'Charles de Gaulle' aircraft carrier arrives in Abu Dhabi


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After 38 days at sea, the Charles De Gaulle is in the Middle East again. But the aircraft carrier, a symbol of France's military, is not exempt from quarantine after its voyage from Toulon to Abu Dhabi.

"I wish I could say, 'Welcome aboard' but we can't due to Covid restrictions. We are meeting under the mighty shadow of Charles de Gaulle," said Capt de Vaisseau Pinget, the ship's commanding officer.

The Charles De Gaulle learnt a tough lesson during the pandemic when a third of the sailors – 668 out of about 2,000 – were infected with coronavirus last year.

For the ship's latest journey, vaccines were provided to all personnel on board.

At least four Rafale warplanes were visible from the pavement of Zayed Port. Some of the sailors breathed a sigh of relief on disembarking after so long at sea.

"We are not allowed to leave the perimeters of the carrier, though – the life of a navy sailor," a smiling crew member told The National.

Masks were mandatory and visitors were allowed in only after testing negative for coronavirus.

The Rafales are being prepared for a mission, code-named Clemenceau 21, to continue the US-led fight against remnants of ISIS in Syria and Libya, and respond to "regional security issues" from the Gulf to the Indian Ocean.

The mission is named after a former prime minister from the First World War era, while the carrier bears the name of one of France’s towering figures, the founder of the Fifth Republic.

The nuclear-powered carrier is able to transport fighters, bombers and reconnaissance aircraft, and is equipped with sophisticated radar and sensors to deter submarines launching anti-ship missiles from far afield.

As regional tensions with Iran still simmers, it seems the French want to be a key part of the conversation, even though the navy’s most senior officers are not authorised to talk about politics.

Crew members give a thumbs up. Victor Besa/The National
Crew members give a thumbs up. Victor Besa/The National

"I am in no position to answer your question. I won't talk about the geopolitics," said Adm Marc Aussedat, commander of First Task Force 473, when asked by The National whether France would play a role in deterring any potential Iranian threat in the region, as it has done before.

“We represent strength and stabilisation. We are not here to send threatening messages or point fingers at anyone.”

There have been periodic confrontations in the Gulf in recent years between Iran's Revolutionary Guard Corps and the US military, which accused the Iranian Navy of sending fast-attack boats to harass US warships as they pass the strategic Strait of Hormuz.

There are calls in the region for US President Joe Biden to address Iran's ballistic missile programme and include regional heavyweights in the negotiations over Tehran's nuclear programme.

France has a presence in the region, militarily and diplomatically.

President Emmanuel Macron embarked on shuttle diplomacy in Baghdad to co-ordinate with Iraq authorities to face potential threats from ISIS to Beirut after the port explosion in August last year.

The Charles De Gaulle also played a role in the region's conflicts. The craft was crucial in toppling Libyan dictator Muammar Qaddafi in 2011. Today, France has vast interests in maintaining stability in oil and gas-rich Libya, which has become a transit point for illegal immigrants and refugees heading to southern Europe.

In 2015, the carrier was sent to the region to mount air strikes against ISIS militants in Syria. It was also sent several times to join the fight against extremist groups in Libya and counter-piracy operations in Africa.

As Turkey was starting to redraw its role in the region, France was quick in siding with Cyprus against Ankara's gas explorations in the Mediterranean and sent two Rafales and a naval frigate to the Eastern Mediterranean when tensions between Greece and Turkey increased.

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.”

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The National selections

Al Ain

5pm: Bolereau
5.30pm: Rich And Famous
6pm: Duc De Faust
6.30pm: Al Thoura​​​​​​​
7pm: AF Arrab​​​​​​​
7.30pm: Al Jazi​​​​​​​
8pm: Futoon

Jebel Ali

1.45pm: AF Kal Noor​​​​​​​
2.15pm: Galaxy Road
2.45pm: Dark Thunder
3.15pm: Inverleigh​​​​​​​
3.45pm: Bawaasil​​​​​​​
4.15pm: Initial
4.45pm: Tafaakhor

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

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