If a picture is worth a thousand words, the picture of the warm embrace between UAE President Sheikh Mohamed bin Zayed and Indian Prime Minister Narendra Modi was worth a million. Sheikh Mohamed receiving Mr Modi at the Presidential Airport in Abu Dhabi on June 28 went well beyond diplomatic protocol. And so has the relationship between India and the UAE. The personal chemistry between the leaders, and their vision, continue to guide bilateral relations.
As if ordained by destiny, while India celebrates the 75th year of independence, the UAE also celebrates the Year of the 50th, the golden jubilee of the formation of the UAE. Furthermore, this is also the year when our two countries complete 50 years of diplomatic relations. To mark this historic milestone, the leaders released a postage stamp during their virtual summit in February this year.
The UAE hosts about 3.5 million Indians – about 25 per cent of India’s diaspora, the largest anywhere in the world. A key pillar of the strong relationship, the Indian community is acknowledged to be a significant contributor to the UAE’s economy. The UAE has provided Indians a home away from home where they can work and contribute to the economies of both countries and also benefit from the welcoming and harmonious socio-economic ecosystem.
This is also the year when our two countries complete 50 years of diplomatic relations
In February this year, the bilateral trade relations took a quantum leap with the signing of the India-UAE Comprehensive Economic Partnership Agreement (CEPA). This agreement has given market access to 97 per cent of tariff lines accounting for 99 per cent of Indian exports since May 1. The CEPA was the first of its kind signed by India in the Middle East and North Africa region, and the first by the UAE with any country of the world. It is remarkable that negotiations for this historic agreement took a mere 88 days, and that they were made possible only through mutual trust and commitment. The agreement has taken our bilateral relations to the next level. While trade deals take years to negotiate, the CEPA has proven that mutual trust and commitment to work together is all that is required to close trade deals.
India and UAE took another significant step in strengthening their comprehensive strategic partnership with the Joint Vision Document unveiled during the leaders’ virtual summit in February. Aptly titled “New Frontiers, New Milestones”, this document charts the pathway towards a shared future. While it seeks to build on past achievements, it lays down new avenues of co-operation such as fintech, clean energy and climate action, food security, sustainability, digital payments, cyber security, cryptocurrencies, and advanced technologies, among others. Another historic announcement marked what might become the beginning of a new epoch in India-UAE higher education co-operation: the establishment of an Indian Institute of Technology in Abu Dhabi.
Indian nationals gather during the celebration of their Independence day at the Indian Consulate in Dubai. Ruel Pableo for The National
On the multilateral front, India and the UAE have been working closely in the UN Security Council during current turbulent geopolitical times. India and UAE jointly broke new ground with the announcement of the I2U2 Group along with Israel and the US in October 2021. In a matter of months, the I2U2 summit was convened between Sheikh Mohamed, Mr Modi, US President Joe Biden and Israeli Prime Minister Yair Lapid in July, this year. With an outcome-oriented approach, the I2U2 Joint statement was full of intent, content and key announcements, including an investment of $2 billion by the UAE to develop food parks in India and a $330 million joint project to develop renewable energy capacity of up to 300 megawatt in India. The goal of I2U2 transcends national boundaries and is aimed at harnessing the vibrancy and entrepreneurial spirit of the four societies and economies to tackle some of the greatest challenges confronting the world today. I2U2 takes forward the Abraham Accords of August 2020 by opening new avenues for plurilateral co-operation in a concrete manner.
Organising Expo 2020 Dubai at a time when the world was in the grips of despair and fear has shown to the world the true mettle of the UAE. With a footfall of more than 24 million in a short duration of six months, during the pandemic, was no mean achievement. Expo 2020 Dubai was home to the dazzling India Pavilion, with one of the highest footfalls. Further, it is an honour for India to be among the countries allotted a permanent pavilion. Clearly, India and the UAE are an important element in each other’s future.
The UAE is today perhaps India’s closest partner in the Mena region. Their relationship is as much about its glorious past as it is about its bright future.
not have been convicted of offences or crimes involving moral turpitude
be free of infectious diseases or psychological and mental disorders
have the ability to support its members and the foster child financially
undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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
Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood. Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues. Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity. Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Dh200 for littering or spitting in the Dubai Metro
Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle.
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle
In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches
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
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.”
