Residents in New Delhi depend on tankers for drinking water.
Residents in New Delhi depend on tankers for drinking water.
Residents in New Delhi depend on tankers for drinking water.
Residents in New Delhi depend on tankers for drinking water.

Sheikh Abdullah in UN challenge to fight global poverty


James Reinl
  • English
  • Arabic

NEW YORK // The task is simple, but daunting: devise a way for mankind to have enough food, water and energy and lift the worst-off out of poverty without overstretching our strained planet.

Sheikh Abdullah bin Zayed, the UAE Foreign Minister, and 20 other leaders from governments and the private sector have little more than a year to come up with the answer. They were appointed by the UN secretary general, Ban Ki-moon, last month and had their first meeting on Sunday night as 140 heads of state and government gathered for the annual General Assembly. Calling for "vision and fresh thinking", the UN chief warned that the global population will reach nine billion by 2050 - the year by which emissions of heat-trapping gases must be cut by half to avert the threats from climate change.

"I encouraged panel members to think big, to connect the dots between poverty, energy and food, water, environmental pressure and climate change. I asked them to draft a bold but practical blueprint for how countries can develop in a sustainable manner," Mr Ban said. Panellists will offer ideas for sustainable living and report back by the end of next year, feeding in to the negotiations towards a global climate-change treaty and before a UN development meeting in Brazil in 2012.

The panel met at the start of a week of high-level meetings at UN headquarters in Manhattan, with a three-day summit on a set of eight anti-poverty targets - the Millennium Development Goals - due to be followed by the UN General Assembly. UN officials fear that the efforts to tackle poverty, disease and inequality, agreed upon in 2000, will fail to meet their targets by the 2015 deadline, and have urged wealthy nations to fulfil their cash pledges.

Sheikh Abdullah was accompanied at the panel's inaugural meeting by Dr Sultan al Jaber, chief executive of Masdar in Abu Dhabi, the world's first planned carbon-neutral city. Dr al Jaber said the UAE was uniquely equipped with technology and data about climate change and could contribute greatly to the UN action plan. Abu Dhabi hosts the International Renewable Energy Agency and Masdar City, a zero-waste and carbon-neutral development on the outskirts of the capital that researchers hope will become a model for urban development. "The establishment of Masdar, a comprehensive, ambitious and progressive initiative, is in many ways acting as a catalyst in addressing the issue of global sustainability," said Dr al Jaber. "Masdar, through its multifaceted approach, addresses the entire value chain of renewable energy, including education, research and development, investment and technology commercialisation. "Our integrated experience and knowledge across these areas is helpful to discussions focused around the challenges of global sustainable development, especially on issues related to clean energy, which is crucial to any solution." The UN chief urged panellists to "think big, to be bold and also practical" and devise an action plan to counter the threats from climate change, biodiversity loss, and shortages of food and water. The High-Level Panel on Global Sustainability, as it is known, is jointly chaired by the presidents of South Africa and Finland, Jacob Zuma and Tarja Halonen, with members co-ordinating through a secretariat in New York and holding three in-person meetings. "The green economy will require big changes in the way the world does business, changes in our production and consumption patterns and also in national and international decision-making," said Ms Halonen. "We do not promise to make a miracle, but we are very committed to our work and we think that we can help the United Nations." The group consists of politicians, policymakers and businessmen, including Jairam Ramesh, India's environment minister; James Balsillie, the joint chief executive of Canada's Research in Motion, the maker of BlackBerry devices; the former Japanese prime minister Yukio Hatoyama; and the former Norwegian prime minister, Gro Harlem Brundtland, who chaired a 1980s UN study on sustainable development that produced a landmark report, Our Common Future. jreinl@thenational.ae

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Director: Navdeep Singh

Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain

Rating: 2/5

RedCrow Intelligence Company Profile

Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

Investment: $745,000

Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

The biog

Favourite book: You Are the Placebo – Making your mind matter, by Dr Joe Dispenza

Hobby: Running and watching Welsh rugby

Travel destination: Cyprus in the summer

Life goals: To be an aspirational and passionate University educator, enjoy life, be healthy and be the best dad possible.

Florida: The critical Sunshine State

Though mostly conservative, Florida is usually always “close” in presidential elections. In most elections, the candidate that wins the Sunshine State almost always wins the election, as evidenced in 2016 when Trump took Florida, a state which has not had a democratic governor since 1991. 

Joe Biden’s campaign has spent $100 million there to turn things around, understandable given the state’s crucial 29 electoral votes.

In 2016, Mr Trump’s democratic rival Hillary Clinton paid frequent visits to Florida though analysts concluded that she failed to appeal towards middle-class voters, whom Barack Obama won over in the previous election.

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.”

The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

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