A warm handshake: Xi and Biden's visits to Saudi Arabia compared


Mina Aldroubi
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Saudi Arabia's Crown Prince Mohammed bin Salman greeted Chinese President Xi Jinping with a warm handshake on Thursday, a striking contrast to the swift fist bump between himself and US President Joe Biden in July.

The contrast of the greeting ceremonies for Mr Xi and Mr Biden was apparent.

Mr Xi arrived in Saudi Arabia on Wednesday to much fanfare, a striking difference to the low-key reception for Mr Biden.

Saudi state television showed Mr Xi walking down the steps of his presidential aircraft at King Khalid International Airport where Chinese and senior Saudi officials awaited him.

In the run-up to his visit, Mr Biden had criticised the crown prince after the murder of Saudi Arabian journalist Jamal Khashoggi at the kingdom's consulate in Istanbul.

The US had perhaps wanted a toned-down ceremony because of those comments and pressure Mr Biden was facing at home for visiting the kingdom.

The difference in reception is not surprising given the purpose of the Biden and Xi visits are unrelated, said Douglas Silliman, the former US ambassador to Kuwait and Iraq, now president of the Arab Gulf States Institute in Washington.

"Mr Biden was not looking for a lavish ceremonial reception — especially given some of the public criticism that he and others further left in the Democratic party levelled against the Saudi government," Mr Silliman told The National.

The former diplomat said Riyadh "wants to maintain its close relations with the United States even as it tries to expand and deepen relations with China".

The arrival ceremony

Mr Xi was greeted by Saudi Prince Faisal bin Bandar, governor of the Riyadh region, and Prince Faisal bin Farhan, Saudi Arabia's Foreign Minister.

A purple carpet was rolled out, cannon were fired and the Royal Saudi Air Force’s aerobatic team put on a display to welcome Mr Xi.

Riyadh was bedecked with Chinese flags ahead of his arrival.

On Thursday, Mr Xi arrived at Al Yamama Palace in Riyadh and was greeted the crown prince and later met King Salman.

The two leaders shook hands as an honour guard on horseback carried Saudi and Chinese flags.

They stood side by side as a brass band played their national anthems, then chatted as they walked into the palace, which is the king's official residence and seat of the royal court.

After touching down in Jeddah, Mr Biden was also greeted by a local governor on a lush purple carpet. Prince Khalid bin Faisal, governor of Makkah, as well as Princess Reema bint Bandar Al Saud, the Saudi ambassador to the US, after which he was ushered into a car.

Photos of Mr Biden and Prince Mohammed sharing a fist bump were beamed around the world.

The greeting preceded a meeting that Mr Biden had suggested might never happen.

The US president shook hands with King Salman bin Abdulaziz, the crown prince’s father.

Meetings

Mr Xi’s visit includes Saudi-Chinese negotiations, a China-Arab meeting and a China-Gulf Co-operation Council (GCC) summit.

Together these events will be "an epoch-making milestone in the history of the development of China-Arab relations", China's Foreign Ministry spokeswoman Mao Ning said upon Mr Xi’s arrival.

Top Arab leaders expected to arrive for Friday' summit include Egyptian President Abdel Fattah Al Sisi, Tunisian President Kais Saied, Palestinian president Mahmud Abbas and Sudan's de facto leader Abdel Fattah Al Burhan.

Iraqi Prime Minister Mohammed Shia Al Sudani, Moroccan Prime Minister Aziz Akhannouch and Lebanese caretaker Prime Minister Najib Mikati have also confirmed their attendance.

A similar summit took place during Mr Biden's visit.

Mr Biden had a full day of meetings with regional leaders and then went to hold the summit.

Leaders of Kuwait, Bahrain, Qatar, Oman, the UAE, Egypt, Iraq and Jordan attended.

The conference was held in Jeddah, where the American President told nine heads of state from the region — the GCC members as well as Egypt, Jordan and Iraq — that his country would "not walk away" from the Middle East so as not to leave "a vacuum to be filled by China, Russia or Iran".

What kind of deals were made?

A package of announcements were made between Riyadh and Washington during Mr Biden's visit, from removing peacekeepers from a strategic island off the Saudi Arabian and Egyptian coasts to co-operation in mobile technology.

The deals included the energy, manufacturing, aerospace, health care, tourism and education sectors.

Mr Xi and King Salman signed a comprehensive strategic partnership agreement first reached during Xi's last visit in 2016, state media reported, and agreed to hold a heads of state meeting every two years.

Chinese and Saudi firms also signed 34 deals for investment in green energy, information technology, cloud services, transport, construction and other sectors, SPA reported. It gave no figures, but had earlier said the two countries would seal initial agreements worth $30 billion.

A memorandum of understanding was also signed memorandum with China's Huawei Technologies, on cloud computing and building high-tech complexes in Saudi cities.

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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.”

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Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:

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1921

1888

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Results

4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)

5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel

5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel

6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi

6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud

7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel

7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard

What went into the film

25 visual effects (VFX) studios

2,150 VFX shots in a film with 2,500 shots

1,000 VFX artists

3,000 technicians

10 Concept artists, 25 3D designers

New sound technology, named 4D SRL

 

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Top 10 most polluted cities
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Updated: December 08, 2022, 6:03 PM