Arab League foreign ministers met in the Egyptian capital of Cairo on Wednesday. EPA
Arab League foreign ministers met in the Egyptian capital of Cairo on Wednesday. EPA
Arab League foreign ministers met in the Egyptian capital of Cairo on Wednesday. EPA
Arab League foreign ministers met in the Egyptian capital of Cairo on Wednesday. EPA

First Arab League summit in three years set for Algeria in November


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The Arab League will hold its first summit in three years in November after the Covid-19 pandemic forced the meetings to be suspended.

The two-day conference, which is usually held in March, had been planned for later this month. It will now be held in Algiers, Algeria, starting on November 1, the organisation's chief Ahmed Aboul Gheit said.

The last Arab League summit was held in Tunis in March 2019.

A meeting of Arab League foreign ministers in Cairo on Wednesday discussed Russia's invasion of Ukraine, citing “the need to reach a diplomatic solution” in a final statement.

But Mr Aboul Gheit issued a warning that the war “must not let us forget the Arab crises that are not over".

Conflict and crises persist in several Arab countries. Yemen has been mired in war since 2014. The UN estimates that the conflict killed 377,000 people by the end of 2021, both directly and indirectly through hunger and disease, while millions have been displaced.

Sudan is reeling after a military coup in October that derailed a fragile transition to civilian rule, after longtime strongman Omar Al Bashir was toppled in 2019.

  • A man flashes the victory sign during a protest in Khartoum to denounce the October 2021 military coup in Sudan. AP
    A man flashes the victory sign during a protest in Khartoum to denounce the October 2021 military coup in Sudan. AP
  • The UN said it would hold talks in Sudan to try to set the country's transition to democracy back on track. AP
    The UN said it would hold talks in Sudan to try to set the country's transition to democracy back on track. AP
  • A Sudanese man , in the capital Khartoum holds a poster that reads in Arabic: ‘No to the use of live bullets against the unarmed’ during a protest against the October 2021 military coup. AFP
    A Sudanese man , in the capital Khartoum holds a poster that reads in Arabic: ‘No to the use of live bullets against the unarmed’ during a protest against the October 2021 military coup. AFP
  • A Sudanese woman carries a child during a protest against the October 2021 military coup. AFP
    A Sudanese woman carries a child during a protest against the October 2021 military coup. AFP
  • The coup on October 25, led by army chief General Abdel Fattah Al Burhan, derailed a power-sharing transition between the military and civilians that had been painstakingly established after longtime dictator Omar Al Bashir was removed in 2019. AFP
    The coup on October 25, led by army chief General Abdel Fattah Al Burhan, derailed a power-sharing transition between the military and civilians that had been painstakingly established after longtime dictator Omar Al Bashir was removed in 2019. AFP
  • People chant slogans during a protest to denounce the coup. AP
    People chant slogans during a protest to denounce the coup. AP
  • A Sudanese man carries the national flag during an anti-coup demonstration. AFP
    A Sudanese man carries the national flag during an anti-coup demonstration. AFP
  • People chant slogans during a protest to denounce the military takeover. AP
    People chant slogans during a protest to denounce the military takeover. AP
  • Sudanese protesters walk past burning tyres during a rally. AFP
    Sudanese protesters walk past burning tyres during a rally. AFP
  • A mask-clad Sudanese protester attends a demonstration. AFP
    A mask-clad Sudanese protester attends a demonstration. AFP

Libya now finds itself with two rival prime ministers vying for power — a standoff that threatens a return to violence after a year and a half of relative stability.

Arab countries are also divided over the issue of Syria's return to the Arab League. The country was suspended in 2011 after its brutal repression of peaceful protests spiralled into a complex civil war.

This year's summit is important for Algeria, which has been seeking to expand its political sphere of influence, against the backdrop of heightened tension with Morocco.

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.”

Moral education needed in a 'rapidly changing world'

Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.

Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.

"Moral education touches on every aspect and subject that children engage in.

"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.

"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."

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Updated: March 10, 2022, 4:21 AM