Saudi Arabia's Defence Minister Prince Khalid bin Salman with Pakistan’s Chief of Army Staff Field Marshal Asim Munir in Riyadh. Photo: @kbsalsaud
Saudi Arabia's Defence Minister Prince Khalid bin Salman with Pakistan’s Chief of Army Staff Field Marshal Asim Munir in Riyadh. Photo: @kbsalsaud
Saudi Arabia's Defence Minister Prince Khalid bin Salman with Pakistan’s Chief of Army Staff Field Marshal Asim Munir in Riyadh. Photo: @kbsalsaud
Saudi Arabia's Defence Minister Prince Khalid bin Salman with Pakistan’s Chief of Army Staff Field Marshal Asim Munir in Riyadh. Photo: @kbsalsaud

Saudi Arabia honours Pakistani army chief with King Abdulaziz Medal


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Saudi Arabia’s Defence Minister Prince Khalid bin Salman presented the King Abdulaziz Medal of the First Class to Pakistan’s Chief of Army Staff in recognition of "his distinguished efforts to enhance our co-operation and advance the Saudi-Pakistani relations”.

Field Marshal Asim Munir was given the award following an order from King Salman, Prince Khaled said on his official X account.

In their meeting in Riyadh on Sunday, Prince Khalid and Field Marshal Munir reviewed the two countries' relations and defence co-operation.

"We also discussed efforts to promote international peace and security, as well as other topics of mutual interest,” Prince Khalid said.

The prince also congratulated Field Marshal Munir on his appointment as Pakistan's Chief of Defence Forces.

Saudi Arabian Defence Minister Prince Khalid bin Salman presents Pakistan’s Chief of Army Staff Field Marshal Asim Munir with the King Abdulaziz Medal of the First Class Photo: @kbsalsaud
Saudi Arabian Defence Minister Prince Khalid bin Salman presents Pakistan’s Chief of Army Staff Field Marshal Asim Munir with the King Abdulaziz Medal of the First Class Photo: @kbsalsaud

In September, Saudi Arabia and Pakistan signed a mutual defence agreement as a way of strengthening deterrence.

The agreement was signed by Saudi Crown Prince Mohammed bin Salman and Pakistan's visiting Prime Minister Shehbaz Sharif in Riyadh.

Under the agreement, any aggression against either country will be considered aggression against both.

The agreement came as Gulf leaders were increasingly alarmed after Israel's strike on Doha that month targeting Hamas officials.

Saudi Arabia has said the agreement reflected the shared commitment of both nations to enhance their security and to achieve security and peace in the region and the world and aimed to develop aspects of defence co-operation between the two countries and strengthen joint deterrence against any aggression.

In October, the two nations also launched an economic co-operation framework and signed preliminary agreements for energy and an electricity interconnection project.

Under the framework, many “strategic and high-impact” projects will be discussed in the economic, trade, investment and development fields that will contribute to strengthening bilateral co-operation, enhancing the private sector’s role and increasing trade exchange between the two countries, it said. Priority sectors include energy, industry, mining, information technology, tourism, agriculture and food security.

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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.”

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Tottenham Hotspur 3 (Son 1', Kane 8' & 16') West Ham United 3 (Balbuena 82', Sanchez og 85', Lanzini 90' 4)

Man of the match Harry Kane

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Updated: December 22, 2025, 7:07 AM