Prince Albert II of Monaco will be among the speakers at Abu Dhabi Sustainability Week. AP
Prince Albert II of Monaco will be among the speakers at Abu Dhabi Sustainability Week. AP
Prince Albert II of Monaco will be among the speakers at Abu Dhabi Sustainability Week. AP
Prince Albert II of Monaco will be among the speakers at Abu Dhabi Sustainability Week. AP

Abu Dhabi Sustainability Week 2021: Prince Albert II of Monaco to deliver key address


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Prince Albert II of Monaco will help set the green agenda for a global recovery from the Covid-19 pandemic at Abu Dhabi Sustainability Week.

The summit – which gets under way on Monday – will move online due to the ongoing challenges of the coronavirus outbreak.

The environmental conference will feature more than 70 prominent speakers from across the globe and will explore the social, economic and technological opportunities to support a sustainable future.

The event runs from Monday, January 18 until Thursday, January 21 and is hosted by Masdar.

Prince Albert, head of state for the principality of Monaco, will take centre stage on Tuesday, January 19, following the keynote speech by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and chairman of Masdar.

Other speakers during Tuesday's summit include Khaldoon Al Mubarak, chief executive of Mubadala,  Awaidha Murshed Al Marar, chairman of Abu Dhabi Department of Energy and Dr Lucas Joppa, chief environmental officer for Microsoft.

“The ADSW Summit along with Abu Dhabi Sustainability Week’s other high-level events will help set the global sustainability agenda for the year ahead – a year when sustainability will be at the centre of the post Covid-19 discussion,” said Mohamed Jameel Al Ramahi, chief executive of Masdar.

“By bringing together world leaders from government, industry and technology, we have an opportunity to accelerate the energy transition and demonstrate that green growth goes hand-in-hand with economic growth.”

Abu Dhabi Sustainability Week, which is supported by Abu Dhabi's Department of Energy, comprises a series of high-level virtual events, including the Irena Assembly, Abu Dhabi Sustainable Finance Forum, Atlantic Council Global Energy Forum and the World Future Energy Summit webinars.

The global gathering aims to foster understanding of crucial environmental issues facing society and address the challenges of climate change and sustainability.

Last year's sustainability week hosted about 45,000 attendees from 170 countries, with more than 500 high-level speakers from around the world.

Organisers aim to resume the in-person programme for the annual conference in 2022.

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Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

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  • Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
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  • Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
  • Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
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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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UAE rugby season

FIXTURES

West Asia Premiership

Dubai Hurricanes v Dubai Knights Eagles

Dubai Tigers v Bahrain

Jebel Ali Dragons v Abu Dhabi Harlequins

UAE Division 1

Dubai Sharks v Dubai Hurricanes II

Al Ain Amblers v Dubai Knights Eagles II

Dubai Tigers II v Abu Dhabi Saracens

Jebel Ali Dragons II v Abu Dhabi Harlequins II

Sharjah Wanderers v Dubai Exiles II

 

LAST SEASON

West Asia Premiership

Winners – Bahrain

Runners-up – Dubai Exiles

UAE Premiership

Winners – Abu Dhabi Harlequins

Runners-up – Jebel Ali Dragons

Dubai Rugby Sevens

Winners – Dubai Hurricanes

Runners-up – Abu Dhabi Harlequins

UAE Conference

Winners – Dubai Tigers

Runners-up – Al Ain Amblers

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

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