Simon Keith, the managing director of BAE Systems in the Middle East, Africa and Asia Pacific, says the company is looking for partnerships outside its core markets in the US and the UK.
Simon Keith, the managing director of BAE Systems in the Middle East, Africa and Asia Pacific, says the company is looking for partnerships outside its core markets in the US and the UK.

BAE targets alliance with Emirates



BAE Systems, the world's second-largest defence company, is seeking to become a key ally for the UAE in its plan to build a new industrial economy based on high-end technology. Abu Dhabi is focusing on technologies such as making composite aircraft parts and semi-conductors as it attempts to leapfrog the traditional development cycle into capital-intensive, high-value industries.

BAE plans to pursue joint ventures on its land-based and seaborne systems in the Emirates and said it was willing to transfer certain technologies as part of the deal. "One of the things we are doing now is looking for partnerships, and this is particularly true in the Middle East," said Simon Keith, the managing director of Middle East, Africa and Asia Pacific for BAE Systems, who moved his offices from London to Abu Dhabi this month.

The company has a joint venture with Abu Dhabi Ship Building to provide naval support in the Gulf, and has held discussions for joint ventures with Al Taif Technical Services of Abu Dhabi, which is owned by Mubadala Development and maintains and repairs UAE Army vehicles. The actions are part of a wider trend as BAE looks at partnerships as a way to develop local footprints outside of its core markets in the US and UK.

It now counts seven countries as "home markets", including India and Saudi Arabia, where it has 5,000 employees. It also counts Oman as a major and long-standing customer. But while it has sold products and services to many Middle Eastern and North African nations, BAE has had more modest success in the past two decades with some Gulf countries. Defence analysts attribute this to the lingering stigma of a corruption scandal beginning in the 1980s, which surrounded the sale of fighter jets to Saudi Arabia.

"No one wanted to deal with them, more or less," said Dr Theodore Karasik, the director of research and development at the Dubai-based Institute for Near East and Gulf Military Analysis. "There were still deals but not at the level they were at earlier. This seems to have passed, however." Mr Keith acknowledged there were some low-profile years for BAE in the UAE in the 1990s, but said it was a case of a mismatch in what the Emirates needed and what his company could provide.

"At the time, probably we didn't have what the UAE was looking for," he said. Its largest deals in the UAE took place in the 1980s, when it signed contracts for 38 Hawk training jets and light attack aircraft to the UAE's Air Force and Air Defence. Those aircraft are still in operation. More recently, BAE has found success in land-based systems, which it has been building its expertise in for the past decade, including armoured personnel carriers, mine-resistant vehicles and tanks.

BAE has sold about 20 armoured personnel vehicles to Dubai's elite security units, including some being delivered this month, as well as more than 70 mine-resistant armoured personnel carriers to the UAE Armed Forces in Abu Dhabi. The company is keen to put distance between itself and the police investigation into a £43bn (Dh244.4bn) contract signed in 1985 to supply more than 100 fighter jets to Saudi Arabia that resulted in the company agreeing to pay damages of £286 million to the US and UK earlier this month.

Mr Keith said BAE could finally focus its energies on the future. "It's a line drawn under the past. We can now look forward, instead of looking back." Dr Karasik, meanwhile, said only time would tell how easily the company could shrug off the scandal. "It was so large; it went on for so long and involved some key personalities. We are going to have to wait and see what happens." igale@thenational.ae

House-hunting

Top 10 locations for inquiries from US house hunters, according to Rightmove

  1. Edinburgh, Scotland 
  2. Westminster, London 
  3. Camden, London 
  4. Glasgow, Scotland 
  5. Islington, London 
  6. Kensington and Chelsea, London 
  7. Highlands, Scotland 
  8. Argyll and Bute, Scotland 
  9. Fife, Scotland 
  10. Tower Hamlets, London 

 

MATCH INFO

Norwich 0

Watford 2 (Deulofeu 2', Gray 52')

Red card: Christian Kabasele (WatforD)

The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

MISSION: IMPOSSIBLE – FINAL RECKONING

Director: Christopher McQuarrie

Starring: Tom Cruise, Hayley Atwell, Simon Pegg

Rating: 4/5

ONCE UPON A TIME IN GAZA

Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi

Directors: Tarzan and Arab Nasser

Rating: 4.5/5

Schedule:

Friday, January 12: Six fourball matches
Saturday, January 13: Six foursome (alternate shot) matches
Sunday, January 14: 12 singles

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 Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

Company profile: buybackbazaar.com

Name: buybackbazaar.com

Started: January 2018

Founder(s): Pishu Ganglani and Ricky Husaini

Based: Dubai

Sector: FinTech, micro finance

Initial investment: $1 million

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The biog

Name: Salvador Toriano Jr

Age: 59

From: Laguna, The Philippines

Favourite dish: Seabass or Fish and Chips

Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.

Common OCD symptoms and how they manifest

Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.

Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.

Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.

Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.

Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.

Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia