UAE may send envoy to Iran, Dr Anwar Gargash says

The UAE is working to send an ambassador to Tehran as it seeks to stabilise the region, the UAE president's diplomatic adviser said on Friday.

The idea of a confrontational approach to Iran was not something Abu Dhabi supports, Dr Anwar Gargash said.

The comments came ahead of a state visit to Paris by President Sheikh Mohamed.

They were made in a briefing by Dr Gargash, who stressed the importance of stabilising the region, and finding “common ground”.

The UAE maintains diplomatic relations with Tehran, despite disagreements on a number of regional issues.

Its climate change minister, Mariam Al Mehairi, was in Tehran earlier this week.

"Our conversation is ongoing," Reuters cited Dr Gargash as saying. "We are in the process of sending an ambassador to Tehran. All these areas of rebuilding bridges are ongoing."

Abu Dhabi still shared concerns about Iran’s regional activities but it wanted to work hard on finding diplomatic solutions, he said.

"Iran is a neighbour," Dr Gargash said. "There is no doubt that we also have a constant concern about Iranian regional policies, which we see harming Iran itself. But we also have complete conviction that the way is not confrontation, because confrontation will complicate the regional scene as a whole."

Asked about talk of an anti-Iran alliance to counter its regional activities, Dr Gargash said a Middle East NATO was a "theoretical" concept.

"The UAE is not going to be a party to any group of countries that sees confrontation as a direction, but we do have serious issues with Iran with its regional politics."

However, he said the UAE could be part of anything that protects the country from drones and missiles as long as it did not target a third country.

Dr Gargash also commented on the importance of President Sheikh Mohamed’s upcoming state visit to France, and how the two countries are coordinating on regional issues, in addition to a strong bilateral relationship.

The decision to have France as the first state visit for President Sheikh Mohamed was ”indicative of the depth of the relationship”, he said.

The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.

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Gertrude Bell's life in focus

A feature film

At one point, two feature films were in the works, but only German director Werner Herzog’s project starring Nicole Kidman would be made. While there were high hopes he would do a worthy job of directing the biopic, when Queen of the Desert arrived in 2015 it was a disappointment. Critics panned the film, in which Herzog largely glossed over Bell’s political work in favour of her ill-fated romances.

A documentary

A project that did do justice to Bell arrived the next year: Sabine Krayenbuhl and Zeva Oelbaum’s Letters from Baghdad: The Extraordinary Life and Times of Gertrude Bell. Drawing on more than 1,000 pieces of archival footage, 1,700 documents and 1,600 letters, the filmmakers painstakingly pieced together a compelling narrative that managed to convey both the depth of Bell’s experience and her tortured love life.

Books, letters and archives

Two biographies have been written about Bell, and both are worth reading: Georgina Howell’s 2006 book Queen of the Desert and Janet Wallach’s 1996 effort Desert Queen. Bell published several books documenting her travels and there are also several volumes of her letters, although they are hard to find in print. Original documents are housed at the Gertrude Bell Archive at the University of Newcastle, which has an online catalogue.

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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