Dr Ebtesam Al Ketbi is the president of the Emirates Policy Centre
November 11, 2021
“Some of the commentary on recent developments in Tunisia & Sudan has tried to exaggerate the UAE’s role in what are essentially internal dynamics. There is also a tendency by some commentators to misrepresent the UAE’s intentions in a way that does not reflect the reality.” This was posted recently by Dr Anwar Gargash, the Diplomatic Advisor to UAE President Sheikh Khalifa bin Zayed Al Nahyan, on his Twitter account.
Dr Gargash further emphasised that the UAE works with partners to promote regional stability and seeks to build bridges to de-escalate tensions. “We understand that stability depends on governments addressing popular sentiments and avoiding marginalisation of segments of society,” he said.
Dr Gargash also said that any efforts to reduce tension, build political consensus and strengthen regional partnerships must be commended. “The UAE believes that dialogue, inclusive processes and avoiding confrontation should be the main tools in managing both internal disputes and regional relationships,” he said.
Self-criticism or constant reviews of positions and policies are not common practice in the Arab political space, except in rare cases. However, a shortcoming in the Arab region’s political and media spheres is looking for mistakes and defaming to the extent of “demonising” others. The motive of the people behind these campaigns is to isolate the targeted party from its Arab context and question its objectives, policies and positions. Any party that adopts a realistic, transparent or different policy, detached from populism and emotions, become a potential target of such campaigns.
In the past few years, the UAE has shown its readiness and ability to use various tools, including military force, to combat actual or perceived threats beyond its territory. Evidently, these threats are centred around the Muslim Brotherhood, extremism and terrorism. It has also focused on Iran’s policies and proxies, and Turkey’s foreign policy strategies.
The country has welcomed 2021 with optimism, turning the page on regional discord. It has emphasised the need for diplomatic solutions to de-escalate regional tensions, and redirected priorities and resources toward expanding trade partnerships. During the post-Covid-19 recovery phase, the UAE’s focus has been on developing a competitive environment and preparing the economy for decades to come. This phase for the UAE will be governed by digitalisation, technological solutions, the shift toward clean energy and the expansion of infrastructure and regional connectivity projects.
Presidential adviser Dr Anwar Gargash has been vocal on social media in countering those who demonise UAE foreign policy. Reuters
The UAE has also warned against attempts by parties in the region to exaggerate its regional role through a campaign of “fake news”. The country believes that these campaigns and exaggerations only serve malicious purposes of its regional adversaries. They portray the country as being behind every political act or plan in the region. To explain this phenomenon, Dr Gargash said in his tweets that it is not fair to exaggerate the UAE’s role in a way that portrays it as a “difficult member” of the region. He said that a state confronting regional interference in Arab affairs does not deserve to be at the receiving end of such propaganda. “We are partners to good forces in the region that seek stability and development and reject Arab submission to regional powers. We believe the aim of these campaigns is the demonisation of the UAE. But it is in part an acknowledgment of the centrality of the UAE and its credibility,” he said.
The UAE has always adopted a defensive rather than an aggressive strategy in its regional roles. It does not seek to engage in conflicts, and its development model is grounded in the stability required to attract trade and investment. However, enormous regional pressures have also pushed the UAE to make decisive, doctrinal shifts in foreign and defence policy. For example, the country participated in the Peninsula Shield Force to safeguard Bahrain’s security and stability in 2011. That decision was taken at the request of the Bahraini government. In 2011, it joined Nato forces in Libya under UN Security Council Resolution 1973. It also intervened in Yemen in 2015 at the official request of the government of the country's internationally recognised President, Abdrabbu Mansour Hadi.
During the first and second decades of the 21st century, the UAE's regional outreach has not necessarily translated into actual and sustainable strategic gains. The trajectory of these gains has not been stable or risen constantly. We also believe that self-critical evaluation is beneficial and healthy. For all actors in the region, gains and losses have varied from time to time and from issue to issue. At times, tactical withdrawals, retreats and advances manifest conflicts and responses to regional and international axes and rivalries. Manoeuvres are meant to establish influence in the region and implement their agendas and strategies for all stakeholders.
The UAE’s objectives behind supporting stability, moderation and development in the region had never changed, even as the country sought different means and tools. Against this backdrop, it has reviewed its policy towards a number of countries over the past two years. It has decided to turn the page on disagreements with other countries in the region, advanced the prospects of regional stability, helped prevent the escalation of conflicts and supported building bridges between nations.
Such a strategy allows the economy and politics to go hand in hand, making the UAE’s international relations approach realistic. And this rationality stands in contrast to the exaggerations perpetuated regarding the UAE’s role in influencing the domestic dynamics of Tunisia, Sudan and other sovereign Arab countries.
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FA Cup final
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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.”
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
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
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World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Stars: Zakaria Inan, Sabrina Ouazani
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
The National's picks
4.35pm: Tilal Al Khalediah 5.10pm: Continous 5.45pm: Raging Torrent 6.20pm: West Acre 7pm: Flood Zone 7.40pm: Straight No Chaser 8.15pm: Romantic Warrior 8.50pm: Calandogan 9.30pm: Forever Young
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Name: Thndr Started: 2019 Co-founders: Ahmad Hammouda and Seif Amr Sector: FinTech Headquarters: Egypt UAE base: Hub71, Abu Dhabi Current number of staff: More than 150 Funds raised: $22 million
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates