UAE wins place on Unesco executive board



DUBAI // The UAE has won a seat on the executive board of the UN Educational, Scientific and Cultural Organisation (Unesco), placing it among major international decision makers.

"It is a seat at the most senior position on Unesco that comes with privileges, influence and responsibility," said Dr Christina Gitsaki, the Unesco chair of applied research in education at Sharjah Higher Colleges of Technology.

The UAE is one of the 31 new members elected to the 58-member executive board by Unesco's member states, which are attending the 36th session of the general conference.

The conference, in Paris, began on October 25 and continues until November 10.

"The win is a testament to the international efforts of the UAE in various areas: in research and innovation; in renewable energy; in education and trying out different models of schooling; in humanitarian efforts; and its accomplishments within the heritage and culture domains as well," Dr Gitsaki said.

Unesco's mission is "to contribute to the building of peace, the eradication of poverty, sustainable development and intercultural dialogue through education, the sciences, culture, communication and information," according to its website.

This past June, Al Ain was the first UAE location to be selected as a world heritage site on Unesco's prestigious list, which includes Egypt's pyramids and India's Taj Mahal.

Sharjah officials will also submit a file to Unesco on Sharjah's heritage area as a possible world heritage site next year. Unesco named Sharjah the Cultural Capital of the Arab World for 1998.

In 2010, the UAE and 11 other countries had falconry recognised by Unesco as an example of intangible cultural heritage.

The UAE's membership on Unesco's executive board can also help efforts to name Bu Tinah, a small archipelago off Abu Dhabi, as one of the world's "New Seven Wonders of Nature".

"Unesco is very active, and does a lot of work in underprivileged countries," Dr Gitsaki said. "UAE can now help highlight issues in the region that previously didn't get any attention."

The Minister of Education Humaid Mohammed Obaid Al Qattami, who headed the UAE delegation to the conference, said the UAE received 144 votes out of total 186, topping the Arab Group in the organisation, which competed for three seats in the board.
The other two winning Arab countries were Saudi Arabia and Tunis.

States are elected to the executive board for a term of four years, and the board meets twice a year to examine the execution of the programmes adopted by the general conference.

In a statement released on the state news agency Wam, Mr Al Qattami said the win reflected the huge respect the UAE enjoys worldwide, and the prominent role it plays in serving global issues, particularly in the humanitarian arenas.

"This win is a translation to the progress and prosperity witnessed in all walks of life in the UAE, thanks to our wise leadership," he said.

rghazal@thenational.ae

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According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.

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Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

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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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