Ten mangroves will be planted in Abu Dhabi for each visitor attending the Cop28 climate change summit this year, environment officials have said.
Cop28, which will be held between November 30 to December 12 at Expo City Dubai, is set to attract about 80,000 attendees from around the world for talks and conferences.
That could mean that an estimated 800,000 mangrove trees could be planted in Abu Dhabi.
The Environment Agency Abu Dhabi has pledged to plant these mangroves using drone technology in the last quarter of this year.
The mangrove trees will be planted in coastal areas such as Marawah Marine Biosphere Reserve, Al Mirfa City and Jubail Island during the winter months, which is said to be the best time for the species to grow.
Dr Shaikha Al Dhaheri, Secretary General of the agency, said the project aims to support the UAE's Year of Sustainability drive, as well as the UAE National Net Zero 2050 initiative and the UAE's goal of planting 100 million mangroves by 2030.
That pledge that was made at the Cop26 conference in Glasgow in 2021.
“This initiative also highlights the UAE's commitment to achieving climate neutrality and promoting nature-based solutions to reduce the effects and adapt to climate change and reduce the environmental footprint of conference visitors, at the rate of absorbing one tonne of carbon for every 5,000 mangrove trees,” Dr Al Dhaheri said.
The project will also serve as a platform for developing innovative solutions for mangrove conservation, climate change mitigation and raising awareness of their importance.
The UAE is home to more than a dozen areas of mangroves and the country plans to expand and develop their presence along its coastline.
Mangroves in Abu Dhabi support a wide range of biodiversity and help protect seagrass beds and coral reefs from sedimentation.
They also enhance water quality and support ecotourism activities.
“Building a resilient, net-zero future depends on halting nature loss and restoring our natural ecosystems,” said Razan Al Mubarak, UN Climate Change High-Level Champion for Cop28.
“Nature-based solutions, including those involving mangroves, have the potential to supply over a third of our climate mitigation needs and build resilience to the effects of climate change.
“I welcome this EAD-led initiative, which both raises awareness and takes action to restore and protect mangroves in the UAE.”
Al Zorah City in Ajman is also set to double its natural mangrove reserve with hundreds of thousands of mangrove trees over the next year.
The initiative, which launched on Tuesday, is a commitment from Al Zorah City, a joint venture between the Ajman government and Solidere International PLC, a leading real estate developer in the emirate.
Al Zorah currently houses more than 500,000 trees responsible for producing millions of litres of oxygen per day, spanning more than one million square metres and harbouring more than 200 species of native and migratory birds.
"Al Zorah Mangrove Natural Reserve is a treasured part of our community in Ajman," Sheikh Rashid bin Humaid Al Nuaimi, chairman of the Al Zorah City board of directors, said in a press release.
"We are pleased to announce our initiative for 2023, which strives to increase our green footprint in the Emirate and support the UAE in its long-term sustainability targets and the upcoming highly anticipated Cop28."
Conserving mangroves in the UAE – 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.”
OPINIONS ON PALESTINE & ISRAEL
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Biography
Favourite Meal: Chicken Caesar salad
Hobbies: Travelling, going to the gym
Inspiration: Father, who was a captain in the UAE army
Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
Favourite film: The Founder, about the establishment of McDonald's
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
UAE currency: the story behind the money in your pockets
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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