Leaders of UAE and Jordan call for 'unimpeded' delivery of Gaza aid

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President Sheikh Mohamed and Jordan's King Abdullah II on Thursday called for the “safe and unimpeded delivery” of urgent aid to Gaza by land, air and sea during high-level talks in Abu Dhabi.

The two leaders emphasised the importance of securing a “comprehensive, just and lasting peace” for the Palestinian people, based on a two-state solution.

They underlined the need for robust international action to address a worsening humanitarian crisis in the Gaza strip during discussions at Qasr Al Shati.

About 32,000 Palestinians have been killed since the Israeli offensive began, Gaza's Health Ministry says, with women and children making up two thirds of the dead.

Most of the territory's 2.3 million people remain displaced, as the humanitarian crisis worsens and the threat of famine looms.

King Abdullah was earlier greeted on arrival by Sheikh Mohamed at Al Bateen Executive Airport in the UAE capital.

The Emirati delegation welcoming the monarch included Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, and Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi.

UAE President Sheikh Mohamed receives King Abdullah II of Jordan - in pictures

King Abdullah received a military guard of honour after touching down in the Emirates. His visiting delegation included Jordanian Prime Minister Bisher Al Khasawneh.

The Jordanian king regularly visits the UAE to consolidate the long-standing ties between the countries.

Sheikh Mohamed made a state visit to Jordan last month and held talks with King Abdullah at Basman Palace in Amman.

The UAE President and the Jordanian monarch emphasised their commitment to ensuring close co-ordination on issues of mutual interest and pledged to continue to work to assure the security and stability of the region.

Sheikh Mohamed hosted an iftar reception in honour of King Abdullah and his delegation. King Abdullah left the UAE on Thursday evening from Al Bateen airport, state news agency Wam reported.

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Tips to keep your car cool

Place a sun reflector in your windshield when not driving
Park in shaded or covered areas
Add tint to windows
Wrap your car to change the exterior colour
Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
Avoid leather interiors as these absorb more heat

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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.”

Buy farm-fresh food

The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.

In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others.

In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food.

In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra.

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Leaders of UAE and Jordan call for 'unimpeded' delivery of Gaza aid

President Sheikh Mohamed welcomed King Abdullah II for talks in Abu Dhabi

UAE President Sheikh Mohamed receives King Abdullah II of Jordan - in pictures

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While you're here

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While you're here

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COMPANY%20PROFILE

Imperial%20Island%3A%20A%20History%20of%20Empire%20in%20Modern%20Britain

Buy farm-fresh food

Fixtures

Who's who in Yemen conflict

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