ABU DHABI // Among the topics for discussion are world poverty, health care, climate change and the global recession.
Even for the 15 Nobel laureates gathered in the Emirates Palace hotel yesterday, fixing those issues is a tall order.
But the message at the Festival of Thinkers remained positive - through co-operation and creativity, progress can be made.
The hope, the organisers said, was to recreate the Middle East's place as a cultural centre and to revive "the Gulf region's liberal traditions", almost like a miniature, modern House of Wisdom. As inspiration, the words of Greek philosophers loomed above on a gigantic screen.
"For millennia, our region has been a crossroads for people, ideas, and commerce," Sheikh Nahyan bin Mabarak, the Minister of Higher Education and Scientific Research and the chancellor of the Higher Colleges of Technology (HCT), said in his opening address.
"It has always welcomed travellers and scholars with unparalleled hospitality. It is the home of some of the earliest universities and many great ideas have been produced by scholars from the Arab world."
The biennial festival, of which The National is a partner, has attracted some of the greatest minds alive. They sat alongside perhaps the next generation of intellectuals - a group of HCT students.
The list of attendees included Shirin Ebadi, the first Iranian and Muslim woman to win the Nobel Prize, for her pursuit of human rights, John Nash Jr, the mathematician and economist whose life was the subject of the Academy Award-winning film A Beautiful Mind, and Rajendra Pachauri, chairman of the Intergovernmental Panel on Climate Change.
First on the agenda of the three-day event was female empowerment, a theme that dominated much of the first day.
Dr Ebadi, whose opinions have often caused anger among her country's clerical leadership, delivered a stirring indictment of illiteracy among women and their lack of political rights in the Muslim world.
"In our religion, women have political rights. No society can achieve political and economic progress while half its population is being neglected," said Dr Ebadi.
"Education is obligatory. Why do we forget our religious decrees? Why has the level of illiteracy gone up in Islamic countries?
"Literacy is obligatory just like prayer is. It is a wajib [requirement], not mostahabb [encouraged]."
Dr Ebadi criticised the pressure on Muslim women to stay at home once they finish university.
"Young girls, after they graduate from university and become housewives, their education is wasted," she said. "We must not put our books aside once we have finished university. Serving society is a religious duty. They must fulfil that duty. Half the potential of society has been neglected."
In keeping with the creative theme, the difficulty of overcoming challenges without the involvement of both sexes was illustrated by a display of contemporary dance in which a man and a woman used their combined strength and dexterity to pull off some stunning moves.
Among the audience was Cherie Blair, the wife of the former British prime minister Tony Blair and founder of the Cherie Blair Foundation for Women.
Mrs Blair, who took part in a panel on economic prospects beyond the financial crisis, said: "What we're seeing in the last few years is a real change in the Middle East in general, but in the UAE in particular. "We're seeing much more emphasis in involving women in government."
Mrs Blair pointed to the role of Sheikha Lubna Al Qasimi, the Minister of Foreign Trade. She then went to a meeting on women's issues hosted by Sheikh Mohammed bin Zayed, the Crown Prince and Deputy Supreme Commander of the Armed Forces.
As Gavin Esler, a BBC broadcaster acting as master of ceremonies, said: "The thinking has indeed begun."
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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.”
SERIES INFO
Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series
All matches at the Zayed Cricket Stadium, Abu Dhabi
Test series
1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March – Sunday, 14 March
Play starts at 9.30am
T20 series
1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March
TV
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube
Company%20profile
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Match info
Uefa Nations League Group B:
England v Spain, Saturday, 11.45pm (UAE)
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
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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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
The specs
Engine: 3.8-litre V6
Power: 295hp at 6,000rpm
Torque: 355Nm at 5,200rpm
Transmission: 8-speed auto
Fuel consumption: 10.7L/100km
Price: Dh179,999-plus
On sale: now
Dolittle
Director: Stephen Gaghan
Stars: Robert Downey Jr, Michael Sheen
One-and-a-half out of five stars