Bahrain's Prime Minister and Crown Prince Salman bin Hamad Al Khalifa at Riffa Palace, Bahrain. Wam
Bahrain's Prime Minister and Crown Prince Salman bin Hamad Al Khalifa at Riffa Palace, Bahrain. Wam
Bahrain's Prime Minister and Crown Prince Salman bin Hamad Al Khalifa at Riffa Palace, Bahrain. Wam
Bahrain's Prime Minister and Crown Prince Salman bin Hamad Al Khalifa at Riffa Palace, Bahrain. Wam

Bahrain's crown prince and Qatari emir talk to resolve issues


Ismaeel Naar
  • English
  • Arabic

Bahrain's crown prince and Qatar's emir spoke by telephone late on Wednesday, the state news agencies of each country reported, in a sign that the two Gulf countries are making efforts to improve ties after restoring relations following years of discord.

Saudi Arabia, the UAE, Bahrain and Egypt ended more than three years of disagreement with Qatar when they signed the AlUla declaration in January 2021.

In June 2017, the four countries severed diplomatic ties with Qatar, accusing it of supporting militant groups, which it denied.

Bahrain News Agency said the country's Crown Prince and Prime Minister Prince Salman bin Hamad Al Khalifa had a call with Qatari Emir Sheikh Tamim bin Hamad Al Thani that "emphasised the importance of joint efforts to resolve all outstanding differences".

"It was also agreed that officials from both countries will continue to communicate to achieve common goals," BNA said.

The call came a week after Sheikh Tamim and Bahrain's King Hamad bin Isa Al Khalifa attended a small Arab summit hosted by the UAE's President Sheikh Mohamed bin Zayed in Abu Dhabi that was also attended by the rulers of Oman, Jordan and Egypt.

Qatar Emir Sheikh Tamim Al Thani greets Bahrain's King Hamad Al Khalifa, left, with King Abullah II of Jordan looking on. Abu Dhabi, January 18. Photo: UAE Presidential Court
Qatar Emir Sheikh Tamim Al Thani greets Bahrain's King Hamad Al Khalifa, left, with King Abullah II of Jordan looking on. Abu Dhabi, January 18. Photo: UAE Presidential Court

The call on Wednesday came six months after Bahrain's Foreign Minister Abdullatif bin Rashid Al Zayani was working on invitations to hold talks with Qatar to “settle the remaining issues”.

“These pending matters should not be left unsettled and we continue to stress the importance of engaging with Qatar and being open for dialogue and mutual understanding in line with AlUla Summit declaration to solve pending issues between the two countries such as those related to aviation, and maritime co-ordination,” Mr Al Zayani said in August.

Last June, Bahrain said it had invited Qatar for a second time to send a delegation for bilateral talks after its first invitation in January went unanswered.

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 most expensive investment mistake you will ever make

When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.

“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.

This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).

Age

$250 a month

$500 a month

$1,000 a month

25

$640,829

$1,281,657

$2,563,315

35

$303,219

$606,439

$1,212,877

45

$131,596

$263,191

$526,382

55

$44,351

$88,702

$177,403

 

The specs: 2018 Opel Mokka X

Price, as tested: Dh84,000

Engine: 1.4L, four-cylinder turbo

Transmission: Six-speed auto

Power: 142hp at 4,900rpm

Torque: 200Nm at 1,850rpm

Fuel economy, combined: 6.5L / 100km

Four-day collections of TOH

Day             Indian Rs (Dh)        

Thursday    500.75 million (25.23m)

Friday         280.25m (14.12m)

Saturday     220.75m (11.21m)

Sunday       170.25m (8.58m)

Total            1.19bn (59.15m)

(Figures in millions, approximate)

South Africa v India schedule

Tests: 1st Test Jan 5-9, Cape Town; 2nd Test Jan 13-17, Centurion; 3rd Test Jan 24-28, Johannesburg

ODIs: 1st ODI Feb 1, Durban; 2nd ODI Feb 4, Centurion; 3rd ODI Feb 7, Cape Town; 4th ODI Feb 10, Johannesburg; 5th ODI Feb 13, Port Elizabeth; 6th ODI Feb 16, Centurion

T20Is: 1st T20I Feb 18, Johannesburg; 2nd T20I Feb 21, Centurion; 3rd T20I Feb 24, Cape Town

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Updated: January 26, 2023, 8:20 AM