HMS Queen Elizabeth returns to Portsmouth Naval Base last December after her global seven-month deployment to the Indo-Pacific. PA
HMS Queen Elizabeth returns to Portsmouth Naval Base last December after her global seven-month deployment to the Indo-Pacific. PA
HMS Queen Elizabeth returns to Portsmouth Naval Base last December after her global seven-month deployment to the Indo-Pacific. PA
HMS Queen Elizabeth returns to Portsmouth Naval Base last December after her global seven-month deployment to the Indo-Pacific. PA


Europe's Indo-Pacific tilt is welcome, but it must be realistic


  • English
  • Arabic

November 21, 2022

Experts assembling at the UK House of Commons on Tuesday will be asked to give their views on the country's relationships with the South-East Asian nations.

Three sets of panels featuring strategic, development and economic experts have been arranged. The MPs on the foreign affairs committee will be able to draw witness perspectives on what is being billed as an opportunity to understand the region’s own priorities and how the UK can fit with its partners on the other side of the world.

Indonesia is at the heart of the special Parliamentary session, as the country raised its profile and global standing in 2022, having served as president of the Group of 20.

In a turbulent year, the G20's role gave Asia a chance to define its own international interests, faced with Russia’s war in Ukraine and the global inflation and energy crisis. European countries have had their own awakening in 2022 and their ambitions in the Indo-Pacific must now be weighed against a changed security landscape much closer to home.

When I spoke to Simon McDonald, the former head of the foreign office last week, he backed efforts to overhaul the UK’s Integrated Review that was published only last week and made a “tilt” to the Indo-Pacific its central goal.

“The Integrated Review is a good piece of work but to me it is too ambitious,” he told The National. “It feels quite beginning of the 20th century rather than middle of the 21st century. We’re taking on too many tasks for a country of our size. I believe we must prioritise. Logically that begins with focusing on our neighbourhood.”

UK Prime Minister Rishi Sunak is welcomed by Indonesian President Joko Widodo and his wife Iriana at the G20 Summit in Bali. AFP
UK Prime Minister Rishi Sunak is welcomed by Indonesian President Joko Widodo and his wife Iriana at the G20 Summit in Bali. AFP
There is a base of mutual priorities, not least the multilateral rules that underpin world trade and economic ties

Rory Medcalf, the well-connected head of the National Security College at the Australian National University, was in London last week and he picked up on the use of the word "tilt" by the British.

His view was that the word itself was not helpful. It did not provide a defined outreach, neither for that matter was it adequate overall for a country to occasionally deploy an aircraft carrier or scatter a few troops to Pacific powers. What he wanted was a full-spectrum engagement across development, education, technology and space as well as military.

“In Australia, there’s a view [that] we want the UK engagement to be realistic, and I would say that about others on this side of the world,” he told a meeting at the Royal United Services Institute last week. “The same applies to the French and EU engagement in the Indo-Pacific.”

The EU has set out its own Indo-Pacific strategy, which foreign affairs chief Josep Borrell earlier this month reiterated was a priority for the bloc. This has three pillars around solidifying engagement with states and interests through the region; to avoid the assertion of primacy in the area through Chinese power projection, and to buttress against any Washington versus Beijing zero-sum dynamic in the future.

As the largest security actor in the EU, France has its own pro-active ambitions in the mega-region. French President Emmanuel Macron was in Bangkok at the weekend for Pacific Rim meetings, where he vowed to “progressively multiply” the country’s initiatives, especially in core South-East Asia.

There is a universal message that the Europeans bring to the region, especially around the Ukraine war and freedom of navigation for maritime or other patrols through the ocean. Mr Macron insists that France is also doubling down on its 2018 Indo-Pacific strategy, working with the Indian and Japanese militaries, in particular, to achieve a joint footprint.

As Prof Medcalf observed, the essence of the Indo-Pacific is the importance of the maritime presence that then grows across dimensions. And as Mr McDonald noted, the importance of the Middle East has been steadily augmented by the growth of Pacific countries.

  • Indonesia's President Joko Widodo, right, passes the gavel to India's Prime Minister Narendra Modi at the G20 Summit in Bali. EPA
    Indonesia's President Joko Widodo, right, passes the gavel to India's Prime Minister Narendra Modi at the G20 Summit in Bali. EPA
  • Leaders and delegates at the handover ceremony. EPA
    Leaders and delegates at the handover ceremony. EPA
  • US President Joe Biden, British Prime Minister Rishi Sunak, Canada's Prime Minister Justin Trudeau, German Chancellor Olaf Scholz, French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, Japanese Prime Minister Kishida Fumio, European Commission President Ursula von der Leyen, European Council President Charles Michel, Spain's Prime Minister Pedro Sanchez, Netherlands' Prime Minister Mark Rutte and US Secretary of State Antony Blinken meet to discuss an apparent missile strike on Polish territory near the border with Ukraine at the G20 leaders' summit in Bali, Indonesia. AFP
    US President Joe Biden, British Prime Minister Rishi Sunak, Canada's Prime Minister Justin Trudeau, German Chancellor Olaf Scholz, French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, Japanese Prime Minister Kishida Fumio, European Commission President Ursula von der Leyen, European Council President Charles Michel, Spain's Prime Minister Pedro Sanchez, Netherlands' Prime Minister Mark Rutte and US Secretary of State Antony Blinken meet to discuss an apparent missile strike on Polish territory near the border with Ukraine at the G20 leaders' summit in Bali, Indonesia. AFP
  • Mr Trudeau, Mr Biden and Mr Sunak at the meeting. AFP
    Mr Trudeau, Mr Biden and Mr Sunak at the meeting. AFP
  • Mr Biden talks on the phone with Polish President Andrzej Duda as US national security adviser Jake Sullivan, centre, and Mr Blinken listen. AP
    Mr Biden talks on the phone with Polish President Andrzej Duda as US national security adviser Jake Sullivan, centre, and Mr Blinken listen. AP
  • President Sheikh Mohamed speaks with Siti Nurbaya, Indonesia's Minister of Environment and Forestry, after planting a mangrove tree as part of the G20 Summit at the Tahura Ngurah Rai mangrove conservation park. Photo: UAE Presidential Court
    President Sheikh Mohamed speaks with Siti Nurbaya, Indonesia's Minister of Environment and Forestry, after planting a mangrove tree as part of the G20 Summit at the Tahura Ngurah Rai mangrove conservation park. Photo: UAE Presidential Court
  • Leaders take part in a mangrove planting event at the Tahura Ngurah Rai Mangrove Forest Park. AP
    Leaders take part in a mangrove planting event at the Tahura Ngurah Rai Mangrove Forest Park. AP
  • Indian Prime Minister Narendra Modi, centre right, Indonesian President Joko Widodo, right, Mr Biden and European Commission President Ursula von der Leyen plant mangroves. AFP
    Indian Prime Minister Narendra Modi, centre right, Indonesian President Joko Widodo, right, Mr Biden and European Commission President Ursula von der Leyen plant mangroves. AFP
  • Front, left to right, Mr Scholz, Mr Biden, Mr Widodo, Ms von der Leyen, Ms Meloni. Seocnd row, left to right, Mr Michel, World Bank President David Malpass, Mr Sanchez, Mr Rutte, Mr Modi, Mr Macron and Australian Prime Minister Anthony Albanese. AFP
    Front, left to right, Mr Scholz, Mr Biden, Mr Widodo, Ms von der Leyen, Ms Meloni. Seocnd row, left to right, Mr Michel, World Bank President David Malpass, Mr Sanchez, Mr Rutte, Mr Modi, Mr Macron and Australian Prime Minister Anthony Albanese. AFP
  • Mr Macron and Mr Modi hold a working lunch. AFP
    Mr Macron and Mr Modi hold a working lunch. AFP
  • Mr Sunak shakes hands with Mr Biden during a bilateral meeting. Getty
    Mr Sunak shakes hands with Mr Biden during a bilateral meeting. Getty
  • Mr Modi and Mr Macron. AP
    Mr Modi and Mr Macron. AP
  • Mr Scholz, left, and Turkish President Recep Tayyip Erdogan during a bilateral meeting. EPA
    Mr Scholz, left, and Turkish President Recep Tayyip Erdogan during a bilateral meeting. EPA
  • From left, Mr Biden, Mr Modi, Mr Widodo and Ms von der Leyen hold up their shovels during the mangrove planting. AP
    From left, Mr Biden, Mr Modi, Mr Widodo and Ms von der Leyen hold up their shovels during the mangrove planting. AP
  • Mr Albanese, centre, meets with Mr Michel and Ms von der Leyen. EPA
    Mr Albanese, centre, meets with Mr Michel and Ms von der Leyen. EPA
  • US President Joe Biden speaks about the situation in Poland. AFP
    US President Joe Biden speaks about the situation in Poland. AFP
  • Japan's Prime Minister Fumio Kishida arrives for a tree planting event at the Taman Hutan Raya Ngurah Rai Mangrove Forest in Bali. AP
    Japan's Prime Minister Fumio Kishida arrives for a tree planting event at the Taman Hutan Raya Ngurah Rai Mangrove Forest in Bali. AP
  • Indonesian President Joko Widodo with a mangrove sapling at the forest park. Reuters
    Indonesian President Joko Widodo with a mangrove sapling at the forest park. Reuters
  • US President Joe Biden speaks with Turkish President Recep Tayyip Erdogan during the G20 leaders' summit in Bali, Indonesia. AP
    US President Joe Biden speaks with Turkish President Recep Tayyip Erdogan during the G20 leaders' summit in Bali, Indonesia. AP
  • Britain's Prime Minister Rishi Sunak and Canada's Prime Minister Justin Trudeau have a discussion on the sidelines of the summit. AFP
    Britain's Prime Minister Rishi Sunak and Canada's Prime Minister Justin Trudeau have a discussion on the sidelines of the summit. AFP
  • Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, talks to Indian Prime Minister Narendra Modi at a leaders' lunch. AP
    Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, talks to Indian Prime Minister Narendra Modi at a leaders' lunch. AP
  • Turkish President Recep Tayyip Erdogan meets Saudi Crown Prince Mohammed bin Salman. AFP
    Turkish President Recep Tayyip Erdogan meets Saudi Crown Prince Mohammed bin Salman. AFP
  • Russian Foreign Minister Sergei Lavrov with Chinese Foreign Minister Wang Yi. EPA
    Russian Foreign Minister Sergei Lavrov with Chinese Foreign Minister Wang Yi. EPA
  • President of the European Commission Ursula von der Leyen speaks to US President Joe Biden. Getty Images
    President of the European Commission Ursula von der Leyen speaks to US President Joe Biden. Getty Images
  • From left, South Korea's President Yoon Suk-yeol, Indonesia's President Joko Widodo, Mr Erdogan, Australia's Prime Minister Anthony Albanese and Mexico's Foreign Minister Marcelo Ebrard. AP
    From left, South Korea's President Yoon Suk-yeol, Indonesia's President Joko Widodo, Mr Erdogan, Australia's Prime Minister Anthony Albanese and Mexico's Foreign Minister Marcelo Ebrard. AP
  • International Monetary Fund managing director Kristalina Georgieva. AP
    International Monetary Fund managing director Kristalina Georgieva. AP
  • Mr Sunak and Crown Prince Mohammed during a bilateral meeting at the summit. AP
    Mr Sunak and Crown Prince Mohammed during a bilateral meeting at the summit. AP
  • President Sheikh Mohamed with Mr Widodo at the G20. Photo: UAE Presidential Court
    President Sheikh Mohamed with Mr Widodo at the G20. Photo: UAE Presidential Court
  • Sheikh Mohamed with French President Emmanuel Macron. Photo: UAE Presidential Court
    Sheikh Mohamed with French President Emmanuel Macron. Photo: UAE Presidential Court
  • From left, German Chancellor Olaf Scholz, Mr Macron, Mr Biden and Mr Modi in Bali. AFP
    From left, German Chancellor Olaf Scholz, Mr Macron, Mr Biden and Mr Modi in Bali. AFP
  • Mr Widodo addresses the summit in Nusa Dua. AP
    Mr Widodo addresses the summit in Nusa Dua. AP
  • Canada's Prime Minister Justin Trudeau arrives at the summit. EPA
    Canada's Prime Minister Justin Trudeau arrives at the summit. EPA
  • China's President Xi Jinping takes his seat with other world leaders. AFP
    China's President Xi Jinping takes his seat with other world leaders. AFP
  • Russian Foreign Minister Sergey Lavrov attends the first working session. AP
    Russian Foreign Minister Sergey Lavrov attends the first working session. AP
  • Japanese Prime Minister Fumio Kishida at the meeting. AP
    Japanese Prime Minister Fumio Kishida at the meeting. AP
  • British Prime Minister Rishi Sunak walks past the flags of assembled nations. AFP
    British Prime Minister Rishi Sunak walks past the flags of assembled nations. AFP
  • Italy's Prime Minister Giorgia Meloni arrives. AP
    Italy's Prime Minister Giorgia Meloni arrives. AP
  • Saudi Arabia's Crown Prince Mohammed talks with Indonesia's Mr Widodo. AFP
    Saudi Arabia's Crown Prince Mohammed talks with Indonesia's Mr Widodo. AFP
  • Mr Macron, left, shakes hands with Mr Xi before a meeting between the two leaders. AFP
    Mr Macron, left, shakes hands with Mr Xi before a meeting between the two leaders. AFP
  • European Council President Charles Michel arrives at the summit. Reuters
    European Council President Charles Michel arrives at the summit. Reuters

Making the European aspirations a reality is an evolving challenge. Leaders in the UK have an extraordinary Indo-Pacific background. Fluent in Japanese, Chancellor of the Exchequer Jeremy Hunt complements Prime Minister Rishi Sunak, who at the G20 spoke to Indian Prime Minister Narendra Modi about closer ties.

Mr Hunt made a point of using the budget statement last week to make more defence spending in the years ahead, contingent on a revamp of the Integrated Review. This task is being undertaken by John Bew, the UK prime minister’s foreign affairs adviser and author of the "tilt" concept.

It means the UK, like France, is going back to the drawing board on its overtures to the region. Europe, as a whole, has compelling security and resources interests to establish, but it should make only credible promises.

Fortunately, there is a strong base of mutual priorities, not least the multilateral rules that underpin world trade and economic ties. There’s a foundation of forums such as the Quad group of countries, Aukus and G7 that keeps the big countries engaged in a constant process.

The most important thing is intelligent interaction, figuring out where progress is possible. What is also true is that levels of political interaction are intense. The Europeans truly have an opportunity with Indo-Pacific nations that exists at all levels.

Even if the crisis in Europe is only growing more intense, there are good reasons for doubling down on the eastern opportunities ahead.

RESULTS

Bantamweight title:
Vinicius de Oliveira (BRA) bt Xavier Alaoui (MAR)
(KO round 2)
Catchweight 68kg:
Sean Soriano (USA) bt Noad Lahat (ISR)
(TKO round 1)
Middleweight:
Denis Tiuliulin (RUS) bt Juscelino Ferreira (BRA)
(TKO round 1)
Lightweight:
Anas Siraj Mounir (MAR) bt Joachim Tollefsen (DEN)
(Unanimous decision)
Catchweight 68kg:
Austin Arnett (USA) bt Daniel Vega (MEX)
(TKO round 3)
Lightweight:
Carrington Banks (USA) bt Marcio Andrade (BRA)
(Unanimous decision)
Catchweight 58kg:
Corinne Laframboise (CAN) bt Malin Hermansson (SWE)
(Submission round 2)
Bantamweight:
Jalal Al Daaja (CAN) bt Juares Dea (CMR)
(Split decision)
Middleweight:
Mohamad Osseili (LEB) bt Ivan Slynko (UKR)
(TKO round 1)
Featherweight:
Tarun Grigoryan (ARM) bt Islam Makhamadjanov (UZB)
(Unanimous decision)
Catchweight 54kg:
Mariagiovanna Vai (ITA) bt Daniella Shutov (ISR)
(Submission round 1)
Middleweight:
Joan Arastey (ESP) bt Omran Chaaban (LEB)
(Unanimous decision)
Welterweight:
Bruno Carvalho (POR) bt Souhil Tahiri (ALG)
(TKO)

UAE currency: the story behind the money in your pockets
Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

Medicus AI

Started: 2016

Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh

Based: Vienna, Austria; started in Dubai

Sector: Health Tech

Staff: 119

Funding: €7.7 million (Dh31m)

 

West Asia Premiership

Dubai Hurricanes 58-10 Dubai Knights Eagles

Dubai Tigers 5-39 Bahrain

Jebel Ali Dragons 16-56 Abu Dhabi Harlequins

Results

Final: Iran beat Spain 6-3.

Play-off 3rd: UAE beat Russia 2-1 (in extra time).

Play-off 5th: Japan beat Egypt 7-2.

Play-off 7th: Italy beat Mexico 3-2.

Queen

Nicki Minaj

(Young Money/Cash Money)

Tuesday results:

  • Singapore bt Malaysia by 29 runs
  • UAE bt Oman by 13 runs
  • Hong Kong bt Nepal by 3 wickets

Final:
Thursday, UAE v Hong Kong

Five healthy carbs and how to eat them

Brown rice: consume an amount that fits in the palm of your hand

Non-starchy vegetables, such as broccoli: consume raw or at low temperatures, and don’t reheat  

Oatmeal: look out for pure whole oat grains or kernels, which are locally grown and packaged; avoid those that have travelled from afar

Fruit: a medium bowl a day and no more, and never fruit juices

Lentils and lentil pasta: soak these well and cook them at a low temperature; refrain from eating highly processed pasta variants

Courtesy Roma Megchiani, functional nutritionist at Dubai’s 77 Veggie Boutique

Match info:

Burnley 0

Manchester United 2
Lukaku (22', 44')

Red card: Marcus Rashford (Man United)

Man of the match: Romelu Lukaku (Manchester United)

Sanchez's club career

2005-2006: Cobreloa

2006-2011 Udinese

2006-2007 Colo-Colo (on loan)

2007-2008 River Plate (on loan)

2011-2014 Barcelona

2014–Present Arsenal

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
KLOPP%20AT%20LIVERPOOL
%3Cp%3EYears%3A%20October%202015%20-%20June%202024%3Cbr%3ETotal%20games%3A%20491%3Cbr%3EWin%20percentage%3A%2060.9%25%3Cbr%3EMajor%20trophies%3A%206%20(Premier%20League%20x%201%2C%20Champions%20League%20x%201%2C%20FA%20Cup%20x%201%2C%20League%20Cup%20x%202%2C%20Fifa%20Club%20World%20Cup%20x1)%3C%2Fp%3E%0A
Fixtures:

Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final

RESULTS
%3Cp%3E%3Cstrong%3E9pm%3A%20Maiden%20(PA)%20Dh70%2C000%20(Dirt)%202%2C000m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Mubhir%20Al%20Ain%2C%20Antonio%20Fresu%20(jockey)%2C%20Ahmed%20Al%20Mehairbi%20(trainer)%3Cbr%3E%3Cstrong%3E9.30pm%3A%20Handicap%20(TB)%20Dh70%2C000%20(D)%202%2C000m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Exciting%20Days%2C%20Oscar%20Chavez%2C%20Doug%20Watson%3Cbr%3E%3Cstrong%3E10pm%3A%20Al%20Ain%20Cup%20%E2%80%93%20Prestige%20(PA)%20Dh100%2C000%20(D)%202%2C000m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Suny%20Du%20Loup%2C%20Marcelino%20Rodrigues%2C%20Hamad%20Al%20Marar%3Cbr%3E%3Cstrong%3E10.30pm%3A%20Maiden%20(PA)%20Dh70%2C000%20(D)%201%2C800m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Jafar%20Des%20Arnets%2C%20Oscar%20Chavez%2C%20Ahmed%20Al%20Mehairbi%3Cbr%3E%3Cstrong%3E11pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(D)%201%2C600m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Taj%20Al%20Izz%2C%20Richard%20Mullen%2C%20Ibrahim%20Al%20Hadhrami%3Cbr%3E%3Cstrong%3E11.30pm%3A%20Maiden%20(PA)%20Dh70%2C000%20(D)%201%2C400m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Majdy%2C%20Antonio%20Fresu%2C%20Jean%20de%20Roualle%3Cbr%3E%3Cstrong%3E12am%3A%20Maiden%20(PA)%20Dh70%2C000%20(D)%201%2C400m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Hamloola%2C%20Sam%20Hitchcott%2C%20Salem%20Al%20Ketbi%3C%2Fp%3E%0A
Safety 'top priority' for rival hyperloop company

The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.

He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.

“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.

“Only once the system has been certified and approved will it move people,” he said.

HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon. 

With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

UAE currency: the story behind the money in your pockets
BACK%20TO%20ALEXANDRIA
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ETamer%20Ruggli%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENadine%20Labaki%2C%20Fanny%20Ardant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
The biog

Favourite hobby: taking his rescue dog, Sally, for long walks.

Favourite book: anything by Stephen King, although he said the films rarely match the quality of the books

Favourite film: The Shawshank Redemption stands out as his favourite movie, a classic King novella

Favourite music: “I have a wide and varied music taste, so it would be unfair to pick a single song from blues to rock as a favourite"

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EGrowdash%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJuly%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESean%20Trevaskis%20and%20Enver%20Sorkun%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ERestaurant%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%20so%20far%3A%3C%2Fstrong%3E%20%24750%2C000%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Plus%20VC%2C%20Judah%20VC%2C%20TPN%20Investments%20and%20angel%20investors%2C%20including%20former%20Talabat%20chief%20executive%20Abdulhamid%20Alomar%2C%20and%20entrepreneur%20Zeid%20Husban%3C%2Fp%3E%0A

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.”

Tickets

Tickets for the 2019 Asian Cup are available online, via www.asiancup2019.com

About Proto21

Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group

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

Updated: November 21, 2022, 1:33 PM