UAE will spare no effort supporting Palestinians, Sheikh Abdullah tells Israeli Foreign Minister

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Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs, on Tuesday met Gideon Saar, Israel’s Foreign Minister, in Abu Dhabi. The meeting focused on the humanitarian crisis in the Gaza Strip as the two men discussed regional and international efforts to reach a sustainable ceasefire, state news agency Wam reported.

Sheikh Abdullah reaffirmed the UAE’s position that negotiations to achieve a comprehensive peace based on the two-state solution must resume. He said this would bring stability and achieve sustainable security in the region while ending the escalating violence.

Protecting the lives of civilians and making every effort to enable the flow of urgent humanitarian aid must be a priority, Sheikh Abdullah added, as he noted the need to enhance collective international action to end extremism and escalating violence.

Sheikh Abdullah also stressed the UAE’s support for Qatari, Egyptian and US mediation efforts to reach an exchange deal that leads to a permanent ceasefire and the release of hostages, while also securing safe aid delivery into the enclave.

The UAE will spare no effort in supporting Palestinians, Sheikh Abdullah added, as he confirmed the Emirates will continue providing humanitarian aid and backing the right to self-determination, and highlighted the nation's long-standing solidarity with Palestinians over the decades.

Sheikh Abdullah also called for intensified international efforts to combat extremism, hatred and racism, while promoting the values of tolerance, coexistence and human fraternity among nations.

The meeting was also attended by Lana Nusseibeh, Assistant Minister of Foreign Affairs for Political Affairs, Saeed Al Hajeri, Assistant Minister for Economic and Trade Affairs, and Mohamed Al Khaja, the UAE ambassador to Israel.

MEYDAN RESULTS

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Winner ES Ajeeb, Sam Hitchcock (jockey), Ibrahim Aseel (trainer).

7.05pm Maiden (TB) Dh165,000 (D) 1,200m

Winner Galaxy Road, Antonio Fresu, Musabah Al Muhairi.

7.40pm Maiden (TB) Dh165,000 (D) 1,400m

Winner Al Modayar, Fernando Jara, Ali Rashid Al Raihe.

8.15pm Handicap (TB) Dh170,000 (D) 1,900m

Winner Gundogdu, Xavier Ziani, Salem bin Ghadayer.

8.50pm Rated Conditions (TB) Dh240,000 (D) 1,600m

Winner George Villiers, Tadhg O’Shea, Satish Seemar.

9.25pm Handicap (TB) Dh175,000 (D)1,200m

Winner Lady Parma, Connor Beasley, Satish Seemar

10pm Handicap (TB) Dh165,000 (D) 1,400m

Winner Zaajer, Fernando Jara, Ali Rashid Al Raihe

MATCH INFO

Fixture: Thailand v UAE, Tuesday, 4pm (UAE)

TV: Abu Dhabi Sports

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IF YOU GO

The flights: FlyDubai offers direct flights to Catania Airport from Dubai International Terminal 2 daily with return fares starting from Dh1,895.

The details: Access to the 2,900-metre elevation point at Mount Etna by cable car and 4x4 transport vehicle cost around €57.50 (Dh248) per adult. Entry into Teatro Greco costs €10 (Dh43). For more go to www.visitsicily.info

Where to stay: Hilton Giardini Naxos offers beachfront access and accessible to Taormina and Mount Etna. Rooms start from around €130 (Dh561) per night, including taxes.

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Rating: 4/5

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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.”

COMPANY PROFILE

Name: N2 Technology

Founded: 2018

Based: Dubai, UAE

Sector: Startups

Size: 14

Funding: $1.7m from HNIs

UAE will spare no effort supporting Palestinians, Sheikh Abdullah tells Israeli Foreign Minister

Deputy Prime Minister and Minister of Foreign Affairs issues urgent call for peace during meeting

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