The UAE said on Wednesday it “does not recognise” a move by Sudan's army-led government to cut ties between the two countries.
The UAE's Ministry of Foreign Affairs said the army-backed authority operating from Port Sudan “does not represent the legitimate government of Sudan and its honourable people”. It described the move as a reaction to an International Court of Justice ruling on Monday dismissing a case against the UAE.
The Sudanese Security and Defence Council said the country's embassy and consulate general in the UAE would be withdrawn as diplomatic relations are severed, according to a statement published by the Sudan News Agency.
“The statement issued by the so-called 'Security and Defence Council' will not affect the deep-rooted and enduring ties between the UAE and the Republic of the Sudan, and their peoples,” the UAE ministry said on Wednesday.
It said it rejected the “deplorable statements made by the Port Sudan Authority”, which it described as a “diversionary tactic aimed at undermining peace efforts and initiatives”.
“The ministry underscored that Sudan and its people deserve a civilian-led government, independent of military control, that prioritises the interests of the Sudanese people; a leadership that does not kill half of its population, while starving and displacing the other half,” it added.
Dr Anwar Gargash, diplomatic adviser to President Sheikh Mohamed, said the UAE “adheres to its historical relations with brotherly Sudan” and called for “independent civilian leadership” in the country.
“The UAE also affirms its commitment to the generous Sudanese community and visitors, and its continued humanitarian efforts and support for the brotherly Sudanese people,” Dr Gargash said.
Sudan accuses the UAE of supporting the Rapid Support Forces, the paramilitary group fighting against the Sudanese army in the civil war. The UAE denies any involvement in the conflict.
Fighting has escalated in recent days as the RSF launches attacks on Port Sudan, home to Sudan's military-backed government. The paramilitary recently lost control of Khartoum to the armed forces, but still holds most of the vast western region of Darfur.
The UN said thousands of people have been killed and more than eight million displaced during more than two years of fighting. It warned this week that attacks on Port Sudan were a “worrying development” as the area had remained a relative safe haven.
ICJ case
The Sudanese defence council accused the UAE of supplying weapons to the RSF as the paramilitary's fortunes declined. The UAE has condemned the RSF's latest attacks as a “blatant violation of international law”.
On Monday, the ICJ dismissed a case brought by Sudan against the UAE concerning the war. Judges in The Hague struck it off their list after concluding that they “manifestly lack jurisdiction”.
The UAE said the court's decision was an “affirmation of the fact that this case was utterly baseless”.
“The facts speak for themselves: the UAE bears no responsibility for the conflict in Sudan. On the contrary, the atrocities committed by the warring parties are well-documented,” said Reem Ketait, deputy assistant minister for political affairs at the UAE Ministry of Foreign Affairs.
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
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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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