The UAE is among the first countries in the region to give priority to environmental protection and easing climate change by adopting green policies, Sheikh Mohammed bin Rashid said.
The Vice President and Ruler of Dubai said the ecosystem must be protected for a sustainable future.
“We must preserve our resources, reinforce biodiversity and achieve the highest levels of productivity,” Sheikh Mohammed said in a meeting with officials of the Ministry of Climate Change and Environment.
The green economy will be among the vital industries in the country
He said promoting food diversity and boosting local production was important to ensure food security in the post Covid-19 world.
Sheikh Mohammed said the nation must protect its natural resources to build a sustainable future for generations to come.
To achieve this goal, regional and international partnerships must be strengthened, he said.
The coronavirus pandemic is a lesson that the world is connected and all countries must work together to protect our planet, Sheikh Mohammed said.
"The green economy will be among the vital industries in the country," he said. "Our mission is to smartly invest in our natural resources and protect the environment."
Dr Abdullah Al Nuaimi, Minister of Climate Change and Environment, presented the ministry’s strategy to ensure the country becomes self-sustainable.
Dr Al Nuaimi spoke about research, development, and technology to grow high-yielding crops that can withstand hot and dry climate conditions.
He spoke of the importance of international co-operation and use of modern technology to boost production.
"Despite the challenges faced, we are confident that utilising advanced technologies and good practices will enable us to overcome these issues and create better development opportunities," he said.
"We conducted field visits to border ports, farms and food laboratories to understand the challenges and assess opportunities for improvements.”
Preserving biodiversity and protecting endangered species are the country’s top environment priorities.
The ministry has also launched the National Climate Change Plan to protect wildlife.
Dr Al Nuaimi said a federal draft law to help fight climate change is on the way.
Improving air quality, managing waste, recycling and generating energy from waste is a priority.
"We aim to raise the percentage of treated municipal solid waste," Dr Al Nuaimi said.
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
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.”
Notable Yas events in 2017/18
October 13-14 KartZone (complimentary trials)
December 14-16 The Gulf 12 Hours Endurance race
March 5 Yas Marina Circuit Karting Enduro event
March 8-9 UAE Rotax Max Challenge
