The UAE and Egypt trace their historically strong ties to the era of the late Sheikh Zayed, former Egyptian president Anwar Sadat's son Gamal told The National.
"Fifty years ago, the late Sheikh Zayed began a path, which leaders since then have walked on. The UAE and Egypt complement one another and the security of Egypt is the security of the UAE," Mr Sadat said on the sidelines of a three-day event in the Egyptian capital, Cairo, to celebrate the golden jubilee of ties.
"When Egypt is strong, the UAE is as well. And if Egypt is in a difficult position, the UAE is there to support it."
Mr Sadat also praised the UAE's position, and that of other Arab nations, in backing Egypt during the 1973 war with Israel, which occurred when Anwar Sadat was in power.
"If I were to speak to the October war, then we need to also remember the role of all Arab nations back then and the strength they displaced as one. This strength is returning with the current leaders in power," he said.
Mr Sadat said he was "unable to recount" all the notable deeds performed and positions that the UAE had taken towards his country.
"Egypt is a force to be reckoned with and the UAE's strength is different, but important too," he said.
"Both countries are strong together. May God keep this relationship going for another 50 years."
Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, tweeted a video looking back at the deep-rooted relationship.
He said: "Today in Egypt, the UAE celebrates 50 years of fraternal, stable, advanced relations. We also celebrate and mark the beginning of 50 new years, under the leadership of my brother President Abdel Fattah El Sisi and my brother Mohamed bin Zayed, President of the State, may God protect him."
"Egypt and the UAE are one heart," he wrote.
At the event, Ahmed bin Mohamed Aljarwan, president of the Global Council for Tolerance and Peace, said Sheikh Zayed's role was vital in building the infrastructure on which relations between the two countries are based.
"The late Sheikh Zayed worked with previous Egyptian leaders in work that reflects the love and loyalty among the two nations and the economic, political and cultural capabilities that were built since then benefiting future generations in Egypt and the UAE," he said.
After day-long sessions on areas of co-operation between the two nations, Egypt's minister for planning and economic development, Hala Said, talked about their shared vision.
"These historic relations between the two countries continue on with President [Sheikh] Mohamed bin Zayed and Abdel Fattah El Sisi in the congruence of the vision between these two leaderships on all the issues that matter to the region and the world," Ms Said said.
The minister spoke about the "exceptional circumstances" facing the world with the Covid-19 pandemic and the Russian invasion of Ukraine.
"When there are such external shocks, it is important for us to unite further in investment and food production so that we are able to be self-sufficient in agriculture and our various needs because that is what gives the two nations strength," she said.
"We have a common platform between the Sovereign Fund of Egypt and Abu Dhabi Developmental Holding Company on a number of investments over the coming years and we have another set of investments in renewable energy, as Egypt prepares to host Cop27 soon followed by the UAE as host in its next iteration."
On the upcoming climate conference, Cop27, Egyptian Minister of Environment Yasmine Fouad said the event will take place under "extremely complex global conditions".
Ms Fouad said Mr El Sisi had taken into account "all aspects" that matter to humanity, including "energy, water scarcity, food and biodiversity" with a focus on separate sessions throughout the conference that will focus specifically on these issues.
"Consensus among participating countries will increase the event's success as it prepares to hand the presidency over to the UAE for the next edition, which Egypt co-operates with on environmental projects including water scarcity and the development of mangrove forests," she said.
How%20to%20avoid%20getting%20scammed
%3Cul%3E%0A%3Cli%3ENever%20click%20on%20links%20provided%20via%20app%20or%20SMS%2C%20even%20if%20they%20seem%20to%20come%20from%20authorised%20senders%20at%20first%20glance%3C%2Fli%3E%0A%3Cli%3EAlways%20double-check%20the%20authenticity%20of%20websites%3C%2Fli%3E%0A%3Cli%3EEnable%20Two-Factor%20Authentication%20(2FA)%20for%20all%20your%20working%20and%20personal%20services%3C%2Fli%3E%0A%3Cli%3EOnly%20use%20official%20links%20published%20by%20the%20respective%20entity%3C%2Fli%3E%0A%3Cli%3EDouble-check%20the%20web%20addresses%20to%20reduce%20exposure%20to%20fake%20sites%20created%20with%20domain%20names%20containing%20spelling%20errors%3C%2Fli%3E%0A%3C%2Ful%3E%0A
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.”
Key recommendations
- Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
- Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
- Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
- More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
RESULTS
6.30pm: Handicap (rated 95-108) US$125,000 2000m (Dirt).
Winner: Don’t Give Up, Gerald Mosse (jockey), Saeed bin Suroor (trainer).
7.05pm: Handicap (95 ) $160,000 2810m (Turf).
Winner: Los Barbados, Adrie de Vries, Fawzi Nass.
7.40pm: Handicap (80-89) $60,000 1600m (D).
Winner: Claim The Roses, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: UAE 2000 Guineas Trial (Div-1) Conditions $100,000 1,400m (D)
Winner: Gold Town, William Buick, Charlie Appleby.
8.50pm: Cape Verdi Group 2 $200,000 1600m (T).
Winner: Promising Run, Patrick Cosgrave, Saeed bin Suroor.
9.25pm: UAE 2000 Guineas Conditions $100,000 1,400m (D).
Winner: El Chapo, Luke Morris, Fawzi Nass.
Dengue%20fever%20symptoms
%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A
