Yacoub Husein Nuseibeh says the CFA Institute is committed to promoting all aspects of financial education to support the development of the UAE's economy. Ravindranath K / The National
Yacoub Husein Nuseibeh says the CFA Institute is committed to promoting all aspects of financial education to support the development of the UAE's economy. Ravindranath K / The National

Global gold-standard regulator of finance



Yacoub Nuseibeh is the president of the Emirates branch of the Chartered Financial Analysts (CFA) Institute, a global body that oversees standards of financial research.

How long has CFA Institute been up and running in the Emirates and how big is it?

CFA Institute is the global association of investment professionals with more than 110,000 members in 141 countries and territories including nine national societies in the Mena [Middle East and North Africa] region. CFA Emirates was established in 2002 and over the past 10 years has become the largest society in the region comprising 550 members which includes portfolio managers, investment advisers, educators and other financial professionals from a diverse range of organisations and businesses.

Is it a lobby group, a trade association or a networking unit?

CFA Institute awards the CFA and CIPM [certificate in investment performance measurement] designations and has become a leading voice on global issues of fairness, market efficiency and investor protection. It offers a range of educational opportunities across the world with a dedicated mission to lead the investment profession globally by setting the highest standards of ethics, education, professional excellence and corporate governance.

The CFA designation is a mark of distinction that is globally recognised by employers, investment professionals and investors as the definitive standard - the gold standard - by which to measure serious investment professionals. To earn the CFA charter, a candidate must successfully pass through the CFA programme, a practice-based, graduate level self-study programme that combines a broad curriculum with professional conduct requirements and emphasises the highest ethical and professional standards. In addition, the CFA Institute established the CIPM. It offers the industry's only designation dedicated solely to the specialised field of investment performance, evaluation and presentation.

In the UAE, CFA Emirates works alongside government departments, regulators, educators and financial institutions and businesses to raise the standards of the investment profession in the UAE. It also hosts events, professional talks and CPD [continuing professional development] seminars and manages the bi-annual examination programme. It also coordinates the National Investment Research Challenge with local universities and business schools, the winners of which go on to take part in the global final alongside students from all over the world.

How does it handle relations with official organisations?

CFA's financial training and education programmes are playing an ever increasing role in the expansion and growing maturity of the UAE's investment and broader financial services sectors. Working alongside the country's exchanges and regulators, it is committed to promoting all aspects of financial education in order to support the development of the UAE's economy. The Emirates branch has been consulted by Esca [Emirates Securities and Commodities Authority or SCA] in conducting licensing exams for financial analysts and portfolio managers working in the UAE. We also worked with Hawkamah [the Institute for Corporate Governance] on corporate governance-elated rules.

The region has seen something of an exodus of top-quality research analysts since the financial crisis. Why, in your view?

I think you are referring to equity research analysts that are specialised in the UAE and regional markets. Given the financial crisis that engulfed the world and the region, a lot of brokerage companies shut their offices and, in turn, a lot of analysts had to leave the country. However, given the significant growth we have since seen in the number of CFA charterholders based in the UAE and wider region, I can say a lot of local talent has been raised and filled the gap in the market.

What can be done to attract back those who left?

There are two conditions that will bring back some of the top equity research talent: ever improving conditions in the local market generating good trading volumes; and greater transparency and improvement in the quality of financial statements issued by listed companies. This has been addressed, however, more is still needed.

What is the CFA's view on the crucial issue of free exchange of information in financial markets? Can research houses in the UAE perform according to international best practice?

CFA charterholders are expected to work to the very highest ethical standards and we have a disciplinary process should this not be delivered, wherever they work in the world. We sincerely believe if more investment and financial professionals had a professional qualification such as our own, then some of the mistakes and excesses we have seen around the world in the past few years could perhaps have been avoided. We know transparency is a key issue, not just for the UAE but for the broader Middle East.

It is a challenge the Government is aware of and through the work it is doing with organisations such as our own, it is seeking to address this problem. It remains a challenge but essentially the more practising financial professionals based here who seek international experience, gain international qualifications and increasingly work to international standards within a tightly regulated market, the more likely we will be able to create and enforce international best practice.

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Liverpool v Barcelona, Tuesday, May 7, 11pm

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The Africa Institute 101

Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction. 

China and the UAE agree comprehensive strategic partnership

China and the UAE forged even closer links between the two countries during the landmark state visit after finalising a ten-point agreement on a range of issues, from international affairs to the economy and trade and renewable energy.

1. Politics: The two countries agreed to support each other on issues of security and to work together on regional and international challenges. The nations also confirmed that the number of high-level state visits between China and the UAE will increase.

2. Economy: The UAE offers its full support to China's Belt and Road Initiative, which will combine a land 'economic belt" and a "maritime silk road" that will link China with the Arabian Gulf as well as Southeast, South and Central China, North Africa and, eventually, Europe. 

3. Business and innovation: The two nations are committed to exploring new partnerships in sectors such as Artificial Intelligence, energy, the aviation and transport industries and have vowed to build economic co-operation through the UAE-China Business Committee.

4. Education, science and technology: The Partnership Programme between Arab countries in Science and Technology will encourage young Emirati scientists to conduct research in China, while the nations will work together on the peaceful use of nuclear energy, renewable energy and space projects. 

5. Renewable energy and water: The two countries will partner to develop renewable energy schemes and work to reduce climate change. The nations have also reiterated their support for the Abu Dhabi-based International Renewable Energy Agency.

6. Oil and gas: The UAE and China will work in partnership in the crude oil trade and the exploration and development of oil and natural gas resources.

7. Military and law enforcement and security fields: Joint training will take place between the Chinese and UAE armed forces, while the two nations will step up efforts to combat terrorism and organised crime. 

8. Culture and humanitarian issues: Joint cultural projects will be developed and partnerships will be cultivated on the preservation of heritage, contemporary art and tourism. 

9. Movement between countries: China and the UAE made clear their intent to encourage travel between the countries through a wide-ranging visa waiver agreement.

10. Implementing the strategic partnership: The Intergovernmental Co-operation Committee, established last year, will be used to ensure the objectives of the partnership are implemented.

 

 

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One in nine do not have enough to eat

Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.

One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.

The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.

Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.

It is currently estimated that one in nine people globally do not have enough to eat.

On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.

Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.

 

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