Alya Almehrezi, assistant undersecretary for the Protocols Affairs Office at the Ministry of Foreign Affairs and International Co-operation, receives the credentials of Sunjay Sudhir, India's new ambassador to the UAE. Photo: Wam
Alya Almehrezi, assistant undersecretary for the Protocols Affairs Office at the Ministry of Foreign Affairs and International Co-operation, receives the credentials of Sunjay Sudhir, India's new ambassador to the UAE. Photo: Wam
Alya Almehrezi, assistant undersecretary for the Protocols Affairs Office at the Ministry of Foreign Affairs and International Co-operation, receives the credentials of Sunjay Sudhir, India's new ambassador to the UAE. Photo: Wam
Alya Almehrezi, assistant undersecretary for the Protocols Affairs Office at the Ministry of Foreign Affairs and International Co-operation, receives the credentials of Sunjay Sudhir, India's new amba

UAE

India's new ambassador to the UAE Sunjay Sudhir presents credentials

Envoy has been a diplomat with India's foreign service for decades

The National

December 01, 2021

  • English
  • Arabic

India's new ambassador to the UAE, Sunjay Sudhir, has officially started his role.

Mr Sudhir presented his credentials to Alya Almehrezi, assistant undersecretary for the Protocols Affairs Office at the Ministry of Foreign Affairs and International Co-operation, state news agency Wam reported on Wednesday.

Ms Almehrezi wished the ambassador success in the role and in enhancing ties between the UAE and India.

The new envoy has served in India's foreign service for decades and replaces Pavan Kapoor.

Mr Sudhir's post before the UAE was as ambassador to Maldives.

India's Republic Day - in pictures

  • Railway Protection Force (RPF) personnel take part in the Republic Day Parade in Secunderabad, the twin city of Hyderabad. AFP
    Railway Protection Force (RPF) personnel take part in the Republic Day Parade in Secunderabad, the twin city of Hyderabad. AFP
  • Border Security Force (BSF) soldiers on the camelback march along Rajpath during the Republic Day parade in New Delhi. AFP
    Border Security Force (BSF) soldiers on the camelback march along Rajpath during the Republic Day parade in New Delhi. AFP
  • Indian paramilitary soldiers and policemen attend Indian Republic day parade in Srinagar, Indian controlled Kashmir. AP
    Indian paramilitary soldiers and policemen attend Indian Republic day parade in Srinagar, Indian controlled Kashmir. AP
  • Indian army Jat regiment marches through the ceremonial Rajpath boulevard during India's Republic Day celebrations in New Delhi. AP
    Indian army Jat regiment marches through the ceremonial Rajpath boulevard during India's Republic Day celebrations in New Delhi. AP
  • Soldiers march along Rajpath during the Republic Day parade in New Delhi. AFP
    Soldiers march along Rajpath during the Republic Day parade in New Delhi. AFP
  • Dancers perform during the Republic Day parade in New Delhi, India. Reuters
    Dancers perform during the Republic Day parade in New Delhi, India. Reuters
  • Performers dance next to a float representing Ladakh region on Rajpath during the Republic Day Parade in New Delhi. AFP
    Performers dance next to a float representing Ladakh region on Rajpath during the Republic Day Parade in New Delhi. AFP
  • India's Prime Minister Narendra Modi greets the crowd as he arrives for the Republic Day parade in New Delhi, India. Reuters
    India's Prime Minister Narendra Modi greets the crowd as he arrives for the Republic Day parade in New Delhi, India. Reuters
  • Indian paramilitary soldiers perform a dance as they take part in Indian Republic day celebration in Srinagar, Indian controlled Kashmir. AP
    Indian paramilitary soldiers perform a dance as they take part in Indian Republic day celebration in Srinagar, Indian controlled Kashmir. AP
  • Soldiers march along Rajpath during the Republic Day Parade in New Delhi. AFP
    Soldiers march along Rajpath during the Republic Day Parade in New Delhi. AFP
  • Farmers in large numbers take part in a 'parallel parade' on tractors and trolleys, during their ongoing farmers protest against the new agricultural laws, on the outskirts of New Delhi. EPA
    Farmers in large numbers take part in a 'parallel parade' on tractors and trolleys, during their ongoing farmers protest against the new agricultural laws, on the outskirts of New Delhi. EPA
  • Farmers try to remove barricades installed by police during a 'parallel parade' on tractors and trolleys amid their ongoing protest against the new agricultural laws, on the outskirts of New Delhi. EPA
    Farmers try to remove barricades installed by police during a 'parallel parade' on tractors and trolleys amid their ongoing protest against the new agricultural laws, on the outskirts of New Delhi. EPA
  • Farmers move barricades during a tractor rally to protest against farm laws on the occasion of India's Republic Day at Tikri border near New Delhi. Reuters
    Farmers move barricades during a tractor rally to protest against farm laws on the occasion of India's Republic Day at Tikri border near New Delhi. Reuters
  • Farmers try to move baricades during a tractor rally to protest against farm laws on the occasion of India's Republic Day at Tikri border near New Delhi. Reuters
    Farmers try to move baricades during a tractor rally to protest against farm laws on the occasion of India's Republic Day at Tikri border near New Delhi. Reuters
  • Farmers are showered with flower petals as they take part in a tractor rally to protest against farm laws on the occasion of India's Republic Day in Delhi. Reuters
    Farmers are showered with flower petals as they take part in a tractor rally to protest against farm laws on the occasion of India's Republic Day in Delhi. Reuters
  • Protesting farmers jump police barricades tp march to the capital during India's Republic Day celebrations in New Delhi. AP
    Protesting farmers jump police barricades tp march to the capital during India's Republic Day celebrations in New Delhi. AP
  • Farmers try to move baricades during a tractor rally to protest against farm laws on the occasion of India's Republic Day at Tikri border near New Delhi. Reuters
    Farmers try to move baricades during a tractor rally to protest against farm laws on the occasion of India's Republic Day at Tikri border near New Delhi. Reuters
  • Farmers cross a barricade during a tractor rally to protest against farm laws on the occasion of India's Republic Day in Delhi. Reuters
    Farmers cross a barricade during a tractor rally to protest against farm laws on the occasion of India's Republic Day in Delhi. Reuters
  • Soldiers salute during the national anthem as they stand along Rajpath during the Republic Day Parade in New Delhi. AFP
    Soldiers salute during the national anthem as they stand along Rajpath during the Republic Day Parade in New Delhi. AFP
  • Cadets march along Rajpath during the Republic Day Parade in New Delhi. AFP
    Cadets march along Rajpath during the Republic Day Parade in New Delhi. AFP
  • Indian Air Force fighter jets fly past during the Republic Day parade in New Delhi. Reuters
    Indian Air Force fighter jets fly past during the Republic Day parade in New Delhi. Reuters

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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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

RESULTS

Tottenham 1

Jan Vertonghen 13'

Norwich 1

Josip Drmic 78'

2-3 on penalties

Updated: December 01, 2021, 6:41 PM
UAEIndiaAbu Dhabi