Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, on Sunday arrived in India for an official visit in which he will hold talks with the country's Prime Minister, Narendra Modi.
Sheikh Khaled was met in New Delhi by Piyush Goyal, India’s Minister of Commerce and Industry, after touching down at the airport on an Etihad plane.
He received a red-carpet reception during which the national anthems of both countries were played, before being greeted by a ceremonial guard of honour and a traditional cultural performance.
Sheikh Khaled's delegation includes Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Reem Al Hashimy, Minister of State for International Co-operation, Mohammed Alsuwaidi, Minister of Investment, and Khalifa Al Mubarak, chairman of the Executive Affairs Authority, Abu Dhabi Media Office said.
Sheikh Khaled is set to attend several events that highlight the bond between the two countries during the tour.
He is expected to meet Mr Modi and Indian President Droupadi Murmu on Monday, according to an itinerary shared by Indian authorities.
Sheikh Khaled is due to also visit Rajghat, the memorial site built in honour of Mahatma Gandhi, on the same day. The Crown Prince will also visit India's financial capital Mumbai on Tuesday to attend a business forum.
Earlier this week, Sheikh Khaled attended the inauguration of the first international campus of the Indian Institute of Technology in the UAE capital and highlighted how it would help to develop the skills of the nation's young talent. He witnessed a series of deals between the Abu Dhabi IIT and several of the emirate's leading universities being made.
The partnership is in line with the UAE-India Comprehensive Economic Partnership Agreement (Cepa), which came into effect in February 2022.
Mr Modi visited the UAE in February and inaugurated the Baps Hindu Mandir in Abu Dhabi. The countries also signed a pact to expand bilateral investment co-operation in digital infrastructure.
In January, President Sheikh Mohamed visited India and met Mr Modi while attending the Vibrant Gujarat business summit.
Historic ties
The visit “marks a major stride in the continuing development of UAE-India ties, which have become an international model of constructive co-operation, particularly in areas, such as economic and sustainable development, investment, trade, climate action, and promoting global stability and peace”, state news agency Wam reported.
It said that UAE-India relations draw strength and momentum from a long history of bilateral meetings between the leaders of both nations, beginning in January 1975 when UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, made a historic visit to India.
He met the Indian president at the time, Fakhruddin Ali Ahmed, and the prime minister Indira Gandhi. The visit saw the signing of the Cultural Agreement between the UAE and India, which serves as the primary framework for strengthening cultural ties between their peoples.
Sheikh Zayed also visited India in April 1992, during which the bilateral agreement to avoid double taxation on income and capital was signed between the two countries, Wam reported.
It said that the visit of Sheikh Mohamed, who at the time was Crown Prince of Abu Dhabi, in January 2017, marked a turning point in bilateral relations, with the signing of the Cepa, along with 13 other agreements and memorandums of understanding in various fields.
High-profile visit
Sheikh Khaled's visit to India is the most significant overseas engagement he has carried out since being named Crown Prince in March 2023. In May last year, he embarked on a trip to Malaysia, where he met the country's king and prime minister.
Sheikh Khaled attended a royal reception hosted by King Sultan Abdullah Ahmad Shah in Kuala Lumpur.
The Malaysian monarch gave Sheikh Khaled two medals in recognition of his work in furthering the friendship between the nations at a ceremony at the Istana Negara Palace.
In March, Sheikh Khaled travelled to Manama to meet Bahrain's King Hamad at Al Sakhir Palace.
Before becoming Crown Prince, Sheikh Khaled led a UAE delegation at the state funeral of assassinated former Japanese Prime Minister Shinzo Abe in Tokyo.
Sheikh Khaled was joined by political leaders and heads of state from around the world, including US Vice President Kamala Harris, India's Prime Minister Narendra Modi and Bahrain's Crown Prince Salman bin Hamad, at the service in September 2022.
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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
Founder: Omar Onsi
Launched: 2018
Employees: 35
Financing stage: Seed round ($12 million)
Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners
Results
7pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Dirt) 1,600m; Winner: RB Kings Bay, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)
7.30pm: Maiden (PA) Dh 70,000 (D) 1,600m; Winner: AF Ensito, Fernando Jara, Mohamed Daggash
8pm: Maiden (PA) Dh70,000 (D) 1,400m; Winner: AF Sourouh, Tadhg O’Shea, Ernst Oertel
8.30pm: Maiden (PA) Dh70,000 (D) 1,800m; Winner: Baaher, Fabrice Veron, Eric Lemartinel
9pm: Maiden (PA) Dh70,000 (D) 2,000m; Winner: Mootahady, Antonio Fresu, Eric Lemartinel
9.30pm: Handicap (TB) Dh70,000 (D) 2,000m; Winner: Dubai Canal, Tadhg O’Shea, Satish Seemar
10pm: Al Ain Cup – Prestige (PA) Dh100,000 (D) 2,000m; Winner: Harrab, Bernardo Pinheiro, Majed Al Jahouri
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Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
SWEET%20TOOTH
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If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
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- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
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CAF Champions League semi-finals first-leg fixtures
Tuesday:
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Al Ahly (EGY) v Entente Setif (ALG) (11PM)
Second legs:
October 23
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Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
