The threat of terrorism remains a pressing challenge for Nato as it increases its ties with Arab states, a senior alliance official told The National on Thursday.
The western alliance has been developing its “building defence capacity” programmes over the years with countries such as Jordan, Tunisia and more recently Mauritania.
The programmes underpin Nato’s partnerships, he said.
This week, Nato member states met in Madrid to discuss a new strategy for countering international threats, and to adapt an evolving security response.
In Jordan, the alliance has been assisting the government in its fight against terrorism since 2014.
The latest updates to the region's defence capabilities demonstrate “Nato’s commitment to Jordan and to the region, and that the fight against terrorism is growing and becoming more intense and in-depth,” the official said.
“The most recent update of Jordan’s package emphasises special operations forces, border security and other key counterterrorism capabilities,” said the official.
“It’s one of a good set of success stories,” he said.
In terms of capacity building, Nato has been assisting Jordan's National Centre for Security Crisis to “achieve full operational capacity. For example, it helped co-ordinate the country's Covid-19 pandemic response,” said the official.
The alliance has also supported the training of 200 military and law enforcement officials in dealing with improvised explosive devices (IEDs).
And a new military training centre has been built in Jordan for women, he said.
In Tunisia, Nato has enhanced its intelligence and cybersecurity forces and now has 11 initiatives which were updated at Nato's summit in Madrid this week.
Nato's programme has aimed to increase the professionalism of Tunisia's special forces, enhance its IED capability, its intelligence, and cybersecurity.
“All of these things help support the fight against terrorism and help the nation of Tunisia to be more stable and more secure,” said the official.
Nato is also concerned about the Sahel region's deteriorating security situation.
“I reaffirm that Nato’s approach to Sahel is focused on building a long-standing relationship with Mauritania; it has six initiatives and it intends to help enhance its key security concerns,” the official said.
The initiatives include enhancing counterterrorism capabilities, working with security forces and strengthening maritime security. Other initiatives include military education, he said.
The Madrid summit's declaration, published late on Wednesday, stated that “terrorism, in all its forms and manifestations, continues to pose a direct threat to the security of our populations, and to international stability and prosperity.”
“With determination, resolve, and in solidarity, allies will continue to counter Russian threats and respond to its hostile actions and to fight terrorism, in a manner consistent with international law.”
More on animal trafficking
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What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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.”
FIRST TEST SCORES
England 458
South Africa 361 & 119 (36.4 overs)
England won by 211 runs and lead series 1-0
Player of the match: Moeen Ali (England)
Company%20profile
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UAE currency: the story behind the money in your pockets
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
MATCH INFO
Everton 2 Southampton 1
Everton: Walcott (15'), Richarlison (31' )
Southampton: Ings (54')
Man of the match: Theo Walcott (Everton)
FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
Getting%20there%20
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BIG SPENDERS
Premier League clubs spent £230 million (Dh1.15 billion) on January transfers, the second-highest total for the mid-season window, the Sports Business Group at Deloitte said in a report.
Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
Penguin
Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
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