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Jordan's King Abdullah II and Keir Starmer discuss need for political solution to end Middle East bloodshed

King Abdullah met the British Prime Minister at Downing Street during a working visit to the UK

Soraya Ebrahimi
Soraya Ebrahimi

November 06, 2024

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Keir Starmer highlighted the UK and Jordan's strong ties as King Abdullah II arrived at the British Prime Minister' Downing Street residence in London on Wednesday.

King Abdullah is currently on a working visit to the UK where he will also meet King Charles III.

The leaders reflected on the situation in the Middle East and reiterated the need for ceasefires in Lebanon and Gaza.

King Abdullah of Jordan visits No 10 Downing Street - in pictures

  • Britain's Prime Minister Keir Starmer receives Jordan's King Abdullah outside No 10 Downing Street in London. Getty Images
    Britain's Prime Minister Keir Starmer receives Jordan's King Abdullah outside No 10 Downing Street in London. Getty Images
  • King Abdullah is on a working visit to London, where he is also scheduled to meet King Charles III. Getty Images
    King Abdullah is on a working visit to London, where he is also scheduled to meet King Charles III. Getty Images
  • Britain's Prime Minister Keir Starmer welcomes Jordan's King Abdullah II to 10 Downing Street in London, Wednesday, November 6, 2024. AP
    Britain's Prime Minister Keir Starmer welcomes Jordan's King Abdullah II to 10 Downing Street in London, Wednesday, November 6, 2024. AP
  • Mr Starmer and King Abdullah hold talks. AP
    Mr Starmer and King Abdullah hold talks. AP
  • King Abdullah congratulated Donald Trump on his US election victory during Wednesday's visit. Bloomberg
    King Abdullah congratulated Donald Trump on his US election victory during Wednesday's visit. Bloomberg
  • Mr Starmer leads King Abdullah into 10 Downing Street. Reuters
    Mr Starmer leads King Abdullah into 10 Downing Street. Reuters

They also discussed the importance of Israel allowing UNRWA to continue its operations in the region and allowing more aid to reach people living through the conflict.

“The situation in the West Bank was also deeply concerning, including increased settler violence and the expansion of settlements,” both leaders said.

Mr Starmer updated King Abdullah on the UK’s recent delivery of ration packs and battlefield medical kits to the Lebanese Armed Forces, and the need to support a political solution to end the bloodshed.

“The Prime Minister paid tribute to His Majesty’s leadership in the region and agreed to stay in close touch,” Downing Street said in a statement.

The meeting comes as Donald Trump claimed victory in the US election and King Abdullah congratulated the President-elect, saying he hoped they could work for peace and stability.

“Looking forward to working with you again to bolster Jordan's long-standing partnership with the United States, in service of regional and global peace and stability for all,” the king wrote on X.

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List of alleged parties

 May 15 2020: PM and Carrie attend 'work meeting' with at
least 17 staff members

May 20 2020: PM and Carrie attend 'bring your own booze'
party

Nov 27 2020: PM gives speech at leaving do for his staff

Dec 10 2020: Staff party held by then-education secretary
Gavin Williamson

Dec 13 2020: PM and Carrie throw a flat party

Dec 14 2020: London mayor candidate Shaun Bailey holds staff party at Conservative
Party headquarters

Dec 15 2020: PM takes part in a staff quiz

Dec 18 2020: Downing Street Christmas party

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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: November 06, 2024, 10:36 PM
UK GovernmentUKKeir StarmerKing Abdullah II