Iraq's President Barham Salih met Jordan's King Abdullah II and Egyptian President Abdel Fattah El Sisi in Baghdad on Sunday for talks to strengthen ties and co-operation between the three countries.
The three leaders discussed a transport route and ways to boost trade and security co-operation in the region.
Mr Salih, who welcomed his fellow leaders on the tarmac at Baghdad airport, said the summit was "an eloquent message amid enormous regional challenges".
"Iraq's recovery paves the way to an integrated system for our region built on the fight against extremism, respect for sovereignty and economic partnership," he said on Twitter.
Mr El Sisi's visit is the first by an Egyptian president since before Iraq’s invasion of Kuwait under former dictator Saddam Hussein, in 1990.
Mr El Sisi told Mr Salih that Egypt "looked forward to developing co-operation with Iraq into a sustainable framework of economic integration and strategic co-operation", the Egyptian presidency said.
It said Mr Salih expressed Iraq's "keenness to raise co-operation with Egypt to the level of strategic partnership ... as a cornerstone for maintaining regional security and stability".
While relations between the three have not always been close, they have rebuilt ties since the US-led invasion toppled Saddam in 2003 and upended the political order in Baghdad.
Since Mr Salih took office in 2018 and then under Prime Minister Mustafa Al Kadhimi, Baghdad has sought to re-engage with its neighbours, and senior ministers have met for several rounds of talks to boost trade, political ties and travel since 2019.
They have named the co-operation the New Levant, or Al Mashriq Al Jadeed, Alliance.
Mr Al Kadhimi's office said the summit would address topics including political and economic co-operation, in particular strengthening investment, and "joint efforts in the fight against terrorism".
As in previous meetings between officials from the three countries, Sunday’s summit ended with no major announcements but Iraqi Foreign Minister Fuad Hussein said the leaders stressed the need to continue discussions on a verity of topics.
They discussed several projects, including establishing an industrial city with Jordan, producing medicine and insecticides, as well as housing and construction, Mr Hussein said.
He said holding the summit amid the current challenges in the region marked a success.
“The leaders of the three countries and the political leaders are continuing co-operation in order to face the challenges and to invest the opportunities, whether in economy and politics,” Mr Hussein said.
Jordanian Foreign Minister, Ayman Al Safadi, said the leaders expressed support to Egypt and Sudan in the Nile dam dispute with Ethiopia, and their support for the Palestinian people to establish their independent state on 1967 borders.
Egyptian Foreign Minister Sameh Shoukry said the next summit would be held in Cairo, but did not set a date.
Sunday’s meeting was supposed to take place in March but was delayed because of a deadly train crash in Egypt that month, and a plot in Jordan involving a former palace adviser to the king, as well as his half-brother.
Previously, the three nations agreed to link up electricity grids to allow the sale and sharing of power to help Iraq reduce its dependence on Iranian electricity and gas imports.
Baghdad must obtain regular sanctions waivers from the US to continue the imports without penalty.
The partners are also working out a deal to export Iraqi crude oil through Jordan to Egypt or to international markets.
Iraq also plans to build an oil pipeline with a capacity of 1 million barrels a day to export crude from Jordan’s Port of Aqaba.
Of that, 150,000 barrels would be supplied to Jordan's Zarqa refinery.
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.”
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
Sholto Byrnes on Myanmar politics
Company%C2%A0profile
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COMPANY%20PROFILE
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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
RESULTS
6.30pm UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m
Winner Final Song, Christophe Soumillon (jockey), Saeed bin Suroor (trainer).
7.05pm Handicap (TB) $135,000 (Turf) 1,000m
Winner Almanaara, Dane O’Neill, Doug Watson.
7.40pm Handicap (TB) $175,000 (D) 1,900m
Winner Grand Argentier, Brett Doyle, Doug Watson.
8.15pm Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m
Winner Major Partnership, Patrick Cosgrave, Saeed bin Suroor.
8.50pm Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m
Winner Gladiator King, Mickael Barzalona, Satish Seemar.
9.25pm Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m
Winner Universal Order, Richard Mullen, David Simcock.
The%20specs%20
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