Pakistan’s refusal to join the Saudi-led operations in Yemen could have serious consequences for its relations with the UAE. This was made clear in comments by the Minister of State for Foreign Affairs, Dr Anwar Gargash, after a unanimous resolution was passed by a special session of Pakistan’s parliament to remain neutral in the Yemen conflict.
He wrote that it is such times that reveal the Gulf’s true friends and allies, as the region enters a critical confrontation that puts their “strategic security at stake”.
The UAE has every right to be upset and disappointed over Pakistan’s contradictory position regarding the conflict in Yemen. Judging from the vote on Yemen, Pakistan’s foreign policy does not seem to consider the long-term implications of such a decision.
Pakistan’s decision, if it was made final, not only compromises the security of long-standing allies and friends, but also could undermine its own stability. The success of the operation in Yemen will not only remove the Houthi threat, but will also aim to destroy Al Qaeda’s stronghold there, which would have consequences far beyond the Arabian peninsula.
It might also lead to a situation of mistrust between old friends, Pakistan and the GCC countries, that have co-operated for decades on military and security issues.
The relationship between Pakistan and neighbouring Iran has cooled in recent years with increasing tensions over border issues.
Last year, Islamabad lodged a diplomatic protest after 30 Iranian security force personnel crossed the border searching for anti-Iranian militants and shelled Pakistani territory, facing an unusual retaliation from the Pakistani forces.
In addition, Iran began to develop closer ties with India, using Indian military expertise in the development of a strategic road connecting Iran’s Chabahar seaport and Afghanistan. It has also sought nuclear technology from other sources.
In contrast, UAE-Pakistan relations have been flourishing. The bilateral trade volume jumped from $7.6 billion (Dh27.9bn) in 2012 to $10 billion in 2013. Reports say there is a big potential to further enhance business relations. The UAE has been a strong supporter of Pakistan’s development over the past decades, helping the country during natural disasters and improving the access of its people to education and health facilities.
The UAE has always been among the first countries to deliver humanitarian relief and assistance to Pakistan in times of need – especially during the floods – including emergency food and shelter.
In 2011, the UAE’s Pakistan Assistance Programme (PAP) was launched to mitigate the effect of natural disasters by redeveloping Pakistan’s infrastructure and offering long-term development projects. The programme rebuilt roads and bridges, including the Sheikh Khalifa bin Zayed Al Nahyan Bridge. It has also built 64 water treatment and purification plants to provide Pakistanis with clean water.
PAP has also built schools, colleges, vocational training institutes, hospitals, clinics and medical institutes. The programme launched a far-reaching polio eradication campaign last year, in which millions of Pakistani children were vaccinated, and many more will get their vaccination by 2018.
The President, Sheikh Khalifa, praised UAE-Pakistan relations when he met prime minister Nawaz Sharif in Pakistan last year. He described relations as “distinguished and developing”, stressing the need for the two sides to continue their role for mutual benefit and emphasising the UAE’s keenness to continue to support the Pakistani people.
But is that about to change?
The Pakistani stance on the Yemen conflict is a potentially big setback for relations. Dr Gargash said Pakistan could pay a heavy price for its “unexpected” position. The question now is: are the Pakistanis willing to compromise such a close relationship?
aalmazrouei@thenational.ae
@AyeshaAlmazroui
The specs
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Power: 1,000bhp
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Range: 530km
Price: Dh500,000+ est
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RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
Mountain Boy
Director: Zainab Shaheen
Starring: Naser Al Messabi
Rating: 3/5
Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
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COMPANY PROFILE
Company name: Co Chocolat
Started: 2017
Founders: Iman and Luchie Suguitan
Based: Dubai, UAE
Industry: Food
Funding: $1 million-plus
Investors: Fahad bin Juma, self-funding, family and friends
Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
The specs: McLaren 600LT
Price, base: Dh914,000
Engine: 3.8-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 600hp @ 7,500rpm
Torque: 620Nm @ 5,500rpm
Fuel economy 12.2.L / 100km
Brief scoreline:
Burnley 3
Barnes 63', 70', Berg Gudmundsson 75'
Southampton 3
Man of the match
Ashley Barnes (Burnley)
I Care A Lot
Directed by: J Blakeson
Starring: Rosamund Pike, Peter Dinklage
3/5 stars
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450+ employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
SPEC SHEET: NOTHING PHONE (2A)
Display: 6.7-inch flexible Amoled, 2,412 x 1,080, 394ppi, 120Hz, Corning Gorilla Glass 5
Processor: MediaTek Dimensity 7,200 Pro, 4nm, octa-core
Memory: 8/12GB
Capacity: 128/256GB
Platform: Android 14, Nothing OS 2.5
Main camera: Dual 50MP main, f/1.88 + 50MP ultra-wide, f/2.2; OIS, EIS, auto-focus, ultra XDR, night mode
Main camera video: 4K @ 30fps, full-HD @ 60fps; slo-mo full-HD at 120fps
Front camera: 32MP wide, f/2.2
Battery: 5,000mAh; 50% in 30 minutes with 45-watt charger
Connectivity: Wi-Fi, Bluetooth 5.3, NFC (Google Pay)
Biometrics: Fingerprint, face unlock
I/O: USB-C
Durability: IP54, limited protection from water/dust
Cards: Dual-nano SIM
Colours: Black, milk, white
In the box: Nothing Phone (2a), USB-C-to-USB-C cable, pre-applied screen protector, Sim tray ejector tool
Price (UAE): Dh1,199 (8GB/128GB) / Dh1,399 (12GB/256GB)
Women’s Asia Cup
UAE fixtures
Sun Oct 2, v Sri Lanka
Tue Oct 4, v India
Wed Oct 5, v Malaysia
Fri Oct 7, v Thailand
Sun Oct 9, v Pakistan
Tue Oct 11, v Bangladesh
UAE squad
Chaya Mughal (captain), Esha Oza, Kavisha Kumari, Khushi Sharma, Theertha Satish, Lavanya Keny, Priyanjali Jain, Suraksha Kotte, Natasha Cherriath, Indhuja Nandakumar, Rishitha Rajith, Vaishnave Mahesh, Siya Gokhale, Samaira Dharnidharka, Mahika Gaur
New Zealand 21 British & Irish Lions 24
New Zealand
Penalties: Barrett (7)
British & Irish Lions
Tries: Faletau, Murray
Penalties: Farrell (4)
Conversions: Farrell
The biog
Name: Fareed Lafta
Age: 40
From: Baghdad, Iraq
Mission: Promote world peace
Favourite poet: Al Mutanabbi
Role models: His parents
THE JERSEYS
Red Jersey
General Classification, sponsored by Fatima bint Mubarak Ladies Academy: Worn daily, starting from Stage 2, by the leader of the General Classification.
Green Jersey
Points Classification, sponsored by Bike Abu Dhabi: Worn daily, starting from Stage 2, by the fastest sprinter.
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Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Russia's Muslim Heartlands
Dominic Rubin, Oxford
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
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.”
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
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Women’s T20 World Cup Qualifier
UAE results
Ireland beat UAE by six wickets
Zimbabwe beat UAE by eight wickets
UAE beat Netherlands by 10 wickets
Fixtures
UAE v Vanuatu, Thursday, 3pm, Zayed Cricket Stadium
Ireland v Netherlands, 7.30pm, Zayed Cricket Stadium
Group B table
1) Ireland 3 3 0 6 +2.407
2. Netherlands 3 2 1 4 +1.117
3) UAE 3 1 2 2 0.000
4) Zimbabwe 4 1 3 2 -0.844
5) Vanuatu 3 1 2 2 -2.180
SERIE A FIXTURES
Saturday
AC Milan v Sampdoria (2.30pm kick-off UAE)
Atalanta v Udinese (5pm)
Benevento v Parma (5pm)
Cagliari v Hellas Verona (5pm)
Genoa v Fiorentina (5pm)
Lazio v Spezia (5pm)
Napoli v Crotone (5pm)
Sassuolo v Roma (5pm)
Torino v Juventus (8pm)
Bologna v Inter Milan (10.45pm)
Kill Bill Volume 1
Director: Quentin Tarantino
Stars: Uma Thurman, David Carradine and Michael Madsen
Rating: 4.5/5
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Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5