Imagine you find a way to unite the world. You bring people together all in one place and make incredible progress – discovering new tech and innovations that lead to healthier and happier lives, creating jobs and opportunities for people all over the world, and forging a new path that not only stops harming our environment, but heals it. Imagine you do all that – do you then just stop?
For the past two weeks, the world has come together, nations and generations, in pursuit of the same goal: shared, positive momentum for the future of people and planet.
Gathering at Expo City Dubai, delegates and visitors to Cop28 saw first-hand the physical legacy of our vision for a better world – a vision rooted in our nation’s ethos of environmental stewardship and humanitarianism; a vision that was supercharged when, a decade ago, the UAE won the right to host the World Expo; and a vision that came to life when we hosted Expo 2020 after a year’s delay due to the pandemic. That moment of triumph, when the world was united, truly exemplified the power of co-operation, collaboration and optimism.
It highlighted not only what was necessary, but more so, what is possible. And we are proud to have seen this spirit mirrored at Cop28, leading to tangible results driven by transparency and inclusivity.
In the Blue Zone, a $31 billion fund for global climate solutions was launched, aiming to attract $250 billion of investment by 2030. The loss and damage fund was operationalised and more than $726 million so far pledged to help vulnerable and lower-income countries meet the rising costs of climate impact. The UAE Declaration on Sustainable Agriculture, Resilient Food Systems and Climate Action saw unprecedented global commitment, with 159 signatories to date, while a milestone agreement was reached in the critical fight against neglected tropical diseases.
The Green Zone saw unparalleled diversity in the history of Cops, with over 30 per cent of Blue Zone attendees crossing over to the Green Zone daily. With an average of more than 50,000 visitors a day, every segment of society joined the discussion – from children and youth to the largest ever representation of indigenous perspectives – reflecting the host city’s strength as a trusted convener, its multiculturalism and passion for partnership and collaboration.
Most importantly, the landmark UAE Consensus was adopted – a historic package to accelerate climate action, setting a new path for the world. Built from common ground, it has been hailed as a cause for optimism as global actors work to secure a better future for all.
Yet momentum is everything. There is still much to be done, and we must take an “all in” approach and leave no stone unturned in our path.
The announcement by Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, that Expo City Dubai will become a hub to safeguard the planet, takes up the baton.
Only the full weight of human ingenuity, leadership and action will bring us impact. It will take all of us to identify ways we might not just recover, but thrive. It will take the delicate alignment of global efforts to address local problems. It will take critical mass to speed collective progress. It will take responsible and equitable measurement – because what gets measured, gets done.
These roles are being filled, globally, in little pieces, here and there, but not in the comprehensive, holistic, forward-looking manner that I know the UAE can deliver, as the force for good that it has always been.
Expo City can and must become the new capital for planetary solutions. We stand ready to build on Expo 2020’s credibility as a global voice and capitalise on the Cop28 momentum, crystallising that into a compassionate and intelligent response to the plight of our planet and its people.
It will be a powerful, central hub, where climate leaders set the pace, driving action and impact at every level of the value chain for real-world progress every single day. An integrated ecosystem in a sustainable city, where everyone will work together to break down silos. A platform for constructive partnerships, and a hub for initiatives to preserve and sustain our planet.
Fully powered by clean energy, Expo City Dubai is a pioneering Free Zone and a place for business, start-ups, innovators, institutes, creative minds and everyone dedicated to the service of humanity. A place to start and to scale – and never to cease.
Imagine if we did not meet only for two weeks a year, but every single day in one place. Somewhere people can come together, make connections, share and test ideas, attract investment and deploy their work at scale and at speed. That somewhere is Expo City Dubai.
ANALYSTS’ TOP PICKS OF SAUDI BANKS IN 2019
Analyst: Aqib Mehboob of Saudi Fransi Capital
Top pick: National Commercial Bank
Reason: It will be at the forefront of project financing for government-led projects
Analyst: Shabbir Malik of EFG-Hermes
Top pick: Al Rajhi Bank
Reason: Defensive balance sheet, well positioned in retail segment and positively geared for rising rates
Analyst: Chiradeep Ghosh of Sico Bank
Top pick: Arab National Bank
Reason: Attractive valuation and good growth potential in terms of both balance sheet and dividends
UAE%20SQUAD
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Jebel Ali results
2pm: Handicap (PA) Dh 50,000 (Dirt) 1,400m
Winner: AF Al Moreeb, Antonio Fresu (jockey), Ernst Oertel (trainer)
2.30pm: Maiden (TB) Dh 60,000 (D) 1,400m
Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard
3pm: Handicap (TB) Dh 64,000 (D) 1,600m
Winner: One Vision, Connor Beasley, Ali Rashid Al Raihe
3.30pm: Conditions (TB) Dh 100,000 (D) 1,600m
Winner: Gabr, Sam Hitchcott, Doug Watson
4pm: Handicap (TB) Dh 96,000 (D) 1,800m
Winner: Just A Penny, Sam Hitchcock, Doug Watson
4.30pm: Maiden (TB) Dh 60,000 (D) 1,600m
Winner: Torno Subito, Sam Hitchcock, Doug Watson
5pm: Handicap (TB) Dh 76,000 (D) 1,950m
Winner: Untold Secret, Jose Santiago, Salem bin Ghadayer
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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.”
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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Emirates Cricket Board Women’s T10
ECB Hawks v ECB Falcons
Monday, April 6, 7.30pm, Sharjah Cricket Stadium
The match will be broadcast live on the My Sports Eye Facebook page
Hawks
Coach: Chaitrali Kalgutkar
Squad: Chaya Mughal (captain), Archara Supriya, Chamani Senevirathne, Chathurika Anand, Geethika Jyothis, Indhuja Nandakumar, Kashish Loungani, Khushi Sharma, Khushi Tanwar, Rinitha Rajith, Siddhi Pagarani, Siya Gokhale, Subha Srinivasan, Suraksha Kotte, Theertha Satish
Falcons
Coach: Najeeb Amar
Squad: Kavisha Kumari (captain), Almaseera Jahangir, Annika Shivpuri, Archisha Mukherjee, Judit Cleetus, Ishani Senavirathne, Lavanya Keny, Mahika Gaur, Malavika Unnithan, Rishitha Rajith, Rithika Rajith, Samaira Dharnidharka, Shashini Kaluarachchi, Udeni Kuruppuarachchi, Vaishnave Mahesh
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EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
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