Major steps in eco awareness



ABU DHABI // A shift in the UAE's thinking over its consumption of resources has been praised by a leading ecologist. Dr Mathis Wackernagel, the president of the Global Footprint Network (GFN), said officials were now willing to listen to, rather than dispute, the network's findings.

"We have been working with Government institutions here and they have been extremely positive," he said, before a lecture at the Dubai School of Government on Tuesday. The UAE heads the ecological footprint list, an internationally recognised measure of the amount of resources a country uses per head of population. The country has topped the list since 2006. At the time, Government leaders strongly questioned the veracity of its results. They argued that no locally verified data was used for the network's ecological footprint calculations.

However, following increased co-operation between the Government and the report's authors, last year's edition contained local data for the first time. The information was obtained through a joint initiative launched in the country in 2007 called Al Basama Al Beeiya. Razan al Mubarak, the managing director of the Emirates Wildlife Society?World Wide Fund for Nature (EWS-WWF), said Al Basama Al Beeiya had been instrumental in engaging the Government and in raising awareness of the issues.

"There has been an increase in understanding and it is a testament to the UAE Ecological Footprint initiative," she said. Al Basama Al Beeiya comprises experts from the EWS-WWF, the Ministry of Environment and Water, the Abu Dhabi Global Environment Data Initiative and the GFN. "The initiative is steered by a committee which includes members representing public organisations from all the seven emirates. Since we started the campaign, all these members have been with us from day one.

"We have been supported by a very strong research team. All of us have gone through a steep curve of learning and capacity building," Ms al Mubarak said. Dr Wackernagel agreed that understanding had become more widespread in the country. "Two years ago, there were perhaps three persons in the UAE that could explain the footprint," he said. "Now it is much more widely understood." Last year Al Basama Al Beeiya investigated which sectors have the most impact on the UAE's ecological footprint and which economic activities are primarily responsible for the its greenhouse emissions.

It has been calculated that if the rest of the planet consumed resources at the same level as the UAE, humanity would need 4.5 planets to sustain itself. Al Basama Al Beeiya researchers are now trying to find out just why the country uses resources at such a high rate. Dr Wackernagel said growing ecological expertise in the country was an important first step in understanding the causes and tackling the problem.

Next year, the project will try to develop policies to help reduce demand for natural resources. He added that the pressures on natural resources would only intensify as developing countries tried to replicate models from the industrialised world. This, he said, was unsustainable. "Collectively we have a problem. Our resource consumption is higher than the planet can provide," he said. "Cities and countries have interests that have not yet been realised. A city that uses a lot of resources to operate or for people to live, will not be as competitive as more efficient cities."

vtodorova@thenational.ae

The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars

UAE currency: the story behind the money in your pockets
Abu Dhabi GP starting grid

1 Lewis Hamilton (Mercedes)

2 Valtteri Bottas (Mercedes)

3 Sebastian Vettel (Ferrari)

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DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

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.”

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

NEW ARRIVALS

Benjamin Mendy (Monaco) - £51.75m (Dh247.94m)
Kyle Walker (Tottenham Hotspur) - £45.9m
Bernardo Silva (Monaco) - £45m
Ederson Moraes (Benfica) - £36m
Danilo (Real Madrid) - £27m
Douglas Luiz (Vasco de Gama) - £10.8m

The five pillars of Islam

1. Fasting

2. Prayer

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4. Shahada

5. Zakat

The story of Edge

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.

It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.

Edge has an annual revenue of $5 billion and employs more than 12,000 people.

Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab

 

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

Fixtures

Saturday, May 28, United States v Scotland
Sunday, May 29, United States v Scotland
Tuesday, May 31, UAE v Scotland
Wednesday, June 1, UAE v United States
Friday, June 3, UAE v Scotland
Saturday, June 4, UAE v United States

UAE squad: Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, Vriitya Aravind, CP Rizwan, Basil Hameed, Rohan Mustafa, Kashif Daud, Karthik Meiyappan, Zahoor Khan, Junaid Siddique, Alishan Sharafu, Akif Raja, Rahul Bhatia

Table
1. Oman 32 19 11 40 +0.156
2. Scotland 16 11 3 24 +0.574
3. UAE 18 10 6 22 +0.22
4. Namibia 14 7 7 14 +0.096
5. United States 16 7 9 14 -0.229
6. Nepal 12 6 6 12 +0.113
7. Papua New Guinea 20 1 19 2 -0.856

Children who witnessed blood bath want to help others

Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.

As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.

Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.

“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”

Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.

“Now she wants to be a maxillofacial doctor,” Khulood said. “She said to me ‘it is because a maxillofacial doctor returned your face, mama’. Now she wants to help people see themselves in the mirror again.”

Khulood’s son, Saeed, was nine in 2014 and slept through the attack. While he did not witness the trauma, this made it more difficult for him to understand what had happened. He has ambitions to become an engineer.

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.