Queen Elizabeth II has issued a rallying cry to world leaders attending Cop26, urging them to work together in “common cause” to tackle climate change and “solve the most insurmountable problems”.
In a video message played during a welcoming reception for presidents and prime ministers, she hoped the summit’s legacy would be that they recognised “the time for words has now moved to the time for action”.
The queen paid a heartfelt tribute to “my dear late husband”, the Duke of Edinburgh, for his environmental awareness in raising the issue more than 50 years ago.
In a rare public expression of emotion, the monarch said the important role he played in encouraging people to look after the natural world was a “source of great pride”, and she “could not be more proud” of the Prince of Wales and Duke of Cambridge who have continued his work.
Acknowledging her own mortality, the queen, whose health has caused concern after she decided not to attend the Glasgow conference after being advised by doctors to rest, said not all would benefit from the leaders’ actions as “none of us will live forever”.
But any determination to confront the planet’s environmental problems would benefit “our children’s children”.
Prince Charles and the Duchess of Cornwall as well as the Duke and Duchess of Cambridge listened to her message which was recorded on Friday at Windsor Castle.
“In the coming days, the world has the chance to join in the shared objective of creating a safer, stabler future for our people and for the planet on which we depend,” said the queen.
“None of us underestimates the challenges ahead, but history has shown that when nations come together in common cause, there is always room for hope. Working side by side, we have the ability to solve the most insurmountable problems and to triumph over the greatest of adversities.
“I, for one, hope that this conference will be one of those rare occasions where everyone will have the chance to rise above the politics of the moment, and achieve true statesmanship.
“It is the hope of many that the legacy of this summit — written in history books yet to be printed — will describe you as the leaders who did not pass up the opportunity; and that you answered the call of those future generations.
“That you left this conference as a community of nations with a determination, a desire and a plan to address the impact of climate change and to recognise that the time for words has now moved to the time for action.”
Prince Philip was an environmentalist before the word came into common use and he championed the natural world long before it was fashionable.
He was president of the World Wildlife Fund from 1981 to 1996 and famously drove an eco-friendly taxi around the streets of London decades before green vehicles were more widely used.
The queen wore a butterfly brooch as she spoke, seated in front of a photograph of Prince Philip admiring butterflies in Mexico in 1988.
In her message, the queen said she was happy to welcome the delegates, as the “impact of the environment on human progress” was a subject close to Prince Philip’s heart.
“I remember well that in 1969, he told an academic gathering: ‘If the world pollution situation is not critical at the moment, it is as certain as anything can be that the situation will become increasingly intolerable within a very short time … If we fail to cope with this challenge, all the other problems will pale into insignificance,’" she added.
“It is a source of great pride to me that the leading role my husband played in encouraging people to protect our fragile planet lives on through the work of our eldest son Charles and his eldest son William. I could not be more proud of them.”
Prince William recently held the inaugural awards ceremony for his environmental Earthshot Prize which aims to find solutions to the world’s problems like providing clean air or clearing plastics from the sea.
His father, Prince Charles, has spent much of his adult life highlighting the threat posed to the environment by human activity and trying to mitigate it.
Teenage activist Greta Thunberg, who galvanised a generation of young people across the globe with her climate change strikes, joined youth climate protests outside the “blue zone” where the leaders were meeting.
“I have drawn great comfort and inspiration from the relentless enthusiasm of people of all ages — especially the young — in calling for everyone to play their part,” the queen said.
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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.”
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
More coverage from the Future Forum
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Fight card
1. Bantamweight: Victor Nunes (BRA) v Siyovush Gulmamadov (TJK)
2. Featherweight: Hussein Salim (IRQ) v Shakhriyor Juraev (UZB)
3. Catchweight 80kg: Rashed Dawood (UAE) v Khamza Yamadaev (RUS)
4. Lightweight: Ho Taek-oh (KOR) v Ronald Girones (CUB)
5. Lightweight: Arthur Zaynukov (RUS) v Damien Lapilus (FRA)
6. Bantamweight: Vinicius de Oliveira (BRA) v Furkatbek Yokubov (RUS)
7. Featherweight: Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)
8. Flyweight: Shannon Ross (TUR) v Donovon Freelow (USA)
9. Lightweight: Mohammad Yahya (UAE) v Dan Collins (GBR)
10. Catchweight 73kg: Islam Mamedov (RUS) v Martun Mezhulmyan (ARM)
11. Bantamweight World title: Jaures Dea (CAM) v Xavier Alaoui (MAR)
12. Flyweight World title: Manon Fiorot (FRA) v Gabriela Campo (ARG)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
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GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."