A respected UAE statesman has warned that “voices of intolerance” are becoming louder and more mainstream across the world.
Zaki Nusseibeh, Minister of State, said he hoped that a vision of “shared humanity” and mutual respect would be embraced urgently to counter the global phenomenon.
He also spoke of his pride at the UAE’s history of tolerance and welcoming other nationalities and cultures but said that “great misperceptions” about the nation’s values abroad were harming potential for international collaboration.
He drew a contrast between the fall of the Berlin Wall in 1991 with the current international situation, in which there are moves in parts of the world towards building new walls. He also highlighted the breaking of a global consensus around the mutual benefits of free trade.
The developments contrasted with the UAE’s vision of mutual understanding and co-operation, Mr Nusseibeh said, which had been advocated by Sheikh Zayed, the founding father. Mr Nusseibeh was a long-serving adviser to Sheikh Zayed during his presidency, working with him closely from the 1960s.
“A quarter century after walls came tumbling down in Europe, there is now talk of building new ones elsewhere,” he said. “Where free trade used to be an ideal for all nations to aspire to, in the conviction that in the long run it would make us all better off, we now hear strong voices advocating protectionism.
“It would be hard to argue that voices of intolerance have not become stronger and even more accepted than they used to be, and this is a global phenomenon.
“What the world needs now more than ever is a sense of shared humanity, of the diverse richness of the human experience. What the world needs is to connect human beings in mutual discovery, respect and appreciation of one another.”
Mr Nusseibeh was asked earlier this year to establish an office for public and cultural diplomacy at the UAE Ministry of Foreign Affairs and International Cooperation. The UAE’s new strategy involves increasing cultural exchanges in areas such as the arts, architecture, music and sport in an effort to build international relationships.
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He was addressing Diplocon in Abu Dhabi, a two-day event aimed at improving the quality of international diplomacy. Mr Nusseibeh said the event was taking place amid a global mood of pessimism when the need for effective diplomacy “could not be more pressing”.
He said that the estimated eight million non-Emirati residents of the UAE are witnesses to the welcoming nature of the country. But he said it remained important for the UAE to make sure others are aware of its values.
“There are great misperceptions about our core values around the world,” Mr Nusseibeh admitted. “Why? Because for some people, being a Muslim and an Arab country comes with a set of connotations in today’s world. Unfortunately, those connotations are not always tolerance, moderation and equal rights for women.
“All too often misunderstandings of who we are and what we stand for serve to undermine the potential for collaboration.
“We are proud of our heritage but we are open to the world. We see our heritage strengthened by our engagement with the world, not weakened.
“It is precisely because we know who we are and where we come from that dialogue with other cultures doesn’t threaten us. We know it can only enrich us.”
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The flights
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The tours
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UAE currency: the story behind the money in your pockets
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6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m
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7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m
Winner Commanding, Richard Mullen, Satish Seemar.
8.15pm Singspiel Stakes Group Two (TB) $250,000 (T) 1,800m
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9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m
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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.”
In numbers
1,000 tonnes of waste collected daily:
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- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Votes
Total votes: 1.8 million
Ashraf Ghani: 923,592 votes
Abdullah Abdullah: 720,841 votes
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
