President Sheikh Mohamed met Sheikh Tamim, Emir of Qatar, at the Amiri Diwan in Qatar on Monday. UAE Presidential Court. Hamad Al Kaabi / UAE Presidential Court ---
President Sheikh Mohamed met Sheikh Tamim, Emir of Qatar, at the Amiri Diwan in Qatar on Monday. UAE Presidential Court. Hamad Al Kaabi / UAE Presidential Court ---
President Sheikh Mohamed met Sheikh Tamim, Emir of Qatar, at the Amiri Diwan in Qatar on Monday. UAE Presidential Court. Hamad Al Kaabi / UAE Presidential Court ---
Sultan Sooud Al Qassemi is a writer and researcher, and the founder of Barjeel Art Foundation
December 05, 2022
Over the past two years or so there has been a palpable acceleration of regional Arab dialogues, co-operation and co-ordination at the leadership, government and institutional levels. These movements have coincided with an increasing schism that is forming in the world, especially since the Russian invasion of Ukraine. The G7 group of nations have come together to counter what they regard as threats from the East, emanating not only from Russia but from China as well. There is no doubt that Arab Gulf states, rich in minerals, and especially much-coveted oil and gas, will find themselves confronted by increasing pressure to side with one party or the other.
So far, the Gulf states have managed to hold neutral ground without compromising longstanding relationships with either side. These states no longer see themselves as tertiary or even secondary players, not only in their own region but throughout the world. In reality, they are most susceptible to being pressured when they face internal conflicts or disagreements, which allow for certain parties to take advantage of these schisms.
Encouraging steps have taken place, even over the past few months, with the Kingdom of Saudi Arabia hosting a major summit that brought together nine regional leaders of the Gulf Co-operation Council, Egypt, Jordan and Iraq, alongside US President Joe Biden. Even more recently, Egyptian President Abdel Fattah El Sisi attended the opening of the Fifa World Cup in Qatar – the first official visit by an Egyptian president to the country in a decade. In the coming days, the Kingdom of Saudi Arabia will host Chinese President Xi Jinping for a major summit that will once again bring together regional leaders.
It is with these developments in mind that the visit of UAE President Sheikh Mohamed bin Zayed to Qatar should be viewed. Dr Anwar Gargash, diplomatic adviser to the UAE President, billed the visit as "another step towards strengthening solidarity and joint Gulf action. The path of co-operation, integration and coordination is a strategic Emirati choice towards achieving common Gulf aspirations."
These states no longer see themselves as tertiary or even secondary players, not only in their own region but throughout the world
Sheikh Mohamed’s visit to Qatar, one of his first official visits since becoming President of the UAE, brings together two of the region's economic powerhouses. The UAE's GDP stood at Dh1.5 trillion in 2021 (around $402.9 billion) while Qatar's GDP stood at $179.6bn, making them respectively the second- and fifth-largest economies in the Arab world.
Sheikh Mohamed's visit, which coincides with the World Cup, the biggest event ever hosted by Qatar, is a warm gesture from one of the most effective leaders in the region. It also gives a boost to the AlUla Agreement of January 2021, which allowed not just for a resetting but also a strengthening of ties in the face of increasing regional and global conflicts and pressures. For his part, Qatar’s Emir, Sheikh Tamim Al Thani, visited the UAE in May 2022 to offer condolences on the passing of the late President, Sheikh Khalifa.
In a post on Twitter, Sheikh Mohamed wrote that the visit to Doha was to "discuss areas of mutual interests and strengthening bilateral ties between our nations". This bodes well for the business community at a time of rising uncertainty in the world, and points to added opportunities for both peoples. As of this month, for instance, the number of daily flights between the UAE and Qatar has skyrocketed to 41. This increase in flights has allowed for a significant number of visitors to the Qatar World Cup to choose to be based in Dubai or Abu Dhabi, and make daily commutes to Qatar (estimates vary around the tens of thousands). As a result of this increasing economic co-operation, bilateral trade stood at around $1.4bn in 2021.
Sheikh Mohamed's historic address on the UAE's National Day on December 2 (his first National Day speech as President) spells out his vision for the UAE as a regional and global actor. In the speech, Sheikh Mohamed stated that "in a rapidly shifting world, the UAE realises the importance of strengthening partnerships across the Arab world for the benefit of this region and its people, and will continue to invest in Arab resources and capabilities for the development of all".
He further stated: "Recent transformations across the world have emphasised the importance of strengthening all aspects of regional co-operation between countries belonging to a particular region or geographical area, as is the case for the Arab countries in general or the Gulf Co-operation Council states, in particular. Our countries possess a potential for convergence and integration that may not be available to other nations in other regions."
It is in this light of regional co-operation and – in the words of Sheikh Mohamed – the "potential for convergence and integration", that his visit to Qatar could be seen.
Total fights: 32 Wins: 28 Wins by KO: 26 Losses: 4
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
The specs: 2017 Ford F-150 Raptor
Price, base / as tested Dh220,000 / Dh320,000
Engine 3.5L V6
Transmission 10-speed automatic
Power 421hp @ 6,000rpm
Torque 678Nm @ 3,750rpm
Fuel economy, combined 14.1L / 100km
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.”
PREMIER LEAGUE RESULTS
Bournemouth 1 Manchester City 2
Watford 0 Brighton and Hove Albion 0
Newcastle United 3 West Ham United 0
Huddersfield Town 0 Southampton 0
Crystal Palace 0 Swansea City 2
Manchester United 2 Leicester City 0
West Bromwich Albion 1 Stoke City 1
Chelsea 2 Everton 0
Tottenham Hotspur 1 Burnley 1
Liverpool 4 Arsenal 0
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
Investors: Co-founders and Venture Partners (9 per cent)
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
Community volunteers have swung into action delivering food packages and toiletries to the men.
When provisions are distributed, the men line up in long queues for packets of rice, flour, sugar, salt, pulses, milk, biscuits, shaving kits, soap and telecom cards.
Volunteers from St Mary’s Catholic Church said some workers came to the church to pray for their families and ask for assistance.
Boxes packed with essential food items were distributed to workers in the Dubai Investments Park and Ras Al Khaimah camps last week. Workers at the Sonapur camp asked for Dh1,600 towards their gas bill.
“Especially in this year of tolerance we consider ourselves privileged to be able to lend a helping hand to our needy brothers in the Actco camp," Father Lennie Connully, parish priest of St Mary’s.
Workers spoke of their helplessness, seeing children’s marriages cancelled because of lack of money going home. Others told of their misery of being unable to return home when a parent died.
“More than daily food, they are worried about not sending money home for their family,” said Kusum Dutta, a volunteer who works with the Indian consulate.
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
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