Work needed to tackle extremism


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ABU DHABI // More work is needed to tackle violent extremism and terrorism, said the executive director of Hedayah, the International Centre of Excellence for Countering Violent Extremism.

While the UAE and its allies were seeking answers, there was much to be done to win the global struggle, said Maqsoud Kruse.

“To be realistic and frank, we are still in need of systematic approaches to further understand the complexity of the phenomena of violent extremism,” said Mr Kruse, who added that only then would it be possible to develop “effective, tested and proven interventions” that could emerge as “a ‘good practice’ that is both valid and reliable”.

He said there was a need to find not only security and defence-related solutions, but also preventive measures, state news agency Wam reported.

Hedayah is in its second year of expanding its global programme on the development of strategies to counter violent extremism.

The executive director said part of this strategy was recognising that different factors caused the spread of extremism in different countries.

The UAE has a multi-axiom strategy to deal with the problem, involving education to promote tolerance, religious moderation and engagement of youth, said Mr Kruse, who last week took part in the fifth Annual Seoul Defence Dialogue, hosted by the South Korean Defence Ministry.

Hedayah has built partnerships with governments, non--government organisations, academic institutions, think tanks and the private sector.

The UAE has also launched other international initiatives to counter violent extremism, with a focus on the Gulf region.

The first was the Sawab Centre, a collaboration with the United States to support the Global Coalition Against Daesh, which aimed to defeat the ISIL terrorist group.

Another was The Forum for Promoting Peace in Muslim Societies, which established the Muslim Council of Elders, an independent international body bringing together scholars to promote an accurate understanding of the message of Islam and the real nature of the tolerance that lies at its heart.

One of its significant outcomes was the Marrakech Declaration, based on the revival of the objectives and aims of the Charter of Medina, which was declared by the Prophet Mohammed and provides insights about the rights of religious minorities in Muslim lands.

While the struggle against extremism is one that spans the globe, it is one that is of particular concern to the UAE, said Yousuf Al Otaiba, the UAE Ambassador to the US.

“In the Middle East, in the heart of the Arab world, we face an existential threat from -extremism.

“Our communities, our families, our livelihoods, our entire way of life are exposed and -under constant attack,” said Mr Al Otaiba in an article to mark the 15th anniversary of the September 11 attacks.

He said the UAE was “advancing moderation in both our schools and places of worship” while the education system was “built to reinforce Islam’s true values based on dialogue, tolerance, moderation, and peace”.

Mosques were “modernising the way Islam is taught, developing new training programmes for imams and updating Quranic commentaries”.

Another aspect of this was the Government’s efforts to promote a climate of religious tolerance, Mr Al Otaiba said.

He said the freedom to worship was guaranteed by the constitution and there were more than 40 Christian churches for expatriates, as well as temples for the Hindu and Sikh communities.

The UAE enacted the Anti-Discriminatory Law, issued after a decree by President Sheikh Khalifa, which criminalises any acts that stoke religious hatred or which insult religion through any form of expression.

Other issues discussed at the Seoul conference included the denuclearisation of North Korea, maritime security cooperation and cybersecurity.

newsdesk@thenational.ae

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Tips for newlyweds to better manage finances

All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.

Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.

Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.

Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.

Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.

Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.

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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.”