Omar Ghobash, the assistant minister for Culture and Public Diplomacy, has spoken of how the country was able to harness its global connections and technology to mount an effective response to the coronavirus pandemic.
Speaking to the Emirates Society, a UK-based community group, Mr Ghobash said the UAE had taken a practical, evidence-based approach to focus on the threat to human health from Covid-19.
“The key connection that the UAE has politically and economically with two countries, China and South Korea, [means] we were able to learn from their experiences in testing and isolating individuals very quickly," he said.
“We acquired expertise and equipment from them as well as Singapore very early on."
The UAE’s preparedness for the crisis bolstered domestic confidence in its early response. “Who knew we would be global leaders in per capita number of tests performed? Who knew we could set up drive through testing centres or locate respirators, ventilators in the global rush to buy them?" he asked.
“Who knew we could apply lockdowns through smart use of social media as well as applying technological and economic nudges to keep people well distanced from each other?”
With schools going to online teaching and the digital government initiatives, there was also a benefit from a decade of official innovation.
“Gadgetry turned into vital utilities just at the right time,” he observed.
“We manage a large and diverse Muslim population which was quick to accept that Friday prayers are now a dangerous luxury,” he said. “The UAE is a community of its citizens and residents together. Everybody is getting the same service.”
Addressing the topic Coronavirus, Reason and Religion, Mr Ghobash talked of how the pandemic impacted the religious sphere.
He pointed to the open discussion in Saudi Arabia over the cancellation of the Haj. Contrary to some arguments this was not unique but there had been more than 40 such cancellations throughout history.
The response of people was not an approach of absolutes but one informed by pragmatism.
”The world is a place of change and every day of change brings its challenges to our self-understanding. The self-understanding of yesterday is thrown into question today,” he said.
The author of the acclaimed book, Letters to a Young Muslim, Mr Ghobash talked of the need to catch up with a new generational attitudes that emerge in the aftermath of the lockdown in response to the Covid-19 threat.
“It could be that our reaction to Covid as well as the new world that Covid forces on us will allow for new arguments to clarify our circumstances and how we evolve with them.
“It represents a radical and remarkable new opening.”
The space granted to medical and scientific priorities contains an important lesson that won’t be lost by regressive pressures. The experience could expand the “case law” of pragmatist within societies like the UAE.
“Lots of people seem to think [Covid-19] is something divine and if that’s the case everything is divine and we need to move on from there,” he said. “This gives more space to the religious pragmatists because they are both holding on to religion — thinking it through — and connecting with science.
“I think its an opportunity for people with a more pragmatic approach to figure out the connection between religious principles and social issues.”
The session was hosted by the former British minister for the Middle East, Alistair Burt, now chairman of the Emirates Society. One of the participants was Sir William Patey, the ex-ambassador to Saudi Arabia, who said the remarks gave him “hope” that pragmatists would be helped by the success of the response.
Speaking of how technology has been at the heart of the UAE’s emergency response, Mr Ghobash said a set objects that “essentially entertained” had become vital to life itself.
“What happened with recent events was that we see how all these gadgets and electronics actually turned into systems to manage society and to help up get out of the problem and control the spread of Covid.
“It’s actually saved our society.”
UAE currency: the story behind the money in your pockets
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Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
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Caroline Sullivan
Carlton Books
Scoreline:
Everton 4
Richarlison 13'), Sigurdsson 28', Digne 56', Walcott 64'
Manchester United 0
Man of the match: Gylfi Sigurdsson (Everton)
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Jawan
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Tuesday, Sept 30 – Third ODI
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COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
Result
Arsenal 4
Monreal (51'), Ramsey (82'), Lacazette 85', 89')
West Ham United 1
Arnautovic (64')
Company profile
Date started: Founded in May 2017 and operational since April 2018
Founders: co-founder and chief executive, Doaa Aref; Dr Rasha Rady, co-founder and chief operating officer.
Based: Cairo, Egypt
Sector: Health-tech
Size: 22 employees
Funding: Seed funding
Investors: Flat6labs, 500 Falcons, three angel investors
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
Leaderboard
15 under: Paul Casey (ENG)
-14: Robert MacIntyre (SCO)
-13 Brandon Stone (SA)
-10 Laurie Canter (ENG) , Sergio Garcia (ESP)
-9 Kalle Samooja (FIN)
-8 Thomas Detry (BEL), Justin Harding (SA), Justin Rose (ENG)
UAE currency: the story behind the money in your pockets
TOURNAMENT INFO
Opening fixtures:
Friday, Oct 5
8pm: Kabul Zwanan v Paktia Panthers
Saturday, Oct 6
4pm: Nangarhar Leopards v Kandahar Knights
8pm: Kabul Zwanan v Balkh Legends
Tickets
Tickets can be bought online at https://www.q-tickets.com/apl/eventlist and at the ticket office at the stadium.
TV info
The tournament will be broadcast live in the UAE on OSN Sports.
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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.”