Saudi Crown Prince Mohammed bin Salman receives US Secretary of State Marco Rubio in Riyadh on Monday. Reuters
Saudi Crown Prince Mohammed bin Salman receives US Secretary of State Marco Rubio in Riyadh on Monday. Reuters
Saudi Crown Prince Mohammed bin Salman receives US Secretary of State Marco Rubio in Riyadh on Monday. Reuters
Saudi Crown Prince Mohammed bin Salman receives US Secretary of State Marco Rubio in Riyadh on Monday. Reuters

‘We’re glad to work with you and President Trump,’ Saudi Crown Prince Mohammed tells Rubio


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Saudi Crown Prince Mohammed bin Salman on Monday told visiting US Secretary of State Marco Rubio that Riyadh is looking forward to working with President Donald Trump's administration, and the two sides could work together towards positive outcomes for "many countries around the world."

Prince Mohammed and Mr Rubio discussed regional developments during their meeting, before talks began on Tuesday in Riyadh between US and Russian officials.

"We're glad to work with you and with President Trump," the Crown Prince told Mr Rubio. "His administration made a decision and we can work for positive things for Saudi Arabia and America, and also for many countries around the world."

According to a statement on the meeting carried by Saudi state media, the leaders discussed bilateral relations and ways to enhance and develop ties. There was no mention of Gaza in the Saudi statement.

Mr Rubio's trip comes after disputed proposals by US President Donald Trump to relocate Palestinians from the Gaza Strip and for America to "take ownership" of the war-ravaged enclave. Saudi Arabia responded swiftly at the time with a strongly worded condemnation and rejection of the proposal.

"They discussed ways to advance shared interests in Syria, Lebanon, and across the region, to include Red Sea security and freedom of navigation," read a statement from the US State Department, which added that Mr Rubio and the Crown Prince reaffirmed their commitment to the ceasefire in Gaza. Mr Rubio emphasised the need for an "arrangement for Gaza that contributes to regional security", it said.

The State Department added that Mr Rubio highlighted "the strength of the US-Saudi relationship" and "looked forward to increased economic and defence co-operation between the United States and Saudi Arabia".

The US Secretary of State also met Saudi Foreign Minister Prince Faisal bin Farhan but neither commented to reporters afterwards.

Saudi Arabia and other Arab nations have strongly opposed the proposals made by Mr Trump for Gaza. In Israel, Mr Rubio appeared to offer support to Prime Minister Benjamin Netanyahu in his Gaza campaign. An Arab summit being organised to show a united front against Mr Trump's plans could be "put off for a few days" for logistical reasons, according to a top Arab League diplomat.

Prince Mohammed has repeatedly said Saudi Arabia would not establish relations with Israel – a long-standing US goal – without a clear agreement on a pathway to Palestinian statehood.

Accompanying Mr Rubio on the trip are US special Middle East envoy Steve Witkoff and National Security Adviser Mike Waltz. Talks are scheduled on Tuesday between Russian and American officials, aimed at ending the war in Ukraine and mediated by Saudi Arabia.

Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

W.
Wael Kfoury
(Rotana)

Company profile

Name: Thndr

Started: October 2020

Founders: Ahmad Hammouda and Seif Amr

Based: Cairo, Egypt

Sector: FinTech

Initial investment: pre-seed of $800,000

Funding stage: series A; $20 million

Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC,  Rabacap and MSA Capital

MATCH INFO

Manchester United 1 (Greenwood 77')

Everton 1 (Lindelof 36' og)

While you're here
If you go

The flights

The closest international airport for those travelling from the UAE is Denver, Colorado. British Airways (www.ba.com) flies from the UAE via London from Dh3,700 return, including taxes. From there, transfers can be arranged to the ranch or it’s a seven-hour drive. Alternatively, take an internal flight to the counties of Cody, Casper, or Billings

The stay

Red Reflet offers a series of packages, with prices varying depending on season. All meals and activities are included, with prices starting from US$2,218 (Dh7,150) per person for a minimum stay of three nights, including taxes. For more information, visit red-reflet-ranch.net.

 

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.”

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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Updated: February 18, 2025, 8:49 AM