As the UAE prepares for Cop28, the UN Sustainable Development Goals will receive an increasing amount of attention. The delivery of these goals by 2030 is vital for ending poverty and tackling climate change. Unfortunately, this target is facing increasing difficulties given the emergence of the global “polycrisis” – the simultaneous occurrence of interconnected challenges that compound each other, making them harder to address and resolve.
This polycrisis is having a devastating “scissor effect” on the investment gap. This is the difference between the amount of financial resources needed annually to achieve the goals by 2030, and the current amount being invested. Initially estimated at $2.5 trillion in 2014, the gap more than doubled due to the Covid-19 crisis, and it now stands at $4.3 trillion.
Funding a gap that is rapidly turning into a gaping hole is a daunting challenge for a global economy grappling with persistent inflation and geopolitical crises. Yet, a recent report by the Financial Stability Board estimates that global financial assets amounted to a staggering $469 trillion in 2020. The $30 trillion SDG financing gap for the next seven years represents less than 6 per cent of global financial wealth.
So, there is plenty of financial firepower out there, and in this context the gap looks like a less intimidating figure. But how can this capital be mobilised at scale to deliver on the SDGs in time?
A group of stakeholders gathered recently at New York University Abu Dhabi to discuss the “$30 trillion question” alongside the launch of NYUAD’s Transition Investment Lab annual report.
There is plenty of financial firepower out there, and in this context the gap looks like a less intimidating figure
Long-term institutional investors can play a pivotal role in driving change, with sovereign wealth funds ranking high due to the vast size of their assets and their long-term investment horizon. The report found that over the past three years, sustainable investments by global sovereign wealth funds accounted for just 19 per cent of total deal value.
Middle Eastern sovereign wealth funds' sustainable deals are worth more than a half of the total value, but mostly target developed markets such as Europe and the US rather than emerging markets and lower-income economies.
The report also documented a similar regional distribution in a key area of sustainable finance – impact investment, which focuses on the intentionality and measurability of environmental and social outcomes.
To date, the most active actors in this space are domiciled in North America and Europe, with Middle Eastern investors yet to move significantly into the impact-investing arena. This lag is important not only because there is an SDG financing gap that urgently needs to be filled, but also because Middle Eastern investors have an inherent advantage by being closer to many of the emerging markets to which the SDGs are more relevant.
The question now is: how can Middle Eastern investors speed up this process?
One of the major roadblocks is the perception of impact investing’s lack of commerciality. A consensus emerged at the NYUAD workshop that there are abundant opportunities to generate social impact along with solid financial returns when investors take a long-term commitment to profit and purpose.
Embedded in viable business models, technological progress will drive the transition not only in energy, but also in the other sectors from education to health. Transition investment, a new incarnation of sustainable finance that combines returns and impact to drive positive environmental and societal change, was embraced as a compelling proposition to mobilise capital along the SDGs.
However, this model presents a significant obstacle for large institutional investors as currently there is no standardised risk-returns measurement approach. The outcome of the discussion on the topic was not to wait to have the ideal metric system in place before considering transition investments. The urgency brought about by the polycrisis demands immediate action, and there are some measurement tools available, such as TIL’s Signature Impact Framework, that allow for a rigorous assessment of the impact of a given investment.
It would also help to engage with a new breed of specialised impact investors that can deploy capital at scale while maximising its impact. Recent case studies discussed at the workshop have shown that institutional investors such as sovereign wealth funds or pension funds can play the dual role of investors in the general partner managing the asset and of limited partner in the funds sponsored by the investee GP.
Alternatively, a fund-of-funds approach, providing global investors access at scale to a diversified set of impact managers across the Middle East, Africa and South Asia region, can enable investment participation. These strategies allow the scaling up of execution across the investment cycle, helping to rapidly turn dry powder into deployed capital.
Over and above the technical aspects of capital mobilisation in transition investment strategies, the stakeholders gathered at the NYUAD workshop shared the belief that the severity of the challenges we confront demands a fundamental shift in our approach. While national governments will play a vital role, relying solely on them to solve global issues while catering to local interests is unlikely to be sufficient.
A broad coalition of Middle Eastern generational investors including sovereign wealth funds, family offices and pension funds, in collaboration with development finance institutions and multilateral promotional banks, have the firepower and incentives to mitigate global socio-economic and environmental risks, aligning the interests of beneficiaries and society at large. Indeed, when humanity comes together with a spirit of co-operation and enterprise, extraordinary things can happen, such as closing a $30 trillion financing gap.
List of officials:
Referees: Chris Broad, David Boon, Jeff Crowe, Andy Pycroft, Ranjan Madugalle and Richie Richardson.
Umpires: Aleem Dar, Kumara Dharmasena, Marais Erasmus, Chris Gaffaney, Ian Gould, Richard Illingworth, Richard Kettleborough, Nigel Llong, Bruce Oxenford, Ruchira Palliyaguruge, Sundaram Ravi, Paul Reiffel, Rod Tucker, Michael Gough, Joel Wilson and Paul Wilson.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
UAE currency: the story behind the money in your pockets
MATCH INFO
Fulham 0
Aston Villa 3 (Grealish 4', Hourihane 15', Mings 48')
Man of the match: Jack Grealish (Aston Villa)
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Ibrahim's play list
Completed an electrical diploma at the Adnoc Technical Institute
Works as a public relations officer with Adnoc
Apart from the piano, he plays the accordion, oud and guitar
His favourite composer is Johann Sebastian Bach
Also enjoys listening to Mozart
Likes all genres of music including Arabic music and jazz
Enjoys rock groups Scorpions and Metallica
Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil
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GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
About Housecall
Date started: July 2020
Founders: Omar and Humaid Alzaabi
Based: Abu Dhabi
Sector: HealthTech
# of staff: 10
Funding to date: Self-funded
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Chelsea 2 Burnley 3
Chelsea Morata (69'), Luiz (88')
Burnley Vokes (24', 43'), Ward (39')
Red cards Cahill, Fabregas (Chelsea)
if you go
The flights
Flydubai flies to Podgorica or nearby Tivat via Sarajevo from Dh2,155 return including taxes. Turkish Airlines flies from Abu Dhabi and Dubai to Podgorica via Istanbul; alternatively, fly with Flydubai from Dubai to Belgrade and take a short flight with Montenegro Air to Podgorica. Etihad flies from Abu Dhabi to Podgorica via Belgrade. Flights cost from about Dh3,000 return including taxes. There are buses from Podgorica to Plav.
The tour
While you can apply for a permit for the route yourself, it’s best to travel with an agency that will arrange it for you. These include Zbulo in Albania (www.zbulo.org) or Zalaz in Montenegro (www.zalaz.me).
End of free parking
- paid-for parking will be rolled across Abu Dhabi island on August 18
- drivers will have three working weeks leeway before fines are issued
- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket
- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200.
- The penalty for failing to pay for a ticket after 10 minutes will be Dh200
- Parking on a patch of sand will incur a fine of Dh300
The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright
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The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
The Equaliser 2
Director Antoine Fuqua
Starring: Denzel Washington, Bill Pullman, Melissa Leo, Ashton Sanders
Three stars
MATCH INFO
Uefa Champioons League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
The biog
DOB: 25/12/92
Marital status: Single
Education: Post-graduate diploma in UAE Diplomacy and External Affairs at the Emirates Diplomatic Academy in Abu Dhabi
Hobbies: I love fencing, I used to fence at the MK Fencing Academy but I want to start again. I also love reading and writing
Lifelong goal: My dream is to be a state minister
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Killing of Qassem Suleimani
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
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