China's Foreign Minister holds talks in Egypt as last stop on African tour


Hamza Hendawi
  • English
  • Arabic

China's Foreign Minister met Egyptian leaders and the Arab League chief on Sunday in Cairo, the last stop in a week-long African tour that took Beijing’s top diplomat to Ethiopia, Gabon, Angola and Benin.

Qin Gang met on Sunday with Egyptian President Abdel Fattah El Sisi, Arab League Secretary-General Ahmed Aboul Gheit and his counterpart Sameh Shoukry.

In a joint news conference, Mr Shoukry said the talks dealt with Sino-Egyptian relations and increasing Chinese tourism to Egypt, which has for years been striving to boost the sector.

They also discussed regional issues, including the Israeli-Palestinian conflict.

Tensions have risen in the Palestinian territories since the return to office last month of Prime Minister Benjamin Netanyahu at the head of Israel’s most right-wing and religiously conservative government.

Mr Qin urged Israel to “stop incitements and provocations, and to refrain from taking unilateral actions that could worsen the situation”.

Egyptian Foreign Minister Sameh Shoukry, right, and Chinese counterpart Qin Gang in Cairo. AP
Egyptian Foreign Minister Sameh Shoukry, right, and Chinese counterpart Qin Gang in Cairo. AP

He also called for “maintaining the status quo” in Jerusalem's most important holy site — Al Aqsa mosque, Islam’s third holiest shrine — after an ultra-conservative cabinet minister visited it earlier this month.

The visit by Itamir Ben-Gvir, Israel's National Security Minister, drew fierce condemnation from across the Muslim world and a strong rebuke from the US.

In his meeting with Mr El Sisi, the Chinese minister said Beijing would continue to invest in Egypt’s infrastructure projects.

China has invested billions of dollars in Egyptian state-led projects such as the Suez Canal Economic Zone and the new administrative capital, which is being built in the desert east of Cairo.

Mr Qin arrived in Cairo on Saturday afternoon. His Africa tour is his first overseas trip since he took office in December.

His tour of Africa, where China has over the past two decades invested some $160 billion in infrastructure projects, appeared to be Beijing’s response to last month’s meeting in Washington between US President Joe Biden and dozens of African leaders.

Mr Biden pledged government funding and private investment to help the resources-rich continent develop in the fields of health, infrastructure, business and technology.

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Match info

Manchester United 1 (Van de Beek 80') Crystal Palace 3 (Townsend 7', Zaha pen 74' & 85')

Man of the match Wilfried Zaha (Crystal Palace)

Russia's Muslim Heartlands

Dominic Rubin, Oxford

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
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Ian McEwan 
 

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5.30pm: Maiden (PA) Dh80,000 (T) 1,600m, Winner: Hisham Al Khalediah II, Fernando Jara, Mohamed Daggash.

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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.”

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36 - South Africa v Australia at Melbourne, Feb. 1932

36 - Australia v England at Birmingham, May 1902

36 - India v Australia at Adelaide, Dec. 2020

38 - Ireland v England at Lord's, July 2019

42 - New Zealand v Australia in Wellington, March 1946

42 - Australia v England in Sydney, Feb. 1888

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Updated: January 16, 2023, 8:54 AM