Sheikh Abdullah bin Zayed Al Nahyan is UAE Deputy Prime Minister and Minister of Foreign Affairs
September 28, 2024
Today the international community meets in New York as the world grapples with terrible wars and the threat of climate change. Over the past few days, the UAE has been working to generate progress and build momentum as we convene as a global community.
On Monday, we witnessed the meeting between President Sheikh Mohamed and US President Joe Biden in Washington. This visit affirmed the enduring partnership between our nations as they pledged to deepen co-operation in six areas, including economic growth, stronger supply chains, clean energy, space exploration, security and cyber space. Together it is a powerful set of commitments to jointly contribute to global security and prosperity.
During the visit, President Biden designated the UAE as a major defence partner – one of only two countries to receive this distinction – opening a new era of unprecedented co-operation. This is a reflection of the deep trust that exists between our two nations.
The two leaders met at a critical time. Conflicts in Europe, Africa and the Middle East are active and causing immense suffering. Recently, it was reported that the war in Ukraine has killed or injured one million people, while the death toll from the Gaza conflict has tragically surpassed 40,000. These grim figures should renew our collective determination to engage in the critical diplomacy necessary to reduce violence and ultimately resolve the conflicts that are the cause of so much suffering.
In response, the UAE has facilitated eight exchanges of war captives between Russia and Ukraine. We have put forward proposals to support stabilisation in Gaza, re-emphasising that the time has come to break the cycle of violence and destruction, and to build a firm and unbreakable plan in line with the two-state solution and the establishment of an independent Palestinian state. And we are actively engaged, alongside the US, in the group of nations trying to resolve the conflict in Sudan. The UAE has provided critical humanitarian assistance to suffering populations in each war zone.
This visit affirmed the enduring partnership between our nations
While addressing those most in need, the UAE is also furthering an agenda for sustainable prosperity. Mobilising technology as a force for good has been a critical part of our programme in the US this week. We have delivered groundbreaking agreements between UAE and US technology companies, which pool the knowledge and resources of both countries to produce critical advances in business, medicine and public services.
There is a determination to share the benefits of these key technologies with the world. The two new data centres that have been announced as part of the G42-Microsoft project will advance best practices and create responsible AI standards. This will bring together individuals and organisations from across the US, Middle East, the Global South and beyond to learn from one another and drive advances in this emerging and critical field. Similarly, Microsoft’s AI for Good Lab will open its first centre in the Middle East, in Abu Dhabi. This work will address some of the world’s most pressing challenges from water scarcity and climate resilience to food security.
This initiative is illustrative of what the UAE and the US can achieve when working together. As major investors and trading nations, we have important roles in furthering the prosperity of our people and the wider global community. The newly announced Global AI Infrastructure Investment Partnership has the goal of delivering $100 billion of investment in the core technology platforms of the future. These investments will help improve productivity, create jobs, teach skills and promote innovation globally. President Biden also highlighted the vital role the UAE plays as a major investor in and operator of ports, mines and logistics hubs to help the world trade and prosper. Nearly 53 years have passed since the formation of the UAE and over that period, our countries have forged deep friendships, flourishing businesses and supportive alliances. Over 55,000 American citizens now live in the UAE and over 1,500 American businesses operate in the country. UAE-US bilateral trade increased to $40.3 billion in 2023, making the UAE the US’s largest export market in the Middle East and North Africa. The new technology agreements between UAE and US companies are set in a groundbreaking framework of technology co-operation, one that offers an example of what is possible when countries choose a positive agenda focused on co-operation and building prosperity.
As the United Nations General Assembly meets this week, I am reminded of the impressive role our diplomats have played as part of the UN Security Council in 2022 and 2023. Our work contributed to making the world a better place. And in New York, joined by other members of the United Nations, we will double our efforts to help identify solutions to climate change, to the wars and conflicts, and dealing with the serious and growing problem of water scarcity.
These are the challenges we must confront in New York this week. The hopes and fates of millions of people depend on our ability to make substantial and sustainable progress. Together with our friends and partners in the US, we are ready to responsibly move forward.
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)
ODI Cricketer of the Year – Babar Azam (Pakistan)
Test Cricketer of the Year – Joe Root (England)
WOMEN
Cricketer of the Year – Smriti Mandhana (India)
ODI Cricketer of the Year – Lizelle Lee (South Africa)
T20 Cricketer of the Year – Tammy Beaumont (England)
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 the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.
The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.
Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.
Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.
David Haye record
Total fights: 32 Wins: 28 Wins by KO: 26 Losses: 4
Key findings of Jenkins report
Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
RESULT
Esperance de Tunis 1 Guadalajara 1
(Esperance won 6-5 on penalties) Esperance: Belaili 38’ Guadalajara: Sandoval 5’
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
