UNSC Elections 2022-23
Seats open:
- Two for Africa Group
- One for Asia-Pacific Group (traditionally Arab state or Tunisia)
- One for Latin America and Caribbean Group
- One for Eastern Europe Group
Countries so far running:
The UAE announced its candidacy for a non-permanent seat in the Security Council for the 2022-2023 term, Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, said on Tuesday.
The minister confirmed the UAE’s bid for one of the two-year rotating positions during an online address to the UN General Assembly.
He affirmed the UAE's commitment to following the UN’s mandate to maintain international peace and security in co-operation with members of the Security Council.
Council seats from the Arab world are usually allotted from the regional group uncontested, meaning the UAE may have a clear path to the chamber. It has served on the council once before, from 1986 to 1987.
"Our track record speaks for itself," Minister of State for Foreign Affairs Dr Anwar Gargash told an online meeting of the Council on Foreign Relations, a New York-based think tank, on Tuesday.
"We want to bring new thinking from the region to build on two things," he said.
“To try in a very difficult international system to ensure it is more rule based and on the other hand to bring optimism from a region that people don’t expect optimism from … This is something we will bring to our UNSC seat.”
In his address, Sheikh Abdullah repeated the UAE’s rejection of the annexation of Palestinian territory by Israel and pointed to the UAE’s historic peace accord with Israel as a route to comprehensive peace in the region.
“With the signing of a historic peace accord with Israel supported by American efforts, my country was able to freeze the annexation decision and open broad prospects to achieve a comprehensive peace,” he said.
The minister also affirmed his belief that peace in Yemen can be restored but said that a political decision to resolve the crisis there “must be taken by Yemenis”.
On Libya, he highlighted the UAE’s deep concern about Turkey’s military interference, which he said has “undermined efforts to reach a peaceful solution and destabilised the entire region" and called for an immediate ceasefire.
The minister also raised concerns regarding the security threat in the region, calling for UN-led political solutions to confront the risk posed by terrorist groups such as the Houthis, ISIS, Al Qaeda and the Muslim Brotherhood.
"Today, some conflicts are becoming dangerously regionalised. There is also the growing influence of extremist groups. Threats of cyberwar are rising and the use of sophisticated weapons to attack strategic areas is increasing," he said, adding:
"Despite these mounting global threats, the UAE believes that we can transform unprecedented challenges into great opportunities by uniting our efforts and building international institutions capable of coping with current and emerging challenges."
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Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
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Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
UAE currency: the story behind the money in your pockets
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
UNSC Elections 2022-23
Seats open:
- Two for Africa Group
- One for Asia-Pacific Group (traditionally Arab state or Tunisia)
- One for Latin America and Caribbean Group
- One for Eastern Europe Group
Countries so far running:
