A recently released video by k-pop group BTS performing their song "Permission to Dance" in the UN General Assembly (UNGA) hall has garnered millions of views. It is intended to raise awareness ahead of the 76th annual meeting of UNGA, for which over 100 heads of government and state, in addition to many more officials, are gathered in New York this week. Fears over Covid-19 mean this year’s assembly has been scaled down, but it is the biggest global gathering of officials since the pandemic, as last year's UNGA was mainly virtual. Of course, the issues up for discussion are as big as ever.
Instability in the Middle East and further afield are at the forefront of the agenda and, as is often the case, risk dominating it. There are other, longer-term but nonetheless vital issues on the world’s plate. One is climate change. Keeping the environment at the top of delegates' minds is crucial. In a matter of weeks, the UK will hold the UN Climate Change Conference (Cop26), where countries are set to gather to discuss ways to achieve a zero-carbon future by 2050.
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Khalifa Shaheen Al Marar, Minister of State, delivers a speech before the 76th session United Nations General Assembly. Photo: UAE Mission to the UN -

Khalifa Shaheen Al Marar, Minister of State, delivers a speech before the 76th session United Nations General Assembly. Photo: UAE Mission to the UN -

Yemen's Foreign Minister Ahmad Awad bin Mubarak addresses the 76th Session of the United Nations General Assembly in New York. EPA -

Abdullatif bin Rashid Alzayani, minister for Foreign Affairs of Bahrain, addresses the general debate of the General Assembly’s seventy-sixth session. Photo: United Nations -

Syria's foreign minister Faisal Mekdad addresses the 76th Session of the United Nations General Assembly. AP Photo -

Saudi Arabia's King Salman bin Abdulaziz speaks in a prerecorded video during the United Nations General Assembly in New York. Bloomberg -

Luis Abinader, the Dominican Republic's president, also speaks via live stream. Bloomberg -

A sign informs United Nations employees of coronavirus protocols. AFP -

Ukraine President Volodymyr Zelenskiy speaks during the scaled-back meeting. Bloomberg -

Nicolas Maduro, Venezuela's president, speaks in a prerecorded video. Bloomberg -

Turkish President Recep Tayyip Erdogan addresses the UN General Assembly. AP Photo -

Egypt's President Abdel Fattah El Sisi sent a recorded message. AP Photo -

South Korea's President Moon Jae-in and First Lady Kim Jung-sook outside the UN headquarters in New York. Reuters -

Peruvian President Pedro Castillo speaks at the assembly. AP Photo -

Poland's President Andrzej Duda leaves the stage after delivering his speech. Reuters -

US President Joe Biden addresses the session. AP Photo -

A member of the New York City Fire Department outside the UN headquarters. AP Photo -

Ecuador's President Guillermo Lasso speaks during the meeting. Reuters -

Bulgaria's President Rumen Radev addresses world leaders by video. Reuters -

Qatari ruler Sheikh Tamim addresses the session. AP Photo -

Streets near the UN headquarters in New York were closed ahead of the meeting. AFP -

Maldives President Ibrahim Mohamed Solih gets ready to address the annual UN General Assembly. AP Photo -

Xi Jinping, the Chinese president, addresses the UN General Assembly. Bloomberg -

Brazil's President Jair Bolsonaro speaks to world leaders. AP Photo -

Delegates listen to speeches. AP Photo -

President Recep Tayyip Erdogan announces Turkey's willingness to ratify the Paris Agreement on climate change. EPA -

Iranian President Ebrahim Raisi attended the session by video from Tehran. AFP -

UN Secretary General Antonio Guterres speaks. AFP -

US President Joe Biden and UN Secretary General Antonio Guterres meet at the UN General Assembly. AFP -

US Secretary of State Antony Blinken meets British Foreign Secretary Liz Truss. AP -

UK Prime Minister Boris Johnson greets Amazon founder Jeff Bezos and his girlfriend, Lauren Sanchez. AP -

China's President Xi Jinping addresses the UN General Assembly session in a recorded video. AP -

UK Prime Minister Boris Johnson arrives to meet Amazon founder Jeff Bezos. AP -

Brazil's President Jair Bolsonaro, centre, walks outside his hotel while in New York for the UN General Assembly. Reuters -

Protesters block 2nd Avenue near the UN's headquarters, calling on US President Joe Biden and the international community to help provide wider access to Covid-19 vaccines. EPA -

UN staff remove British flags from a podium after UK Prime Minister Boris Johnson addressed the media at the UN General Assembly. AP -

President of South Korea, Moon Jae-in, speaks during the General Debate in the UN General Assembly Hall. EPA -

Members of South Korean K-pop band BTS appear at a Sustainable Development Goals meeting during the UN General Assembly. AP -

UN Secretary General Antonio Guterres speaks at a Sustainable Development Goals event. Reuters
In an interview with The National, President of Cop26 Alok Sharma said that climate change is “the biggest security risk for the world”. And yet, as British Prime Minister Boris Johnson recently expressed, determination to tackle the issue is flagging among countries with the biggest responsibility to do so. "It is the biggest economies in the world that are causing the problem, while the smallest suffer the worst consequences. And while progress is being made all over the world, the gulf between what has been promised, what is actually being delivered remains vast," Mr Johnson said.
Many of the countries with most to lose from international disengagement are smaller ones, unable to forge ahead on climate action without the initiative of larger economies. The Middle East's location already makes it an early flashpoint for many different environmental crises, including decreasing soil quality – a risk to food security – water shortages and rising summer temperatures. Of the 17 most water-stressed countries in the world, 11 are in the Mena region. It is also warming at twice the global average rate.
Similar challenges extend across the developing world. We will have to wait and see if great powers listen –including those that call publicly for dramatic change.
Geopolitical tensions among powerful countries will not help to create the necessary atmosphere of collaboration. An ongoing dispute over Australia's plans to acquire nuclear submarine technology with the help of the US and UK has destabilised further the West's relations with China. It is even driving a significant wedge between France and its old anglophone allies. It is, however, too early to be sure that this year's climate progress is well and truly scuppered. Countries should remember, as Mr Sharma stressed, that climate change, with its huge ramifications, ultimately trumps all strategic interests, even military ones.
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Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
If you go
The flights
Emirates flies from Dubai to Funchal via Lisbon, with a connecting flight with Air Portugal. Economy class returns cost from Dh3,845 return including taxes.
The trip
The WalkMe app can be downloaded from the usual sources. If you don’t fancy doing the trip yourself, then Explore offers an eight-day levada trails tour from Dh3,050, not including flights.
The hotel
There isn’t another hotel anywhere in Madeira that matches the history and luxury of the Belmond Reid's Palace in Funchal. Doubles from Dh1,400 per night including taxes.
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Dubai World Cup nominations
UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer
USA: Seeking The Soul/Dallas Stewart, Imperial Hunt/Luis Carvajal Jr, Audible/Todd Pletcher, Roy H/Peter Miller, Yoshida/William Mott, Promises Fulfilled/Dale Romans, Gunnevera/Antonio Sano, XY Jet/Jorge Navarro, Pavel/Doug O’Neill, Switzerland/Steve Asmussen.
Japan: Matera Sky/Hideyuki Mori, KT Brace/Haruki Sugiyama. Bahrain: Nine Below Zero/Fawzi Nass. Ireland: Tato Key/David Marnane. Hong Kong: Fight Hero/Me Tsui. South Korea: Dolkong/Simon Foster.
Copa del Rey final
Sevilla v Barcelona, Saturday, 11.30pm (UAE), match on Bein Sports
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The specs
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.”
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Date started: 2015
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Company name: Farmin
Date started: March 2019
Founder: Dr Ali Al Hammadi
Based: Abu Dhabi
Sector: AgriTech
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