Sheikh Mohamed bin Zayed receives call from UN Secretary General Antonio Guterres

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, has received a call from UN Secretary General Antonio Guterres.

During the call, the pair discussed various aspects of co-operation between the UAE and the UN.

They exchanged views on international and regional issues of common concern, foremost of which is the situation in the Middle East. They stressed the importance of settling crises in the region through dialogue, peaceful methods and joint international action.

Mr Guterres congratulated Sheikh Mohamed on the UAE starting its two-year term on the UN Security Council.

Sheikh Mohamed congratulated Mr Guterres on his re-election for a second term as secretary general.

He also expressed his appreciation for the important role played by the UN in the service of global peace and security, and added that the role is becoming more important in light of the challenges posed by the pandemic and climate change, and the need for international collective action.

Sheikh Mohamed affirmed the UAE's support for the UN and its keenness to support its many objectives.

He said the UAE has consistently sought to work for peace and stability, and supported development and prosperity at regional and international levels.

The UAE commenced its two-year term on the UN Security Council, the world’s top body for addressing threats to international peace and security, on Saturday.

It has served on the council once previously, from 1986 to1987.

The UAE mission this week posted on social media that “climate change and global health” were priorities for its stint in the 15-nation chamber.

The incoming council will also address issues such as terrorism, the problem of child soldiers and conflicts in Syria, Yemen, Libya and beyond.

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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.”

Sheikh Mohamed bin Zayed receives call from UN Secretary General Antonio Guterres

They discussed various aspects of co-operation between the UAE and the United Nations

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