President Sheikh Mohamed meets Italian Prime Minister Giorgia Meloni


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President Sheikh Mohamed has met Italian Prime Minister Giorgia Meloni in Abu Dhabi, where the leaders witnessed the signing of several agreements.

They discussed ways to build a strategic partnership between their countries, especially in the economic, investment and trade sectors.

They also talked about renewable energy, clean technologies and sustainable development, and how to address important issues such as climate change and food security.

“Today I was pleased to welcome the Prime Minister of Italy to the UAE,” Sheikh Mohamed said on Twitter.

“We discussed opportunities to further develop relations between our two countries and witnessed the signing of agreements aimed at fostering collaboration and sustainable economic growth.”

Sheikh Mohamed and Ms Meloni also reviewed several regional and international developments, state news agency Wam reported.

They emphasised the importance of dialogue and prioritising diplomatic solutions and co-operation to address crises and enhance stability.

Sheikh Mohamed also expressed his hope that Italy would be an influential presence at this year's Cop28 climate summit in the UAE, Wam said.

Ms Meloni told reporters in Abu Dhabi that the discussions went "very, very well”.

“I think there is a strong will on both sides to build not just good but excellent relations, a friendship, which I think is very important for our national interest," she said.

The UAE could play a key role in various issues that matter to Italy, Ms Meloni said, such as the stabilisation of Libya and Tunisia's financial difficulties, which both affect migrant flows into Europe, as well as Rome's energy policy in Africa.

On all these matters, Sheikh Mohamed expressed his willingness to help, Ms Meloni said.

During her visit, Italian state-owned oil and gas company Eni signed an energy co-operation accord with Adnoc to cut emissions, improve energy security and speed up low-carbon economic and industrial growth.

Italian Foreign Minister Antonio Tajani also signed a declaration of intent over climate strategy with Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, managing director and group chief executive of Adnoc, UAE Climate Envoy and Cop 28 climate summit President-designate, who last month pledged to lay out an inclusive road map to tackle global warming.

Italy has said it expects green energy exports to the Emirates to grow over the next decade as the UAE's energy strategy and its push to achieve net-zero goals open new avenues of business.

Italian companies have exported €75 million ($85.7 million) in the first six months of 2021, an 11 per cent increase from 2020 and 4 per cent rise from the first half of 2019.

Italy is the fourth-largest renewables industry components provider for the UAE.

BMW M5 specs

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  • Melania Trump - personalised Anya Hindmarch handbag
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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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Syria v Australia
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Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist

Based: New York, New York

Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.  

Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius. 

Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place. 

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Fuel economy, combined: 7.0L / 100km

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Updated: March 05, 2023, 11:42 PM