NEW YORK // The UAE has unveiled to the UN Security Council its plans for a regional diplomatic initiative to build cooperation and help to find solutions in the war on terror.
Dr Anwar Gargash, Minister of State for Foreign Affairs, told the council on Wednesday that the UAE hoped its Contact Group on Countering Extremism would strengthen coalition efforts against ISIL in Syria and Iraq.
Dr Gargash also addressed the Houthi crisis in Yemen, and the battle against ISIL in Libya, where he urged the UN to lift its arms embargo and adopt a “muscular posture”, the state news agency Wam reported.
He praised international efforts to disrupt ISIL’s financing, stem the flow of foreign fighters and counter the use of social media by extremist groups.
But the UN’s work to prevent conflicts would be bolstered by more consultation with concerned states and regional organisations, he said.
Such groups are crucial to international security and must be used and supported by the Security Council, Dr Gargash said.
He said the UAE was committed to the UN charter and its governing principles of justice and international law.
Resolutions adopted by the UN had been crucial in the global campaign against the threat of extremism, but the root cause had to be tackled.
To achieve this requires a global mix of zero tolerance, regional cooperation and inclusion of all stakeholders, Dr Gargash said.
On Yemen, he commended the Security Council, Jordan and the UK for ensuring the GCC was consulted in a resolution demanding the withdrawal of Houthi rebels from government institutions.
Implementing that resolution was now the main challenge in Yemen, Dr Gargash said.
This month, the UAE and several western and Middle East countries closed their embassies in the Yemeni capital Sanaa.
The GCC has called on the UN to take forceful action to prevent Yemen’s collapse after the Shiite rebels took over.
Dr Gargash said the UAE was committed to the legitimate government of president Abdrabu Mansur Hadi, who fled house arrest last Saturday and then retracted his resignation.
He called for the release of Yemeni prime minister Khaled Bahah from house arrest, and urged a return to the political process that was derailed through the use of force by the Houthi militias.
With regards to Libya, Dr Gargash said the UAE was outraged over the continuous terrorist attacks there and in neighbouring nations.
He reiterated the call for the UN to lift the arms embargo and allow other nations to provide weapons to the internationally recognised government.
But Dr Gargash said a political strategy must be accompanied by muscular posture, because extremists and terrorists were taking advantage of international mediation.
The UAE was one of 60 nations at the White House Summit on Countering Violent Extremism, in Washington this week.
There, the US-led coalition said it had made strategic advances on the ground against ISIL.
At the summit, Dr Gargash said the UAE supported a moderate agenda in the Middle East, and one that opposed terrorism, extremism and hateful propaganda.
He said the country showed its opposition to ISIL and other extremist organisation through various means, including its sponsorship of the Council of Muslim Elders, the Forum for Promoting Peace in Muslim Societies and the Hedayah Centre for Countering Violent Extremism.
“Dismantling and disproving Daesh’s powerful brand, and the hateful ideology that informs it, needs to become one of our most urgent and important goals in the fight against violent extremism,” Dr Gargash said.
He stressed the need for the international community to make a concerted effort to counter ISIL’s recruitment by restricting its propaganda on social-media networks Facebook and Twitter.
“Violent extremist groups everywhere have increasingly focused their resources on creating a powerful brand that they use to radicalise and recruit the most vulnerable members of our societies.”
In September last year Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, spoke of the importance of winning both the intellectual and the military battle against ISIL.
Sheikh Mohammed called the group a “barbaric and brutal organisation”, whose ideology should be countered with enlightened thought and open minds, tolerance and appreciation of differences.
nalremeithi@thenational.ae
'Of Love & War'
Lynsey Addario, Penguin Press
WORLD RECORD FEES FOR GOALKEEPERS
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Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
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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.”
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
Final round
25 under - Antoine Rozner (FRA)
23 - Francesco Laporta (ITA), Mike Lorenzo-Vera (FRA), Andy Sullivan (ENG), Matt Wallace (ENG)
21 - Grant Forrest (SCO)
20 - Ross Fisher (ENG)
19 - Steven Brown (ENG), Joakim Lagergren (SWE), Niklas Lemke (SWE), Marc Warren (SCO), Bernd Wiesberger (AUT)
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Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.