The Arab League has called for practical and immediate steps to solve the Syrian crisis and safeguard unity and sovereignty in the country, in the final communique of its summit in Jeddah on Friday.
Practical steps must “meet the aspiration of its people and rid the country of terrorism” as well as create suitable conditions for the “natural and safe number of refugees”, said the Jeddah Declaration issued at the end of the summit on Friday.
Syrian President Bashar Al Assad was given a warm welcome at the Arab League summit on Friday by Saudi Arabia's Crown Prince Mohammed bin Salman, who embraced the once-shunned leader.
Arab leaders had ostracised Mr Al Assad's government after a crackdown on protesters in 2011 led to a civil war that has resulted in the deaths of more than half a million people and the displacement of millions of Syrians.
Sheikh Tamim, the Emir of Qatar, and Egyptian President Abdel Fattah El Sisi also shook hands with Mr Al Assad.
During an address to fellow leaders, Mr Al Assad voiced hope for a new era of Arab co-operation, as his country was welcomed back to the Arab League after 12 years of suspension.
“I hope that it marks the beginning of a new phase of Arab action for solidarity among us, for peace in our region, development and prosperity instead of war and destruction,” Mr Al Assad told the summit.
The final communique also addressed the conflict in Sudan, which began more than a month ago when two generals started fighting for control of the country, following disputes over the integration of the Rapid Support Forces militia into the army.
Sudan's army chief Gen Abdel Fattah Al Burhan – who sent a representative to the summit – took the long-expected step on Friday of removing paramilitary RS chief Gen Mohamed Dagalo – better known as Hemedti – from his post on the ruling Sovereign Council.
Ongoing talks in Jeddah
When asked about the latest US-Saudi efforts regarding efforts to end the conflict in Sudan, Saudi Foreign Minister Prince Faisal bin Farhan said that the kingdom was still working with Washington to reach a humanitarian truce.
“The situation in Sudan, especially the humanitarian aspect of the conflict, is very dire at the moment and we’re trying from all the diplomatic fronts to push for a truce,” Prince Faisal said.
The Saudi Foreign Minister called on the Sudanese parties to “show responsibility” and resort to dialogue, noting that the Jeddah talks on Sudan would continue in the days to come.
“But it is too early to talk about a breakthrough at the moment,” he added.
The summit focused on the themes of “renewal and change”, as part of the Saudi Crown Prince’s recent efforts to realign foreign policy and engagement in the region.
Riyadh has improved its relations with Iran, restored ties with Syria and is ending the kingdom’s years-long war in Yemen.
Iran, a main backer of the Syrian government in the country's conflict, signed an agreement in China in March to resume relations with Saudi Arabia.
Tehran has also expressed its support for Damascus’s rapprochement with its regional neighbours.
The Arab League’s final communique also mentioned Iran’s nuclear ambitions, saying that any deal with Tehran must directly address the country’s behaviour on the regional stage and its use of proxy groups.
In total, the league passed 32 draft resolutions as part of the Arab action plan for 2023.
'Long way to go'
During the summit’s final press conference, the exercise in mutual dialogue was put the test when one of Syria’s state television reporters confronted Arab League Secretary General Ahmed Aboul Gheit on the body's relevance.
The reporter began by asking a question that slowly devolved into a monologue before abruptly asking Mr Aboul Gheit for his thoughts on the “Arab street no longer paying much attention to the Arab League’s work and mechanisms”.
The question irked Mr Aboul Gheit, who interrupted her, saying he did not agree with the question implying the body he heads has lost influence on the regional stage, given the high-level representation from league members at the summit as well as the number of reporters present.
“It’s ironic that this quarrel spoilt the end of the summit but that is an analogy of how far we still have to go in listening to each other despite our difference in approaches toward further co-operation after a decade of not seeing eye to eye on a lot of issues,” one Saudi official told The National after the press conference.
Ending crises
The Arab League’s summit in Jeddah has been a test for Prince Mohammed’s plans to realign the region after more than a decade of conflict.
During his address at the summit, he said he hoped Syria's “return to the Arab League leads to the end of its crisis”.
Saudi Arabia would “not allow our region to turn into a field of conflicts”, he said and added the page had been turned on “painful years of struggle”.
Washington has objected to any steps towards normalisation with Mr Al Assad, saying there must first be progress towards a political solution to the conflict.
“We understand the point of view of the United States and our partners in the West, but addressing the ongoing challenges requires a new approach and that will not come without dialogue,” Prince Faisal told a news conference at the end of the summit.
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.”
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
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The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh289,000
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Gulf Under 19s final
Dubai College A 50-12 Dubai College B
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What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.