UAE

Maldives cabinet plunges into climate debate

The Maldivian president and ministers have held the world's first underwater cabinet meeting, in a symbolic cry for help over rising sea levels.

The Maldivian president and ministers have held the world's first underwater cabinet meeting, in a symbolic cry for help over rising sea levels that threaten the tropical archipelago's existence. Aiming for another attention-grabbing event to bring the risks of climate change into relief before a landmark UN climate change meeting in December, the president Mohamed Nasheed's cabinet headed to the bottom of a turquoise lagoon.

Clad in black diving suits and masks, Mr Nasheed, 11 ministers the vice president and cabinet secretary dove 3.8 metres to gather at tables under the crystalline waters that draw thousands of tourists to $1,000-a-night luxury resorts. As black-and-white striped Humbug Damselfish darted around a backdrop of white coral, Mr Nasheed gestured with his hands to start the 30-minute meeting, state TV showed.

"We are trying to send our message to let the world know what is happening and what will happen to the Maldives if climate change isn't checked," a dripping Mr Nasheed told reporters as soon as he re-emerged from the water. The archipelago nation off the tip of India, best-known for luxury tropical hideaways and unspoiled beaches, is among the most threatened by rising seas. If UN predictions are correct, most of the low-lying Maldives will be submerged by 2100.

Mr Nasheed and the ministers used a white plastic slate and waterproof pencils to sign an "SOS" message from the Maldives during the 30-minute meeting. "We must unite in a world war effort to halt further temperature rises," the message said. "Climate change is happening and it threatens the rights and security of everyone on Earth." World leaders will meet in Copenhagen to hammer out a successor agreement to the 1997 Kyoto Protocol, and industrialised nations want all countries to impose sharp emissions cuts.

"We have to have a better deal. We should be able to come out with an amicable understanding that everyone survives. If Maldives can't be saved today, we do not feel that there is much of a chance for the rest of the world," he said. *Reuters

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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.”

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