From left, Musaad bin Mohammed Al Aiban, National Security Adviser of Saudi Arabia; Wang Yi, China's highest-ranking diplomat; and Ali Shamkhani, former secretary of Iran’s Supreme National Security Council, in Beijing in March. Reuters
From left, Musaad bin Mohammed Al Aiban, National Security Adviser of Saudi Arabia; Wang Yi, China's highest-ranking diplomat; and Ali Shamkhani, former secretary of Iran’s Supreme National Security Council, in Beijing in March. Reuters
From left, Musaad bin Mohammed Al Aiban, National Security Adviser of Saudi Arabia; Wang Yi, China's highest-ranking diplomat; and Ali Shamkhani, former secretary of Iran’s Supreme National Security Council, in Beijing in March. Reuters
From left, Musaad bin Mohammed Al Aiban, National Security Adviser of Saudi Arabia; Wang Yi, China's highest-ranking diplomat; and Ali Shamkhani, former secretary of Iran’s Supreme National Security C


China promotes security and is a willing partner for development and prosperity


Zhai Jun
Zhai Jun
  • English
  • Arabic

July 20, 2023

The Middle East enjoys a time-honoured history and civilisation, rich energy resources and an important position in the global landscape. China is a sincere friend of Middle Eastern countries. China always supports Middle Eastern countries in solving regional security issues through unity and co-ordination, and independently pursuing a path of modernisation with their own regional characteristics. China has always been a promoter of security and stability, and a partner for development and prosperity in the Middle East.

China firmly supports the Palestinian people in restoring their legitimate national rights. President Xi Jinping has put forward proposals for a just solution of the Palestinian question on several occasions. Last month, President Mahmoud Abbas came to China for another state visit. In his talks with President Abbas, President Xi put forward a three-point proposal for resolving the Palestinian question.

He stressed that the fundamental solution to the Palestinian question lies in the establishment of an independent state of Palestine that enjoys full sovereignty on the basis of the 1967 borders and with East Jerusalem as its capital; Palestine's economic and livelihood needs should be met, and the international community needs to step up development assistance and humanitarian aid to Palestine; and it is important to keep to the right direction of peace talks and convene a large-scale, more authoritative and more influential international peace conference.

As was announced, China established a strategic partnership with Palestine and voiced its support for the establishment of an independent Palestinian state.

China firmly supports countries in the Middle East in resolving disputes through dialogue and negotiation. In March, the Beijing dialogue between Saudi Arabia and Iran achieved milestone results. In April, the two foreign ministers announced in Beijing the resumption of diplomatic relations between their countries. This opened a new page in their bilateral relations.

It is a step toward reconciliation between Saudi Arabia and Iran and also a big step for the region and the international community in rising above conflicts. It has inspired a trend of dialogue and reconciliation in the region, thus creating favourable conditions for building a common, comprehensive, co-operative and sustainable Middle East security architecture. Facts once again prove that mutual respect, dialogue and consultation are the fundamental way of resolving disputes, and only through independence, solidarity and co-operation can countries in the region safeguard their common interests.

China firmly grows its relations with Middle Eastern countries. China has established comprehensive strategic partnerships or strategic partnerships with 13 countries in the region, and signed Belt and Road co-operation documents with 21 countries in the region.

In December last year, the first China-Arab States Summit was successfully held. China and Arab states agreed to make full efforts to build a China-Arab community with a shared future in the new era, and jointly implement the eight major initiatives for China-Arab states' practical co-operation. This charted the course for the development of China-Arab states relations in the new era. Last year, trade between China and Middle Eastern countries topped $500 billion for the first time, growing by 27 per cent year over year.

Both China and Middle Eastern countries are important members of the developing world. China will continue to respect Middle Eastern countries as masters of their regional affairs. We will continue to work with Middle Eastern countries to act on the vision of a community with a shared future for mankind, and implement the Global Development Initiative, Global Security Initiative and Global Civilisation Initiative. Together, we will generate positive energy for realising enduring peace and security in the Middle East, and contribute to the common interests of developing countries and the just cause of peace and development for humanity.

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Top financial tips for graduates

Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:

1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.

2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.

3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.

4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.

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T20 WORLD CUP QUALIFIERS

Qualifier A, Muscat

(All matches to be streamed live on icc.tv) 

Fixtures

Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain 

Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain 

Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines 

Tuesday, February 22: 2pm Semi-finals 

Thursday, February 24: 2pm Final 

UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia

Company%20Profile
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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.”

Updated: July 21, 2023, 11:47 AM