A UN official responsible for the Arab world said on Tuesday that millions in the region face food insecurity during a polycrisis of conflict, climate change and economic turmoil.
Rola Dashti, a Kuwaiti economist and executive secretary of the UN’s Economic and Social Commission for Western Asia, said Russia’s withdrawal from the Black Sea grain deal threatened to worsen the picture.
She told a UN food summit in Rome that a “tangible global decline” in nutrition since the start of the Covid-19 pandemic put at risk “hard-won progress” over recent decades.
Lebanon also warned of “negative trends” as countries assess progress on tackling hunger. The summit heard plans by the UAE’s presidency of Cop28 to put an overhaul of food and agriculture at the heart of global climate action.
Ms Dashti echoed the Cop28 presidency’s calls for a transformation of food systems in the shadow of “interwoven crises” which while “potent alone, become even more devastating when combined”.
In Yemen, 17 million people are suffering from acute food insecurity because of “prolonged violent conflict and economic hardship”, she said.
She described Somalia and Ethiopia as being at risk of famine and “gripped by severe drought and political instability”.
“And in Sudan, against the backdrop of violence and severe inflation, the devastating impact of flooding has left 19 million people grappling with food insecurity,” she said.
“Recent actions like the termination of the Black Sea grain deal by the Russian Federation threaten to propel global wheat and bread prices further, pushing millions more into food insecurity and jeopardising food aid to vulnerable nations such as Yemen and Somalia.
“The hard-won progress of recent decades in human development and food security is now under threat. We must act to ensure that no child goes to sleep hungry or suffers from malnutrition.”
UN Secretary General Antonio Guterres said on Monday that Russia’s decision to withdraw safety guarantees from Black Sea cargo ships was already causing higher food prices.
Russia and Ukraine are among the world’s top producers of wheat, barley, sunflower oil and other agricultural goods. Lebanon and Somalia are among the countries that typically rely on Ukrainian exports.
Karima Ahmed Al-Hada’a, representing a nutrition movement in Yemen, said the country was seeing food go to waste despite a “very challenging context” for the country.
“Promoting a healthy diet is very important even in such contexts, and nutrition and education is still very important for kids,” she said.
Cop28 plan
The climate threat to food will be a focus of negotiations at Cop28 in Dubai, with the UAE presidency envisaging a leaders’ declaration on the subject as a show of “national leadership and action”.
Agriculture is regarded as a driver of climate change, a result of deforestation and emissions from farming, and a sector that is vulnerable to the effects of global warming, such as flooding and drought.
Mariam Al Mheiri, UAE Minister of Climate Change and Environment, said there was “no realistic pathway” to achieving the goals of the Paris Agreement on climate change without an overhaul of agriculture.
A failure to act would also mean that many of the UN’s Sustainable Development Goals are not achieved, said the minister, who has been asked to lead the Cop28 presidency’s global efforts on food.
“We call on all governments to work with us in developing and signing a leaders’ declaration on food systems, agriculture and climate action,” Ms Al Mheiri said.
“At the heart of this declaration we’re calling on governments to integrate climate adaptation and mitigation into their national food system strategies, planning tools and commitments, and for each country to do it in its own way.”
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6 UNDERGROUND
Director: Michael Bay
Stars: Ryan Reynolds, Adria Arjona, Dave Franco
2.5 / 5 stars
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
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Dust storm
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- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
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.”
MATCH INFO
Karnataka Tuskers 110-5 (10 ovs)
Tharanga 48, Shafiq 34, Rampaul 2-16
Delhi Bulls 91-8 (10 ovs)
Mathews 31, Rimmington 3-28
Karnataka Tuskers win by 19 runs
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