A functional working relationship with Iran is crucial to the future of stability in the Middle East, a senior UAE official has said.
Dr Anwar Gargash, diplomatic adviser to the UAE President, said the UAE was reaching out to all sides in the region in a bid to reduce tensions.
“We are reaching out to friends and also adversaries to build bridges,” he said in a panel session on the opening day of the World Government Summit, at Expo 2020 Dubai.
We are not going to agree with everything they [Iran] want to do. Our whole intention is to find a way to functionally work with Iran and ensure there is an agenda for stability
Dr Anwar Gargash,
Diplomatic Adviser to the UAE President
“We are not going to agree with everything they want to do. The Middle East is not only about Iran and Israel.
“Our whole intention is to find a way to functionally work with Iran and ensure there is an agenda for stability and prosperity in the region that includes Iran, and others.
“The other important element is that energy is coming back as a major component of Middle East issues.”
Earlier this month, Dr Gargash said the UAE would play an important role in dialogue to resolve crises in the Arab World, citing the recent visit of Syrian President Bashar Al Assad as an example of astute diplomacy.
Although relations with the Syrian government and the rest of the Arab world had been restored, no decision has been made on its involvement with the Arab summit scheduled for November in Algeria.
Ahmed Aboul Gheit, Secretary General of the League of Arab States, recently said the Syrian regime was unlikely to be readmitted due to a lack of consensus from other nations.
Dr Gargash said issues between democracy and authoritarianism were not binary, with the pandemic highlighting the pros and cons of good governance.
“Ultimately, you need something in the middle of both,” he said.
“Every democratic attempt in the Arab world has turned ideological or tribal, so I’m not sure it is something we can work out successfully.
“But we do need governance, and that needs a lot of components. This is perhaps in the middle of the two.”
At the same session titled “Are we ready for a new world order?", Frederick Kempe, president and chief executive of the Atlantic Council, said legitimacy in governments accepted by citizens was the most effective way to build societies.
People want freedom, human rights and governments to ensure order, safety and healthcare
Frederick Kempe,
President of the Atlantic Council
“The issue is having an effective government and whether people consider it legitimate,” he said. “Democracy is one way to achieve it, but there are other ways.
“Legitimacy is gained by governments that can deliver the goods and effectiveness to their people.
“People want freedom, human rights and governments to ensure order, safety and health care.
“This new era of technological change is getting fast all the time, and they can be used to enlighten and deliver better government services.”
The Details
Article 15
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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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Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books
More on Palestine-Israeli relations
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
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Need to know
Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.
Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.
