The world expected our differences to define us. One of us is a Jew, the other a Muslim. One of us is Israeli, the other Arab. Not only have these characteristics shaped us as human beings, they have also presented an enduring question: Does the past determine the future, or is our fate in our own hands?
This week, with the first-ever official visit by an Israeli minister to the UAE and the opening of an Israeli embassy and consulate in the country, we have an opportunity to reflect on the answer.
Fundamentally, the UAE and Israel decided to do things differently with the signing of the historic Abraham Accords in 2020. With the establishment of diplomatic relations between the UAE and Israel, our two countries set out to determine a new paradigm for our region: one defined by the joint pursuit of peace, stability, security, prosperity and co-existence for our peoples. Our determination to realise the Accords stems from our recognition that we share many of the same objectives, particularly in our commitment to fostering a better future for generations to come. If we have the opportunity to create a world of peace for them, we must not let this chance pass us by.
Certainly, the challenges that lie before us are significant. The peace that our countries have chosen comes against the backdrop of outbreaks of violence and extremism in the region, where serious economic interests and complex diplomatic dynamics exist. Our approach, which prioritises open exchange and people-to-people engagement, will need to overcome forces that will try to undermine it. However, we are convinced of the power of bold decision-making that places the welfare of our peoples first, and we hope to continue to inspire others in the region to choose the path towards peace.
The benefits of forging an enduring peace are clear. Since the establishment of relations between the UAE and Israel, economic growth, cultural exchange and political co-operation between our countries have flourished.
We have witnessed high-level trade delegations exploring promising opportunities for trade and investment, including in the healthcare, aviation, agriculture, education, telecommunications, energy, technology and tourism sectors.
We have seen our countries closely collaborate on vaccine research and development as the UAE and Israel have become world leaders in combatting the Covid-19 pandemic. Now ranking among the top countries with the highest rates of vaccine administration, the UAE and Israel are committed to sharing knowledge and expertise with other countries in efforts to strengthen international co-operation in the fight against Covid-19.
Moreover, our two countries are keen to share resources with each other in fields such as digital transformation, smart cities, cybersecurity and artificial intelligence. Young people will benefit from the growth of these industries, which will enhance social wellbeing, increase economic competitiveness, and ensure that our countries are prepared for the future.
As part of the Accords, the UAE, US and Israel also announced the Abraham Fund. Through this fund, the US International Development Finance Corporation, the UAE, and Israel will mobilise more than $3 billion in private sector-led investment and development initiatives to promote regional economic co-operation and prosperity in the Middle East and beyond. In turn, the initiative will generate unprecedented opportunity for the region’s peoples.
Now, two of the world’s most dynamic and advanced societies have begun to create a linked and powerful engine of progress and opportunity, not just for the UAE and Israel but also for the entire region.
This vision is one we share and cherish. The peoples of the UAE and Israel seek to live in a world where peace abounds. In order to achieve this vision, we must work hard to create opportunities for engagement and encourage others to join these efforts. This pursuit can only be bolstered by multilateral co-operation among countries similarly invested in opting for collaboration over confrontation.
While the Abraham Accords were the first of their kind in our region, they represent a future that we believe must become more commonplace: one in which differences are set aside in favour of dialogue. As momentum grows, we are reminded that sometimes the most impactful decisions are those believed to be difficult, if not impossible.
We both want to live in a world where peace is possible. We need to work hard with our peoples and with each other. In order to achieve lasting and sustainable solutions to the issues that our region faces, we will continue to champion the spirit of peace in all efforts to shape a better world for our children. Peace isn't an agreement you sign – it's a way of life. The ceremonies we held this week aren't the end of the road. They are just the beginning.
In doing so – in deciding differently – we choose peace.
Yair Lapid is the Foreign Minister of Israel
Sheikh Abdullah bin Zayed Al Nahyan is the UAE Minister of Foreign Affairs and International Co-operation
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.”
ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes. Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
Jetour T1 specs
Engine: 2-litre turbocharged
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Available: Now
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Engine: 1.5-litre, 4-cylinder turbo
Transmission: CVT
Power: 170bhp
Torque: 220Nm
Price: Dh98,900
The past Palme d'Or winners
2018Shoplifters, Hirokazu Kore-eda
2017The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
