King Abdullah II of Jordan vowed to protect his country from regional tension following Iran’s strikes on Israel, during which Jordanian forces intercepted several missiles and drones launched by Tehran.
“Jordan’s security and sovereignty are above all considerations,” a Royal Hashemite Court quoted the king as saying in a speech to community leaders in the northern Mufraq province on Tuesday, stressing that the “protection of Jordanians comes above all else”.
“Jordan will not be a battlefield for any party,” added the king.
Iran last weekend launched an unprecedented attack on Israel when it fired a barrage of missiles and drones. Jordan shot down some that flew over its capital Amman, with Jordanian Foreign Minister Ayman Safadi saying the kingdom believed the projectiles posed “a real danger” to its territory.
Jordan, about half of whose population is of Palestinian origin, is also a close US ally and signed a peace treaty with neighbouring Israel 30 years ago.
It was among a group of nations, also including the US, UK and France, that shot down the missiles, rockets and attack drones launched by Iran and its allies at Israel.
Jordan stressed its aim was to protect its own sovereignty rather than defend Israel.
“I think [the king’s] message is very clear. Jordan is defending its territory and sovereignty. It's ready to take action to do that though we don't want to be in the middle of any conflict,” Amer Al Sabaileh, a Jordanian geopolitical analyst, told The National.
Mr Al Sabaileh said he expects the king to increase his visits to different cities across the country in the coming days to ensure Jordanians of the kingdom’s efforts to maintain stability amid volatile developments among its neighbours.
“I think talking to internal social forces and visiting cities sends a clear message, as well to the people, that the stability and the unity of the internal front is the major issue and the pillar on which the Jordanian strategy today is built,” he said.
Following Jordan’s interception of the drones and missiles, Iran – which labelled its attack an act of self-defence after a deadly Israeli strike on its Syria consulate – warned Jordan it could be “the next target”, a military source was reported as saying by Iran's Fars news agency.
Jordan's Foreign Ministry summoned the Iranian ambassador and demanded that Tehran stop “questioning” its positions.
Mr Safadi insisted that “if the danger had come from Israel, Jordan would have taken the same measures”.
Earlier on Tuesday evening, the official spokesman for the Jordanian Armed Forces confirmed that the Royal Jordanian Air Force began increasing its air sorties to “prevent any air penetration” and defend Jordanian airspace.
“This measure confirms Jordan's firm position not to allow the use of Jordanian airspace by any party for any purpose, given the infringement it constitutes on Jordanian sovereignty, and what may threaten the security of the nation and the safety of its citizens,” the spokesman said.
Israel has been heavily scrambling GPS this past week inside its territories, as well as over its neighbours Lebanon and Jordan, to diminish the ability of attack drones to navigate and reach its targets in Israel.
The National has verified using several phones that applications such as Google Maps and Uber showed users in Jordan appearing in Cairo as of Wednesday.
“Those in the West claiming that Arab co-operation in downing Iranian drones is evidence of an emerging patchwork of an Arab-Israel missile air defence system or a common Arab-Israeli front against Iran are either wishful thinkers or, even worse, spinning this incident for PR,” Nasser bin Nasser, a Jordanian political strategist, said on X.
The Israeli spins on Jordan and Saudi Arabia intercepting several drones were clear when Israeli news websites were quick to publish reports that regional Arab neighbours had actively taken part in helping them.
Informed sources denied reports that Riyadh had participated in the interception of Iranian drones during the attack on Israel, Saudi news channel Al Arabiya reported.
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UAE's final round of matches
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- Sep 6, 2016 Lost to Australia 1-0 (home)
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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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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