Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces meets with King Willem-Alexander of the Netherlands at Al Shati Palace. Photo: Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces meets with King Willem-Alexander of the Netherlands at Al Shati Palace. Photo: Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces meets with King Willem-Alexander of the Netherlands at Al Shati Palace. Photo: Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces meets with King Willem-Alexander of the Netherlands at Al Shati Palace. Photo: Ministry of Presiden

UAE

Government

Sheikh Mohamed bin Zayed meets King Willem-Alexander of the Netherlands

The two discussed issues of mutual interest and the importance of Expo 2020 Dubai

The National

November 03, 2021

  • English
  • Arabic

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, met King Willem-Alexander of the Netherlands on Wednesday at Al Shati Palace.

The duo discussed friendship and co-operation between the two countries, and ways to enhance their relationship in various fields, to achieve the best interests of the two countries.

As he received King Willem-Alexander, Sheikh Mohamed welcomed him and conveyed the greetings of President Sheikh Khalifa and his best wishes of permanent stability and development to the people of the Netherlands.

The parties discussed regional and international issues of mutual interest, and the importance of Expo 2020 Dubai as an opportunity to bring people together to discuss the challenges facing the world.

The Netherlands pavilion at the world's fair focuses on sustainability and its importance in shaping the future of the world.

Also present at the meeting were Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of the Interior; Sheikh Hamdan bin Mohamed; Sheikh Mohammed bin Hamad, chairman of the Abu Dhabi Airports; Mohamed Al Mazrouei, Undersecretary of the Crown Prince Court of Abu Dhabi; and Dr Hissa Al Otaiba, the UAE's ambassador to the Netherlands.

Tom de Bruijn, Minister for Foreign Trade and Development Co-operation, and Lody Embrechts, the Dutch ambassador to the UAE, attended the meeting for the Netherlands.

Netherlands pavilion at Expo 2020 Dubai — in pictures

  • UAE entrepreneur Dima Al Srouri has taken over a mushroom nursery from the Netherlands pavilion and will continue the production of mushrooms and mycelium products in Dubai. Photo: Netherlands Pavilion Expo 2020 Dubai
    UAE entrepreneur Dima Al Srouri has taken over a mushroom nursery from the Netherlands pavilion and will continue the production of mushrooms and mycelium products in Dubai. Photo: Netherlands Pavilion Expo 2020 Dubai
  • The biotope at the Netherlands pavilion was a big attraction that showed how in a miniature world climate was controlled naturally and could nurture plants in the desert heat. Pawan Singh / The National
    The biotope at the Netherlands pavilion was a big attraction that showed how in a miniature world climate was controlled naturally and could nurture plants in the desert heat. Pawan Singh / The National
  • Dima Al Srouri, a UAE urban planner, stands in front of tiles made from mushroom mycelium at the Netherlands pavilion at Expo 2020 Dubai. Photo: Netherlands Pavilion Expo 2020 Dubai
    Dima Al Srouri, a UAE urban planner, stands in front of tiles made from mushroom mycelium at the Netherlands pavilion at Expo 2020 Dubai. Photo: Netherlands Pavilion Expo 2020 Dubai
  • Basil, mint and tomato are some of more than 3,000 plants growing on a massive cone inside the Netherlands pavilion. The plants will be returned to the local supplier and turned into compost. Pawan Singh / The National
    Basil, mint and tomato are some of more than 3,000 plants growing on a massive cone inside the Netherlands pavilion. The plants will be returned to the local supplier and turned into compost. Pawan Singh / The National
  • The 2,000 tonnes of steel sheets used to construct the Netherlands pavilion at Expo 2020 Dubai will be handed over for reuse in construction projects in the city. Pawan Singh / The National
    The 2,000 tonnes of steel sheets used to construct the Netherlands pavilion at Expo 2020 Dubai will be handed over for reuse in construction projects in the city. Pawan Singh / The National
  • The entrance of the Netherlands Expo 2020 Pavilion that used no concrete and instead made use of steel pipes and sheets to depict a circular economy. Pawan Singh / The National
    The entrance of the Netherlands Expo 2020 Pavilion that used no concrete and instead made use of steel pipes and sheets to depict a circular economy. Pawan Singh / The National
  • Inside view of the Netherlands Pavilion at the Expo 2020 Dubai site where architects built a biotope in which edible plants thrived - the material will be reused and recycled by companies across the city. Pawan Singh / The National
    Inside view of the Netherlands Pavilion at the Expo 2020 Dubai site where architects built a biotope in which edible plants thrived - the material will be reused and recycled by companies across the city. Pawan Singh / The National
  • Carel Richter, consul general and commissioner general of the Netherlands pavilion (left), and Niels Bouwman, pavilion director hold innovation awards at the Expo pavilion in front of a cone covered with thousands of edible plants and herbs. Photo: Netherlands Pavilion Expo 2020 Dubai
    Carel Richter, consul general and commissioner general of the Netherlands pavilion (left), and Niels Bouwman, pavilion director hold innovation awards at the Expo pavilion in front of a cone covered with thousands of edible plants and herbs. Photo: Netherlands Pavilion Expo 2020 Dubai
  • Hundreds of litres of water was harvested daily from moisture in the air and drew crowds to watch it 'rain in the desert.' This system will shipped back to the Netherlands for use in new projects. Pawan Singh / The National
    Hundreds of litres of water was harvested daily from moisture in the air and drew crowds to watch it 'rain in the desert.' This system will shipped back to the Netherlands for use in new projects. Pawan Singh / The National
  • Michiel Raaphorst, co-founder of V8 Architects and Carel Richter, commissioner general, Netherlands Pavilion talk to the media at the Netherlands pavilion at the Expo 2020 site in Dubai. Pawan Singh / The National
    Michiel Raaphorst, co-founder of V8 Architects and Carel Richter, commissioner general, Netherlands Pavilion talk to the media at the Netherlands pavilion at the Expo 2020 site in Dubai. Pawan Singh / The National
  • The pavilion was built using local resources sourced in the UAE. Pawan Singh / The National
    The pavilion was built using local resources sourced in the UAE. Pawan Singh / The National
  • Steel pipes and tubes have been rented from Dubai’s construction industry and will be returned for use in new projects. Pawan Singh / The National
    Steel pipes and tubes have been rented from Dubai’s construction industry and will be returned for use in new projects. Pawan Singh / The National
  • Oyster mushrooms are organically grown within the nursery inside the pavilion. Photo: Netherlands Pavilion Expo 2020 Dubai
    Oyster mushrooms are organically grown within the nursery inside the pavilion. Photo: Netherlands Pavilion Expo 2020 Dubai
  • Oyster mushrooms thrive in humid, cool and dark conditions inside the pavilion. Photo: Netherlands Pavilion Expo 2020 Dubai
    Oyster mushrooms thrive in humid, cool and dark conditions inside the pavilion. Photo: Netherlands Pavilion Expo 2020 Dubai
  • View of the mushrooms grown inside the biotope at the Netherlands pavilion at the Expo 2020 site in Dubai. Pawan Singh / The National
    View of the mushrooms grown inside the biotope at the Netherlands pavilion at the Expo 2020 site in Dubai. Pawan Singh / The National
  • View of the mushrooms grown inside the biotope at the Netherlands pavilion at the Expo 2020 site in Dubai. Pawan Singh / The National
    View of the mushrooms grown inside the biotope at the Netherlands pavilion at the Expo 2020 site in Dubai. Pawan Singh / The National
  • Media personnel at a preview of the Netherlands Pavilion at the Expo 2020 site in Dubai. Pawan Singh / The National
    Media personnel at a preview of the Netherlands Pavilion at the Expo 2020 site in Dubai. Pawan Singh / The National
  • Souvenir shop at the Netherlands Pavilion at the Expo 2020 Dubai site. Pawan Singh / The National
    Souvenir shop at the Netherlands Pavilion at the Expo 2020 Dubai site. Pawan Singh / The National
While you're here

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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Updated: November 03, 2021, 6:51 PM
Sheikh Mohamed bin ZayedNetherlands