari / The National
  • Floodwaters surround a leisure and entertainment area in Fujairah. Khushnum Bhandari / The National
    Floodwaters surround a leisure and entertainment area in Fujairah. Khushnum Bhandari / The National
  • Towers in Fujairah city surrounded by floodwaters. Photo: Mahesh Jangam / @MaheshMj80202 / Twitter
    Towers in Fujairah city surrounded by floodwaters. Photo: Mahesh Jangam / @MaheshMj80202 / Twitter
  • A dam in the emirate of Fujairah overflows. Photo: Fujairah Media Office
    A dam in the emirate of Fujairah overflows. Photo: Fujairah Media Office
  • A car makes its way through floodwaters . Khushnum Bhandari / The National
    A car makes its way through floodwaters . Khushnum Bhandari / The National

According to the World Economic Forum, the cost of adaptation in developing countries is expected to reach $300 billion per year by 2030.

Global adaptation finance flows were $46 billion in 2020, of which only $28.6 billion went to developing countries, leaving a significant gap.

Waheguru Pal Sidhu, clinical professor at New York University, told The National that while global crises cannot be predicted, preventive measures must be taken.

“We really need to be able to detect [a global crisis] much earlier, and we need to have national and international co-operation,” he said and added that if countries work together to prevent a crisis, it will become easier to mitigate.

Saif Al Dhaheri, official spokesman for Ncema, said that although the UAE is prepared to manage the next crisis, there are other challenges that need to be addressed.

He pointed to areas such as cyber security and natural disasters, saying that there were hopes a “fully fledged policy” to address such issues would come into force the next few years.

“Governments around the world need to have an approach on how to assess and manage crises and emergencies,” he said.

“We look forward to recommendations to establish fully fledged policies and strategies concerning crisis and emergency.

“The next few years will be vital for governments to be proactive. There are expected threats and governments need to work together to find solutions.”

But the onus does not lie solely on governments. Experts have said that communities need to band together during the initial hours following a crisis, such as an earthquake or flood.

Riham Bahi, professor of international relations at Cairo University, said it was important to involve communities with recurrent and complex crises, especially in today’s ever-changing world.

“The role of society is very important, particularly during the first 70 hours following a crisis because governments take time to respond,” she told The National. “The top-down approach doesn’t work and people might die as a result.”

Loretta Hieber Girardet, chief of the Risk Knowledge, Monitoring and Capacity Development Branch at the UN Office for Disaster Risk Reduction in Switzerland, added that by 2030, the world will have to face an average of 1.5 significant disasters per day.

“The good news is that there is no shortage of men and women who are willing to rise to the occasion to protect their communities when confronted by these disasters,” she said.

LEADERBOARD
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War and the virus

Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Star%20Wars%3A%20Episode%20I%20%E2%80%93%20The%20Phantom%20Menace
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Young women have more “financial grit”, but fall behind on investing

In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.

While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.

In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all). 

“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”

Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.

"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."

Company%20profile
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MATCH INFO

BRIGHTON 0

MANCHESTER UNITED 3

McTominay 44'

Mata 73'

Pogba 80'

Qosty Byogaani

Starring: Hani Razmzi, Maya Nasir and Hassan Hosny

Four stars

The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.

 

 

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World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

About Karol Nawrocki

• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.

• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.

• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.

• Met Donald Trump at the White House and received his backing.

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 biog

DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year

RoboCop%3A%20Rogue%20City
%3Cp%3E%3Cstrong%3EDeveloper%3A%20%3C%2Fstrong%3ETeyon%3Cbr%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3ENacon%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%205%2C%20Xbox%20Series%20X%2FS%20and%20PC%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
The biog

Family: He is the youngest of five brothers, of whom two are dentists. 

Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.

Where he works: Liberty Dental Clinic 

The biog

Fatima Al Darmaki is an Emirati widow with three children

She has received 46 certificates of appreciation and excellence throughout her career

She won the 'ideal mother' category at the Minister of Interior Awards for Excellence

Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken

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Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

if you go

The flights

Etihad and Emirates fly direct from the UAE to Seoul from Dh3,775 return, including taxes

The package

Ski Safari offers a seven-night ski package to Korea, including five nights at the Dragon Valley Hotel in Yongpyong and two nights at Seoul CenterMark hotel, from £720 (Dh3,488) per person, including transfers, based on two travelling in January

The info

Visit www.gokorea.co.uk

Updated: May 10, 2023, 2:48 PM