Egyptian Foreign Minister Sameh Shoukry, left, receives his Syrian counterpart Faisal Mekdad at the ministry headquarters in Cairo. Egyptian Foreign Ministry
Egyptian Foreign Minister Sameh Shoukry, left, receives his Syrian counterpart Faisal Mekdad at the ministry headquarters in Cairo. Egyptian Foreign Ministry
Egyptian Foreign Minister Sameh Shoukry, left, receives his Syrian counterpart Faisal Mekdad at the ministry headquarters in Cairo. Egyptian Foreign Ministry
Egyptian Foreign Minister Sameh Shoukry, left, receives his Syrian counterpart Faisal Mekdad at the ministry headquarters in Cairo. Egyptian Foreign Ministry

Syria's foreign minister holds talks with Egyptian counterpart during Cairo visit


Amr Mostafa
  • English
  • Arabic

Syria's Foreign Minister Faisal Mekdad arrived in Cairo on Saturday on the first visit by a senior Syrian official to Cairo in more than a decade.

Mr Mekdad was embraced by Egyptian Foreign Minister Sameh Shoukry on arrival at the Egyptian Foreign Ministry before the two sides sat down for talks.

They discussed ways of helping the Syrian people to restore their unity and sovereignty over their entire territory and face challenges that include recovery from the February 6 earthquake.

The ministers also discussed efforts towards a comprehensive political settlement to the Syrian crisis, spokesman for the Egyptian Foreign Ministry Ahmed Abu Zeid said.

Mr Shoukry reiterated Egypt’s support for a political settlement to the Syrian crisis and the efforts of the UN envoy for Syria to that end.

A comprehensive political settlement would mean an end to foreign interference in Syria, guarantee the restoration of its security and stability, preserve the integrity of its lands and sovereignty and allow the voluntary return of Syrian refugees, Mr Shoukry said at the meeting.

Mr Mekdad expressed his appreciation for Egypt’s support for Syria over the years of the crisis.

He thanked Egypt for the humanitarian and relief aid it offered in the aftermath of the quake. He said that he hoped for more Arab solidarity with Syria so that it may overcome its problems.

Mr Mekdad also reviewed the aspects of the Syrian crisis, including the economic, humanitarian and security challenges.

The ministers agreed to increase contacts and discuss the issues of mutual concern, the spokesman said.

Mr Shoukry visited Syria and Turkey in February to show Cairo's solidarity with the earthquake-stricken nations, in a move that signalled a thaw in relations with both countries.

It was the first official visit by an Egyptian foreign minister to Syria since the outbreak of the civil war in 2011 and the first to Turkey since the breakdown in relations between Cairo and Ankara in 2013.

In Syria, Mr Shoukry met President Bashar Al Assad and Mr Mekdad.

Syria was suspended from the Arab League, which has its headquarters in Cairo, in 2011 after the Syrian government's heavy-handed response to street protests against Mr Al Assad that escalated into civil war.

The conflict has killed more than 300,000 people and displaced half the country’s population of 23 million.

Egypt has consistently called for a “political solution” in Syria and steered clear of discussing the future of Mr Al Assad, whose departure has long been demanded by some Arab leaders.

RESULT

Esperance de Tunis 1 Guadalajara 1 
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 5’

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.”

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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Company%20Profile
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COMPANY PROFILE

Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar

Based: Dubai, UAE

Founded: 2014

Number of employees: 36

Sector: Logistics

Raised: $2.5 million

Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE

MATCH INFO

Jersey 147 (20 overs) 

UAE 112 (19.2 overs)

Jersey win by 35 runs

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

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Keep it fun and engaging

Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.

“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.

His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.

He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.

Pathaan
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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

Updated: April 01, 2023, 9:33 PM