The UAE has rejected “baseless allegations” made by Sudan’s ambassador to the UN, who accused the Emirates of fuelling the civil war in his country.
Lana Nusseibeh, Assistant Minister for Political Affairs at the Ministry of Foreign Affairs, said the UAE had submitted a letter to the UN Security Council in which it stressed the spread of disinformation and false narratives aims to deflect responsibility and undermine international efforts to address the humanitarian crisis in Sudan, Wam reported.
The UAE said it remains committed to engaging with all stakeholders to support any process that aims to set Sudan on a political path to a lasting settlement and the formation of a civilian-led government.
Last week, Sudan's UN ambassador said the war “wouldn't have begun without the support of the UAE”, accusing the country of providing military, logistical and political support to the Rapid Support Forces paramilitary.
“The UAE sponsored the aggression, sponsored the war,” Al Harith Idriss Al Harith Mohamed said.
In the letter sent to the UN Security Council, the UAE’s ambassador to the UN Mohamed Abushahab said his country “unequivocally rejects the baseless allegations” made by the Sudanese representative.
The accusations “run counter to the long-standing brotherly relations between our two countries and regrettably appear to be nothing more than an attempt to divert attention from the conflict and the dire humanitarian situation caused by the ongoing fighting”, the letter added.
Sudan's bloody civil war began last April when a power struggle between two rival generals devolved into open conflict.
The war has pitted the Sudanese armed forces, led by Gen Abdel Fattah Al Burhan, against the RSF, led by Gen Mohamed Dagalo.
The UN estimates between 10,000 and 15,000 people have been killed, with about eight million displaced.
A UN report published in February accused both sides of committing horrific abuse, including using “explosive weapons with wide-area effects, such as missiles fired from fighter jets, unmanned aerial vehicles, anti-aircraft weapons and artillery shells in densely populated areas”.
International efforts led by the US and Saudi Arabia to broker a truce have failed and the two sides have refused to return to the negotiating table.
The UAE has called for dialogue between the two factions.
“Since the outbreak of the conflict in Sudan, the United Arab Emirates has consistently expressed its firm belief that there can be no military solution to the conflict," Mr Abushahab said in the letter.
“We are therefore deeply concerned that the parties to the conflict have not heeded the repeated calls for an immediate cessation of hostilities and efforts to seek a sustainable resolution to the conflict through dialogue.”
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.”
Brief scoreline:
Liverpool 2
Keita 5', Firmino 26'
Porto 0
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Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5