The UAE’s journey with Expo began in Osaka 52 years ago. With its humble pavilion, Abu Dhabi participated in Expo Osaka in 1970, culminating with the visit of the President, Sheikh Khalifa, in his capacity as the Crown Prince of Abu Dhabi.
This high-level engagement began a tradition of visits between the UAE and Japan, extending from the UAE’s first appearance in an international exhibition. Fifty two years later, the UAE hosted the largest Expo to date, with 192 countries and more than 24 million visits under the theme “Connecting Minds, Creating the Future”.
Moreover, 2022 marks the 50th anniversary of diplomatic relations between the UAE and Japan. The year also and represents an opportunity to reflect on the ways in which the two countries intend to strengthen co-operation over the next 50 years and diversify an important relationship. The UAE looks forward to signing the Comprehensive Strategic Partnership Initiative with Japan, thereby enabling an expansion and co-ordination in emerging fields and laying the groundwork to build upon existing areas of economic, political and cultural co-operation.
The UAE's co-operation with Japan has its roots in a long history of trade exchange. Today, the countries enjoy a robust trade relationship, with the UAE maintaining its ranking as Japan’s eighth largest trading partner globally in 2021, and fifth largest in terms of Japan’s total imports. Moreover, Japanese exports to the UAE amounted to $6.2 billion in 2021, with imports from the UAE at $23.8 billion in 2021. The strength of bilateral trade can primarily be explained by the economic recovery post-Covid-19 that has been championed by both countries.
We now see diversified economic co-operation, with the UAE hosting approximately 340 Japanese companies. According to a survey by the Japan External Trade Organisation, 75 per cent of Japanese companies in the UAE regard the “merits of free zones and special economic zones” as one of the biggest advantages of doing business in the country.
And despite the challenges of the pandemic, new horizons of economic co-operation have emerged between the UAE and Japan, such as Japan’s first fuel ammonia and carbon recycling co-operation agreement with the Abu Dhabi National Oil Company. Numerous other agreements in the energy field have further illustrated the growth of UAE-Japan economic ties. In 2021, the UAE and Japan signed a hydrogen co-operation agreement, aiming to enhance investment in the hydrogen sector while realising joint ambitions to accelerate the energy transition towards a low-carbon future.
Such partnerships also support the direction of the two countries to fulfill commitments to combat climate change made under the Paris Agreement. Both the UAE and Japan have announced plans to achieve Net Zero Carbon Emissions by the year 2050, and the UAE will host the climate summit Cop-28 next year to bring together world leaders in driving this change.
Last month, Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, spoke with Japanese Prime Minister Fumio Kishida. They discussed key international developments and ways to strengthen co-operation in the energy and trade sectors while reaffirming their shared desire to bolster bilateral ties.
The co-operation, however, extends beyond the economic and energy domains. Tourism exchange remains a significant pillar of the UAE-Japan relationship, which is expected to grow as the world continues to open up from the pandemic. More than 4,000 Japanese nationals live and work in the UAE, the largest number in the Mena region. Furthermore, the two countries’ partnership in the arts, culture, and education sectors has enabled the UAE and Japan to exchange best practices while encouraging people-to-people ties among citizens, especially the youth.
Our partnership has even grown through the technological and aeronautic fields, and the UAE has already ventured into outer space with Japan through the KhalifaSat remote sensing satellite and the Mars Mission Probe. The UAE is looking to work closer with Japan in priority sectors such as future industries, space and advanced technology. In the coming years, the UAE will continue to look to Japan as an important partner in this regard.
Three years from now, the UAE will once again return to participate in EXPO Osaka. With the memory of Expo 2020 Dubai fresh, we reflect fondly on the role that Japan played as one of the top attractions at Expo. The theme of Japan’s pavilion was “Where ideas meet,” and the pavilion was in the Opportunity district, fittingly, and the design of its facade symbolised a long history of cultural exchange between Japan and the Middle East.
As Sheikh Abdullah bin Zayed Al Nahyan, the UAE's Minister of Foreign Affairs and International Co-operation, visited the Japan pavilion at Expo and Yoshimasa Hayashi, Foreign Minister of Japan, visited the UAE pavilion in March 2022, so concluded the greatest showcase of human brilliance and innovation the region has ever seen. We hope to similarly impress the people of Japan when it is our time to participate in Osaka, under the theme of “Designing Future Society for Our Lives”.
In bringing the world together to inspire future generations, Japan will host an Expo where participants will develop solutions to contemporary challenges and send a message of solidarity to the international community. Fifty five years after the UAE’s first appearance at Expo, the UAE will proudly stand with Japan in celebrating how far both countries have come as partners and as global beacons of prosperity, development and growth.
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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.”
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
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
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
2018 Shoplifters, Hirokazu Kore-eda
2017 The 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
2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Company Profile
Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
