Reem Al Hashimy, Minister of State for International Co-operation, has told the UN General Assembly the world has the tools needed to surmount the many challenges facing the planet today.
Ms Al Hashimy on Saturday said political solutions are essential to resolving territorial and international disputes.
She emphasised, however, that technological advancements meant the world could find solutions to complex challenges but collective action was needed urgently, state news agency Wam reported.
In a wide-ranging speech, Ms Al Hashimy also reflected on how climate change marked important juncture in the world’s history and said Cop28, the UN climate talks that take place in the UAE in about two months, would focus on the global energy transition, climate finance and protecting livelihoods.
She also pointed to the crucial importance of global water security and said a new UAE report on the issue highlighted how action was needed.
“The UAE declared this year the 'Year of Sustainability', under the theme "Today for Tomorrow” to honour our shared responsibility to present and future generations, who deserve to live in safe, and prosperous environments,” said Ms Al Hashimy.
“We also seek to honour and build upon the efforts of our founding fathers, who strived for the advancement of our nations. Our responsibility is to preserve our planet, our natural resources as well as our cultural heritage.”
Wam reported that Ms Al Hashimy stressed the importance of that approach in the midst of the existential challenges facing the world today, whether in terms of confronting armed conflicts, climate disasters and our shared human values, including the unrelenting waves of extremism, racism, and hate speech dominating the world.
“Fortunately, more than any other time in history, today we are capable of overcoming these challenges. We have reached the highest level of advancement: today we possess the technology required to find innovative solutions to complex challenges.”
Ms Al Hashimy pointed out the importance of maintaining an international order based on respect for the sovereignty, independence and territorial integrity of states urging peaceful resolutions to crisis. “Resorting to the use of force instead of relying on political solutions and dividing the world into an ‘us against them’ mentality is a zero-sum game. This will only lead to more chaos and wither our diplomatic tools. We underscore the importance of respecting diversity, political differences and development disparities,” she said.
“Our region is ravaged by armed conflicts and extremist ideologies. The UAE continues to exert efforts to reduce escalations and call for dialogue and diplomacy to resolve differences.
"We have been focusing on creating a new status quo to strengthen economic integration among the countries of our region. This would benefit the economies and people of the region and will enhance regional stability and prosperity.”
Ms Al Hashimy renewed the UAE’s demand that Iran end its occupation of the islands of Greater Tunb, Lesser Tunb, and Abu Musa. She said: “Our legitimate right to these islands has not diminished and time will not diminish nor extinguish our sovereignty over these islands. We will continue to seek a resolution, either through direct negotiation or through the International Court of Justice. This has been our firm stance for decades.”
Ms Al Hashimy also spoke about the climate, food, energy and water crises that are impacting many parts of the world and stressed that the climate change crisis is an important juncture in our history.
“To keep 1.5°C within reach, we need transformational change,” she said, referring to global efforts to try to keep the world heating by more than 1.5°C above pre-industrial levels as outlined the 2015 Paris agreement. “Some may see this as impossible... but the UAE disagrees.”
The 1.5°C target was agreed at Cop21 that took place in 2015 in Paris. And in about two months, the UAE hosts Cop28. The crucial UN climate talks run from November 30 to December 12 and Ms Al Hashimy spoke about UAE preparations to host the key summit.
“The action plan of the conference will focus on four main axes: accelerating an orderly and just transition in the energy sector, advancing climate financing mechanisms, and enhancing the livelihoods and protection of individuals according to a transparent and inclusive framework.”
On the issue of water scarcity, the UAE is expending great effort to find new models of international co-operation in the field of water and make this challenge a top priority for multilateral action. “The UAE seeks to find effective solutions by working with international partners to address this important issue. Today, the UAE’s Foreign Ministry has published a report, which we hope will contribute to achieving this goal.”
Ms Al Hashimy said collective action was an urgent need and the decisions the world takes today will have far-reaching impacts for decades to come.
“Peace is our choice, development is our path, and a stable future is our destination. We see the potential of future leaders in our youth. A leadership that will bolster our achievements and usher in a promising future.”
Finally, Ms Al Hashimy again expressed the UAE’s sincere condolences and sympathy to the governments and people of Morocco and Libya after the recent disasters that hit the two countries.
Meanwhile, Mariam Al Mheiri, UAE Minister of Climate Change and the Environment, spoke on the sidelines of the UN General Assembly.
She explained the importance of the Cop28 Food Systems and Agriculture Agenda, which focuses on four key domains of country-led action, non-state actor leadership and action, innovation scaling and finance.
Endorsing the Mangrove Breakthrough initiative, Ms Al Mheiri said: “This collaborative effort between the Global Mangrove Alliance and the UN Climate Change High-level Champions has support from non-state actors and governments worldwide with one main goal: to restore and protect 15 million hectares of mangroves globally by 2030.
"It is exactly these types of ambitious, accountable, and collaborative nature-based projects that can help the global community get back on track for the Paris Agreement goals by 2050.”
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New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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.”
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
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