Kehkashan Basu, the global coordinator for the United Nations Environment Programme’s youth division, was the sole invited speaker from the Middle East at the 12th Youth Assembly in New York. Antonie Robertson / The National
Kehkashan Basu, the global coordinator for the United Nations Environment Programme’s youth division, was the sole invited speaker from the Middle East at the 12th Youth Assembly in New York. Antonie Show more

Eco-warrior UAE pupil represents the region at UN assembly



DUBAI // A schoolgirl has realised her long-held dream of addressing the United Nations - at the tender age of 13.

Kehkashan Basu was the only invited speaker from the Middle East to face more than 800 members of the 12th Youth Assembly at the UN's headquarters in New York this month.

"It was like a dream come true. I was extremely excited to be there," said Kehkashan, a pupil at the Millennium School in Dubai.

Basu became the first child to be appointed global coordinator for the United Nations Environment Programme's youth division when she was 12.

She spoke to the audience in New York about the post-2015 development agenda. "I talked about things that matter to us as young people and how we can play a role and get involved in sustainable development," she said.

"It was an amazing experience talking to everyone from around the world and learning about what they are all doing in their countries.

"The most memorable part was when the secretary general, Mr Ban Ki Moon, came to talk to us. I was in the front row just a few metres away from him. It was so cool to see him in person."

Some of the young people Kehkashan met at the UN joined her organisation, Green Hope UAE.

"We children are an extremely potent force and we are concerned that we are marginalised and neglected in the sustainable development dialogue," she said.

"We need more opportunities to show that we can make a difference. We are the one who will be living through it, so why don't you ask us?"

Kehkashan believes people need more education about environmental issues, such as land degradation and climate change.

"A lack of awareness is why people are not bothered to do enough to help," she said. "The UAE Government is doing a lot to combat land degradation but society needs to focus more on the issue. We all have to do our part if we are going aim for a sustainable future."

Kehkashan plans to run awareness programmes at labour camps and organise a marine clean-up.

"I was born on June 5, which is World Earth Day, so I think it was preordained that I would be passionate about the environment and protecting Mother Nature," she said.

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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The biog

First Job: Abu Dhabi Department of Petroleum in 1974  
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work

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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  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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