Kuwaiti Emir Sheikh Meshal and Egypt's President Abdel Fattah El Sisi. Kuwait News Agency via Reuters
Kuwaiti Emir Sheikh Meshal and Egypt's President Abdel Fattah El Sisi. Kuwait News Agency via Reuters
Kuwaiti Emir Sheikh Meshal and Egypt's President Abdel Fattah El Sisi. Kuwait News Agency via Reuters
Kuwaiti Emir Sheikh Meshal and Egypt's President Abdel Fattah El Sisi. Kuwait News Agency via Reuters

El Sisi holds talks with Kuwaiti Emir Sheikh Meshal on second stop of Gulf tour


Kamal Tabikha
  • English
  • Arabic

Egypt's President Abdel Fattah El Sisi visited Kuwait on Tuesday on the second stop on a Gulf tour aimed at strengthening economic ties and addressing regional challenges.

Mr El Sisi held talks with Kuwaiti Emir Sheikh Meshal, Crown Prince Sheikh Sabah Khaled Al Sabah, and Sheikh Fahad Yusuf Al Sabah, Kuwait's acting prime minister and minister of defence and interior.

The discussions covered ways to enhance economic and trade relations between Egypt and Kuwait, and pressing regional issues including the conflicts in Gaza, Sudan and Yemen, according to statements from the Egyptian presidency.

Mr El Sisi expressed interest in deepening economic partnerships, highlighting Kuwait’s Vision 2035 development plan as a framework for potential co-operation, and briefed the Kuwaiti leaders on Egypt’s efforts to mediate a ceasefire in Gaza. Both sides called for an immediate halt to hostilities in Gaza, the exchange of prisoners, and the full entry of humanitarian aid into the besieged Palestinian territory, the presidency said.

In a joint statement issued after the talks, both countries expressed their opposition to any attempts to forcibly displace Palestinians from their land and reiterated the need for a political solution that guarantees the establishment of an independent Palestinian state along the June 4, 1967 borders, with East Jerusalem as its capital. They also stressed the importance of diplomatic efforts to stabilise Syria, Yemen and Sudan.

Mr El Sisi travelled to Kuwait after a two-day visit to Qatar, where he held talks with Emir Sheikh Tamim. The discussions in Doha resulted in an agreement to work towards a $7.5 billion package of Qatari investments in Egypt, a significant step in boosting economic ties between the two countries.

Mr El Sisi and Sheikh Tamim also addressed the situation in Gaza, where both their countries have worked alongside the US to mediate an end to the war, and called for urgent international efforts to support reconstruction and ensure humanitarian access. Qatar also reaffirmed its support for Egypt’s nominee for the post of Unesco director-general, Khaled El Enany, as part of broader diplomatic co-operation.

Mr El Sisi’s Gulf tour comes at a time when Egypt is dealing with pressing economic challenges at home, including inflation and foreign currency shortages. The outcomes of his visits are being closely watched as part of broader efforts to attract investment and reinforce Egypt’s role as a regional mediator.

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.”

Company profile

Name: Steppi

Founders: Joe Franklin and Milos Savic

Launched: February 2020

Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year

Employees: Five

Based: Jumeirah Lakes Towers, Dubai

Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings

Second round raised Dh720,000 from silent investors in June this year

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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

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What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

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Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

Updated: April 15, 2025, 4:13 PM