The UAE plans to make the fight against climate change a centrepiece of its agenda when it assumes a seat on the UN Security Council next year.
Lana Nusseibeh, the UAE's ambassador to the UN, issued a call on Tuesday for member states to take more steps to mitigate climate change, deliver on their commitments under the Paris accord and boost multilateral spending on climate adaptation.
“We also see that the timeline is getting shorter and shorter,” Ms Nusseibeh said during a virtual Atlantic Council panel detailing the UAE’s climate strategy.
She framed it as a global security and women’s rights issue, emphasising that climate change leads to more natural disasters with adverse humanitarian consequences — with women particularly hard hit.
“This dual economy, security, gender approach on climate is really a pillar of our foreign policy as well as our multilateral engagement. And you’ll hear us talking a lot about it as we join the [UN Security Council] on January 1.”
The UAE has also placed a bid to host the annual UN climate conference in 2023. This year’s climate conference is set to begin on Sunday in Glasgow, Scotland.
Before the summit, the UAE has pledged to reduce its carbon emissions 23.5 per cent by 2030. It also announced this month that it intends to reach net-zero emissions by 2050, becoming the first country in the region to pledge to do so.
Ms Nusseibeh highlighted increased floods in island nations such as Kiribati, intense and more frequent hurricanes in the Caribbean and severe drought in places such as Africa’s Lake Chad region to illustrate the need for robust global emissions reductions.
“All of our indications and our horizon scanning unfortunately — without being too much of a doomsayer — is that these trends are going to increase,” said Ms Nusseibeh.
“We’re particularly aware of that in the Middle East, where we have the least water and the highest temperatures.”
Cop26 president Alok Sharma has pushed countries to submit ambitious emissions reductions goals before the summit to mitigate some of the most disastrous effects of climate change by keeping global warming to 1.5ºC above pre-industrial levels.
However, the BBC reported last week on leaked documents that show some wealthy countries have balked at providing aid to developing countries to help them transition to clean energy technologies.
The documents also revealed that certain wealthy countries have lobbied the conference to play down the need to move away from fossil fuels to decrease emissions.
Mariam Al Mheiri, UAE Minister for Climate Change and Environment, noted that the emirates first decided to diversify its economy by transitioning away from oil and natural gas 15 years ago.
“We want to be on the crest of that wave, not under it,” Ms Al Mheiri said at the Atlantic Council panel.
“That’s a decision that we took 15 years ago to explain why this seemingly counterintuitive policy became such a driving part of our foreign policy and our perspective globally.”
However, she emphasised that the move to clean energy is a transition, “meaning we can’t just switch off a tap".
“There is still a global demand for oil and gas,” Ms Al Mheiri said.
“As we ramp up the renewable energy, we’ll also be ramping down oil and gas production. But at the moment, there’s still a global need, so we will still be supplying.”
Ms Al Mheiri, who is also Minister of State for Food Security, highlighted how the UAE is taking steps to shield itself against the effects of climate change, particularly its impact on the global food supply chain. The UAE imports more than 90 per cent of its food.
She noted that the UAE is “looking into things like how we can or what we could grow” in the emirates while diversifying supply chains and reducing food loss and waste.
“We’re hoping that the UAE is not just a hub of free trade, which we are and which we want to continue,” she said.
“But we also want to become the hub for knowledge and innovation and how to grow foods in hot, arid climates like the UAE and share this knowledge with others who are suffering the same conditions as we are.”
Killing of Qassem Suleimani
The%20specs
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The five pillars of Islam
AIDA%20RETURNS
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Company%20profile
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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.”
Opening day UAE Premiership fixtures, Friday, September 22:
- Dubai Sports City Eagles v Dubai Exiles
- Dubai Hurricanes v Abu Dhabi Saracens
- Jebel Ali Dragons v Abu Dhabi Harlequins
AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
The five pillars of Islam
SQUADS
Bangladesh (from): Shadman Islam, Mominul Haque, Soumya Sarkar, Shakib Al Hasan (capt), Mahmudullah Riyad, Mohammad Mithun, Mushfiqur Rahim, Liton Das, Taijul Islam, Mosaddek Hossain, Nayeem Hasan, Mehedi Hasan, Taskin Ahmed, Ebadat Hossain, Abu Jayed
Afghanistan (from): Rashid Khan (capt), Ihsanullah Janat, Javid Ahmadi, Ibrahim Zadran, Rahmat Shah, Hashmatullah Shahidi, Asghar Afghan, Ikram Alikhil, Mohammad Nabi, Qais Ahmad, Sayed Ahmad Shirzad, Yamin Ahmadzai, Zahir Khan Pakteen, Afsar Zazai, Shapoor Zadran
EA Sports FC 24
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.
BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Borussia Dortmund v Paderborn (11.30pm)
Saturday
Bayer Leverkusen v SC Freiburg (6.30pm)
Werder Bremen v Schalke (6.30pm)
Union Berlin v Borussia Monchengladbach (6.30pm)
Eintracht Frankfurt v Wolfsburg (6.30pm)
Fortuna Dusseldof v Bayern Munich (6.30pm)
RB Leipzig v Cologne (9.30pm)
Sunday
Augsburg v Hertha Berlin (6.30pm)
Hoffenheim v Mainz (9pm)
UAE currency: the story behind the money in your pockets
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
More from Neighbourhood Watch
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
UAE Premiership
Results
Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes
Final
Abu Dhabi Harlequins v Jebel Ali Dragons, Friday, March 29, 5pm at The Sevens, Dubai
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
COMPANY%20PROFILE
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The specs: 2018 Jeep Compass
Price, base: Dh100,000 (estimate)
Engine: 2.4L four-cylinder
Transmission: Nine-speed automatic
Power: 184bhp at 6,400rpm
Torque: 237Nm at 3,900rpm
Fuel economy, combined: 9.4L / 100km