• Saudi Arabia's Crown Prince Mohammed bin Salman, right, receives French President Emmanuel Macron in Jeddah on Saturday. AFP
    Saudi Arabia's Crown Prince Mohammed bin Salman, right, receives French President Emmanuel Macron in Jeddah on Saturday. AFP
  • Mr Macron arrived in Saudi Arabia after visiting the UAE. EPA
    Mr Macron arrived in Saudi Arabia after visiting the UAE. EPA
  • The Crown Prince and Mr Macron were scheduled to hold talks in Jeddah. AFP
    The Crown Prince and Mr Macron were scheduled to hold talks in Jeddah. AFP
  • Mr Macron considers Saudi Arabia central to stabilising regional tensions with Iran, as well as an ally in the fight against Islamist militants from the Middle East to West Africa. AFP
    Mr Macron considers Saudi Arabia central to stabilising regional tensions with Iran, as well as an ally in the fight against Islamist militants from the Middle East to West Africa. AFP
  • The visit by Mr Macron comes after French Foreign Minister Jean Yves Le Drian’s trip to Riyadh in October. AFP
    The visit by Mr Macron comes after French Foreign Minister Jean Yves Le Drian’s trip to Riyadh in October. AFP
  • Aside from longstanding energy and defence co-operation, Saudi Arabia and France are expanding ties to cover transport and renewable energy. AFP
    Aside from longstanding energy and defence co-operation, Saudi Arabia and France are expanding ties to cover transport and renewable energy. AFP

France's Macron says Saudi Arabia committed to supporting Lebanon


  • English
  • Arabic

France and Saudi Arabia assured Lebanon of their support during a call to the Lebanese prime minister, French President Emmanuel Macron said on Saturday after meeting Crown Prince Mohammed bin Salman in Jeddah.

Mr Macron told reporters that he and Prince Mohammed called Lebanese Prime Minister Najib Mikati to stress that Paris and Riyadh were committed to supporting the crisis-hit country.

The French president's remarks suggest a thaw in relations between Saudi Arabia and Lebanon after a diplomatic crisis sparked by critical remarks from former Lebanese information minister George Kordahi, who stepped down on Friday.

The French president was in Jeddah on the final stop of a two-day Gulf tour that began in the UAE, where the two countries announced agreements worth billions of dollars.

Mr Macron was received by Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces in Dubai, where the two leaders toured the Expo 2020 site.

One of the highlights of Mr Macron’s visit was a deal worth almost $19 billion for France to supply the UAE with 80 Rafale fighter jets and 12 H225 helicopters. Abu Dhabi’s Mubadala Investment Company also announced two agreements to increase investment in priority sectors in France by up to $3.6bn.

The French president was accompanied by a business delegation of about 100 companies, including TotalEnergies, EDF, Thales and Vivendi.

Mr Macron, who arrived in Jeddah after a stop in Qatar, said that he and the Saudi crown prince had "worked a lot" on the issue of assisting Lebanon.

“We want to intervene to help the Lebanese people and do all we can to reopen economic and trade exchange, whether it comes to supplying energy, providing foodstuff or humanitarian aid, these issues are urgent for the people," he said.

"Our goal is for the government to operate normally and meet as soon as possible to carry out crucial reforms."

"I will speak to President Michel Aoun tomorrow as soon as I return to Paris."

Saudi Arabia expelled Lebanon's envoy to the kingdom, recalled its ambassador to Beirut and banned Lebanese imports after the comments by Mr Kordahi. The UAE and Bahrain took similar steps.

Mr Macron considers Saudi Arabia vital to stabilise regional tensions with Iran, as well as an ally in the fight against extremists from the Middle East to West Africa, where France is leading an international counterinsurgency operation in the Sahel region.

Aside from longstanding energy and defence co-operation, both countries are expanding ties to cover transport and renewable energy – French company Alstom is working on the Riyadh Metro project, which will involve 176 kilometres of rail line and 85 stations, while French energy company EDF has worked on a 300-megawatt solar power plant and a 400MW wind farm.

In pictures: French ambassador Ludovic Pouille visits AlUla

  • French ambassador to Saudi Arabia, Ludovic Pouille, visited the historic Dadan site in AlUla, in the north-west region. All photos: Ludovic Pouille
    French ambassador to Saudi Arabia, Ludovic Pouille, visited the historic Dadan site in AlUla, in the north-west region. All photos: Ludovic Pouille
  • Ludovic Pouille was accompanied by officials of the French-Saudi archaeological mission during their visit to the site on Sunday.
    Ludovic Pouille was accompanied by officials of the French-Saudi archaeological mission during their visit to the site on Sunday.
  • AlUla is said to be home to more than 30,000 sites of historical significance.
    AlUla is said to be home to more than 30,000 sites of historical significance.
  • One of several pictures shared by the ambassador of his trip to AlUla on social media.
    One of several pictures shared by the ambassador of his trip to AlUla on social media.
  • The ruins of the ancient Dadanian kingdom’s metropolis are starting to be uncovered.
    The ruins of the ancient Dadanian kingdom’s metropolis are starting to be uncovered.
  • Saudi Arabia's AlUla is understandably at front and centre of the drive for tourists seeking history and culture.
    Saudi Arabia's AlUla is understandably at front and centre of the drive for tourists seeking history and culture.
  • Dadan is a stone city that was formerly the capital of two ancient civilisations.
    Dadan is a stone city that was formerly the capital of two ancient civilisations.
  • French ambassador to Saudi Arabia, Ludovic Pouille, said he had a 'fruitful meeting' with officials of the archeological mission of Dadan in AlUla.
    French ambassador to Saudi Arabia, Ludovic Pouille, said he had a 'fruitful meeting' with officials of the archeological mission of Dadan in AlUla.
  • Saudi Arabia and France have joined hands to implement a new economic and touristic development model.
    Saudi Arabia and France have joined hands to implement a new economic and touristic development model.
  • The ambassador also attended a concert and the date festival at AlUla, with members of the French Agency for AlUla development.
    The ambassador also attended a concert and the date festival at AlUla, with members of the French Agency for AlUla development.
  • French ambassador to Saudi Arabia, Ludovic Pouille, at the Dadan archaelogical site in AlUla.
    French ambassador to Saudi Arabia, Ludovic Pouille, at the Dadan archaelogical site in AlUla.

Mr Macron last visited Saudi Arabia in November 2017, when Lebanon’s crisis of government was in its early days, amid a massive influx of refugees and increasing national debt.

The continuing economic and political crisis in Lebanon and the need to de-escalate regional tensions are expected to top the meeting's agenda.

Before the Covid-19 pandemic, Saudi Arabia's exports to France were worth more than $6 billion a year, while France exported $3.5bn of goods to the kingdom.

France-Saudi co-operation has in recent years centred on the AlUla tourism project, part of the country’s drive to bring to life the kingdom's Nabatean history as Saudi Arabia promotes tourism to diversify its oil-based economy.

In April, Franck Riester, French Minister Delegate for Foreign Trade and Economic Attractiveness, said France planned to expand co-operation to further sectors, including tech and collaboration on smart cities.

UAE currency: the story behind the money in your pockets
Diriyah%20project%20at%20a%20glance
%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%3Cbr%3E%3C%2Fp%3E%0A
HUNGARIAN GRAND PRIX RESULT

1. Sebastian Vettel, Ferrari 1:39:46.713
2. Kimi Raikkonen, Ferrari 00:00.908
3. Valtteri Bottas, Mercedes-GP 00:12.462
4. Lewis Hamilton, Mercedes-GP 00:12.885
5. Max Verstappen, Red Bull Racing 00:13.276
6. Fernando Alonso, McLaren 01:11.223
7. Carlos Sainz Jr, Toro Rosso 1 lap
8. Sergio Perez, Force India 1 lap
9. Esteban Ocon, Force India  1 lap
10. Stoffel Vandoorne, McLaren 1 lap
11. Daniil Kvyat, Toro Rosso 1 lap
12. Jolyon Palmer, Renault 1 lap
13. Kevin Magnussen, Haas 1 lap
14. Lance Stroll, Williams 1 lap
15. Pascal Wehrlein, Sauber 2 laps
16. Marcus Ericsson, Sauber 2 laps
17r. Nico Huelkenberg, Renault 3 laps
r. Paul Di Resta, Williams 10 laps
r. Romain Grosjean, Haas 50 laps
r. Daniel Ricciardo, Red Bull Racing 70 laps

TICKETS

For tickets for the two-day Maharlika Pilipinas Basketball League (MPBL) event, entitled Dubai Invasion 2019, on September 27 and 28 go to www.meraticket.com.

Avengers: Endgame

Directors: Anthony Russo, Joe Russo

Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin

4/5 stars 

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less

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.”

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

First Person
Richard Flanagan
Chatto & Windus 

POSSIBLE ENGLAND EURO 2020 SQUAD

Goalkeepers: Jordan Pickford, Nick Pope, Dean Henderson.
Defenders: Trent Alexander-Arnold, Kieran Trippier, Joe Gomez, John Stones, Harry Maguire, Tyrone Mings, Ben Chilwell, Fabian Delph.
Midfielders: Declan Rice, Harry Winks, Jordan Henderson, Ross Barkley, Mason Mount, Alex Oxlade-Chamberlain.
Forwards: Harry Kane, Raheem Sterling, Marcus Rashford, Jadon Sancho, Tammy Abraham, Callum Hudson-Odoi.

Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ENadeera%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ERabih%20El%20Chaar%20and%20Reem%20Khattar%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ECleanTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%3C%2Fstrong%3E%20About%20%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EHope%20Ventures%2C%20Rasameel%20Investments%20and%20support%20from%20accelerator%20programmes%20%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2012%3C%2Fp%3E%0A
'Dark Waters'

Directed by: Todd Haynes

Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper 

Rating: ****

AL%20BOOM
%3Cp%20style%3D%22text-align%3Ajustify%3B%22%3E%26nbsp%3B%26nbsp%3B%26nbsp%3BDirector%3AAssad%20Al%20Waslati%26nbsp%3B%3C%2Fp%3E%0A%3Cp%20style%3D%22text-align%3Ajustify%3B%22%3E%0DStarring%3A%20Omar%20Al%20Mulla%2C%20Badr%20Hakami%20and%20Rehab%20Al%20Attar%0D%3Cbr%3E%0D%3Cbr%3EStreaming%20on%3A%20ADtv%0D%3Cbr%3E%0D%3Cbr%3ERating%3A%203.5%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
Seven tips from Emirates NBD

1. Never respond to e-mails, calls or messages asking for account, card or internet banking details

2. Never store a card PIN (personal identification number) in your mobile or in your wallet

3. Ensure online shopping websites are secure and verified before providing card details

4. Change passwords periodically as a precautionary measure

5. Never share authentication data such as passwords, card PINs and OTPs  (one-time passwords) with third parties

6. Track bank notifications regarding transaction discrepancies

7. Report lost or stolen debit and credit cards immediately

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

THE BIO

Favourite book: ‘Purpose Driven Life’ by Rick Warren

Favourite travel destination: Switzerland

Hobbies: Travelling and following motivational speeches and speakers

Favourite place in UAE: Dubai Museum

Updated: December 04, 2021, 5:38 PM