When the United Nations drew up its list of Millennium Development Goals (MDG)to eradicate poverty, the 2015 deadline seemed generous. But, as of this month, that deadline is just two years away and the consensus among world leaders is that the work is by no means done.
The eight goals – which range from reducing child mortality to combatting HIV/Aids and malaria – each contain a number of targets, some of which have been reached, while others remain elusive.
One such is the commitment to universal primary education, which will be the subject of a public roundtable discussion at the New York University Abu Dhabi, moderated by J Lawrence Aber, the Willner Family Professor in Psychology and Public Policy at NYU. The Humanitarian and Development Aid for the World’s Children: Perspectives from the UAE event at 6.30 to 8pm this Wednesday (January 8) will focus on how aid can be used most effectively to promote children’s education and development in the post-2015 era.
“The post-2015 goals are being debated now and are critically important to get right,” Abner writes from New York. “The challenge facing the global community post-2015 is different from the MDG challenge.
“It is easier to ensure all children access to primary education than it is to ensure that all children actually learn. This challenge requires the kind of rigorous and relevant research that we hope to promote at this workshop.”
The key to translating financial donations into programmes that will actually improve the quality of children’s education and promote social-emotional development in the future is to use the best evidence-based, scientific approaches available today, Abner says.
“The workshop will bring together a broad and interdisciplinary group of researchers and program developers who together are identifying ‘evidence-based’ strategies together with representatives of NGOs who strive to take such approaches to scale.”
In addition to targeted research, funding will be critical and the UAE is rare in the current economic climate for its continuing commitment to financial aid. According to the UAE Ministry of Foreign Affairs, the emirates has contributed more than Dh255bn in loans, grants and assistance for development projects in almost 100 countries over the past 35 years. And a further Dh100bn has been made available through the IMF and the World Bank. In 2012, the UAE was the world’s 16th-largest donor of foreign aid, spending Dh5.83 billion in 137 countries, according to the OECD.
Post 2015, leadership and funding will be a powerful combination. “The UAE has committed to expanding its humanitarian and development aid at a time when many other nations of the world are pulling back,” Abner writes. “UAE leadership will be invaluable in generating the resources to address the post-2015 development goals like ‘learning for all’.”
The UAE’s resources currently flow through organisations such as Dubai Cares, set up in 2007 and now one of the most prolific philanthropic organisations in the country. Launched by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, it focuses on goals 2 and 3 – to guarantee universal primary education and to promote gender equality.
It claims to have so far reached out to more than 7 million children, renovated or built more than 1,500 schools and classrooms, distributed more than two million textbooks, and helped 22,500 children get access to fresh water through five Water, Sanitation and Hygiene (WASH) schemes. The Emirates Red Crescent has also distributed more than Dh6bn over the last three decades.
The post-2015 era is high on the UN’s own agenda. The UN Secretary General has said that any action plan post-2015 needs to be “bold in ambition yet simple in design”.
“It needs to be rights-based, with particular emphasis on women, young people and marginalised groups,” Ban said at a September 2013 conference. “And it must protect the planet’s resources, emphasise sustainable consumption and production and support action to address climate change.”
munderwood@thenational.ae
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20Profile
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
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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.”
COMPANY%20PROFILE
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Other must-tries
Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
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Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
Zayed Sustainability Prize
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Name: Qyubic
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Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
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UAE cricketers abroad
Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.
Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.
Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.
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