US Secretary of State Antony Blinken arrived in Saudi Arabia on Tuesday for a two-day visit to the kingdom.
Mr Blinken is expected to meet senior Saudi officials and possibly Crown Prince Mohammed bin Salman during his time in Riyadh and the coastal city of Jeddah.
The trip is the second high-level visit by an American official to the kingdom in a month.
White House National Security Adviser Jake Sullivan travelled to Saudi Arabia on May 7.
Mr Blinken is expected to attend the US-Saudi strategic dialogue and a Gulf Co-operation Council meeting to enhance relations between the two sides.
He will participate in a US-GCC ministerial meeting to “discuss the growing co-operation of the Gulf and to promote security, stability, de-escalation, regional integration, and economic opportunities across the Middle East”, the US State Department has said.
The officials are set to discuss US-Saudi co-operation on a regional and global level. Bilateral issues such as economic and security co-operation will also feature high on the agenda, it said.
On Thursday, he will co-host the meeting of the Global Coalition to Defeat ISIS with Saudi Foreign Minister Prince Faisal bin Farhan.
The main aim of the meeting will be to “promote security, stability, de-escalation, regional integration and economic opportunities across the Middle East”, the State Department said.
Mr Blinken is planning a trip to China, which helped broker a deal between Saudi Arabia and Iran in March, Reuters reported, citing a US official.
Resolving regional conflicts
The Secretary of State's agenda will also include efforts to resolve the war in Yemen between the Saudi-backed government and the Iranian-backed Houthi rebels.
Riyadh is attempting to mend ties with Iran and to potentially step back from Yemen.
“Saudi Arabia has supported UN-led peace efforts in Yemen that have enabled over a year of de-escalation and created the best opportunity for peace since the war began,” the State Department said on Tuesday.
Mr Blinken's visit comes as Riyadh and Washington have been involved in efforts to broker a durable truce between Sudan's warring generals in talks in Jeddah.
But the US and Saudi Arabia suspended efforts last week after the Sudanese army and the paramilitary Rapid Support Forces repeatedly breached the ceasefire.
“Our two countries are working together to end the conflict in Sudan, including in negotiating the Declaration of Commitment to Protect the Civilians of Sudan and enabling humanitarian assistance,” the State Department said.
On Sunday, the US and Saudi Arabia called on the two parties to resume talks in Jeddah.
The joint statement said the warring generals must adhere to a declaration dated May 11 in which they pledged to protect civilians and allow the safe passage of humanitarian aid.
“We would like to emphasise the adherence of the Kingdom of Saudi Arabia and the United States of America to their commitment to the Sudanese people,” it said. “We also call on the two sides to agree to a new ceasefire that they fully implement.”
On defence, Washington said it was Saudi Arabia's top supplier “with cases valued at more than $140 billion”.
“This partnership is predicated on our shared interest in security in the Gulf and deterring any foreign or regional power from threatening the region,” said the State Department.
The US will also advance its security partnership with Saudi Arabia by “countering the proliferation of unmanned aerial systems and missiles to non-state actors that threaten the peace and security of the region,” in an apparent reference to the Houthis which have launched several cross border attacks into Saudi Arabia in recent years.
The US praised Saudi Arabia's aid efforts in Ukraine as well as its support for UN resolutions that call for Russia to end its invasion of the country.
The statement also praised Saudi Arabia's opening of airspace to civilian aircraft from all countries “including Israel”.
Last year, two-way trade between Saudi Arabia and the US reached over $35 billion.
A statement from the US embassy in Riyadh said in February. “We are steadfastly committed to expanding the existing ties between our two countries while establishing the ties that will carry the relationship forward and into the future.”
In-demand jobs and monthly salaries
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UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Opening weekend Premier League fixtures
Weekend of August 10-13
Arsenal v Manchester City
Bournemouth v Cardiff City
Fulham v Crystal Palace
Huddersfield Town v Chelsea
Liverpool v West Ham United
Manchester United v Leicester City
Newcastle United v Tottenham Hotspur
Southampton v Burnley
Watford v Brighton & Hove Albion
Wolverhampton Wanderers v Everton
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
LUKA CHUPPI
Director: Laxman Utekar
Producer: Maddock Films, Jio Cinema
Cast: Kartik Aaryan, Kriti Sanon, Pankaj Tripathi, Vinay Pathak, Aparshakti Khurana
Rating: 3/5
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
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.”
McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
On sale: now
Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
COMPANY%20PROFILE
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Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
