Israeli Foreign Minister Yair Lapid began a landmark visit to Bahrain on Thursday, a year after the normalisation of ties between the two countries.
Mr Lapid, who landed at Bahrain's international airport in an Israir plane with an olive branch painted on its nose, met Bahrain's King Hamad and Crown Prince and Prime Minister Salman bin Hamad.
He also held talks with Bahrain’s Foreign Minister Abdullatif Al Zayani and will inaugurate Israel's embassy in Manama.
“His Majesty's leadership and inspiration have led to true co-operation and our meeting outlined the path forward for our relationship,” Mr Lapid said on Twitter after meeting the king.
Shortly after Mr Lapid touched down at Manama airport, Bahrain's Gulf Air launched its first direct flight between Manama and Tel Aviv. Flight GF972 touched down at Ben Gurion Airport near Tel Aviv on Thursday afternoon.
Five initial accords will be signed, including co-operation agreements between hospitals and water and power companies, the Israeli foreign ministry said.
“We see Bahrain as an important partner, on the bilateral level but also as a bridge to co-operate with other countries in the region,” an Israeli Foreign Ministry spokesman said.
“The main areas in which Bahrain is looking for cooperation have to do with the economy and technology, and a few of the MOUs that will be signed [on Thursday] will be about that,” the spokesman said.
A dozen agreements have been signed so far between the two countries, including deals related to transport, agriculture, communication and finance.
The UAE, Morocco and Sudan also established ties with Israel last year.
Under the Abraham Accords, which former US president Donald Trump helped to mediate and signed at the White House on September 15 last year, the UAE and Bahrain agreed to officially establish relations with Israel on condition that it suspended the planned annexation of parts of the occupied West Bank and Jordan Valley.
Last November, Bahrain and Israel agreed to open embassies in their respective capitals.
Israeli diplomat Eitan Naeh was appointed this month as the country's first ambassador to Bahrain. Mr Naeh had served for eight months as temporary head of mission at the Israeli embassy in the UAE.
Mr Lapid has already visited the UAE and Morocco and opened Israel’s diplomatic offices there since he became Israel’s Foreign Minister in June.
Bahrain’s first ambassador to Israel, Khaled Yousef Al Jalahma, arrived earlier this month in Tel Aviv and presented his credentials to Israel’s President Isaac Herzog on the anniversary of the signing of the accords.
“I’m so proud that we took this brave step last year to work hand-in-hand towards peace, security and stability in the world,” said Mr Al Jalahma on the anniversary.
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New Zealand 57-0 South Africa
Tries: Rieko Ioane, Nehe Milner-Skudder (2), Scott Barrett, Brodie Retallick, Ofa Tu'ungfasi, Lima Sopoaga, Codie Taylor. Conversions: Beauden Barrett (7). Penalty: Beauden Barrett
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
A Prayer Before Dawn
Director: Jean-Stephane Sauvaire
Starring: Joe Cole, Somluck Kamsing, Panya Yimmumphai
Three stars
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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.”
MATCH INFO
Austria 2
Hinteregger (53'), Schopf (69')
Germany 1
Ozil (11')
