• US President Donald Trump warned Iran not to build up its nuclear programme, as he welcomed Israeli Prime Minister Benjamin Netanyahu for talks in Florida. Mr Netanyahu's visit also comes at another critical moment in Gaza as Mr Trump looks for momentum in the US-brokered Israel-Hamas ceasefire that is in danger of stalling before reaching the complicated second phase of the agreement.
  • Somalia accused Israel of undermining stability in the Horn of Africa by recognising the breakaway region of Somaliland as an independent nation. Abukar Osman, Somalia’s ambassador to the UN, told the Security Council that the “act of aggression” was aimed at encouraging the fragmentation of his country.
  • Iraq's parliament elected politician Haibat Al Halbousi as Speaker during its first session. Mr Al Halbousi received 208 votes, while two other candidates for the post, Salem Al Issawi and Amer Abdul Jaber, received 66 and nine votes respectively, the Iraqi News Agency said. There were 26 invalid ballots, and 20 legislators did not attend the session.
  • Iran's central bank governor resigned on Monday, state TV reported, as protests erupted in Tehran and several other cities after the country’s currency plummeted to a record low against the US dollar.
  • Egypt’s Foreign Minister Badr Abdelatty has said his country “will not allow any new dams to be built on the Nile” unless agreed to in advance and carried out under international law, marking Cairo’s firmest position in years on the water dispute with Ethiopia.
  • The Saudi-led coalition in Yemen announced on Tuesday a “limited military operation” against weapons and combat vehicles belonging to the Southern Transitional Council (STC).
  • Syrian President Ahmad Al Shara and central bank governor Abdulkader Husrieh unveiled the country’s new currency, which will be introduced gradually from January 1.

  • Three Turkish police officers ‌were killed ​in a clash ‌with ‍suspected ISIS militants in north-western Turkey. Six militants were ⁠killed ​in ‍the operation, Interior ⁠Minister ‌Ali ⁠Yerlikaya ⁠said.
  • Hamas confirmed ⁠the death of ​its armed wing ‌spokesman, Abu ​Obeida, months after Israel announced he had been killed in an air strike in Gaza. Israel had said it killed him in a strike on Al Rimal neighbourhood of Gaza city on August 30.
  • Syrian Foreign Minister Asaad Al Shaibani received Maj. Gen. Patrick Gauchat, head of the United Nations Truce Supervision Organisation (UNTSO) mission, in Damascus. During the meeting, both sides underscored the role of the UNTSO mission in documenting Israeli violations in southern Syria and discussed ways to enhance existing co-operation, according to Syrian state media.
  • Iran’s military has warned of “costly retaliation” against any attempt to threaten its national security. In a statement carried by state media, Iran's military said it remained on full alert and would not tolerate any “miscalculation” by its adversaries.
  • Syrian authorities said that security deployments in the country’s coastal region were aimed at “restoring calm”, but critics have accused these forces of suppressing anti-government demonstrations.

More goings-on


  • The Bank of Palestine has received in-principle approval for a full banking licence from Abu Dhabi’s financial hub, the ADGM, as it seeks to expand globally to serve the Palestinian diaspora.
  • Lebanon signed a preliminary agreement with Egypt to import natural gas to ease electricity shortages and reduce its reliance on high-cost fuel oil imports.
  • Bahrain plans to introduce new fiscal reforms aimed at bolstering public finances, with measures ranging from increasing fuel prices to establishing a corporate income tax law.
  • Freed Egyptian activist Alaa Abd El Fattah, who flew to Britain last week, has apologised “unequivocally” for past social media posts, but said they had been used to question his “integrity and values”.

  • Netanyahu meets US officials in Florida to discuss Gaza and Iran





This newsletter was compiled by Mohamad Ali Harisi, Foreign Editor.

The National produces a variety of newsletters across an array of subjects. To get the best of our coverage straight to your inbox, sign up to them here.


Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

Winners

Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)

Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)

Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)

Best Young Women’s Player
Vicky López (Barcelona / Spain)

Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)

Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)

Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)

Women’s Coach of the Year
Sarina Wiegman (England)

The specs: 2018 Mercedes-AMG C63 S Cabriolet

Price, base: Dh429,090

Engine 4.0-litre twin-turbo V8

Transmission Seven-speed automatic

Power 510hp @ 5,500rpm

Torque 700Nm @ 1,750rpm

Fuel economy, combined 9.2L / 100km

Abandon
Sangeeta Bandyopadhyay
Translated by Arunava Sinha
Tilted Axis Press 

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel

Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
Scotland's team:

15-Sean Maitland, 14-Darcy Graham, 13-Nick Grigg, 12-Sam Johnson, 11-Byron McGuigan, 10-Finn Russell, 9-Ali Price, 8-Magnus Bradbury, 7-Hamish Watson, 6-Sam Skinner, 5-Grant Gilchrist, 4-Ben Toolis, 3-Willem Nel, 2-Stuart McInally (captain), 1-Allan Dell

Replacements: 16-Fraser Brown, 17-Gordon Reid, 18-Simon Berghan, 19-Jonny Gray, 20-Josh Strauss, 21-Greig Laidlaw, 22-Adam Hastings, 23-Chris Harris

RESULTS

4pm: Al Bastakiya Listed US$250,000 (Dirt) 1,900m
Winner: Yulong Warrior, Richard Mullen (jockey), Satish Seemar (trainer)

4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m
Winner: Jordan Sport, Adrie de Vries, Fawzi Nass

5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m
Winner: Jungle Cat, William Buick, Charlie Appleby

5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m
Winner: Kimbear, Patrick Dobbs, Doug Watson

6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m
Winner: Blair House, James Doyle, Charlie Appleby

6.55pm: Al Maktoum Challenge Round-3 Group 1 $400,000 (D) 2,000m
Winner: North America, Richard Mullen, Satish Seemar

7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m
Winner: Hawkbill, William Buick, Charlie Appleby.

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.”

While you're here
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