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Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, on Sunday arrived in Kuwait City for the 45th GCC Summit.
Attending on behalf of President Sheikh Mohamed, he was met by Sheikh Meshal Al Ahmad Al Sabah, Kuwait’s Emir, ahead of the summit that will see leaders of the GCC discuss areas of mutual interest.
In an opening statement, Sheikh Meshal called for an immediate ceasefire in Gaza and urged the international community to provide “protection for innocent civilians and ensuring the opening of safe corridors and the arrival of urgent humanitarian aid”.
He also hit out at the “double standards in the application of relevant international laws, charters and resolutions” which he said undermined “the region’s security and stability” while noting that Kuwait is “optimistic” about the recent ceasefire agreed between Israel and Hezbollah in Lebanon. He added that the truce would help contribute “to reducing escalation in the region”.
“Civilians in Gaza must be protected and provided with aid,” he said. “We reiterate our unwavering support to Palestine and to end the Israeli occupation, attain all their political rights, and the establishment of an independent Palestinian state with East Jerusalem as its capital, in accordance with international resolutions.
“We also commend Qatar, Egypt, and the US for their mediation efforts in achieving a ceasefire in Gaza and welcome the ceasefire in Lebanon as a step toward de-escalation.”
Sheikh Mansour was accompanied by Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs; Mohamed Al Hussaini, Minister of State for Financial Affairs; Suhail Al Mazrouei, Minister of Energy and Infrastructure; Dr Sultan Al Jaber, Minister of Industry and Advanced Technology; Abdullah Al Nuaimi, Minister of Justice; Mohamed Alsuwaidi, Minister of Investment; Dr Amna Al Dahak, Minister of Climate Change and Environment; Khalifa Shaheen Al Marar, Minister of State; and several senior officials, state news agency Wam reported.
Sheikh Mansour expressed his gratitude to Sheikh Meshal and Kuwait for organising the summit and said he hoped it would result in decisions that support GCC action.
He said strengthening joint Gulf co-operation is a key guarantee for achieving the interests of GCC member states, noting that the UAE will remain a supporter of the integration process among GCC members. He also invited the GCC leaders to the UAE for the 46th GCC Summit in Abu Dhabi.
Also present at the summit were Prince Salman bin Hamad, Crown Prince of Bahrain; Saudi Crown Prince Mohammed bin Salman; Sayyed Fahad bin Mahmoud Al Said, Deputy Prime Minister for the Council of Ministers of Oman; Qatari Emir Sheikh Tamim; Sheikh Sabah Al Khaled Al Sabah, Crown Prince of Kuwait; and GCC Secretary General Jassim Al Budaiwi.
Earlier on Sunday, Sheikh Mansour was received by Sheikh Meshal, along with several sheikhs, ministers and senior officials from Kuwait.
England v South Africa Test series:
First Test: at Lord's, England won by 211 runs
Second Test: at Trent Bridge, South Africa won by 340 runs
Third Test: at The Oval, July 27-31
Fourth Test: at Old Trafford, August 4-8
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Meydan race card
6pm Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
6.35Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
1,800m
7.10pm Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m ,400m
7.45pm Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
8.20pm Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
8.55pm Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
9.30pm Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
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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Name: Kumulus Water
Started: 2021
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Based: Tunisia
Sector: Water technology
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Investment raised: $4 million
england euro squad
Goalkeepers: Dean Henderson (Man Utd), Sam Johnstone (West Brom), Jordan Pickford (Everton)
Defenders: John Stones (Man City), Luke Shaw (Man Utd), Harry Maguire (Man Utd), Trent Alexander-Arnold (Liverpool), Kyle Walker (Man City), Tyrone Mings (Aston Villa), Reece James (Chelsea), Conor Coady (Wolves), Ben Chilwell (Chelsea), Kieran Trippier (Atletico Madrid)
Midfielders: Mason Mount (Chelsea), Declan Rice (West Ham), Jordan Henderson (Liverpool), Jude Bellingham (Borussia Dortmund), Kalvin Phillips (Leeds)
Forwards: Harry Kane (Tottenham), Marcus Rashford (Man Utd), Raheem Sterling (Man City), Dominic Calvert-Lewin (Everton), Phil Foden (Man City), Jack Grealish (Aston Villa), Jadon Sancho (Borussia Dortmund), Bukayo Saka (Arsenal)
Match info
Arsenal 0
Manchester City 2
Sterling (14'), Bernardo Silva (64')
Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
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