US President Joe Biden has urged people from diverse backgrounds to come together and co-operate to overcome global challenges.
In a statement on the International Day of Human Fraternity, marked on February 4, Mr Biden said everyone should work together "to build a better world that upholds universal human rights, lifts every human being, and advances peace and security for all".
"From the ongoing threat of the Covid-19 pandemic and the existential climate crisis to the rise of violence around the world, these challenges require global co-operation from people of all backgrounds, cultures, faiths, and beliefs," he said.
"They require us to speak with one another in open dialogue to promote tolerance, inclusion, and understanding.
"In my life, faith has always been a beacon of hope and a calling to purpose even during the darkest days.
"Sacred teachings across faith traditions command that we love one another, serve and protect the most vulnerable, and uphold the dignity of every person, which is what the International Day of Human Fraternity is all about.
"On this day, we affirm – in words and in actions – the inherent humanity that unites us all. Together, we have a real opportunity to build a better world that upholds universal human rights, lifts every human being, and advances peace and security."
People all over the world – including world and religious leaders – are celebrating the second annual International Day of Human Fraternity, which marks the third anniversary of the signing of the historic Document on Human Fraternity by Pope Francis and Dr Ahmed Al Tayeb, Grand Imam of Al Azhar, in Abu Dhabi on February 4, 2019.
Judge Mohamed Abdelsalam, secretary general of the Higher Committee of Human Fraternity (HCHF), thanked President Biden for being a part of this important day.
"The HCHF deeply appreciates the participation of President Biden and other leaders, which marks a historic moment in human history – when the leaders of the largest Christian and Islamic institutions in the world came together in 2019 to sign the Document on Human Fraternity in Abu Dhabi. I reiterate my gratitude to the UAE leadership for supporting the journey of the human fraternity from its very beginnings," Judge Abdelsalam said.
Lana Nusseibeh, the UAE's ambassador to the United Nations, told the UN Alliance of Civilisations that the International Day of Human Fraternity served to display a "shared commitment to a peace founded on friendship, humility and co-existence".
"For the UAE, human fraternity begins with advancing dialogue and promoting co-existence among religions and cultures," Ms Nusseibeh said.
"This ethic of inclusion has allowed our society to flourish into a kaleidoscope of religions, cultures and backgrounds."
Cardinal Miguel Ángel Ayuso Guixot, HCHF meeting chairman, said this day is an opportunity for people to understand the sense of responsibility towards the poor, vulnerable, homeless and oppressed.
"I hope human fraternity will turn into a global movement of promoting moral values shared by all peoples from all walks of life. We appreciate President Biden's statement on this important day," he said.
The committee – headquartered in Abu Dhabi – is supported by Pope Francis and Dr Ahmed Al Tayeb under the patronage of Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the Armed Forces and patron of human fraternity.
Sheikh Mohamed receives members of the Higher Committee of Human Fraternity - in pictures
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.”
Shipping%20and%20banking%20
%3Cp%3EThe%20sixth%20sanctions%20package%20will%20also%20see%20European%20insurers%20banned%20from%20covering%20Russian%20shipping%2C%20more%20individuals%20added%20to%20the%20EU's%20sanctions%20list%20and%20Russia's%20Sberbank%20cut%20off%20from%20international%20payments%20system%20Swift.%3C%2Fp%3E%0A
Results
5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m; Winner: Mcmanaman, Sam Hitchcock (jockey), Doug Watson (trainer)
6.05pm: Handicap (TB) Dh87,500 (T) 1,400m; Winner: Bawaasil, Sam Hitchcott, Doug Watson
6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m; Winner: Bochart, Fabrice Veron, Satish Seemar
7.15pm: Handicap (TB) Dh105,000 (T) 1,200m; Winner: Mutaraffa, Antonio Fresu, Musabah Al Muhairi
7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m; Winner: Rare Ninja, Royston Ffrench, Salem bin Ghadayer
8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m; Winner: Alfareeq, Antonio Fresu, Musabah Al Muhairi
9pm: Handicap (TB) Dh105,000 (T) 2,410m; Winner: Good Tidings, Antonio Fresu, Musabah Al Muhairi
9.35pm: Handicap (TB) Dh92,500 (T) 2,000m; Winner: Zorion, Abdul Aziz Al Balushi, Helal Al Alawi
WHAT%20MACRO%20FACTORS%20ARE%20IMPACTING%20META%20TECH%20MARKETS%3F
%3Cp%3E%E2%80%A2%20Looming%20global%20slowdown%20and%20recession%20in%20key%20economies%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Russia-Ukraine%20war%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Interest%20rate%20hikes%20and%20the%20rising%20cost%20of%20debt%20servicing%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Oil%20price%20volatility%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Persisting%20inflationary%20pressures%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Exchange%20rate%20fluctuations%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shortage%20of%20labour%2Fskills%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20A%20resurgence%20of%20Covid%3F%3C%2Fp%3E%0A
INVESTMENT PLEDGES
Cartlow: $13.4m
Rabbitmart: $14m
Smileneo: $5.8m
Soum: $4m
imVentures: $100m
Plug and Play: $25m
