Bernardino Leon is director-general of the Anwar Gargash Diplomatic Academy in Abu Dhabi
January 01, 2022
In a span of less than 50 years, the UAE has emerged as an admirable example of a nation that is able to translate a vision of collective prosperity into reality, by successfully omitting the word “impossible” from its vocabulary. As the country celebrated its Golden Jubilee on December 2, it sent a reminder of how the founding fathers built the base of a modern nation that has excelled across the economic, social, political and diplomatic spectrums – overcoming a multitude of challenges.
Today, the UAE is renowned as a rising middle power, a term used to refer to a nation that can shape regional and global events. This aptly describes the UAE, a vibrant and diversified economy, and a key regional power, with a vast network of global partners and allies across the world. It is a nation that has evolved into a model of co-existence, tolerance and innovation that resonates globally.
The year 2021 has been a pivotal one for the young country – channelling the spirit and vision of its leaders, Sheikh Zayed, the UAE’s Founding Father, in particular – in pursuing its ambitions of shared progress through global co-operation. The country’s pursuit of human progress is the reason for it to be chosen as the headquarters of the International Renewable Energy Agency, as well as the host of World Expo 2020.
In July, the UAE added another feather to its cap when it was elected to the UN's Human Rights Council for the third time. The election serves as a testament to the country’s effort to not just promote and protect political, economic and social rights, but also to champion women’s empowerment, advocate religious and ethnic tolerance, harmony and co-existence, and lead by example. There is little wonder that the country – which hosts tens of nationalities and religious ethnicities – ranks among the top global destinations with regards to the quality of life, attracting people from all over the world to work and settle with their families for the long haul.
The country has championed the UN’s Universal Declaration of Human Rights by signing multiple rights treaties and working closely with the UN High Commissioner for Human Rights and the Secretariat to strengthen and protect human rights globally.
Reaffirming the UAE’s position on the global stage as an influence of peacekeeping and signifying its stance on human rights, equality and co-operation – it is perhaps the UAE’s election earlier this year to the UN Security Council as a non-permanent member that marked a major victory of its diplomacy in support of global security, peace and co-existence. This moment indeed highlighted the world’s trust and confidence in the UAE’s policies and diplomatic system.
The achievement also underscores the UAE’s long commitment to the UN, and a shared vision to achieve peace and prosperity through foreign aid policy, as well as development and humanitarian programmes. Given what the UAE has accomplished in protecting the values and rights of its own people, as well as its immense success in environmental protection and economic progression, the scope of what the nation can achieve internationally is boundless. Not only that, but the election will be the UAE’s second stint on the Security Council, after serving from 1986 to 1987.
The world was a very different place back then. It was a time when the Cold War had just begun to thaw. There were numerous tragedies, however, including the explosion of the US Space Shuttle Challenger in January, 1986, which still haunts the American space industry, as well as the Chernobyl disaster in April of the same year – the worst nuclear disaster in history, both in cost and casualties, which led to unprecedented radiation issues that impacted Russia and its surrounding countries.
The UAE's tenure on the UN Security Council begins in 2022. AP
Of course, the Middle East was facing its own dilemmas – the eight-year-long Iran-Iraq war was still ongoing. At the time, people were unaware that when that war was going to be over, another was about to begin – between Iraq and Kuwait – marking tremendous turbulence and uncertainty, for the Gulf region.
Global crises of all sorts are still ongoing today. We are facing critical challenges of our time. A two-year-long pandemic, tensions between the US and China (in which UAE can see itself as a mediator, given its friendly relations with both), as well as environmental disasters and humanitarian crises that spur inequality, mean that in January, 2022, the UAE will have a lot to cover and fight for.
The country’s values and principles can push progress to achieve the holistic goal of international peace and security. This is an important step for the UAE, and its global presence and power will be realised when it serves on the Security Council, especially given its diplomatic influence and future-focused foreign policy agenda.
Joining the 15-member council, the UAE marks its moment of shared responsibility in global action. Holding a seat is paramount because the council is the only UN body that can make legally binding resolutions.
Last month, the UAE said that it will use its tenure to strive for inclusion and building resilience, as well as tackling gaps of inequality, to put an end to global crises. According to the UN Charter, member states have a responsibility for maintaining global peace and security. This is the time that the UAE can demonstrate its significant role in pushing for multilateral responses in dealing with the current global challenges and tensions that we are witnessing before our eyes, especially due to its close relations with the West and its geopolitical position.
The country’s values and principles can push progress to achieve the holistic goal of international peace and security
Its role in building bridges is unshakable. The UAE’s recent constructive dialogues with Israel, Turkey, Syria and Iran, which are underpinned by the desire for bilateral relations and the goal of overcoming regional security challenges and threats – is a good example of why.
The country’s fight against climate change will also be a focal point when it assumes its seat next week. It is no wonder that it has placed environmental protection at the forefront of its agenda. The UAE’s announcement of its pledge to achieve net-zero emissions by 2050 and its successful the bid to host Cop 28 reflect this notion.
A future in which a climate meltdown is kept out of harm’s way. A future where there is no hunger and crisis of drinking water. For a hydrocarbon-producing country that sits in one of the most arid regions on Earth, embracing clean energy is, indeed, a daunting move. Then again, the UAE has proved that nothing is impossible when there is a clear vision and strong will.
The UAE’s positions on different regional and global issues make it an active and influential player while underscoring the commitment of the leadership to promoting peace, security and development. Such stands generate hopes for the country to add political and diplomatic impetus to the Security Council, in a way that is appropriate to address the various challenges facing the world at the political, security and developmental levels.
Assuming such high-ranking seats at the UN require diplomats with a firm stance, impeccable negotiating skills, and most of all – eyes that see what many choose not to see. The Anwar Gargash Diplomatic Academy in Abu Dhabi has been playing an instrumental role in this regard, by prioritising diplomacy in its effort to groom future diplomats. Providing aspiring diplomats with analytical and theoretical context, as well as imparting cross-cultural skills and experience, is key to ensuring their future success, as well as that of the nation.
A popular proverb cautions that a bad messenger falls into trouble, but a faithful envoy brings healing. Healing is precisely what the modern world needs. This is the task for modern diplomacy, which the UAE deftly carries while encouraging the future generation of diplomats to follow the path. The advantage of such a policy is that it leaves no room for failure.
Certainly, there is a great responsibility associated with sitting on the world’s highest chair in the coming days. But the UAE’s history as a trusted UN partner will allow it to make immense contributions for its two-year term. Using its influence to fight for our environment, push for equality and reduce tension and conflict, all while building bridges of peace is something we look forward to witnessing the UAE do at this noble table, at which it very much deserved to win a place.
UAE currency: the story behind the money in your pockets
Started: October 2015 in India, November 2016 in UAE
Founders: Harsh Dhand; Vaibhav and Purvashi Doshi
Based: Bangalore, India and Dubai, UAE
Sector: Online rental marketplace
Size: 40 employees
Investment: $2 million
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Director: Manuel Calvo Stars: Yassir Al Saggaf and Fatima Al Banawi Rating: 2/5
UAE SQUAD
Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani
Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Mohammed Al Attas
Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah
Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
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.
Avengers: Endgame
Directors: Anthony Russo, Joe Russo
Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin
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.”
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
