The issue of protecting the planet for future generations is one of the most pressing existential questions facing the world, a UAE minister has said.
Mohammad Al Gergawi, Minister of Cabinet Affairs, said climate change was intertwined with many other issues, including new sources of energy, new economic models and new developments and alliances.
Speaking on Monday at the opening of the Global Future Councils meeting in Dubai, Mr Al Gergawi outlined some of the scenarios facing the world if climate change were to be left unchecked.
"Humanity may face the challenge of more than 1.5 billion people seeking refuge due to the climate by 2050, and may incur economic losses exceeding $32 trillion by 2050, if the climate issue is not dealt with," said Mr Al Gergawi.
“Perhaps hosting the largest global climate gathering in the UAE can contribute significantly to answering some of these questions."
He was referring to Cop 28, the UN climate talks that will take place from November 30 to December 12 in Dubai.
Shaping the debate
Hundreds of experts from government, business, academia and think-tanks are expected to travel to the Global Futures Council in Dubai over the next few days to examine new trends in technology, governance, the economy and the environment.
The meeting and its conclusions will help shape the annual World Economic Forum, to be held in January.
In the opening address, Mr Al Gergawi, who is also co-chair of the Global Future Councils, posed three questions. The first was regarding the climate.
The second was about how to ensure the best model for governments and international organisations to deal with future challenges such as technology change.
The third question was: How can there be a discussion about the future without settling the issue of principles of justice?
“We need to raise this humanitarian question. A human being stays a human being wherever he may be," said Mr Al Gergawi.
Other topics under the spotlight over the next few days also include the future of autonomous mobility, the energy transition, food and water security, geopolitics, space, the future of sustainable tourism, and artificial intelligence.
An additional area of discussion that arose was the threat of superbugs and the wider issue of antimicrobial resistance, which Prof Sally Davis of the University of Cambridge said was a leading underlying cause of death around the globe.
“It is a risk for all of us, and yet, I’d hazard a bet most of you haven’t even heard of ... superbugs before today,” said Prof Davies.
“It's the third most important underlying cause of death across the world, causing more death than HIV, tuberculosis and malaria.
"So what are you going to do? Because frankly, it impacts all of us across every bit of our lives, and it is much worse in the low-income and middle-income countries, and we owe it to them to sort it out. Like Covid, no one is safe until we are all safe,” she said, adding that the forum provided an opportunity for industry to hear voices from front-line workers on how to address the problem.
The Global Future Councils 2023 runs until Wednesday and is part of the strategic partnership between the UAE and the World Economic Forum. A major report on how the Middle East and North Africa can address the climate crisis is set to be issued during the event.
“The future of humanity depends on asking new questions. We hope these meetings mark a new milestone in shaping better future for humanity,” Mr Al Gergawi said.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Men's football draw
Group A: UAE, Spain, South Africa, Jamaica
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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
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
Prefers vegetables and fish to meat and would choose salad over pizza
Walks daily as part of regular exercise routine
France is her favourite country to visit
Has written books and manuals on women’s education, first aid and health for the family
Family: Husband, three sons and a daughter
Fathiya Nadhari's instructions to her children was to give back to the country
The children worked as young volunteers in social, education and health campaigns
Her motto is to never stop working for the country
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
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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