The recent resignation of European Union climate chief Frans Timmermans to run in a Dutch election has triggered the promotion of his former colleague, Maros Sefcovic, 57, a Slovakian politician praised this year for leading a diplomatic breakthrough over Northern Ireland.
The veteran commissioner, already a European Commission vice president, moves up to the post of executive vice president for the European Green Deal.
One of the longest-serving politicians in Brussels, Mr Sefcovic, who speaks English, French, Russian and German in addition to his native Slovakian, was appointed education and culture commissioner in 2009.
He will also – on a temporary basis – have the responsibility of overseeing the commission's climate action policy until a Dutch commissioner is appointed.
Mr Sefcovic is viewed as a competent problem-solver in Brussels, where he has spent close to two decades, first as part of his career as a Slovakian diplomat, and then within the commission.
But it remains to be seen whether he will be as strong an advocate for Europe's ambitious climate policies, known as the Green Deal, as the high-profile and energetic Mr Timmermans.
The commission has so far not clarified whether he will attend a United Nations climate summit, or Cop28, which will take place in November in the UAE. Ursula von der Leyen, the commission's president, is expected to be present.
Mr Sefcovic on Tuesday wrote on X, formerly Twitter, that: "It is an honour to continue rolling out the #EUGreenDeal, with a strong focus on our industries and our citizens."
The choice of Mr Sefcovic, a social democrat like Mr Timmermans, to become one of three executive vice presidents preserves the political and gender balance of the commission's college.
Representing the EU in Dubai later this year would normally have been the responsibility of Mr Timmermans, who is widely viewed as a climate expert and keen to push hard on implementing politically sensitive environmental policies.
Last year, he succeeded at Cop27 in getting the EU to signal that it was open to a loss and damage fund to help victims of climate disasters around the world.
This is a key demand from the Global South where many argue that the West is largely to blame for fuelling climate change with its rapid industrialisation in recent centuries.
Mr Sefcovic, who is viewed as less invested in climate issues and more to the right of the social-democrat group than Mr Timmermans, might be harder to convince on issues like climate finance, said Joseph Dellatte, a climate research fellow at the Institut Montaigne think tank in Paris.
Yet he might also be the EU's best bet as elections approach and senior figures such as Mr Timmermans and colleagues, including heavyweight competition commissioner Margrethe Vestager, seek other jobs.
"There are not many options on the table for Ursula von der Leyen," Mr Dellatte told The National.
Mr Sefcovic, a career diplomat, is also highly respected by his colleagues in Brussels.
Before he joined the EU's executive arm, he held various senior positions in the Slovakian Ministry of Foreign Affairs, including ambassador to Israel in 1999. He failed in an attempt to be elected president of Slovakia in 2019.
Mr Sefcovic enjoys a positive reputation for his work on successfully negotiating a trade dispute with the UK after Brexit that risked inflaming tensions in Northern Ireland.
Announced in February by Ms Von der Leyen and UK Prime Minister Rishi Sunak, the Windsor Framework eased trade issues between Northern Ireland and Britain that had been caused by the potential return of a hard border on the island of Ireland after the UK's departure from the EU in 2020.
Mr Sefcovic, who oversaw the EU side of the negotiations that lead to the new agreement, was appreciated by his peers for his problem-solving skills as he repeatedly called for finding "creative solutions".
The Windsor Framework includes a new system to manage the flow of goods at ports in Northern Ireland. Last month, the UK's House of Lords found that the new framework was an improvement, although some issues remain.
Among Mr Sefcovic's achievements is the overseeing of the EU's efforts at joint gas purchasing, which became a top priority after Russian's invasion of Ukraine in February last year.
The bloc, which previously imported 40 per cent of its gas via Russian pipelines, has dramatically reduced its dependency on Moscow, and last week touted its ability to fill its gas reserves ahead of winter at more than 90 per cent capacity.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
What is cyberbullying?
Cyberbullying or online bullying could take many forms such as sending unkind or rude messages to someone, socially isolating people from groups, sharing embarrassing pictures of them, or spreading rumors about them.
Cyberbullying can take place on various platforms such as messages, on social media, on group chats, or games.
Parents should watch out for behavioural changes in their children.
When children are being bullied they they may be feel embarrassed and isolated, so parents should watch out for signs of signs of depression and anxiety
How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Stage 2
1. Mathieu van der Poel (NED) Alpecin-Fenix 4:18:30
2. Tadej Pogacar (SLV) UAE Team Emirates 0:00:06
3. Primoz Roglic (SLV) Jumbo-Visma 0:00:06
4. Wilco Kelderman (NED) Bora-Hansgrohe 0:00:06
5. Julian Alaphilippe (FRA) Deceuninck-QuickStep 0:00:08
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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.”
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports