• Sheikh Abdullah bin Zayed, the UAE Minister of Foreign Affairs and International Co-operation, visited the new building of the Permanent Mission of the UAE at the United Nations (UN), located in Midtown Manhattan in New York City, a short distance from the UN headquarters. All photos courtesy of Wam
    Sheikh Abdullah bin Zayed, the UAE Minister of Foreign Affairs and International Co-operation, visited the new building of the Permanent Mission of the UAE at the United Nations (UN), located in Midtown Manhattan in New York City, a short distance from the UN headquarters. All photos courtesy of Wam
  • The visit was made a month after the country was elected to serve on the United Nations Security Council (UNSC) for two-year term beginning next year.
    The visit was made a month after the country was elected to serve on the United Nations Security Council (UNSC) for two-year term beginning next year.
  • The building is located in Midtown Manhattan in New York City, a short distance away from the UN headquarters.
    The building is located in Midtown Manhattan in New York City, a short distance away from the UN headquarters.
  • The building began operations in April and was awarded the LEED Gold level for its high sustainability standards, including energy and water savings, carbon dioxide emissions reduction and indoor air quality improvement.
    The building began operations in April and was awarded the LEED Gold level for its high sustainability standards, including energy and water savings, carbon dioxide emissions reduction and indoor air quality improvement.
  • Standing at a height of 44.1 metres, the building has nine floors and spans a total area of 7,432 square metres. The architectural style was inspired by Manhattan, as well as the Emirati culture, with an aim to create an enduring legacy of the UAE in New York City.
    Standing at a height of 44.1 metres, the building has nine floors and spans a total area of 7,432 square metres. The architectural style was inspired by Manhattan, as well as the Emirati culture, with an aim to create an enduring legacy of the UAE in New York City.
  • Sheikh Abdullah expressed his pride and appreciation in the mission’s team for their efforts during the UAE’s candidacy for the council membership.
    Sheikh Abdullah expressed his pride and appreciation in the mission’s team for their efforts during the UAE’s candidacy for the council membership.

UAE

Sheikh Abdullah bin Zayed visits new building of UAE's permanent mission to UN in New York

The foreign minister expressed his appreciation of the mission team’s efforts during UAE's successful candidacy for UN Security Council membership

The National

July 10, 2021

  • English
  • Arabic

Sheikh Abdullah bin Zayed, the Minister of Foreign Affairs and International Co-operation, visited the new building of the UAE's permanent mission to the United Nations in New York City this week.

The visit was made a month after the country was elected to serve on the United Nations Security Council (UNSC) for a two-year term, beginning next year.

He expressed his pride in and appreciation of the mission’s team for their efforts during the UAE’s candidacy for the council membership.

"The UAE is looking forward during its UNSC membership (2022 - 2023) to work with its partners at the UN to reach solutions for current global challenges and explore prospects for a promising future for the generations to come," he said, reported state news agency Wam.

Sheikh Abdullah was accompanied by Lana Nusseibeh, the UAE’s Assistant Minister of Foreign Affairs and International Co-operation for Political Affairs, and Permanent Representative to the United Nations.

The building is located in Midtown Manhattan in New York City, a short distance away from the UN headquarters.

It began operations in April and was awarded the LEED Gold level for its high sustainability standards, including energy and water savings, carbon dioxide emissions reduction and indoor air quality improvement.

Standing at a height of 44.1 metres, the building has nine floors and spans a total area of 7,432 square metres.

The architectural style was inspired by Manhattan, as well as the Emirati culture, with an aim to create an enduring legacy of the UAE in New York City.

Sheikh Abdullah affirmed the UAE’s commitment to play an active and effective role in the UNSC.

He said that Founding Father Sheikh Zayed had the laid the foundations of the UAE’s foreign policy, which he said is based on adherence to the UN charter.

Sheikh Abdullah said the country’s foreign policy seeks to promote values of tolerance, coexistence, encourage inclusion and innovation, support the aspirations of the people for peace, stability, development and prosperity.


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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.”

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