President Sheikh Mohamed holds talks with Vietnamese Prime Minister in Abu Dhabi


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President Sheikh Mohamed reiterated the UAE's efforts to build on the historical ties with Vietnam during his talks with the country's Prime Minister Pham Minh Chinh at Qasr Al Watan in Abu Dhabi.

Mr Chinh, who is on an official visit to the UAE, also expressed the hope that the two countries will continue to develop their relations as they have since the establishment of diplomatic ties in 1993.

During the talks, the leaders explored new opportunities for economic and trade partnerships and to strengthen co-operation across sectors like culture and renewable energy, among others.

Sheikh Mohamed highlighted how non-oil trade between the UAE and Vietnam touched $12.12 billion last year, marking a 38.7 per cent increase compared to 2022, and reaffirmed the UAE's pledge, as a sectoral dialogue partner with the ASEAN bloc, to enhance economic relations.

The leaders also “exchanged views on several regional and international issues” and emphasised their “commitment to promoting peace and stability through diplomatic solutions and peaceful initiatives”, state news agency Wam reported.

Later, a luncheon was held in honour of Mr Chinh and his accompanying delegation.

President Sheikh Mohamed holds talks with Vietnamese Prime Minister - in pictures

  • President Sheikh Mohamed receives Vietnamese Prime Minister Pham Minh Chinh at Qasr Al Watan. Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, was among the senior officials at the reception. Ryan Carter / UAE Presidential Court
    President Sheikh Mohamed receives Vietnamese Prime Minister Pham Minh Chinh at Qasr Al Watan. Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, was among the senior officials at the reception. Ryan Carter / UAE Presidential Court
  • Sheikh Mohamed and Mr Chinh discussed ways to enhance co-operation between their countries. Ryan Carter / UAE Presidential Court
    Sheikh Mohamed and Mr Chinh discussed ways to enhance co-operation between their countries. Ryan Carter / UAE Presidential Court
  • Sheikh Mansour with Mr Chinh at the official visit reception, at Qasr Al Watan. Hassan Al Menhali / UAE Presidential Court
    Sheikh Mansour with Mr Chinh at the official visit reception, at Qasr Al Watan. Hassan Al Menhali / UAE Presidential Court
  • Sheikh Mansour receives Mr Chinh in Abu Dhabi. Eissa Al Hammadi for the UAE Presidential Court
    Sheikh Mansour receives Mr Chinh in Abu Dhabi. Eissa Al Hammadi for the UAE Presidential Court
  • Sheikh Mansour, Dr Bader Al Matrooshi, UAE ambassador to Vietnam, and Mr Chinh, with members of the Vietnamese delegation. Abdulla Al Neyadi / UAE Presidential Court
    Sheikh Mansour, Dr Bader Al Matrooshi, UAE ambassador to Vietnam, and Mr Chinh, with members of the Vietnamese delegation. Abdulla Al Neyadi / UAE Presidential Court
  • Several senior Emirati officials attended the reception, including Sheikh Abdulla bin Mohamed Al Hamed, Chairman of the National Media Office, Suhail Al Mazrouei, Minister of Energy and Infrastructure, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Abdulla bin Touq, Minister of Economy, and Mohamed Alsuwaidi, Minister of Investment. Mohamed Al Hammadi / UAE Presidential Court
    Several senior Emirati officials attended the reception, including Sheikh Abdulla bin Mohamed Al Hamed, Chairman of the National Media Office, Suhail Al Mazrouei, Minister of Energy and Infrastructure, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Abdulla bin Touq, Minister of Economy, and Mohamed Alsuwaidi, Minister of Investment. Mohamed Al Hammadi / UAE Presidential Court
  • Sheikh Mansour greets the Vietnamese delegation at Qasr Al Watan. Mohamed Al Hammadi / UAE Presidential Court
    Sheikh Mansour greets the Vietnamese delegation at Qasr Al Watan. Mohamed Al Hammadi / UAE Presidential Court
  • The visit included a luncheon in honour of the Vietnamese Prime Minister and his delegation.
    The visit included a luncheon in honour of the Vietnamese Prime Minister and his delegation.
  • Dr Al Jaber greets Mr Chinh during the official visit reception. Hamad Al Kaabi / UAE Presidential Court
    Dr Al Jaber greets Mr Chinh during the official visit reception. Hamad Al Kaabi / UAE Presidential Court
  • Dr Al Matrooshi greets Mr Chinh in Abu Dhabi. Hamad Al Kaabi / UAE Presidential Court
    Dr Al Matrooshi greets Mr Chinh in Abu Dhabi. Hamad Al Kaabi / UAE Presidential Court
  • Sheikh Mansour bids farewell to Mr Chinh, at Qasr Al Watan. Eissa Al Hammadi for the UAE Presidential Court
    Sheikh Mansour bids farewell to Mr Chinh, at Qasr Al Watan. Eissa Al Hammadi for the UAE Presidential Court
  • Mr Chinh expressed his hope for the continued progress and growth of UAE-Vietnam relations. Mohamed Al Hammadi / UAE Presidential Court
    Mr Chinh expressed his hope for the continued progress and growth of UAE-Vietnam relations. Mohamed Al Hammadi / UAE Presidential Court
  • Sheikh Mansour greets the Vietnamese delegation. The event included a 21-gun salute and a performance of the Vietnamese national anthem. Eissa Al Hammadi for the UAE Presidential Court
    Sheikh Mansour greets the Vietnamese delegation. The event included a 21-gun salute and a performance of the Vietnamese national anthem. Eissa Al Hammadi for the UAE Presidential Court
  • Sheikh Mansour speaks to a member of the Vietnamese delegation at Qasr Al Watan. Hamad Al Kaabi / UAE Presidential Court
    Sheikh Mansour speaks to a member of the Vietnamese delegation at Qasr Al Watan. Hamad Al Kaabi / UAE Presidential Court

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced the signing of a Comprehensive Economic Partnership Agreement (Cepa) between the UAE and Vietnam.

He highlighted Vietnam's status as the UAE's "largest trading partner in the region", pointing to the growth in non-oil trade between the two countries, which grew by 38 per cent between 2022-2023 to more than $12 billion last year.

"Our national companies such as Dubai Ports World, Mubadala and Borouge are managing huge investments in Vietnam," he added.

Sheikh Mohammed commended the President for "continuing to build unprecedented economic bridges" across the globe.

"Our national companies such as Dubai Ports World, Mubadala and Borouge are managing huge investments in Vietnam," he added.

Sheikh Mohammed commended the President for "continuing to build unprecedented economic bridges" across the globe.

Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, led the official reception held for Mr Chinh earlier in the day. The ceremony featured a 21-gun salute and the performance of the Vietnamese national anthem.

The Uefa Awards winners

Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)

Uefa Women's Player of the Year: Lucy Bronze (Lyon)

Best players of the 2018/19 Uefa Champions League

Goalkeeper: Alisson (Liverpool)

Defender: Virgil van Dijk (Liverpool)

Midfielder: Frenkie de Jong (Ajax)

Forward: Lionel Messi (Barcelona)

Uefa President's Award: Eric Cantona

The schedule

December 5 - 23: Shooting competition, Al Dhafra Shooting Club

December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq

December 11 - 20: Dates competition, from 4pm

December 12 - 20: Sour milk competition

December 13: Falcon beauty competition

December 14 and 20: Saluki races

December 15: Arabian horse races, from 4pm

December 16 - 19: Falconry competition

December 18: Camel milk competition, from 7.30 - 9.30 am

December 20 and 21: Sheep beauty competition, from 10am

December 22: The best herd of 30 camels

Company%20Profile
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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.”

TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel

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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Updated: October 28, 2024, 3:56 PM