Syria told the UN climate talks in Bonn on Tuesday that it would join the Paris Agreement, leaving the United States as the only nation in the world opting to stay outside the landmark treaty.
"We are going to join the Paris Agreement," the Syrian delegate, speaking in Arabic, said during a plenary session at the 196-nation talks, according to Safa Al Jayoussi of the IndyAct NGO, who was monitoring the session.
The United States ratified the 2015 pact but US president Donald Trump announced earlier this year that he would pull out, saying the pact did not serve US interests.
"It is our understanding that the government of Syria announced today their intent to join the Paris Agreement," Nick Nuttall, the spokesman for the UN climate body, told AFP.
Mr Nuttall identified the Syrian delegate as Wadah Katmawi, the deputy minister of the ministry of local administration and environment.
Syria must submit their "instruments of ratification" at the UN headquarters in New York before their adherence becomes official, he added.
According to the Syrian parliament website, a bill was passed on October 22 to ratify the Paris accord, "in accordance with the Syrian Constitution which stipulates the protection of the environment".
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Other parties at the 12-day negotiations, tasked with elaborating and implementing the agreement, welcomed the news.
"Syria joining the Paris Agreement will be a good thing," South Africa's chief negotiator Maesela Kekana told AFP.
"That's great," said Chai Qimin, a climate negotiator from China's National Center for Climate Change Strategy and International Cooperation.
"They were the last party to the UN Convention to sign the Paris Agreement," he said, referring to 1992 UN Framework Convention on Climate Change (UNFCCC), the bedrock treaty for UN climate talks.
"That leaves only the one who announced their withdrawal," he added, in an oblique reference to the United States.
US mocks Syria
War-torn Syria would be the 197th country to sign on to the climate pact, which vows to hold global warming to "well below" two degrees Celsius.
The United States mocked Syria's arrival in the climate change agreement on Tuesday, sidestepping the charge that it has isolated itself by being the world's sole holdout.
State Department spokeswoman Heather Nauert fiercely dismissed suggestions that this means that Mr Trump's "America First" policy has in practice meant "America Alone".
"I find it ironic that the government of Syria, OK, would say that it wants to be involved, and that it cares so much about climate and things like CO2 gas," she told reporters.
"If the government of Syria cared so much about what was put in the air, then it wouldn't be gassing its own people," she said, referring to the Damascus regime's brutal civil war tactics.
Ms Nauert said that the department's under secretary for political affairs, Tom Shannon, would lead a US delegation to the Bonn talks next week but that Mr Trump's decision would stand.
"We intend to withdraw from the Paris Agreement as soon as we're eligible to do so," she said.
'Splendid isolation'
Openly isolated on the climate issue at G-7 and G-20 meetings earlier this year, the United States said it intended to withdraw "unless the president can identify terms that are more favourable to American businesses, workers, and taxpayers".
The Trump administration has not said what those terms might be.
"This means Trump is in splendid isolation — no one wants to be in his company," said Alden Meyer, a veteran climate analyst at the Washington-based Union of Concerned Scientists.
"With Syria on board, now the entire world is resolutely committed to advancing climate action — all save one country," said Paula Caballero, director for climate change at the World Resources Institute.
"This should make the Trump administration pause and reflect on their ill-advised announcement about withdrawing from the Paris Agreement."
Signed in the French capital in December 2015, the treaty entered into force on November 4, 2016.
According to the terms, no country can formally submit their intent to withdraw until three years after the date of entry into force.
It will then take one year to fully withdraw, meaning the earliest the United States could officially withdraw is the day after the 2020 election.
"When even Syria — with all its problems — can see the sense of a global climate agreement, it really shows how ideologically wedded to climate denialism the US Republican Party has become," said Mohamed Adow, International Climate Lead for Christian Aid.
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
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.”
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
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The five pillars of Islam
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
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Stan%20Lee
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THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
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Getting%20there%20and%20where%20to%20stay
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Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.