• President Sheikh Mohamed, who was Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces at the time, at the launch of the UAE’s Net Zero 2050 Strategic Initiative at Expo 2020 Dubai. With him are Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Minister of Finance, right, Mariam Al Mheiri, Minister for Climate Change and Environment, left, and Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, chairman of Masdar and chief executive of Adnoc, second left. All photos: Ministry of Presidential Affairs
    President Sheikh Mohamed, who was Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces at the time, at the launch of the UAE’s Net Zero 2050 Strategic Initiative at Expo 2020 Dubai. With him are Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Minister of Finance, right, Mariam Al Mheiri, Minister for Climate Change and Environment, left, and Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, chairman of Masdar and chief executive of Adnoc, second left. All photos: Ministry of Presidential Affairs
  • A display about the UAE’s Net Zero 2050 Strategic Initiative in the UAE pavilion at Expo 2020 Dubai.
    A display about the UAE’s Net Zero 2050 Strategic Initiative in the UAE pavilion at Expo 2020 Dubai.
  • President Sheikh Mohamed, centre, in the UAE pavilion at Expo 2020 Dubai. With him are Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, right, Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Minister of Finance, second right, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, fourth right, and Abdullah Al Marri, Minister of Economy, left.
    President Sheikh Mohamed, centre, in the UAE pavilion at Expo 2020 Dubai. With him are Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, right, Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Minister of Finance, second right, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, fourth right, and Abdullah Al Marri, Minister of Economy, left.
  • President Sheikh Mohamed, right, with Dr Sultan Al Jaber and Abdullah Al Marri, left.
    President Sheikh Mohamed, right, with Dr Sultan Al Jaber and Abdullah Al Marri, left.
  • President Sheikh Mohamed, centre, at Expo 2020 Dubai with Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, right, and Dr Sultan Al Jaber.
    President Sheikh Mohamed, centre, at Expo 2020 Dubai with Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, right, and Dr Sultan Al Jaber.
  • President Sheikh Mohamed, front row, third right, with: Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, second right; Sheikh Maktoum bin Mohammed Al Maktoum, Deputy Prime Minister and Minister of Finance, fourth right; Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, right; Mohamed Al Gergawi, Minister of Cabinet Affairs, fifth right; and Mariam Al Mheiri, Minister for Climate Change and Environment, left. Back row, from right to left: Abdullah Al Marri, Minister of Economy; Suhail bin Mohamed Al Mazrouei, Minister of Energy and Infrastructure; and Reem Al Hashimi, Minister of State for International Co-operation and Director General of Expo 2020 Dubai.
    President Sheikh Mohamed, front row, third right, with: Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, second right; Sheikh Maktoum bin Mohammed Al Maktoum, Deputy Prime Minister and Minister of Finance, fourth right; Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, right; Mohamed Al Gergawi, Minister of Cabinet Affairs, fifth right; and Mariam Al Mheiri, Minister for Climate Change and Environment, left. Back row, from right to left: Abdullah Al Marri, Minister of Economy; Suhail bin Mohamed Al Mazrouei, Minister of Energy and Infrastructure; and Reem Al Hashimi, Minister of State for International Co-operation and Director General of Expo 2020 Dubai.
  • President Sheikh Mohamed with Mariam Al Mheiri and Suhail bin Mohamed Al Mazrouei.
    President Sheikh Mohamed with Mariam Al Mheiri and Suhail bin Mohamed Al Mazrouei.

John Kerry calls UAE’s net-zero initiative an example for other energy-producing nations


Neil Halligan
  • English
  • Arabic

US special climate envoy John Kerry says the UAE’s strategic net-zero initiative is an example for other energy-producing nations to follow.

The UAE announced the initiative on Thursday to reduce carbon emissions by 2050, which includes plans to invest Dh600 billion in clean and renewable energy sources in the next three decades.

Writing on Twitter, John Kerry said: "Sticking to 1.5 C requires ambitious climate commitments. I salute UAE for heeding the call ahead of Cop26.

"Mohamed bin Zayed's Net Zero 2050 Strategic Initiative is an example for other energy-producing nations. We must take strong action in this critical decade."

UN Secretary General Antonio Guterres said he looked forward to the UAE submitting a new climate action plan and encouraged other Gulf states to follow.

"I welcome the announcement by the United Arab Emirates of its intention to achieve net zero emissions by 2050," he said.

"I look forward to the UAE submitting a new climate action plan in line with this ambitious vision & encourage other Gulf states to follow this example ahead of Cop26."

The UAE's net-zero announcement came ahead of the crucial Cop26 climate conference in Glasgow next month, which has been described as the most important summit since the Paris Agreement in 2015.

The strategic initiative aligns with the Paris deal. Agreed to in 2015 and signed by 195 countries, including the UAE, the objective of the Paris deal is to limit the global average temperature increase to 1.5°C above pre-industrial levels.

Britain has described Cop26 as the “last best chance” to avert climate catastrophe brought about by global warming.

UK prime minister Boris Johnson described the UAE decision as "a significant step in tackling climate change".

"Fantastic news that the UAE has become the first Gulf country to commit to Net Zero emissions by 2050," said Mr Johnson.

"This is a significant step in tackling climate change and I hope more countries commit to Net Zero ahead of Cop26."

Cop26 president Alok Sharma said he hoped the "historic announcement" would urge others in the region to make similar commitments.

"I am delighted that the UAE has announced it will reach net zero carbon by 2050," Mr Sharma wrote on Twitter.

"As the first net zero carbon commitment in the Gulf, this is an historic announcement I look to others in the region to also announce ambitious climate action commitments ahead of Cop26."

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

MATCH INFO

Asian Champions League, last 16, first leg:

Al Ain 2 Al Duhail 4

Second leg:

Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm

Company%20profile
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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.”

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Long read

Mageed Yahia, director of WFP in UAE: Coronavirus knows no borders, and neither should the response

HIJRA

Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy

Director: Shahad Ameen

Rating: 3/5

RESULTS
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Opening Premier League fixtures, August 14
  • Brentford v Arsenal
  • Burnley v Brighton
  • Chelsea v Crystal Palace
  • Everton v Southampton
  • Leicester City v Wolves
  • Manchester United v Leeds United
  • Newcastle United v West Ham United
  • Norwich City v Liverpool
  • Tottenham v Manchester City
  • Watford v Aston Villa
UAE and Russia in numbers

UAE-Russia ties stretch back 48 years

Trade between the UAE and Russia reached Dh12.5 bn in 2018

More than 3,000 Russian companies are registered in the UAE

Around 40,000 Russians live in the UAE

The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023

Rebel%20Moon%20%E2%80%93%20Part%20Two%3A%20The%20Scargiver%20review%20
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SPEC%20SHEET
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Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.” 

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”

WHAT FANS WILL LOVE ABOUT RUSSIA

FANS WILL LOVE
Uber is ridiculously cheap and, as Diego Saez discovered, mush safer. A 45-minute taxi from Pulova airport to Saint Petersburg’s Nevsky Prospect can cost as little as 500 roubles (Dh30).

FANS WILL LOATHE
Uber policy in Russia is that they can start the fare as soon as they arrive at the pick-up point — and oftentimes they start it even before arriving, or worse never arrive yet charge you anyway.

FANS WILL LOVE
It’s amazing how active Russians are on social media and your accounts will surge should you post while in the country. Throw in a few Cyrillic hashtags and watch your account numbers rocket.

FANS WILL LOATHE
With cold soups, bland dumplings and dried fish, Russian cuisine is not to everybody’s tastebuds.  Fortunately, there are plenty Georgian restaurants to choose from, which are both excellent and economical.

FANS WILL LOVE
The World Cup will take place during St Petersburg's White Nights Festival, which means perpetual daylight in a city that genuinely never sleeps. (Think toddlers walking the streets with their grandmothers at 4am.)

FANS WILL LOATHE
The walk from Krestovsky Ostrov metro station to Saint Petersburg Arena on a rainy day makes you wonder why some of the $1.7 billion was not spent on a weather-protected walkway.

Updated: October 08, 2021, 9:33 AM