Strengthening stability, ending double standards in implementing international law, and easing Middle East conflicts were the core themes the UAE Minister of State for International Co-operation, Reem Al Hashimy, addressed in her speech to the UN General Assembly.
Ms Al Hashimy said the UAE’s priorities focused on peace and partnerships.
“At the precipice of a new era for the world order, the UAE has chosen [to embrace] peace, recovery and prosperity within an international system that is supported by an open and robust network of partnerships,” she said.
The speech to the 77th UNGA comes as the UAE sits on the Security Council for a two-year term and will serve as its President in June 2023.
It is also the first time a woman has delivered a speech for the UAE at the UN General Assembly.
“We will launch new pathways for co-operation in fields of economics, sustainable development, advanced technology, and scientific research," Ms Al Hashimy said.
"This is the underlying premise that guides my country’s foreign policy, governs our bilateral and multilateral engagements, and inspires our membership throughout our Security Council term."
While echoing concerns over the increasing level of polarisation in today’s international system and the growing number of conflicts and crises, she spoke of the benefits of the current world order.
“These issues call into question the effectiveness of the current world order," Ms Al Hashimy said.
"However, it is this very system, built out of the ruins of the Second World War, that has significantly contributed to strengthened international security and stability."
She urged using UNGA capabilities to chart a better future and a fairer, non-selective implementation of international law.
“International law must be applied consistently without double standards or selectivity," Ms Al Hashimy said.
"This is imperative for the stability and security of an international system — a system that is based on respect for sovereignty, independence and the territorial integrity of states."
In that context, she called on Iran to end its occupation of three UAE islands — Abu Musa and the Greater and Lesser Tunbs — and allow restoration of UAE’s sovereignty there, “which is proven by history and international law".
“Despite the UAE’s sincere calls to peacefully resolve this conflict over the past five decades, we stress here that Iran has not responded," she said.
"We will never relent in voicing our claim to these islands, either through direct negotiations or through the International Court of Justice, as is our legitimate right."
Regionally, Ms Al Hashimy said that “the Arab world and Africa have been hit the hardest” by different crises.
“As a direct result, we have learnt difficult yet critical lessons: we must prioritise diplomatic solutions, dialogue and de-escalation in order to settle tensions, prevent conflicts from emerging and combat extremist ideologies.”
She said regional initiatives “aimed at bridge-building are clear benefits of overcoming historic differences and building new partnerships across areas of co-operation in critical sectors, such as health, education and industry, as well as in strengthening the role of women.”
On specific issues and conflicts, Ms Al Hashimy reaffirmed the UAE’s call for establishing a Palestinian state along the borders of June 4, 1967, with East Jerusalem as its capital.
“We welcome the point made by the Prime Minister [Yair Lapid] of the state of Israel in his statement from this podium regarding support for the vision of the two-state solution,” she said.
Mr Lapid spoke of his support for a two-state solution in his speech to the UNGA on Thursday.
On the risk of nuclear proliferation in the region, Ms Al Hashimy called for “a world free of weapons of mass destruction, particularly in the Middle East and the Korean Peninsula".
But she said “it is not possible to talk of a secure and stable international order in the absence of a firm international resolve to reject terrorism in all its forms, and manifestations and a commitment to hold the perpetrators and financiers of terrorism accountable".
Ms Al Hashimy spoke of the increase in the flow of weapons and fighters into conflict zones, and the “emergence of groups with high combat and military capabilities, who subsequently return, unregulated, to their countries of origin in absence of established mechanisms".
This situation is exacerbated by “terrorists’ use of missiles and drones to launch cross-border attacks", she said.
“It is also imperative to adopt international rules and regulations to effectively prevent terrorists from obtaining advanced weapons and technology.”
Ms Al Hashimy mentioned the Iran-backed Houthis in Yemen, ISIS and Al Qaeda affiliates by name when illustrating this threat.
“This threat manifested itself clearly in the Houthi terrorist group’s heinous and hostile attacks this year against the UAE’s capital, Abu Dhabi, as well as against the kingdom of Saudi Arabia,” she said.
She called for greater tolerance and peaceful coexistence in the face of increasing attempts to spread hate speech around the world.
The speech came two years after the signing of the Abraham Accords, which established peace between Israel and the UAE, Bahrain and Morocco.
Ms Al Hashimy said the immediate results of the signing were regional integration.
“This year several initiatives took place to promote developmental and economic integration and co-operation across the region," she said.
"We have witnessed the rise of a community for progress in the Middle East, which will reinforce joint co-operation around the most pressing global priorities."
In her address, Ms Al Hashimy encouraged greater strides toward green energy and battling the climate crisis.
“We must take advantage of available opportunities to create practical, rational and deliberate solutions for the climate crisis, including during the 27th session of the Conference of the Parties to the UN Framework Convention on Climate Change [Cop27] to be held in the Arab republic of Egypt next November,” she said.
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WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
WHAT%20MACRO%20FACTORS%20ARE%20IMPACTING%20META%20TECH%20MARKETS%3F
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
Previous men's records
- 2:01:39: Eliud Kipchoge (KEN) on 16/9/19 in Berlin
- 2:02:57: Dennis Kimetto (KEN) on 28/09/2014 in Berlin
- 2:03:23: Wilson Kipsang (KEN) on 29/09/2013 in Berlin
- 2:03:38: Patrick Makau (KEN) on 25/09/2011 in Berlin
- 2:03:59: Haile Gebreselassie (ETH) on 28/09/2008 in Berlin
- 2:04:26: Haile Gebreselassie (ETH) on 30/09/2007 in Berlin
- 2:04:55: Paul Tergat (KEN) on 28/09/2003 in Berlin
- 2:05:38: Khalid Khannouchi (USA) 14/04/2002 in London
- 2:05:42: Khalid Khannouchi (USA) 24/10/1999 in Chicago
- 2:06:05: Ronaldo da Costa (BRA) 20/09/1998 in Berlin
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
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.”
THE BIO
Mr Al Qassimi is 37 and lives in Dubai
He is a keen drummer and loves gardening
His favourite way to unwind is spending time with his two children and cooking
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
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The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The bio
Favourite food: Japanese
Favourite car: Lamborghini
Favourite hobby: Football
Favourite quote: If your dreams don’t scare you, they are not big enough
Favourite country: UAE
The biog
Family: Parents and four sisters
Education: Bachelor’s degree in business management and marketing at American University of Sharjah
A self-confessed foodie, she enjoys trying out new cuisines, her current favourite is the poke superfood bowls
Likes reading: autobiographies and fiction
Favourite holiday destination: Italy
Posts information about challenges, events, runs in other emirates on the group's Instagram account @Anagowrunning
Has created a database of Emirati and GCC sportspeople on Instagram @abeermk, highlight: Athletes
Apart from training, also talks to women about nutrition, healthy lifestyle, diabetes, cholesterol, blood pressure
More from our neighbourhood series:
The specs: 2018 Chevrolet Equinox
Price, base / as tested: Dh76,900 / Dh110,900
Engine: 2.0L, turbocharged in-line four-cylinder
Gearbox: Nine-speed automatic
Power: 252hp @ 5,500rpm
Torque: Torque: 352Nm @ 2,500rpm
Fuel economy, combined: 8.5L / 100km
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
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