Final appeals before non-proliferation meeting begins
HIROSHIMA // Residents and officials of a city devastated by an atomic bomb made their final pleas before the start of the eighth meeting of the Non-Proliferation and Disarmament Initiative for countries to agree to give up their nuclear arms.
The UAE is one of the 12 countries taking part in the initiative, which aims to promote the elimination of nuclear weapons. Its latest meeting started yesterday and ends today.
Dr Sultan Al Jaber, Minister of State, is heading the UAE delegation and Hamad Alkaabi, UAE ambassador to the International Atomic Energy Agency, is also attending.
“We have to convey in an accurate manner the reality of what happened in Hiroshima so that this will never happen again,” said Emiko Okada, one of the last survivors of the atomic bomb dropped by the US on the city in August 1945. “People are making profit at the expense of other people’s lives and I hope, through conventions and agreements, that countries will agree that nuclear weapons are something that need to be totally eliminated. This is what I hope will be the outcome of this meeting.”
She said more action needed to be taken. “We need to appeal to the world to eradicate these nuclear warheads,” she said. “I think there is hardly any interest around the world, people aren’t interested.”
She told the tale of the atrocities she experienced 69 years ago, when she was only eight years old.
“We lived behind Hiroshima station and it was a beautiful sunny day,” Ms Emiko said. “I saw a shining aircraft in the sky and then heard a loud sound and intense flash of light. I had no idea what happened but immediately saw my mum with glass fragments in her head and she was bleeding.”
As residents experienced the terrible effects of radiation and burns, her family found shelter in the mountains.
“Hiroshima turned into the city of death,” she said. “When I see the sunset, it reminds me of the red sky I saw when Hiroshima burnt, so I don’t like to look at it.”
She lost her 12-year-old sister because of the attack, and developed severe health problems that have plagued her throughout her life, including gastric cancer, constant fever, blood loss and fatigue. Some of Ms Emiko’s ailments were passed on to her daughter.
“When I look back, it makes me feel like I don’t want to speak about this any more because I wonder why did we have to suffer like this?” she said. “I very strongly hope that nothing like this will ever happen again when I think about how these people died.”
Yasuyoshi Komizo, the chair of the Hiroshima Peace Culture Foundation and secretary general of Mayors for Peace, an association of mayors working for a world without nuclear weapons, said he was campaigning to legally prohibit them.
“I don’t think this is a way human beings should conduct themselves and it’s not sustainable,” he said. “Now, we have more risks that terrorists might acquire nuclear weapons technology and, if they do, they will use it.”
He said there were still 17,000 warheads in the world, 2,000 of which were high-trigger. “That means we’re still living in nuclear danger,” he said. “Nuclear weapons are only a liability, not an asset, but everything depends on the future generation and any fundamental change comes from them, so we’re focusing on younger generations.”
Kosei Mito, a volunteer guide at the A-bomb Dome in Hiroshima who was in his mother’s womb when the bomb dropped, said Japan should lead the discussion.
“The key to the success of this meeting is Japan’s attitude,” he said. “It is still hesitating because it is under the nuclear umbrella but it must be a leader in nuclear talks.”
Mr Yasuyoshi said his message from Hiroshima was the 69 years of hardships that victims went through. “They are ordinary people but they started with hatred and a sense of revenge,” he said.
“Over the years, they’ve come to the unshakeable conviction that nobody should ever suffer as they have, so if young people have the willingness to listen to those voices and use them for peace, then they can create a much better world.
“If we can succeed in those ideas then the leaders can have a reason and courage to move on to a better humanitarian system of security.”
cmalek@thenational.ae
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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.”