Prince Mohammed bin Salman says peace with Iran is possible if Tehran stops backing regional militias


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Saudi Arabia wants regional stability and is not opposed to talks with Iran, provided Tehran stops sponsoring regional militias, Crown Prince Mohammed bin Salman said on Tuesday night.

Prince Mohammed also said Iran's continued nuclear programme was a serious source of contention.

There is no country in the world that would accept the presence of armed militias on its borders

Riyadh is also maintaining strong ties with the US, he said, in a wide-ranging interview with the Liwan Al Mudaifer Show on Tuesday night, which was broadcast on state TV.

Prince Mohammed, who rarely gives TV interviews, described in detail aspects of the country's ambitious Vision 2030 programme of reforms.

He said the success of this programme was partly based on having pragmatic foreign relations.

"It is based on our interests," Prince Mohammed said. "The majority of investments have come through the fact that our interests have aligned with the international community."

Relations with Biden

He said reports of Washington turning its back on Saudi Arabia  were exaggerated.

"Relations between states are not 100 per cent on the same page," Prince Mohammed said.

"Our interests align with the Biden administration by more than 90 per cent.

"There is no doubt that there are differences in views between Saudi Arabia and even other Gulf states, but within a single family views differ and that's normal."

He was keen to stress the historic relationship between the two countries.

"The US is a strategic and historic partner to the kingdom," Prince Mohammed said. "This relationship has had a profound impact on both states.

"With every new American administration differences appear and that is normal.

"We are working on strengthening our ties and alliances with our international partners."

Iran rapprochement 

He said that the kingdom was not interested in perpetual hostility with Iran, but any thawing of relations would be conditional.

"Iran is a neighbouring state," Prince Mohammed said. "We are seeking to have good relations with Iran.

"We have interests in Iran, we aim to see a prosperous Iran.

"We are working with our partners in the region to overcome our differences with Iran, especially with its support for militias and the development of its nuclear programme."

This month, government and diplomatic sources in Baghdad said Saudi and Iranian government officials held back-channel talks, below Cabinet level, in Baghdad.

  • Iraqi Prime Minister Mustafa Al Kadhimi leaves Riyadh after a visit aimed at boosting co-operation with Saudi Arabia. Saudi Press Agency
    Iraqi Prime Minister Mustafa Al Kadhimi leaves Riyadh after a visit aimed at boosting co-operation with Saudi Arabia. Saudi Press Agency
  • Mr Al Kadhimi says relations between Iraq and Saudi Arabia 'accelerated in a positive direction'. SPA
    Mr Al Kadhimi says relations between Iraq and Saudi Arabia 'accelerated in a positive direction'. SPA
  • Saudi Crown Prince Mohammed bin Salman and Mr Al Kadhimi visit the historical city Ad Diriyah on the outskirts of Riyadh. Reuters
    Saudi Crown Prince Mohammed bin Salman and Mr Al Kadhimi visit the historical city Ad Diriyah on the outskirts of Riyadh. Reuters
  • Prince Mohammed and Mr Al Kadhimi at Ad Diriyah during the Iraqi prime minister's visit to Saudi Arabia. Reuters
    Prince Mohammed and Mr Al Kadhimi at Ad Diriyah during the Iraqi prime minister's visit to Saudi Arabia. Reuters
  • Mr Al Kadhimi says Iraq and Saudi Arabia overcame challenges that were 'obstructing relations' between the countries. SPA
    Mr Al Kadhimi says Iraq and Saudi Arabia overcame challenges that were 'obstructing relations' between the countries. SPA
  • Mr Al Kadhimi holds talks with Prince Mohammed. SPA
    Mr Al Kadhimi holds talks with Prince Mohammed. SPA
  • Mr Al Kadhimi speaks to Prince Mohammed during a visit to Saudi Arabia. SPA
    Mr Al Kadhimi speaks to Prince Mohammed during a visit to Saudi Arabia. SPA
  • Prince Mohammed meets Mr Al Kadhimi during the Iraqi prime minister's trip to Saudi Arabia. Iraqi Prime Minister Media Office
    Prince Mohammed meets Mr Al Kadhimi during the Iraqi prime minister's trip to Saudi Arabia. Iraqi Prime Minister Media Office
  • Prince Mohammed welcomes Mr Al Kadhimi to Riyadh. Iraqi Prime Minister Media Office
    Prince Mohammed welcomes Mr Al Kadhimi to Riyadh. Iraqi Prime Minister Media Office
  • Mr Al Kadhimi held talks with Prince Mohammed during the visit. Iraqi Prime Minister Media Office
    Mr Al Kadhimi held talks with Prince Mohammed during the visit. Iraqi Prime Minister Media Office
  • Iraqi Prime Minister Mustafa Al Kadhimi meets with Saudi Crown Prince Mohammed bin Salman. Iraqi Prime Minister Media Office
    Iraqi Prime Minister Mustafa Al Kadhimi meets with Saudi Crown Prince Mohammed bin Salman. Iraqi Prime Minister Media Office
  • Crown Prince of Saudi Arabia Mohammed bin Salman and Iraq's Prime Minister Mustafa Al Kadhimi walk together on his arrival in Riyadh. SPA
    Crown Prince of Saudi Arabia Mohammed bin Salman and Iraq's Prime Minister Mustafa Al Kadhimi walk together on his arrival in Riyadh. SPA
  • Saudi Crown Prince Mohammed bin Salman welcomes Iraqi Prime Minister Mustafa Al Kadhimi. Iraqi Prime Minister Media Office
    Saudi Crown Prince Mohammed bin Salman welcomes Iraqi Prime Minister Mustafa Al Kadhimi. Iraqi Prime Minister Media Office
  • Crown Prince of Saudi Arabia Mohammed bin Salman. SPA
    Crown Prince of Saudi Arabia Mohammed bin Salman. SPA
  • Crown Prince of Saudi Arabia Mohammed bin Salman and Iraq's Prime Minister Mustafa Al Kadhimi in Riyadh. SPA
    Crown Prince of Saudi Arabia Mohammed bin Salman and Iraq's Prime Minister Mustafa Al Kadhimi in Riyadh. SPA
  • Preparations to welcome Iraqi Prime Minister Mustafa Al Kadhimi in Riyadh. SPA
    Preparations to welcome Iraqi Prime Minister Mustafa Al Kadhimi in Riyadh. SPA
  • The welcome ceremony in Riyadh for Iraqi Prime Minister Mustafa Al Kadhimi. SPA
    The welcome ceremony in Riyadh for Iraqi Prime Minister Mustafa Al Kadhimi. SPA
  • Iraqi Prime Minister Mustafa Al Kadhimi meets with Saudi Crown Prince Mohammed bin Salman. Iraqi Prime Minister Media Office
    Iraqi Prime Minister Mustafa Al Kadhimi meets with Saudi Crown Prince Mohammed bin Salman. Iraqi Prime Minister Media Office
  • Iraqi Prime Minister Mustafa Al Kadhimi meets with Saudi Crown Prince Mohammed bin Salman. Iraqi Prime Minister Media Office
    Iraqi Prime Minister Mustafa Al Kadhimi meets with Saudi Crown Prince Mohammed bin Salman. Iraqi Prime Minister Media Office

Iran and Saudi Arabia denied that the talks took place.

Any momentum is likely to be complicated by Iran's continued sponsorship of proxy militia groups in the region, including Hezbollah in Lebanon and Kataib Hezbollah in Iraq.

Kataib Hezbollah said it would resist efforts by Iraqi Prime Minister Mustafa Al Kadhimi to build ties with Riyadh.

At the start of April, Mr Al Kadhimi visited Riyadh and discussed co-operation in investment with the kingdom, including the establishment of a $3bn infrastructure investment fund.

Conflict in Yemen

The conflict in Yemen is also a sticking point in any rapprochement.

"We will not allow any armed militias on our borders," Prince Mohammed said. "The Houthis must come to the negotiating table.

"The Houthis have strong relations with Iran but at the end of the day, they are Yemenis and we are hoping to have a Yemeni solution to end the conflict.

"The Houthis' coup against the internationally recognised government is illegal and Saudi Arabia will not accept any armed militias on its borders.

"There is no country in the world that would accept the presence of armed militias on its borders, such as the Houthis.

"The Houthis must accept the Saudi ceasefire initiative and participate in talks. We hope that they will reach a solution that guarantees the rights for all."

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Poacher
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The specs
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The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

THE BIO

BIO:
Born in RAK on December 9, 1983
Lives in Abu Dhabi with her family
She graduated from Emirates University in 2007 with a BA in architectural engineering
Her motto in life is her grandmother’s saying “That who created you will not have you get lost”
Her ambition is to spread UAE’s culture of love and acceptance through serving coffee, the country’s traditional coffee in particular.

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.”

GRAN%20TURISMO
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Day 1 results:

Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)

Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

 

 

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David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

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Indoor Cricket World Cup Dubai 2017

Venue Insportz, Dubai; Admission Free

Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa

Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia