US Energy Secretary Chris Wright will stop in Abu Dhabi. Photo: CERAWeek by S&P Global
US Energy Secretary Chris Wright will stop in Abu Dhabi. Photo: CERAWeek by S&P Global
US Energy Secretary Chris Wright will stop in Abu Dhabi. Photo: CERAWeek by S&P Global
US Energy Secretary Chris Wright will stop in Abu Dhabi. Photo: CERAWeek by S&P Global

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UAE

US Energy Secretary Chris Wright to visit UAE on first overseas trip

Visit will include meetings with senior UAE leaders in government and industry

The National

April 09, 2025

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  • Arabic

US Secretary of Energy Chris Wright is to stop in Abu Dhabi as the first part of his tour of the Middle East.

Mr Wright's arrival comes after a UAE delegation, led by Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and National Security Adviser, visited Washington last month. At that time, both sides reinforced their shared commitment to strengthen bilateral ties, particularly across energy, infrastructure, manufacturing and AI, reported the state news agency Wam.

Investments, AI, economic partnerships and microchips are among the topics discussed with Trump administration officials, including the US President, during Sheikh Tahnoon's visit to the US.

“We are honoured to welcome Secretary Wright to the UAE on his first official overseas visit, which follows the successful UAE delegation visit to Washington," said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology.

"His presence reflects the strength and depth of the UAE-US strategic relationship and our shared commitment to energy security, economic growth, and technological advancement. The UAE values its long-standing partnership with the United States – one built on mutual respect, common interests, and a shared commitment to invest in progress.

"As we look to the future, we see vast opportunities to deepen collaboration across energy, infrastructure, AI, and industry – anchored in the pro-growth, pro-investment, and pro-people approach that both our nations champion.”

Mr Wright is due to engage with senior UAE leaders in government and industry during his trip to the Emirates. "I’m looking forward to making my first trip to the United Arab Emirates as Secretary of Energy," he said, thanking President Sheikh Mohamed and Sheikh Tahnoon for the invitation.

"Dr Sultan Al Jaber and I have already had productive discussions in Washington and Houston regarding our countries’ long-standing energy partnership. We will continue this dialogue to strengthen our countries’ strategic relationship, support the UAE’s recently announced investments in the US, and advance global energy security during my visit.”

DAt

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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Updated: April 10, 2025, 6:43 AM