Central banks in the region should develop frameworks to ensure banking and financial system stability during natural disasters, according to an Arab Monetary Fund report.
Regulators must also set up ad hoc, specialist management committees to prepare recovery plans, the report said.
The report called for the adoption of “a comprehensive governance framework in managing natural disasters and ramifications of climate change and addressing the potential impact”.
Natural disasters and climate change challenges have gained the attention of regulators across world due to their potential impact on financial stability.
The AMF’s report cited a London School of Economics study that said financial assets worth about $5.2 trillion (Dh19.1tn) would be at risk if the average temperature rose by 2.5°C above pre-industrial levels by the end of the century.
The same study said 0.5 per cent of financial assets would be affected under optimistic assumptions of the damage, while 17 per cent of assets would be at risk in a worst-case scenario.
The International Monetary Fund has put climate-related risks affecting the banking sector and financial stability into two categories – physical risk and transformation risk.
Physical risks include those related to natural disasters that lead to a loss of property, assets and infrastructure, which negatively affects public finances, the financial and insurance industries, businesses and people.
Transformation risks are related to potential financial losses on investment values as a result of climate change, including “stranded assets” such as coal mines which are not exploited as customers and investors increasingly move towards environmentally friendly products and practices.
In the report, AMF stressed the need to come up with a charter of co-operation for the co-ordination and exchange of information between central banks and other entities such as research centres that model the effects of environmental and natural disasters to limit their impact on the financial system.
Central banks were also encouraged to ensure the continued operation of RTGS and SWIFT networks to allow financial transactions to run smoothly during a crisis, the AMF report said.
“The issuance of these principles come to confirm that financial stability in the Arab countries is a priority for ... central banks and monetary authorities, while recognising that financial stability is closely linked to economic and social stability in the countries,” Abdulrahman Al Hamidy, director-general and chairman of the AMF board, said.
The Institutional Investors Group on Climate Change, a European body comprised of more than 230 pension funds and money managers with assets worth more than €30tn (Dh123.6tn) under management, set its own guidelines for dealing purely with physical risk last month.
It cited a new study that said damage worth $100 billion caused by extreme weather such as floods, heatwaves and droughts could be expected in the period through to 2040.
It pointed to the bankruptcy of US utility PG&E that was caused by wildfires in California as an example of the knock-on effect a changing climate can have on investors.
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The%20specs%3A%202024%20Mercedes%20E200
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
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.
SECRET%20INVASION
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Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
Company%20Profile
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Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Henrik Stenson's finishes at Abu Dhabi HSBC Championship:
2006 - 2
2007 - 8
2008 - 2
2009 - MC
2010 - 21
2011 - 42
2012 - MC
2013 - 23
2014 - MC
2015 - MC
2016 - 3
2017 - 8
KILLING OF QASSEM SULEIMANI
COMPANY%20PROFILE
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SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
Tips for used car buyers
- Choose cars with GCC specifications
- Get a service history for cars less than five years old
- Don’t go cheap on the inspection
- Check for oil leaks
- Do a Google search on the standard problems for your car model
- Do your due diligence. Get a transfer of ownership done at an official RTA centre
- Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
- Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
- If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
The specs
Engine: 4-litre twin-turbo V8
Transmission: eight-speed PDK
Power: 630bhp
Torque: 820Nm
Price: Dh683,200
On sale: now
Contracted list
Ashton Agar, Alex Carey, Pat Cummins, Aaron Finch, Peter Handscomb, Josh Hazlewood, Travis Head, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Shaun Marsh, Mitchell Marsh, Tim Paine, Matt Renshaw, Jhye Richardson, Kane Richardson, Billy Stanlake, Mitchell Starc, Marcus Stoinis, Andrew Tye.
