Dennis Francis was president of the 78th session of the UN General Assembly
September 06, 2024
This month, I reach the end of my term as President of the United Nations General Assembly, and I do so with a great deal of pride, a healthy dose of humility and a much-deepened appreciation of our multilateral system.
When I assumed office in September of last year, I knew that the year-long mandate would be difficult, but a unique opportunity to make the difference. I knew then that the world was mired in challenges, from climate change to inequality, from the fallout of the Covid-19 pandemic to the act of aggression against Ukraine. Yet, the scale and gravity of the events that have transpired over the past year have exacerbated the situation and exceeded even the most measured expectations.
I began my term with a theme of “Rebuilding Trust and Reigniting Global Solidarity”, underpinned by four core watchwords – peace, prosperity, progress and sustainability for all – as my vision to guide the General Assembly’s efforts in addressing the challenges we face and to shape our priorities for the future.
And while we worked diligently toward these goals through mandated events and those initiated by my office, it became clear that, despite careful planning, world events often take on lives of their own, propelling unexpected issues to the forefront of the global political discourse. One of the most poignant lessons of my presidency is that while we can craft an agenda, we cannot control the course of events.
Barely a month into my presidency, on October 7, 2023, Hamas militants launched an unprecedented and brutal attack on Israel, killing over 1,000 civilians and taking several hostages. In response, Israel initiated a large-scale military operation targeting Hamas in Gaza, with civilians once again bearing the brunt of the consequences. The ensuing cycle of violence – devastating in its impact – has spurred global outrage, widespread protests and urgent calls for intervention. Overnight, the situation in Gaza became a flashpoint, dominating global attention, driving a wedge into international affairs, eroding much-needed trust among nations and exacerbating existing tensions. It is fair to say that it became an inescapable element of the UN’s work.
Nearly a year later, I am both encouraged by the UN General Assembly response and, in fact, much more eager for a multilateral system that is better equipped to do more.
On the first point, it is encouraging to note that the General Assembly swiftly acted, passing two key resolutions: one on the protection of civilians and upholding legal and humanitarian obligations, and another calling for an immediate and sustained humanitarian truce. The first resolution, adopted by a vote of 153 in favour, 10 against and 23 abstentions, demanded an immediate humanitarian ceasefire, respect for international law, the release of hostages and unhindered humanitarian access to Gaza. The second, passed with 121 votes in favour, 14 against and 44 abstentions, echoed these demands and called for the continuous provision of essential supplies and services into Gaza.
While we can craft an agenda, we cannot control the course of events
These resolutions reflect the core principles of the UN – the protection of civilians, respect for international law and striving for peace – but they also underscore the stark limitations of our multilateral system, as presently designed.
This brings me to my second point, and the need for a multilateral system that is agile, evolutionary and is well equipped to meet the challenges of the times.
The continued escalation of violence in Gaza is a tragedy, but it is not the only crisis with which the General Assembly has had to contend over the past year.
The world is increasingly beset by geopolitical tensions, humanitarian disasters and deepening abhorrent inequalities of various kinds, including economic disparities. And yet, despite our best efforts, the multilateral system has often been found wanting, unable to proactively respond with the speed, decisiveness and unity that the times demand. The UN was founded on the principle of collective action, yet too often in recent years it has felt as though we are still stuck in the past and in a cycle of reactive responses rather than proactive dialogue and diplomacy.
Put simply, the frustrating persistence of conflict in places like Gaza, Ukraine, Sudan, Haiti and elsewhere reveals a deeper problem: we remain collectively unable to prevent and halt conflicts that are outpacing our efforts to build durable peace, and this is symptomatic of a multilateral system in dire need of reform.
Indeed, I will remember the 78th session as one in which the drumbeat for UN reform reached fever pitch, with nearly every visit overseas, every meeting and every event building upon this narrative. This is why the upcoming Summit of the Future, set to take place in a few weeks alongside the annual UN General Assembly’s High-Level Week, is of such critical importance. This Summit, which will bring together world leaders, civil society and stakeholders from across the globe, is designed to inject much-needed vigour into our multilateral system. It is an opportunity that cannot be missed to acknowledge the shortcomings of the present order, and to act to rectify them. The Summit will focus on addressing systemic inefficiencies, enhancing co-operation and ensuring that the international community is better equipped to deal with the evolving challenges of the 21st century.
I am convinced that rebuilding trust between nations, re-igniting global solidarity and accelerating action on the 2030 Agenda are not just lofty ideals; they are imperatives. The Sustainable Development Goals offer a comprehensive blueprint for peace, prosperity, and sustainability, but without robust and reformed multilateral institutions to support them, they risk becoming little more than empty promises. The UN must be the platform for collective action, and that is fit for purpose – one that can effectively respond to crises, prevent conflicts, support sustainable development as well as promote respect for human rights in a rapidly changing world.
As I step down from my role as PGA, I do so with a deep sense of gratitude for the opportunity to have served during this pivotal time. I have had the privilege of working with remarkable colleagues, a wide range of stakeholders and partners, all of whom are strongly committed to the values that the UN represents. And while the challenges we face are formidable, they are certainly not insurmountable. In fact, I remain hopeful. Hopeful that with the necessary reforms, we can restore faith in multilateralism and deliver on the promises we have made to the peoples of the world.
In all this, I was fortunate to have assembled a highly motivated multinational team, to whom I owe a great debt of gratitude for the support they rendered to my presidency during a rather challenging year.
The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
Red flags
Promises of high, fixed or 'guaranteed' returns.
Unregulated structured products or complex investments often used to bypass traditional safeguards.
Lack of clear information, vague language, no access to audited financials.
Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures May 9, v Malaysia May 10, v Qatar May 13, v Malaysia May 15, v Qatar May 18 and 19, semi-finals May 20, final
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
THE RESULTS
5pm: Maiden (PA) Dh80,000 1,400m
Winner: Alnawar, Connor Beasley (jockey), Helal Al Alawi (trainer)
5.30pm: Maiden (PA) Dh80,000 1,400m
Winner: Raniah, Noel Garbutt, Ernst Oertel
6pm: Handicap (PA) Dh90,000 2,200m
Winner: Saarookh, Richard Mullen, Ana Mendez
6.30pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Rated Conditions Dh125,000 1,600m
Winner: RB Torch, Tadhg O’Shea, Eric Lemartinel
7pm: Al Wathba Stallions Cup Handicap Dh70,000 1,600m
Winner: MH Wari, Antonio Fresu, Elise Jeane
7.30pm: Handicap Dh90,000 1,600m
Winner: Mailshot, Royston Ffrench, Salem bin Ghadayer
Kumara 3-10, Garton 3-10, Jordan 2-2, Prasanna 2-7
Qalandars win by six wickets
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
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.”
Based: Dubai International Financial Centre, Dubai
Sector: PropTech
Initial investment: Self-funded by founder
Funding stage: Seed funding, in talks with angel investors
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
