ABU DHABI // With the number of global conflicts rising and a world that is growing increasingly dangerous and unpredictable, the United Nations has urged countries to be more prepared to respond to crises.
Antonio Guterres, the UN High Commissioner for Refugees, said the multiplying conflicts had become increasingly more difficult to address while the capabilities of nations to solve them have become more limited.
“Preparedness and response is something we badly need in today’s world – a world that is dangerous and unpredictable,” he said. “We don’t know where the next crisis will be and unpredictability has become the name of the game.”
He said the number of new conflicts had multiplied in recent years, in countries including Mali, Cote d’Ivoire and Libya, while old conflicts, in Afghanistan and the Republic of Congo, remained.
“Today, we no longer live in a unipolar world,” he said. “We live in a kind of chaotic world, there’s no global governance system and power relations became unclear. There are very limited capabilities for nations to solve crises, like in Syria, and the capability to address the needs of people becomes more difficult.”
In the past 35 years, the Arab region has faced 272 crises that have led to the death of more than 100,000 people.
“These challenges or responsibility of facing them require readiness to deal with all the phases of emergencies and ensure their competent management and full recovery,” said Dr Nabil Elaraby, the Arab League’s secretary general. “This is why all experts and specialists focus on resilience and the capability of facing challenges.”
Climate change, food and water security, and urbanisation have become more interlinked.
“They create conditions for us to create a multiplication of disasters with more frequent and more dramatic consequences, like drought, which occurs every two years now,” Mr Guterres said. “Resources and capacities are not growing as far as the needs that we witness in today’s world, so it’s important to have preparedness and response.”
Dr Elaraby said the nature of some crises and disasters would require a high level of preparedness at all levels in the country.
“This would require a change in mentality in the way of dealing with emergencies and crises,” he said. “It’s always better to be well-prepared rather than facing the emergency or crisis when it happens.”
He said it had become one of the most important and urgent topics in the region.
“Almost every country is affected by disasters, emergencies and crises, regardless of their advanced capabilities. Response to such incidents requires an advanced infrastructure and specific response plans, which need constant updates amid the unexpected and continuous crises in some countries.”
Mr Guterres said partnership was key.
“As an organisation, we have 2,400 people working in and around Syria,” he said. “We’ve been able to mobilise almost US$1 billion (Dh3,67bn) of donations to support Syrian refugees last year and help 4.5 million people. Every single day, 130,000 relief items were moved, so the whole year represents a massive effort.”
More than seven million Syrians are displaced.
“Nowadays, crises are longer, they go on and on, seeming never to end,” he said. “Our objective is to be able to mobilise the people and equipment necessary to support 600,000 displaced in 72 hours, wherever that displacement takes place.”
He thanked Sheikha Fatima bint Mubarak, mother of the nation, and Sheikha Jawaher bint Mohammed Al Qasimi, the wife of Sharjah’s ruler, for their contributions.
“Nobody can do it alone, we need to do it together,” he said. “Partnership is essential for success, with the government, civil society and international organisations. This is particularly true in the UAE and the Gulf.
“It is the devotion deeply rooted in the best values of Islamic tradition and law, and the devotion of personalities like these that give us strength and courage to go on against all odds preparing ourselves and responding to dramatic crises that make more and more people suffer in today’s world.”
cmalek@thenational.ae
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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.”
Kandahar%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Ric%20Roman%20Waugh%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EGerard%20Butler%2C%20Navid%20Negahban%2C%20Ali%20Fazal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202.5%2F5%3C%2Fp%3E%0A