In 2011, my wife Melinda and I began working with His Highness Sheikh Mohammed bin Zayed on a big global health project: We wanted to eradicate polio and ensure that all children were immunised against it and other diseases.
Seven years later, polio is on the verge of eradication. The world has only witnessed 18 new cases of wild polio in 2018, and that’s in no small part thanks to the generosity of the UAE and its support to get vaccines to children in hard-to-reach parts of Pakistan.
The UAE has also been an effective ally in the fight against other deadly and debilitating diseases that affect the world’s poorest people, such as malaria, river blindness, and lymphatic filariasis. In December 2018, the UAE will host another major global health meeting in Abu Dhabi in partnership with Gavi, the Vaccine Alliance – where health leaders from around the world will gather to take stock of immunisation progress and consider how vaccines can best be used to save lives and strengthen communities.
The world has changed a lot over the last half century, but arguably the biggest – and best – change is that there are now far, far fewer people living in extreme poverty than there were 50 years ago.
In 1966, half the world’s population was living on less than $1.90/day (adjusted for inflation). As of 2017, it was 9 per cent.
This reduction of global poverty is something that's always made me optimistic about the world − but now there's something that worries me too. New data show that the fight against suffering may be on verge of stalling in sub-Saharan Africa.
Each year, our foundation releases a report on the state of global poverty, and for the first time, we’ve found that the number of people living in extreme poverty might stop declining and may even start growing again. That’s because the poorest corners of the world, most of which happen to be in Africa, are experiencing much faster population growth than everywhere else.
Africa is expected to account for half the world’s total population growth by 2050. Most countries in sub-Saharan Africa are driving poverty rates down, but a few big ones aren’t, meaning that more children will be born into the most challenging conditions.
By the mid-century mark, 40 per cent of the extremely poor people in the world will live in just two countries: the Democratic Republic of Congo and Nigeria. Together, those two nations will be home to almost 600 million people – more than nine times the current population of the Arabian Peninsula.
Some people worry about what this large group of very young, very poor people will do when they are denied opportunities. Will they cause insecurity, instability and mass migration?
We must think just as much about what they will accomplish if they have access to opportunities − if they get an education, build businesses, dream up inventions and grow the global economy, the way that bright young men and women from around the world have been doing for generations.
So what is the key to providing opportunities in the places where they are currently lacking? Investing in the health and education of young people. These human capital investments are not the only ingredient to healthy economies, but they have played a pivotal role in lifting nations like China and India out of poverty.
Economic models show that they can do the same for Africa, growing the continent’s GDP by nearly 90 per cent by 2050.
There are two areas, in particular, where we need the world’s help.
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Read more:
Bill Gates thanks UAE for role in the fight to end world poverty
How a meeting with Sheikh Zayed was the first step down a long road to eliminating the world's worst diseases
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First is making sure children do not just survive but thrive. Most African countries have participated in the global revolution in child survival. Rwanda, just a few years removed from genocide, has built an effective health system from the ground up and seen the steepest drop in child mortality ever recorded. The next step is making sure children can lead productive lives.
One third of African children are stunted, which means their brains and bodies aren’t developing fully. But there are proven strategies solving the stunting problem. For example, China was able to reduce stunting by nearly 70 per cent between 1990 and 2010, in large part because of new agricultural technologies that increased productivity. We must now make sure these technologies are adapted to the African context so people on that continent can enjoy better health and nutrition.
Second is education. Since 2000, the number of African children enrolled in primary school has increased from 60 million to 150 million, and the number of girls in school is now virtually equal to the number of boys. The next step is improving the quality of the education all students receive.
Low-income countries can achieve excellent results in their schools, as Vietnam’s results on international tests prove. We must learn lessons from success stories like Vietnam and transfer them globally so that all students benefit.
For most of human history, poverty was thought to be an inevitable part of the human condition, something that had always – and would always – exist. Now, we have the opportunity to prove otherwise.
Every child deserves a chance to have a productive life, no matter where they are born.
Whether more children in poor countries have that chance depends on the choices and investments we make today. I am hopeful we will make the right ones.
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What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
More on Quran memorisation:
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
'Tell the Machine Goodnight' by Katie Williams
Penguin Randomhouse
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.”
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
The biog
Year of birth: 1988
Place of birth: Baghdad
Education: PhD student and co-researcher at Greifswald University, Germany
Hobbies: Ping Pong, swimming, reading
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Marital status: Single
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers