Follow the latest news from UNGA
For one week in September, New York City becomes an even bigger hub of activity as monarchs, presidents, prime ministers and foreign ministers converge for the UN General Assembly.
The excitement is palpable as influential figures prepare to meet at UNGA, where they will present their visions to the world and engage in a variety of diplomatic side sessions – and also get a commemorative photograph taken with the UN Secretary General.
However, in a departure from tradition, four out of the five veto-wielding permanent members of the Security Council are choosing to skip this year’s UNGA.
French President Emmanuel Macron has a busy September schedule, welcoming Britain's King Charles III on his inaugural visit to France as monarch, after the trip was postponed due to violent protests in Paris and other cities. The French leader is also set to meet Pope Francis in Marseille on September 22.
Also breaking with tradition, UK Prime Minister Rishi Sunak will skip his inaugural UNGA session, becoming the first British leader in a decade to forgo the event. In his absence, Deputy Prime Minister Oliver Dowden and Foreign Secretary James Cleverly will spearhead the British delegation at the global forum.
Russian President Vladimir Putin and Chinese leader Xi Jinping rarely attend and will both be absent this year as well. Representing Russia will be Foreign Minister Sergey Lavrov.
The sole permanent member of the UN Security Council attending the prominent gathering will be US President Joe Biden.
Mr Biden will address the General Assembly on September 19 during a two-day visit to the UN.
He will “meet world leaders to discuss co-operation in tackling threats to international peace and security, advancing global prosperity, and protecting human rights”, White House Press Secretary Karine Jean-Pierre said.
Richard Gowan, who oversees Crisis Group's advocacy work at the UN, told The National that Mr Biden would this year be making “another strong push to claim that the US remains the best guarantor of international order, taking advantage of the fact that Putin and Xi are staying away from New York”.
“Secretary of State Blinken will also be present for the whole General Assembly week, taking the opportunity for one-to-one diplomacy with as many leaders as possible. The US always has 'home team advantage' in New York, and they will make the most of this chance to lobby foreign leaders,” he said.
The top representatives of most other countries will be attending the event, though for some nations, the issue of representation has become somewhat muddled.
Niger, which was until recently seen as a beacon of democratic progress and security in sub-Saharan Africa, will not be sending its democratically elected president, but instead its recently appointed Prime Minister Ali Mahaman Lamine Zeine. President Mohamed Bazoum was overthrown by a military coup in late July.
The accelerating trend of military coups across Africa also reached Gabon, one of the 15 members of the UN Security Council, a month after the military took control in Niger.
With the dust yet to settle, questions loom over whether the leader of Gabon’s junta, Gen Brice Nguema, who was sworn in as interim president by the country’s constitutional court on Monday, will attend UNGA.
And it remains undecided who will attend to represent Sudan, a nation mired in a continuing conflict between the armed forces and a powerful paramilitary group.
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.”
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
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VERSTAPPEN'S FIRSTS
Youngest F1 driver (17 years 3 days Japan 2014)
Youngest driver to start an F1 race (17 years 166 days – Australia 2015)
Youngest F1 driver to score points (17 years 180 days - Malaysia 2015)
Youngest driver to lead an F1 race (18 years 228 days – Spain 2016)
Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016)
Youngest on F1 podium finish (18 years 228 days – Spain 2016)
Youngest F1 winner (18 years 228 days – Spain 2016)
Youngest multiple F1 race winner (Mexico 2017/18)
Youngest F1 driver to win the same race (Mexico 2017/18)
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
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
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