French President Emmanuel Macron on Thursday attempted to instil a sense of urgency in the need to respond to Europe's weakening role on the global stage by calling for a response based on "power, prosperity and humanism" ahead of a tense European election in June.
"We are at a tipping point and Europe could die," Mr Macron told an audience of politicians, ambassadors, government officials, students and think tank members. "It is up to us to make the right choices."
Mr Macron was speaking at Sorbonne University in Paris as he tried to garner a similarly enthusiastic reaction to a landmark speech delivered in 2017. It was widely viewed as visionary due to its call for a common European defence, five years before Russia's full-scale invasion of Ukraine.
In a sweeping speech on Thursday in which he tackled a broad range of issues including European Central Bank reforms and stricter online parental controls, Mr Macron warned Europe had a problem of "rhythm and model".
"The era when Europe bought its energy and fertilisers from Russia, produced in China and delegated its security to the US is over," said Mr Macron.
"The rules of the game have changed and Europe must respond with power, prosperity and humanism."
The fact that Iran is about to obtain the nuclear weapon changes everything
Emmanuel Macron
He highlighted Russia's full-scale invasion of Ukraine in 2022 as the number-one threat to Europe's security. "The fact that has returned to European soil due to a nuclear power changes everything. The fact that Iran is about to obtain the nuclear weapon changes everything," he said.
Europe is fragile but also special, which is why it should survive, said the French President, who is viewed in some quarters as the strongest leader on the continent.
"Being European means defending the idea that a free and rational man comes above all else.
“Europe is not a ticket office in which we agree, in some way, to choose the principles. This is also why we must strengthen our capacity to fight interference and propaganda, particularly during these electoral times."
Mr Macron accused China and the US of disrespecting international trade rules and called on Europe to rethink its economic model. "The risk is that Europe falls behind," he said, arguing that the bloc must invest more in its defence and green technology. He backed the idea of a European loan to finance military purchases.
The French leader condemned attacks against liberal European democracies, as French security services have become increasingly vocal about their fears of Russian cyberattacks during the coming election. "Our Europe has more and more challenges in its ability to be attractive as a political model," he said.
He called on stronger controls at European borders to stop illegal migration, while also criticising the British model of sending asylum seekers to Rwanda.
"We're creating a geopolitics of cynicism, which betrays our values and will build new dependencies, and which will prove completely ineffective," he said.
Mr Macron's speech was also an attempt to defend his European legacy ahead of the June election as his party struggles in the polls, which show the far-right Eurosceptic Rassemblement National (National Rally) ahead, with more than 30 per cent of the vote.
Valerie Hayer, an MEP with no government experience, backed by Mr Macron, is projected to obtain 17.5 per cent of the vote, while her centre-left colleague at the European Parliament, Raphael Glucksmann, is at 12.5 per cent.
There are fears Ms Hayer could come third in the election, which would further weaken Mr Macron's position after a series of unpopular reforms.
The President's advisers have however denied reports that his speech was aimed at reinvigorating his allies' political campaign in the run-up to the election.
Speaking ahead of the event, they highlighted that it precedes a meeting next month of the EU's 27 leaders, during which they will adopt the bloc's strategic agenda for the next five years.
Mr Macron hopes to "guide and influence this next agenda strategic of the European Union", an adviser said.
In a signal that he aimed to speak to a European audience, not only a French one, Mr Macron's highly anticipated speech was simultaneously translated into English and German. The choice of the Sorbonne University was symbolic, said one of his advisers, who described it as a "place of an intuition" and "a place of results".
Political opponents predictably criticised Mr Macron, with French far-left MEP Manon Aubry highlighting the lack of results of government investment in the green industry.
"Macron took stock of the helpless Europe that he himself created by closing factories, relocating drug production, multiplying free-trade treaties, destroying our public services," she wrote on X, former Twitter.
Ms Aubry is one of many MEPs who criticised Mr Macron for giving his speech on the same day as a plenary session in the European Parliament, meaning several politicians could not attend in person.
The far right did not immediately react to the speech, but RN figurehead Marine Le Pen previously said it would "mobilise" her voters.
She has also said that should Mr Macron suffer "electoral defeat" in June, she would call for Parliament to be dissolved and a new election.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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.”
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Results
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If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3ESingle%20front-axle%20electric%20motor%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E218hp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E330Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20automatic%3Cbr%3E%3Cstrong%3EMax%20touring%20range%3A%20%3C%2Fstrong%3E402km%20(claimed)%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh215%2C000%20(estimate)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ESeptember%3C%2Fp%3E%0A
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
RESULTS
6.30pm Handicap (TB) $68,000 (Dirt) 1,200m
Winner Canvassed, Par Dobbs (jockey), Doug Watson (trainer)
7.05pm Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m
Winner Dubai Future, Frankie Dettori, Saeed bin Suroor
7.40pm UAE 2000 Guineas – Group 3 (TB) $125,000 (D) 1,600m
Winner Mouheeb, Ryan Curatolo, Nicholas Bachalard
8.15pm Firebreak Stakes – Group 3 (TB) $130,000 (D) 1,600m
Winner Secret Ambition, Tadhg O’Shea, Satish Seemar
9.50pm Meydan Classic – Conditions (TB) $$50,000 (T) 1,400m
Winner Topper Bill, Richard Mullen, Satish Seemar
9.25pm Dubai Sprint – Listed Handicap (TB) $88,000 (T) 1,200m
Winner Man Of Promise, William Buick, Charlie Appleby
Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
Penguin
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia