As the world becomes more aware of the challenges posed by climate change and subsequent losses in global biodiversity, it is ever more important for an alignment to emerge between the objectives of global conservation and those of the ever-expanding financial industry.
By now it is widely accepted that the UAE excels in a variety of ways. As we look forward to the country’s 50th anniversary at the end of this year and further ahead, there will be a deeper emphasis on nation building. But of all the areas on which the UAE focuses, I am particularly interested in conservation and finance.
Through our own local bodies, such as the Environment Agency – Abu Dhabi (EAD) and the Sharjah Environment and Protected Areas Authority EPAA, we have an impressive record. Internationally, through organisations such as the Mohamed bin Zayed Species Conservation Fund and the International Fund for Houbara Conservation, as well as through various EAD-supported programmes, the country participates in several global conservation initiatives.
Conservation was once looked at as separate from economic development and the alleviation of poverty
Conservation was once looked at as entirely separate from economic development and the alleviation of poverty. While that distinction might have been acceptable in highly-developed countries, it does not apply to areas where development is lacking and where poverty is a big concern.
Some of the most endangered animals in the world are to be found in areas of economic underdevelopment. If local human populations continue to exploit them, as they may have done for generations, it is no good telling perpetrators that they should stop. They need to be offered concrete, realistic alternatives. That is where my second area of interest comes in: the UAE’s role as a centre of financial expertise and excellence.
Our two international finance centres, Abu Dhabi Global Market and the Dubai International Finance Centre, are the homes for a number of rapidly-growing companies that provide financial services. An important aspect of the work of such firms is in the sphere of ‘sustainable finance’, which can be defined as “any form of financial service integrating environmental, social and governance (ESG) criteria into the business or investment decisions for the lasting benefit of both clients and society at large.”
The leviathans of the global corporate world, like the major oil and gas companies, are already turning their attention to ESG issues. For firms operating through ADGM and DIFC, issues related to ESG are likely to become more important, in terms of raising money and in how that money is invested.
Some projects with an ESG and sustainable finance perspective may be focused in areas where environmental criteria are relevant. Others may not directly have an effect on areas with key conservation issues, but may seek opportunities for mitigating activities that take place elsewhere.
There may, therefore, be emerging opportunities where the UAE's excellence and concern about global conservation issues can interrelate with the burgeoning finance industry. If the latter can contribute to the former, a direct benefit in terms of ESG may follow.
As Carolyn Labey, Minister for International Development in my other home of the British Channel Island of Jersey, puts it: “Doing well financially and doing good are not mutually exclusive.”
Jersey, I am pleased to say, has already launched an interesting initiative, called the Jersey Fund for a Wilder World, a joint project between the local financial services industry, government, Jersey Finance, Jersey Overseas Aid and the world-renowned Durrell Wildlife Conservation Trust.
Under that initiative, local finance industry firms can contribute, on a voluntary basis, to help bring about positive change in terms of conservation, while providing opportunities for investors who want to make a difference with their money.
There may be no direct parallels here, in terms of an appropriate structure. How nice it would be, however, if something similar could be created to link our finance industry and conservation bodies like the MBZ Fund and the Houbara Fund, to pool our efforts for global development. From that, we would all benefit.
Peter Hellyer is a UAE cultural historian and columnist for The National
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Results
2pm: Maiden (PA) Dh 40,000 (Dirt) 1,200m, Winner: AF Thayer, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
2.30pm: Maiden (PA) Dh 40,000 (D) 1,200m, Winner: AF Sahwa, Nathan Crosse, Mohamed Ramadan.
3pm: Handicap (PA) Dh 40,000 (D) 1,000m, Winner: AF Thobor, Szczepan Mazur, Ernst Oertel.
3.30pm: Handicap (PA) Dh 40,000 (D) 2,000m, Winner: AF Mezmar, Szczepan Mazur, Ernst Oertel.
4pm: Sheikh Hamdan bin Rashid Al Maktoum Cup presented by Longines (TB) Dh 200,000 (D) 1,700m, Winner: Galvanize, Nathan Cross, Doug Watson.
4.30pm: Handicap (PA) Dh 40,000 (D) 1,700m, Winner: Ajaj, Bernardo Pinheiro, Mohamed Daggash.
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The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
They must place a number plate with reflective light to the back of the bike to alert road-users
Avoid carrying weights that could cause the bike to lose balance
They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
MATCH INFO
Newcastle United 1 (Carroll 82')
Leicester City 2 (Maddison 55', Tielemans 72')
Man of the match James Maddison (Leicester)
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
