The first climate media majlis aimed at promoting accessible coverage and awareness of climate change in the Middle East was held in Abu Dhabi on Monday.
The event seeks to foster conversations about the effects of global warming and what needs to be done in a crucial year for the environment with Cop28 taking place in the UAE.
Hosted by the UAE Independent Climate Change Accelerators initiative, which is led by the UAE’s Sheikha Shamma bint Sultan, it brought together climate influencers, policymakers, journalists, and experts dedicated to tackling climate change.
The initiative was founded in 2022 and is a non-partisan, climate action organisation to galvanise action between the public and private sector in climate change.
Increasing accessibility
Sheikha Shamma, who works to combat climate change and is the president and chief executive of the accelerators initiative, said it was important to tell powerful stories and sustain interest in such an important topic.
“Through our research we have found that some of the biggest challenges in climate reporting stem from being able to make these complex concepts more accessible to mass audiences, particularly in the Arab world,” said Sheikha Shamma, who is the granddaughter of the late Sheikh Khalifa.
“We want to work alongside you to bridge the gaps that currently exist and to ensure these stories are effectively told," she said.
"The climate media majlis will be a theme-based initiative and we will strive to include relevant subject matter experts who can share their knowledge and demystify the science,” said Sheikha Shamma, who was named in March along with Sheikh Maktoum, Deputy Prime Minister, Minister of Finance and Deputy Ruler of Dubai, as the Middle East's prominent leaders by the World Economic Forum in its 2023 Class of Young Global Leaders.
“In return we simply ask you to ask the questions you are seeking answers to and to share your own insights on this topic.”
The team also devised an Arabic climate glossary to ensure “consistency in the climate conversation”.
The event was moderated by Nivine Afiouni, a global climate reporter, and heard from four experts – energy transition expert Martin Jagger; Manuel Rodrigues, vice president at the secure power division gulf at Schneider Electric; Saima Rana, chief education officer at Gems Education; and Qais Al Suwaidi, vice president of sustainability at Abu Dhabi energy company, Taqa.
Topics included decoding the science of global warming; the potential of carbon capture; the role of education and youth; the science behind climate change and its social impact in the Middle East; driving government involvement; and how the Middle East will be hit harder by any increase in temperatures. It additionally heard about the role of media, the challenges of reporting on difficult issues, and how solution-based journalism can help.
It comes in an important year in the fight against climate change with less than six months to go before the UAE hosts Cop28.
The climate talks take place at Expo City Dubai from November 30 to December 12 when leaders will try to thrash out an agreement that will cut warming emissions and scale up climate finance to help countries deal with climate change.
The Middle East is facing unique environmental challenges exacerbated by global warming threats such as water scarcity and desertification and organisers of Monday's event said an informed discussion on climate change has never been more critical.
It is envisaged that more climate majlises will be held during the year.
Road to Cop28 launch event at Expo City Dubai - in pictures
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.”
FIXTURES
All games 6pm UAE on Sunday:
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Chelsea v Wolves
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Leicester v Man United
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,200m, Winner: ES Rubban, Antonio Fresu (jockey), Ibrahim Aseel (trainer)
5.30pm: Handicap (PA) Dh85,000 (T) 1,200m, Winner: Al Mobher, Sczcepan Mazur, Ibrahim Al Hadhrami
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7pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: AF Makerah, Tadhg O’Shea, Ernst Oertel
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