More than 4,000 senior decision-makers from 140 countries - including heads of state, ministers and business leaders - will help to shape the future of the planet at the World Government Summit (WGS) in Dubai next week.
The seventh annual global gathering, which is being held at Madinat Jumeirah from Sunday, February 10 to Tuesday, February 12, will feature discussions on key challenges facing the international community in the present and the future, from climate change and financial strategies to advances in technology and education.
The event, held under the patronage of Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, aims to deliver a road map towards a more prosperous future for all nations.
More than 200 sessions tackling a wide variety of global concerns will be on the agenda during the three-day summit.
Leading figures who will address the Dubai World Summit include Pope Francis, who will deliver a papal message to the Governments of the world, Sheikha Maryam bint Mohammed bin Zayed, who will speak at a session entitled 'choosing a future for the next generation' and Saad Hariri, Prime Minister of Lebanon.
Mohammed Al Gergawi, Minister of Cabinet Affairs and the Future and chairman of WGS, said the meeting will provide a blueprint for the success of governments worldwide.
The minister said the summit will focus on seven key topic: the future of technology, the future of health and quality of life, the environment and climate change, education and the labour market, trade and international co-operation, societies and politics and information and communication between governments and society.
The summit will welcome four Nobel Laureates, Colombia's 32nd President, Juan Manuel Santos, Daniel Kahneman, Professor of Economics at Princeton University, Paul Krugman, Professor of Economics and International Affairs at the same prestigious seat of learning and Leymah Gbowee, a Liberian peace activist who won the Nobel Peace Prize for playing an integral role in bringing the second civil war in her homeland to an end.
An array of international leaders will descend on Dubai, including the President of Rwanda, Paul Kagame and Jüri Ratas, Prime Minister of Estonia.
More than 30 global organisations will also be represented, with Christine Lagarde, Managing Director of the International Monetary Fund (IMF) on hand and Ángel Gurría, Secretary-General of the Organisation for Economic Cooperation and Development (OECD), speaking about the future of the economy.
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Italy
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Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
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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.”
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
How to protect yourself when air quality drops
Install an air filter in your home.
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Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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