• Back row, left to right: Siaosi Sovaleni, Prime Minister of Tonga, Aziz Akhannouch, Prime Minister of Morocco, Wavil Ramkalawan, President of Seychelles, Hakainde Hichilema, President of Zambia, Surangel Whipps, President of Palau, Nana Akufo-Addo, President of Ghana, Kasim-Jomart Tokayev, President of Kazakhstan, Yoon Suk Yeol, President of South Korea, President Sheikh Mohamed, Ilham Aliyev, President of Azerbaijan, Joao Lourenco, President of Angola, Filipe Nyusi, President of Mozambique, Abiy Ahmed, Prime Minister of Ethiopia, Yoweri Museveni, President of Uganda, Olafur Ragnar Grimsson, former president of Iceland and chairman of Arctic Circle, Tiemoko Meyliet Kone, Vice President of Ivory Coast, and Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, pose for a photograph with 2023 Zayed Sustainability Prize winners during the opening ceremony of Abu Dhabi Sustainability Week. Photo: UAE Presidential Court
    Back row, left to right: Siaosi Sovaleni, Prime Minister of Tonga, Aziz Akhannouch, Prime Minister of Morocco, Wavil Ramkalawan, President of Seychelles, Hakainde Hichilema, President of Zambia, Surangel Whipps, President of Palau, Nana Akufo-Addo, President of Ghana, Kasim-Jomart Tokayev, President of Kazakhstan, Yoon Suk Yeol, President of South Korea, President Sheikh Mohamed, Ilham Aliyev, President of Azerbaijan, Joao Lourenco, President of Angola, Filipe Nyusi, President of Mozambique, Abiy Ahmed, Prime Minister of Ethiopia, Yoweri Museveni, President of Uganda, Olafur Ragnar Grimsson, former president of Iceland and chairman of Arctic Circle, Tiemoko Meyliet Kone, Vice President of Ivory Coast, and Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, pose for a photograph with 2023 Zayed Sustainability Prize winners during the opening ceremony of Abu Dhabi Sustainability Week. Photo: UAE Presidential Court
  • President Sheikh Mohamed presents the 2023 Zayed Sustainability Prize for Sub-Saharan Africa Global High Schools to Arusha Campus (Tanzania). Photo: UAE Presidential Court
    President Sheikh Mohamed presents the 2023 Zayed Sustainability Prize for Sub-Saharan Africa Global High Schools to Arusha Campus (Tanzania). Photo: UAE Presidential Court
  • Sheikh Mohamed presents the 2023 Zayed Sustainability Prize for South Asia Global High Schools to a representative from Dhaka Residential Model College (Bangladesh). Photo: UAE Presidential Court
    Sheikh Mohamed presents the 2023 Zayed Sustainability Prize for South Asia Global High Schools to a representative from Dhaka Residential Model College (Bangladesh). Photo: UAE Presidential Court
  • Sheikh Mohamed presents the 2023 Zayed Sustainability Prize for Europe & Central Asia Global High Schools to a representative from Germany's Romain-Rolland Gymnasium. Photo: UAE Presidential Court
    Sheikh Mohamed presents the 2023 Zayed Sustainability Prize for Europe & Central Asia Global High Schools to a representative from Germany's Romain-Rolland Gymnasium. Photo: UAE Presidential Court
  • Sheikh Mohamed presents the 2023 Zayed Sustainability Prize for Food to a representative from Ynsect (France). Photo: UAE Presidential Court
    Sheikh Mohamed presents the 2023 Zayed Sustainability Prize for Food to a representative from Ynsect (France). Photo: UAE Presidential Court
  • Sheikh Mohamed congratulates Abdulrahman Neshat, Zayed Sustainability Prize winner in the Global High Schools category. Photo: Twitter / MohamedBinZayed
    Sheikh Mohamed congratulates Abdulrahman Neshat, Zayed Sustainability Prize winner in the Global High Schools category. Photo: Twitter / MohamedBinZayed
  • Nawaila Ali, Rinal Prasad and Aqeelah Ali from Dhaka Residential Model College, Bangladesh, winners in the Global High Schools category
    Nawaila Ali, Rinal Prasad and Aqeelah Ali from Dhaka Residential Model College, Bangladesh, winners in the Global High Schools category
  • Sandy Bello and Linda Alarcon from Fundacion Bios Terrae ICAM Ubate, Colombia, winners in the Global High Schools category
    Sandy Bello and Linda Alarcon from Fundacion Bios Terrae ICAM Ubate, Colombia, winners in the Global High Schools category
  • Ricardo Ferreira from Associacao Expedicionarios da Saude in Brazil, the Health category winner
    Ricardo Ferreira from Associacao Expedicionarios da Saude in Brazil, the Health category winner
  • Abdulrahman Neshat and Mohammed Ali, both 16, from Gifted Students School in Iraq, winners in the Global High Schools category
    Abdulrahman Neshat and Mohammed Ali, both 16, from Gifted Students School in Iraq, winners in the Global High Schools category
  • Heba Assad from Neurotech, the winner in the Energy category for supplying energy to Syrian refugees in Jordan
    Heba Assad from Neurotech, the winner in the Energy category for supplying energy to Syrian refugees in Jordan
  • Mohon Mandal from Bangladeshi non-profit Ledars, winners in the Water category for integrating resource management models in disaster-prone areas
    Mohon Mandal from Bangladeshi non-profit Ledars, winners in the Water category for integrating resource management models in disaster-prone areas

Zayed Sustainability Prize winners on a mission to create a better world


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A health hero delivering life-changing support to isolated communities in the Amazon said success in the Zayed Sustainability Prize would support his crucial medical mission to help those in need.

Dr Ricardo Ferreira set up Associacao Expedicionarios da Saude, a non-profit organisation in Brazil providing specialised care for indigenous people, after witnessing the challenges they faced first hand during a hiking trip.

About 500,000 indigenous people who live in rural and forested areas in Brazil lack access to essential health services due to their remote location.

There is a high rate of degenerative eye disease, such as cataracts, due to regular exposure to intense sunlight.

Dr Ferreira established mobile hospitals and initially brought in four doctors to provide treatment.

The group, which secured $600,000 in funding as one of 10 winners of the annual award, now has 90 volunteer doctors who have performed about 10,000 operations.

Joy as mother sees children for first time

President Sheikh Mohamed presents the Zayed Sustainability Prize in the health category to Dr Ricardo Ferreira, who provides specialised care for indigenous people. Photo: Presidential Court
President Sheikh Mohamed presents the Zayed Sustainability Prize in the health category to Dr Ricardo Ferreira, who provides specialised care for indigenous people. Photo: Presidential Court

"We do around 70 surgeries a day. People come in blind and can see by the next day," Dr Ferreira told The National at a gathering of this year's winners.

"The incidence of cataracts is really high. We had a 26-year-old girl who was blind for five years because of cataracts.

"After surgery, she saw her one-year-old and three-year-old children for the first time."

Dr Ferreira said the prize money was secondary to the global platform provided by winning the prestigious accolade.

"We can get more allies so can do better and do more," he said.

"The kind of allies we want are people who are focused on a better world."

Rebuilding hope in war-torn Mosul

Abdulrahman Neshat and Mohammed Ali, both 16, from Iraq, winners of the Zayed Sustainability Prize in the Global High Schools category. Khushnum Bhandari / The National
Abdulrahman Neshat and Mohammed Ali, both 16, from Iraq, winners of the Zayed Sustainability Prize in the Global High Schools category. Khushnum Bhandari / The National

A team of three Iraqi pupils and three teachers was honoured in the Global High Schools category for their forward-thinking efforts to boost water security and reduce emissions.

Gifted Students School Niniveh, in Mosul, lived up to its name with a plan to develop a hydroponic greenhouse in which food can be grown all year round, saving 532,000 litres of water and eliminating 255 tonnes of emissions over three years.

Two of the 16-year-old eco champions said the nightmare of war in their homeland had inspired them to dream of a better future.

"War gave us the incentive," said Abdulrahman Neshat and Mohammed Ali. "The war we saw in Mosul was a nightmare — it was unimaginable and has made many people lose hope but it gave us the incentive.

"This is the sense of hope that we wanted to give Iraq and many of the countries that have gone through and are going through war."

The team is currently growing strawberries having previously grown aubergine.

The greenhouse saves water through the use of nutrient solutions instead of regular irrigation and saves 37.2 megawatt hours using solar cells. It will provide food for pupils at the school.

Protecting those hardest hit by climate change

Ledars, a non-profit organisation in n Bangladesh, integrates water resource management models to solve scarcity issues in disaster-prone areas. It provides people with safe drinking water and agricultural irrigation.

To date, Ledars projects have helped more than 15,880 families and saved more than 12 million gallons of water.

Founder Mohan Kumar Mandal said many women were forced to travel hundreds of kilometres to obtain clean drinking water and severe infections were common due to high salinity rates.

"We need more support because millions of people — and particularly women — are suffering," he said.

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How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

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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COMPANY%20PROFILE
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The most expensive investment mistake you will ever make

When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.

“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.

This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).

Age

$250 a month

$500 a month

$1,000 a month

25

$640,829

$1,281,657

$2,563,315

35

$303,219

$606,439

$1,212,877

45

$131,596

$263,191

$526,382

55

$44,351

$88,702

$177,403

 

The biog

Name: Greg Heinricks

From: Alberta, western Canada

Record fish: 56kg sailfish

Member of: International Game Fish Association

Company: Arabian Divers and Sportfishing Charters

Email sent to Uber team from chief executive Dara Khosrowshahi

From: Dara

To: Team@

Date: March 25, 2019 at 11:45pm PT

Subj: Accelerating in the Middle East

Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.

Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.

I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.

This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.

It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.

Uber on,

Dara

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.

The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

TEACHERS' PAY - WHAT YOU NEED TO KNOW

Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:

- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools

- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues

Updated: January 17, 2023, 4:44 AM