France strengthens its bond with UAE



Observers could be forgiven for perceiving France's growing presence in the UAE as both recent and sudden, said Alain Azouaou, the French ambassador. France, which is involved in a range of endeavours here - including art projects, universities and civilian nuclear power - seems to have stamped its tricolour on much of the UAE's development over the past five years. With a military base in Abu Dhabi also nearing completion, it could appear to have happened very quickly.

"Suddenly you say, 'Ah, France is here!' France was here," Mr Azouaou said. "We have had excellent military co-operation and it is in the framework of our military co-operation, which is growing closer and closer, that the base should be understood." In fact, he said, the obvious confidence in France's relationship with the UAE follows three decades of increasingly intimate diplomacy. But for Mr Azouaou, the projects, which include a satellite campus for the Paris-Sorbonne University, civilian nuclear-power assistance and an outpost in Abu Dhabi for the Louvre Museum, the closeness of the two nations represents more than just strong bilateral ties. They reveal a vision for the future of dialogue between civilisations.

"How can a dialogue on culture be something that is only for a symposium, or a conference?" Mr Azouaou said. "Here, dialogue between cultures can be something concrete through real projects." The UAE and France share a perspective on many cultural and political issues, as well as economic goals, the ambassador said. While the UAE is seeking to define and preserve its identity, France has begun an ambitious effort to promote its language and artistic heritage abroad.

France and the UAE both want to preserve cultural diversity, he said, and it is not an issue of opposing globalisation. "I am sure that we share the same views on what is important for globalisation, for the global world: recognition of the importance of heritage. How we can preserve heritage? How we can learn from heritage? And this is not only our own heritage, but how we can share our respective heritage and our common heritage?"

The distinctly French take on the imperative of cultural preservation, however, has made the Louvre Abu Dhabi project controversial at home, where some purists have accused the government of auctioning France's artistic history to the highest bidder. Mr Azouaou attributes that reaction to the experimental nature of the project, which would be the first of its kind to regularly rotate parts of the collection housed at the famous Parisian facility through a foreign museum.

"In France, the population traditionally defends, more than many others, the concept of a universality of culture," he said. "Today, the experts who work on this project are very enthusiastic. They feel as though they are writing a promised future. They feel like they are participating in a unique and exciting project." Much of the relationship's closeness, said the ambassador, was due to the French president, Nicolas Sarkozy, and his stated doctrine of increased engagement in the Middle East. Since becoming president in May last year, Mr Sarkozy has championed a Union for the Mediterranean, a proposed international community that he has said would deepen ties between Europe and the Arab world. He has also signed civil nuclear-assistance deals with Libya, Algeria and the UAE, and is negotiating such deals with Qatar, Morocco, Jordan, Saudi Arabia and Egypt - a strategy that has been called "nuclear diplomacy".

Much of France's new emphasis on the Gulf stems from the French government's recognition that Europe and the countries of the Arabian Peninsula should "triangulate" their diplomatic and development efforts to help resolve security concerns in the rest of the Middle East, said Gilles Kepel, a professor of Middle East and Mediterranean Studies at the Institut d'Études Politiques de Paris. "The [American] neocons sold us this sort of tale that the world was unipolar, it was only the US and the rest," said Prof Kepel. "After the fiasco in Iraq, it's become crystal clear even in the Beltway, that this is not the case. I think that there are many in France who believe that we need to join forces with the Middle East and the Gulf and make a new space that would stretch from Europe to the Gulf, something that would allow us to bring together the assets and the liabilities of both."

France's close connection with the Emirates dates to the genesis of the country in the early 1970s. When the British vacated their protectorates in the Gulf, the newly formed UAE looked for a security patron that could ensure regional stability, said Mustafa Alani, the research director for the Gulf Research Centre. "The option that the UAE had at that time was between Americans, British or France," he said. "They had good relations with all three, but for unknown reasons, they decided to move closer to France, especially in terms of the military and the supply of military equipment.

What began as strictly military ties have blossomed into a comprehensive relationship, he said. But as American prestige and military capability has waned in the years since, France has emerged as an even more reliable partner. "You have to remember that the relationship with France is less embarrassing than a relationship with the United States," said Dr Alani. "There's strong anti-American sentiment in the whole region because of support for Israel and other things. Ties with France have the added benefit of not threatening the US and its continued status as the Gulf's security guarantor.

"Because Sarkozy moved very close to the United States from day one of his policy, the UAE doesn't feel embarrassed giving the French a base here, buying French arms, considering a cultural relationship or talking about nuclear power. Sarkozy is not in competition with the United States." More recently, Mr Sarkozy has used the French presidency of the Council of the European Union to accelerate negotiations for a free-trade agreement between the EU and the GCC. Mr Azouaou expects the negotiations, which have dragged on for nearly two decades, to be completed by the end of this year - a goal that Dr Alani called "over-ambitious" because of the many unresolved complications involved with instituting free trade between more than 30 countries.

Like many other initiatives that demand co-operation between France and the UAE, Mr Azouaou said the importance of the proposed free trade agreement goes beyond economic concerns. "For us, this accord isn't simply a commercial agreement. Beyond that, it's an accord that will permit expanded dialogues between the regions," he said. "Of course, President Sarkozy has said at the beginning of his presidency that one of his main points is to try to finalise this agreement.

"We have pushed for more meetings, constructive meetings, between the European Commission and the GCC Secretariat." mbradley@thenational.ae

BACK TO ALEXANDRIA

Director: Tamer Ruggli

Starring: Nadine Labaki, Fanny Ardant

Rating: 3.5/5

What is graphene?

Graphene is a single layer of carbon atoms arranged like honeycomb.

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.

At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.

It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.

But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties. 

 

The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

Price: Dh136,814

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(In2Musica)

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.”

UAE currency: the story behind the money in your pockets
MATCH INFO

Fixture: Thailand v UAE, Tuesday, 4pm (UAE)

TV: Abu Dhabi Sports

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

A QUIET PLACE

Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou

Director: Michael Sarnoski

Rating: 4/5

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

If you go

The flights

Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes.

The car

Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals. A week's car hire costs from Dh1,500 including taxes.

The hotels

Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes.

More info

To keep up with constant developments in Portland, visit www.travelportland.com. Good guidebooks include the Lonely Planet guides to Northern California and Washington, Oregon & the Pacific Northwest.


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