US President Joe Biden and Vice President Kamala Harris during their first shared campaign event in Maryland on August 15. Bloomberg
US President Joe Biden and Vice President Kamala Harris during their first shared campaign event in Maryland on August 15. Bloomberg
US President Joe Biden and Vice President Kamala Harris during their first shared campaign event in Maryland on August 15. Bloomberg
US President Joe Biden and Vice President Kamala Harris during their first shared campaign event in Maryland on August 15. Bloomberg

Biden praises Harris in first joint 2024 campaign event


Jihan Abdalla
  • English
  • Arabic

US President Joe Biden appeared on Thursday with Vice President Kamala Harris on the 2024 campaign trail for the first time since he ended his re-election bid and endorsed her for the Democratic Party nomination.

“She’s going to make one hell of a president,” Mr Biden said to cheers from the audience.

The two spoke at an event at a Maryland community college to herald the administration's work on lowering prescription drug costs, before praising each other.

Ms Harris said it was an “eternal and great honour” to have served as Mr Biden's Vice President and called him an “extraordinary human being and American and leader”.

The longtime Democrat said he would not seek re-election in July, and endorsed Ms Harris to become the nominee.

Mr Biden effectively ended his decades-long political career after rising concerns about his fitness to serve, and political challenges over his support for Israel in the country's war in Gaza after a Hamas-led October 7 attack.

“We are the most unique country in the world,” he said after the event, repeating his line that the US is based on an idea.

Arab Americans say Mr Biden and his administration have show shown little sympathy over the rising Palestinian civilian death toll in Gaza, which reached 40,000 people on Thursday, according to local health authorities.

“Including Palestinians?” someone in the crowd shouted at the President.

He answered with: “Including Palestinians”.

Ms Harris and her campaign are facing similar challenges by pro-Palestine, pro-ceasefire activists, and may have further pressure with protests at the Democratic National Convention in Chicago next week.

Mr Biden said Ms Harris must win in the November 5 election because Republican contender Donald Trump does not respect foreign alliances. He said other leaders globally want Democrats to win.

“There is so much at stake here,” he said. “This really matters.”

Mr Biden stressed that his team is working on a ceasefire agreement.

Foreign allies and key negotiators are meeting in Doha, Qatar, to discuss a Gaza ceasefire and deal over the release of hostages and detainees between Hamas and Israel.

The White House said the talks had a “promising start” on Thursday, despite Hamas not attending.

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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Company profile

Company name: Suraasa

Started: 2018

Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker

Based: India, UAE and the UK

Industry: EdTech

Initial investment: More than $200,000 in seed funding

The specs: 2018 Jeep Compass

Price, base: Dh100,000 (estimate)

Engine: 2.4L four-cylinder

Transmission: Nine-speed automatic

Power: 184bhp at 6,400rpm

Torque: 237Nm at 3,900rpm

Fuel economy, combined: 9.4L / 100km

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Updated: August 15, 2024, 9:22 PM