The UAE sets a good example for the rest of the Arab world, said former US secretary of state Mike Pompeo at the Mohamed bin Zayed Majlis on Tuesday.
Mr Pompeo said the UAE has continuously worked to foster peace and harmony in the Middle East and that is something others countries in the region can follow.
The UAE, US and Israel signed the Abraham Accords in 2020. The historic agreement helped to bring different cultures and religions closer together.
I met a couple of Emirati engineers. I was once an engineer when I was a young man and they put my knowledge to shame
Mike Pompeo,
former US secretary of state
Mr Pompeo said he was highly impressed by the empowerment of women in the Emirates.
“Equality of men and women is the guiding principle of the UAE and enshrined in the American constitution,” he said.
“Your [Sheikh Mohamed’s] resolute actions towards ensuring that the women of your nation hold the same standards as men is a standard for the entire region – these actions have precipitated change far outside your borders.
“I saw statistics that said that 80 per cent of Emirati women are enrolled in higher education and many [are] specialising in Stem subjects – that is fantastic," he said.
According to a 2014 Economist Intelligence Unit survey, 85 per cent of the Emirati women that were polled studied Stem.
“I met a couple of Emirati engineers. I was once an engineer when I was a young man and they put my knowledge to shame," he said.
“Your nation’s first female fighter pilot led air strikes in her F-16 against ISIS. She supported your country and our efforts collectively to crush evil and extremists.”
Mr Pompeo said it was remarkable to see how American, UAE and Israeli soldiers trained together last week.
He said they were doing “God’s work in securing our people’s freedom together. This is real history brought about by our central shared understanding”.
Mr Pompeo, a devout Christian, said he believes that faith and family are irreplaceable, intertwined and crucial to making progress.
The US diplomat said we need to ask ourselves what kind of future we want for our children.
“Do we want barbarism that rules the world or decent people who want good things for every human being?” he said.
“Do we want reason and love to dominate the globe or do we want those who wish ill and seek only power and wealth for themselves?”
Mr Pompeo said honouring family ties is essential to ward off communist and totalistic regimes.
“We all have to make sure that we never put the state’s ambition between a parent and his children.
“This encroachment by government creates risks and must be fought so that the family must be honoured and never disrespected.
“The nature of the Arab family shines a light in a world where so many children do not know their parents or are away from them.
“I perceive the entirety of Middle East as God’s shelter for it was here that the three great Abrahamic faiths began and grew to illuminate the world."
Mike Pompeo on a visit to Abu Dhabi in 2019 - in pictures
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
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More from Rashmee Roshan Lall
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
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.”
