The relationship between the EU and the UAE holds vast untapped potential, the bloc's ambassador to the Emirates has said.
Lucie Berger said the possibilities for co-operation were “so big" and she wants to achieve “tangible results” during her tenure.
In a wide-ranging interview with The National to commemorate Europe Day on Thursday, Ms Berger reflected on issues from Gaza to climate change and outlined her priorities for her time here as envoy.
"It is a privilege to be here," said Ms Berger. "The potential for collaboration is so big and I'm really excited to spend hopefully four years and ... leave some tangible results behind."
If we are to build a stable and sustainable relationship with Iran, we have to rely on the knowledge and experience of the Gulf countries
Lucie Berger
The UAE is the EU's largest export destination and investment partner in the Middle East and North Africa region. The volume of bilateral trade in goods last year reached €55 billion ($59.2 billion), while trade in services accounted for €20 billion.
She said she was committed to bolstering this strong relationship but also wanted to promote the image of the EU beyond it.
“The EU has so much more to offer,” she said. “I would like to build the image of the EU as an important and reliable partner in areas such as climate, sustainable energy, digitalisation, humanitarian aid and development, but also security and regional stability.”
The EU-GCC free trade deal is still on the table and Ms Berger said there was still a “lot of willingness” to explore unblocking the deal at a regional level and "shifts in the region" had been noted.
Exploratory talks could take place by the summer but the framework would have to be modernised to consider the “completely different” economy of 2024.
“We also want to explore the bilateral relationship with the UAE,” said Ms Berger. “The bilateral relationship can be complementary to a regional agreement.”
She highlighted the EU’s strategic partnership with the Gulf that was launched in 2022 and said the EU would be keen on “something really comprehensive” that includes trade but also climate, sustainable energy, AI, security and political dialogue.
Could the EU in theory sign a deal with the UAE outside of any wider GCC agreement?
“I personally think that we could explore it even if there is a negotiation of a GCC free trade agreement,” she said, stating these decisions are ultimately in the hands of the member states.
Gaza aid
Turning to Gaza, Ms Berger praised the UAE's “impressive” role in delivering humanitarian aid.
“It is an example for many to follow,” she said. “What I see is that we [EU and UAE] have become natural partners in delivering humanitarian aid to Gaza." She said she wants to see this grow and perhaps extend to other regions.
The UN and other aid organisations say the situation in Gaza is dire amid Israeli restrictions and a possible offensive on Rafah.
Ms Berger said it was her understanding there was an agreement to resume the delivery of vital aid through the maritime corridor and the World Central Kitchen – one of the main suppliers that only resumed work in Gaza last week less than a month after seven aid workers were killed – intends to be part of it.
“I think we could see some deliveries in the near future. This is really great news but it is in no way to replace land crossings.”
Ms Berger said she was keen for the EU and the UAE to collaborate more broadly to bring “peace and stability” not only to Gaza but to other conflict zones.
The EU has newly announced $1 billion in aid to Lebanon and Ms Berger said the dramatic situation in the Middle East is a stark reminder that so-called frozen or low intensity conflicts “risk exploding sooner or later in intense violence if not meaningfully settled”.
Climate change has been a major part of Ms Berger's career, with her most recent role overseeing all trade negotiations related to climate action and implementation of climate measures in trade policy at the European Commission. Can the energy from Cop28 continue?
“Definitely,” she said. "The momentum is there to stay."
The EU and the UAE, she said, could work together to deliver finance outcomes at Cop29 in Azerbaijan that really deliver.
Regarding perceptions of the EU abroad, Ms Berger said the “EU has changed my life completely.” From the Czech Republic, she said was able to study abroad and pursue a career as a diplomat because of the opportunities from the EU membership process that were not available to those older than her.
She said Europeans “like to criticise things, which is part of our process of improving things” but there is so much that is taken for granted.
Far-right challenges
Some have speculated there could be a surge in support for far-right groups in the June elections for the EU Parliament on the back of protests against immigration.
In April European politicians approved a revamped migration system that aims to tackle this. But she said she is not too concerned about the bloc’s future.
“The politicians change. Sometimes there are some narratives that appear and disappear," she said.
"But at the end of the day, we continue going on this more or less same trajectory.”
This year also marks a decade since the EU’s diplomatic presence in the UAE started as the EU continues to boost its ties in the country.
When asked if the EU and UAE understand each other, she said "yes" but added there is always scope to communicate better particularly in getting the message across that the 27-member bloc is not only about trade.
“We're seen as complicated and difficult to navigate and to be fair, we could do much better in communicating about our added value," she said.
Ms Berger arrived in the UAE in September and, while she expected it to be busy, she has found the intensity of the job is on “another level". Is there one area in which she would really like to make a difference?
“Peace and regional stability are … so needed.
“We're a peace project, a very successful peace project,” she said, regarding the EU and how it managed to rebuild in the wake of the Second World War.
“We don't talk about it enough [but] that's a huge success story.”
She highlighted the EU’s maritime mission organised to address growing instability in the Red Sea as an example of the bloc’s commitment to regional peace and security.
“There is still a lot of ‘let's wait and see' kind of approach because it's an EU operation,” she said. “I think a lot comes down to communicating and being very clear where the added value is.”
Turning to Iran, Ms Berger said there was a growing concern regionally and globally about Iran’s role despite the EU’s support of the Joint Comprehensive Plan of Action, commonly known as the 2015 nuclear deal, between Iran and world powers that the US pulled out of three years later. But the EU would play its part to try to bring about regional stability.
“If we are to build a stable and sustainable relationship with Iran, we have to rely on the knowledge and experience of the Gulf countries.”
The path ahead, then, is filled with potential despite the all-consuming nature of the job that frequently sees her in the office all day, constantly at airports, along with the small matter of caring for her young daughter.
“I choose jobs that I'm very passionate about.”
But she said she must try to switch off for her daughter at times.
“I bring my daughter sometimes to the receptions,” she said, with a chuckle.
“She is very popular. So, I find these small tricks, every now and then, that make it workable [to bring my daughter to official events].”
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
RESULTS
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more from Janine di Giovanni
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.”
Scores in brief:
Boost Defenders 205-5 in 20 overs
(Colin Ingram 84 not out, Cameron Delport 36, William Somerville 2-28)
bt Auckland Aces 170 for 5 in 20 overs
(Rob O’Donnell 67 not out, Kyle Abbott 3-21).
LA LIGA FIXTURES
Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
SHOW COURTS ORDER OF PLAY
Wimbledon order of play on Saturday, July 8
All times UAE ( 4 GMT)
Centre Court (4pm)
Agnieszka Radwanska (9) v Timea Bacsinszky (19)
Ernests Gulbis v Novak Djokovic (2)
Mischa Zverev (27) v Roger Federer (3)
Court 1 (4pm)
Milos Raonic (6) v Albert Ramos-Vinolas (25)
Anett Kontaveit v Caroline Wozniacki (5)
Dominic Thiem (8) v Jared Donaldson
Court 2 (2.30pm)
Sorana Cirstea v Garbine Muguruza (14)
To finish: Sam Querrey (24) leads Jo-Wilfried Tsonga (12) 6-2, 3-6, 7-6, 1-6, 6-5
Angelique Kerber (1) v Shelby Rogers
Sebastian Ofner v Alexander Zverev (10)
Court 3 (2.30pm)
Grigor Dimitrov (13) v Dudi Sela
Alison Riske v Coco Vandeweghe (24)
David Ferrer v Tomas Berdych (11)
Court 12 (2.30pm)
Polona Hercog v Svetlana Kuznetsova (7)
Gael Monfils (15) v Adrian Mannarino
Court 18 (2.30pm)
Magdalena Rybarikova v Lesia Tsurenko
Petra Martic v Zarina Diyas
ASSASSIN'S%20CREED%20MIRAGE
%3Cp%3E%0DDeveloper%3A%20Ubisoft%20Bordeaux%0D%3Cbr%3EPublisher%3A%20Ubisoft%0D%3Cbr%3EConsoles%3A%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20Series%20S%26amp%3BX%0D%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
The specs
Engine: 1.5-litre, 4-cylinder turbo
Transmission: CVT
Power: 170bhp
Torque: 220Nm
Price: Dh98,900