French President Emmanuel Macron delivers a speech at the Moroccan parliament in Rabat on Tuesday. EPA
French President Emmanuel Macron delivers a speech at the Moroccan parliament in Rabat on Tuesday. EPA
French President Emmanuel Macron delivers a speech at the Moroccan parliament in Rabat on Tuesday. EPA
French President Emmanuel Macron delivers a speech at the Moroccan parliament in Rabat on Tuesday. EPA

Morocco’s sovereignty is only ‘present and future’ for Sahara region, says Macron


Ghaya Ben Mbarek
  • English
  • Arabic

President Emmanuel Macron reiterated France’s recognition of Morocco’s sovereignty over the Sahara region as he addressed the country’s parliament in Rabat on Tuesday, stating that this was the only framework for the territory’s “present and future”.

Mr Macron, who is in Morocco for a three-day state visit, expressed his country’s full support to a plan Morocco presented to the UN Security Council in 2007 to allow the region to enjoy autonomy under its sovereign rule. Under this plan, the region would have its own parliament and manage its budget, while Rabat would maintain overall sovereignty and control over defence and foreign relations. The region would retain the Moroccan flag, national anthem and currency.

“Autonomy under Moroccan sovereignty is the framework within which this issue must be resolved and the 2007 autonomy plan is the only basis for achieving a just and lasting solution,” Mr Macron said after receiving a standing ovation from MPs for his first public statement regarding the Sahara question.

Mr Macron stressed that France’s position stemmed from a belief in solutions that “respect reality and promote the future”.

In July, the French President cleared all previous ambiguity over France’s position in a letter to Morocco's King Mohammed VI on the anniversary of his coronation. He expressed his support for the kingdom’s plan and road map to end the decades-long dispute over the region.

Morocco's King Mohammed VI speaks to France's President Emmanuel Macron during a ceremony at the royal palace in Rabat on Monday. AFP
Morocco's King Mohammed VI speaks to France's President Emmanuel Macron during a ceremony at the royal palace in Rabat on Monday. AFP

France's position was not well received by Morocco’s neighbour Algeria, which withdrew its ambassador from Paris after calling it “unexpected, unsuccessful and un-useful”.

Algeria has rejected Moroccan sovereignty over the Sahara region.

France has tried to preserve ties with both its former colonies and maintain an even stance towards them. However, relations with Algeria have remained difficult since it gained independence in 1962 due to its continuing calls for France to apologise and pay reparations for more than a century of colonial rule.

Rejecting Algeria’s accusations, Mr Macron has maintained that France’s stance on the region cannot be interpreted as a display of hostility towards any party.

“This position is the one that France will implement to support Morocco in international bodies and I say it here, that this position is not hostile to anyone,” he told the Moroccan parliament.

“It allows us to open a new page between us and all those who want to act in a framework of regional co-operation in the Mediterranean, with Morocco’s neighbouring countries and with the European Union.”

Mr Macron also promised that France would commit itself to the development of the region through investments and sustainable initiatives that would benefit the local population.

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Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

T20 World Cup Qualifier

Final: Netherlands beat PNG by seven wickets

Qualified teams

1. Netherlands
2. PNG
3. Ireland
4. Namibia
5. Scotland
6. Oman

T20 World Cup 2020, Australia

Group A: Sri Lanka, PNG, Ireland, Oman
Group B: Bangladesh, Netherlands, Namibia, Scotland

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Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

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Why are you, you?

Why are you, you?
From this question, a new beginning.
From this question, a new destiny.
For you are a world, and a meeting of worlds.
Our dream is to unite that which has been
separated by history.
To return the many to the one.
A great story unites us all,
beyond colour and creed and gender.
The lightning flash of art
And the music of the heart.
We reflect all cultures, all ways.
We are a twenty first century wonder.
Universal ideals, visions of art and truth.
Now is the turning point of cultures and hopes.
Come with questions, leave with visions.
We are the link between the past and the future.
Here, through art, new possibilities are born. And
new answers are given wings.

Why are you, you?
Because we are mirrors of each other.
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We connect, we inspire, we multiply illuminations
with the unique light of art.

 Ben Okri,

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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.”

Uefa Nations League

League A:
Germany, Portugal, Belgium, Spain, France, England, Switzerland, Italy, Poland, Iceland, Croatia, Netherlands

League B:
Austria, Wales, Russia, Slovakia, Sweden, Ukraine, Republic of Ireland, Bosnia-Herzegovina, Northern Ireland, Denmark, Czech Republic, Turkey

League C:
Hungary, Romania, Scotland, Slovenia, Greece, Serbia, Albania, Norway, Montenegro, Israel, Bulgaria, Finland, Cyprus, Estonia, Lithuania

League D:
Azerbaijan, Macedonia, Belarus, Georgia, Armenia, Latvia, Faroe Islands, Luxembourg, Kazakhstan, Moldova, Liechtenstein, Malta, Andorra, Kosovo, San Marino, Gibraltar

THE BIO

Born: Mukalla, Yemen, 1979

Education: UAE University, Al Ain

Family: Married with two daughters: Asayel, 7, and Sara, 6

Favourite piece of music: Horse Dance by Naseer Shamma

Favourite book: Science and geology

Favourite place to travel to: Washington DC

Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.

Updated: October 29, 2024, 4:42 PM