A historic biodiversity agreement signed at a UN conference has been hailed as a major step forward for indigenous rights and the protection of the planet's ecosystems.
The accord passed at Cop15 in Montreal is the most significant commitment to protect the planet's biodiverse areas, most of which are managed by indigenous peoples.
It pledges to protect 30 per cent of the world's lands, seas, coasts and inland waters by 2030, up from the current 17 per cent of land and 10 per cent of marine areas.
Developing nations will also receive at least $30 billion by 2030 in a bid to help poorer countries care boost nature.
The Democratic Republic of Congo opposed the agreement, which has been worked on for the past four years, claiming the financial package, under which poorer nations would receive $20 billion by 2025, was insufficient. Representatives from Cameroon and Uganda also said they did not support the accord and it was "forced by hand."
The UN said it was passed according to official standards, saying the DRC's remarks did not amount to an official objection.
The Kunming-Montreal Global Diversity Framework has been hailed by various world leaders, including EU chief Ursula von der Leyen, who praised it as a "road map to protect and restore nature".
The framework also aims, among other goals, to halve global food waste and reduce to "near zero" the loss of wildlife-rich habitats in the next seven years.
Indigenous land rights are also protected under the agreement, which ensures people can remain stewards of their lands and safeguards communities from mass eviction.
Eighty per cent of the world's biodiverse land is managed by indigenous peoples, according to the World Bank, and indigenous communities have been at the forefront of climate disasters and calls for urgent action to protect the planet.
"We were afraid that if we did not have any inclusion in target three, we could suffer human rights violations in the name of conservation," said Viviana Figueroa, a representative of the International Indigenous Forum on Biodiversity, who is from the Omaguaca-Kolla indigenous peoples of northern Argentina.
The forum praised the text for its "strong language on respect for the rights of Indigenous Peoples and local communities".
Some experts believe the "30 by 30 pledge" is not enough, and argue for a 50 per cent benchmark.
Others are sceptical the agreement will lead to significant change as states are still responsible for taking the initiative.
Aslak Holmberg, president of Finland's Saami Council and the International Indigenous Forum on Biodiversity regional co-ordinator for the Arctic, said the pact was a "major step" for indigenous peoples but "a lot of it is still in the hands of the states".
"I'm not convinced that this agreement will be so fundamentally different that it will change the course of how the states are acting towards and against nature," he was cited by AFP as saying.
The conference, which kicked off on December 6, sparked protests in Montreal, where climate and indigenous rights activists said commitments to stop climate change were little more than lip service.
"The framework says lots of good things, but the lack of specifics and vague language in places is unhelpful," Stuart Butchart, chief of BirdLife International, said on Twitter.
"Ultimately it will all come down to implementation. If governments do all they commit to here, the world will be a far better place — for people and for nature."
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.”
The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”
Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
