AP Photo / EPA / Reuters
AP Photo / EPA / Reuters
AP Photo / EPA / Reuters
AP Photo / EPA / Reuters


A letter to Donald Trump from Prince Turki Al Faisal


Turki Al Faisal
Turki Al Faisal
  • English
  • Arabic

November 08, 2024

On the occasion of Donald Trump’s victory in the US presidential election, Prince Turki Al Faisal writes him a letter in The National

Dear President Trump,

After your remarkable and outstanding victory in an election campaign marked by lawfare waged against you and a fear-inspiring verbal assault aimed at the American people warning them not to vote for you, you prevailed against those challenges and the American people gave you their trust and confidence to lead them to what you promised to give them, a better America. You also overturned the Senate majority from the other party to yours and brought your party within striking distance of a House majority.

I am gratified that the American election system worked so smoothly and decisively to determine the winners from the losers, unlike the contentious one before.

These facts give your friends and allies around the world the confidence that your leadership will be as decisive as the election results and put to rest the arguments of those who contend America is on the wane.

You, Mr President, have much work ahead of you not only to look to the future but also to finish what you started the last time you occupied the White House.

I come from Saudi Arabia, and my country is surrounded by hot spots that require your immediate attention and the continuation of what you began before. When you left in January 2021, there was no war in Gaza, Iran and Israel were not firing missiles at each other, the Houthis were not interdicting shipping in Bab Al Mandab, there was no civil war in Sudan, and although Israel has decapitated the leadership of both Hamas and Hezbollah, the latter are still capable of killing Israeli soldiers and firing projectiles and other ordinance at Israel. In other words, we are in more turmoil than when you were in the West Wing. In Europe, the war in Ukraine is a bloodbath now, and a war of attrition will continue there if it is not stopped.

We are in more turmoil now than when you were in the West Wing

I believe God spared your life not only to deal with the situation inside the United States, which faces enormous challenges for you to overcome, but, because America is what it is, to work with your friends in Saudi Arabia and other friends you have in the area, to pursue what you started before: to bring PEACE, with capital letters, to the Middle East.

I recall to you that you yourself have said, that Israeli Prime Minister Benjamin Netanyahu does not want peace. Peace in Palestine and between Israel and the rest of the Arab and Islamic worlds will deprive those who do not want peace of the justification for their warmongering and recruitment of youngsters to the machine of war and the false lure of martyrdom.

Before your first stay at the White House and until your return to it, America and other countries talked the talk about ending the bloodshed in the Middle East but they never walked the walk.

You have a chance now to do precisely that. Not only are the stars aligned for it, but your personal commitment to peace and your steadfast friends in our part of the world will work with you to accomplish that. Take advantage of the four years to come and work with King Salman and Crown Prince Muhammad bin Salman to open the doors to peace for all of us.

Respectfully,

Turki Al Faisal

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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.”

Roll of honour 2019-2020

Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain

West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership

UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes

UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II

UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby

PROFILE OF STARZPLAY

Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

Updated: February 03, 2025, 5:31 PM