The UK Royal Navy missile destroyer HMS Diamond on patrol in the Red Sea. PA
The UK Royal Navy missile destroyer HMS Diamond on patrol in the Red Sea. PA
The UK Royal Navy missile destroyer HMS Diamond on patrol in the Red Sea. PA
The UK Royal Navy missile destroyer HMS Diamond on patrol in the Red Sea. PA

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Houthi attacks and Gaza on UK agenda for Bahrain and UAE mission

Lord Tariq Ahmad will visit UK’s Royal Navy station in Bahrain, from where the force has supported operations against Houthi attacks

Simon Rushton
Simon Rushton

April 20, 2024

  • English
  • Arabic

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The UK’s Middle East Minister is on a diplomatic trip to meet Bahraini and UAE leaders and discuss the humanitarian crisis in Gaza and security for shipping in the Red Sea.

Lord Tariq Ahmad will visit the UK’s naval support centre in Bahrain, which has helped international operations against the Iran-backed Houthis.

He will also discuss latest developments in Gaza after the US voted for a $25 billion aid package for Israel.

“At this critical period, we must do all we can – including working with key partners – to strengthen regional stability and security and push for de-escalation," said Lord Ahmad.

“The UK, Bahrain and the UAE are close partners and they have a crucial role to play in the region and I look forward to discussing our ongoing efforts towards alleviating the dire humanitarian suffering in Gaza by getting more aid in through as many routes as possible and to get hostages out.

“We must also work closely together to address the threat posed by the Iran-backed Houthis in the Red Sea and make progress towards peace and security in the Middle East, most importantly securing an irreversible pathway to delivering a two-state solution of Israel and Palestine.”

He is scheduled to arrive in Bahrain on Sunday and will then travel to the UAE.

While in Bahrain he will visit the UK’s Royal Navy facility, from where the UK has supported operations against the Houthi attacks on shipping. He is also expected to discuss Gaza and wider regional security.

The UK supports Operation Prosperity Guardian and Operation Poseidon Archer as parts of efforts to tackle the Houthi attacks.

In meetings with Bahrain’s National Security Adviser, Foreign Minister and Interior Minister, Lord Ahmad will emphasise the UK’s efforts towards securing an immediate pause in the fighting to send more aid into Gaza faster and through as many routes as possible.

The minister will then travel to the UAE, where he is expected to have further discussions on the war.

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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.”

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Updated: April 21, 2024, 4:16 AM
UK GovernmentUAEGazaHouthis