The stamp features the rulers of the six founding GCC members: the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait and Oman. Photo: Emirates Post
The stamp features the rulers of the six founding GCC members: the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait and Oman. Photo: Emirates Post
The stamp features the rulers of the six founding GCC members: the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait and Oman. Photo: Emirates Post
The stamp features the rulers of the six founding GCC members: the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait and Oman. Photo: Emirates Post

UAE

UAE issues commemorative stamp to celebrate Gulf Co-operation Council

Emirates Post honours founders of the long-standing diplomatic bloc

The National

December 21, 2022

  • English
  • Arabic

The UAE has issued a commemorative stamp to celebrate the formation of the Gulf Co-operation Council more than 40 years ago.

Emirates Post launched the memento in partnership with postal groups across the Gulf to recognise the achievements of the body in bolstering ties in the region.

The striking souvenir features the rulers of the six founding members of the Emirates, Saudi Arabia, Bahrain, Qatar, Kuwait and Oman who held the historic first summit at the InterContinental hotel in Abu Dhabi on May 25, 1981.

The flags of the countries and the GCC logo are also displayed.

The inaugural GCC meeting 41 years ago began with a Quran recitation, following which the UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, gave an opening address.

  • Russian Foreign Minister Sergey Lavrov attends the fifth Gulf Co-operation Council-Russia Joint Ministerial Meeting for Strategic Dialogue in Riyadh, Saudi Arabia. Reuters
    Russian Foreign Minister Sergey Lavrov attends the fifth Gulf Co-operation Council-Russia Joint Ministerial Meeting for Strategic Dialogue in Riyadh, Saudi Arabia. Reuters
  • Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, attends the GCC-Russia dialogue in Riyadh. Wam
    Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, attends the GCC-Russia dialogue in Riyadh. Wam
  • Mr Lavrov, right, and his Saudi counterpart Prince Faisal bin Farhan Al Saud during the meeting. AFP
    Mr Lavrov, right, and his Saudi counterpart Prince Faisal bin Farhan Al Saud during the meeting. AFP
  • Mr Lavrov began a tour of the region in Bahrain on Monday, where he met King Hamad and Foreign Minister Abdullatif Al Zayani. Reuters
    Mr Lavrov began a tour of the region in Bahrain on Monday, where he met King Hamad and Foreign Minister Abdullatif Al Zayani. Reuters
  • After the Russian minister arrived in Riyadh, Prince Faisal spoke about Saudi Arabia's willingness to make the necessary efforts to contribute to a political solution in Ukraine. AFP
    After the Russian minister arrived in Riyadh, Prince Faisal spoke about Saudi Arabia's willingness to make the necessary efforts to contribute to a political solution in Ukraine. AFP
  • Right to left: Mr Lavrov and his Gulf counterparts, Sheikh Abdullah, Bahrain's Abdullatif Al Zayani, Saudi Arabia's Prince Faisal, Oman's Sayyid Badr Al Busaidi, Qatar's Sheikh Mohammed bin Abdulrahman Al Thani, Kuwait's Sheikh Ahmed Nasser Al Mohammed Al Sabah, and Secretary General of the GCC Nayef Al Hajraf, pose for a picture during the GCC meeting. AFP
    Right to left: Mr Lavrov and his Gulf counterparts, Sheikh Abdullah, Bahrain's Abdullatif Al Zayani, Saudi Arabia's Prince Faisal, Oman's Sayyid Badr Al Busaidi, Qatar's Sheikh Mohammed bin Abdulrahman Al Thani, Kuwait's Sheikh Ahmed Nasser Al Mohammed Al Sabah, and Secretary General of the GCC Nayef Al Hajraf, pose for a picture during the GCC meeting. AFP

The rulers then signed a document establishing the GCC. After all six had signed, the room filled with applause.

The historic gathering ushered in a crucial era of collaboration.

The bloc continues to work as one to champion development in the Gulf across a wide variety of fields and address key issues in the region.

“It is an honour for us to work with the postal administrations within the Gulf Co-operation Council to issue the commemorative postal stamp celebrating the GCC's 40th anniversary,” said Abdulla Alashram, group chief executive of Emirates Post Group.

“The stamp highlights the long-standing alliances and brotherhood that bind the people of the Gulf states together.

“We further hope to accomplish a qualitative shift in the collaboration and integration for achieving the strategic interests of the GCC states and highlight the council’s remarkable efforts in enhancing co-operation and co-ordination in all the areas."

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Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

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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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