Egyptian President Abdel Fattah El Sisi was among the leaders that denounced the attacks. Reuters
Egyptian President Abdel Fattah El Sisi was among the leaders that denounced the attacks. Reuters
Egyptian President Abdel Fattah El Sisi was among the leaders that denounced the attacks. Reuters
Egyptian President Abdel Fattah El Sisi was among the leaders that denounced the attacks. Reuters

UAE

Government

Countries across the world join in condemnation of Houthi attacks on Abu Dhabi

Imran Khan among leaders showing solidarity

The National

January 18, 2022

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Countries, leaders and ministers from across the world have condemned the Houthi attacks on Abu Dhabi.

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, on Tuesday received a call from Egyptian President Abdel Fattah El Sisi, who denounced the Houthi attacks, state news agency Wam reported.

He affirmed Egypt's support for the UAE and its rejection of any threat to its security or stability.

Sheikh Mohamed also spoke with Israeli President, Isaac Herzog, who also expressed his strong condemnation of the attacks.

Pakistan's Prime Minister Imran Khan rejected any threats made against the UAE. Farooq Naeem / AFP
Pakistan's Prime Minister Imran Khan rejected any threats made against the UAE. Farooq Naeem / AFP

Pakistan's Prime Minister Imran Khan, also held a call with Sheikh Mohamed and Mr Khan said he rejected any threat to the security and sovereignty of the UAE.

He offered his condolences for the victims of these attacks, wishing a speedy recovery for those injured. Sheikh Mohamed thanked Mr Khan for the sentiments.

Iraqi President Barham Salih also condemned the attacks in a call to Sheikh Mohamed. He emphasised Iraq's support for the UAE and rejection of any threat to its security and sovereignty.

Sheikh Mohamed also spoke to Sheikh Meshal Al Sabah, the Crown Prince of Kuwait, who expressed his country's denunciation of the attacks and Felix Tshisekedi, President of the Democratic Republic of the Congo and African Union Chair, who expressed his strong condemnation.

Earlier, India and Pakistan's foreign ministers also condemned the Houthi attack on Abu Dhabi that killed three of their citizens.

Indian Minister of External Affairs Subrahmanyam Jaishankar and Pakistan's Foreign Minister Shah Mehmood Qureshi condemned the attacks. Photo: EPA / AFP
Indian Minister of External Affairs Subrahmanyam Jaishankar and Pakistan's Foreign Minister Shah Mehmood Qureshi condemned the attacks. Photo: EPA / AFP

India's Subrahmanyam Jaishankar spoke to Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, by phone to offer his support.

“Dr Jaishankar expressed India's strong condemnation and denunciation of the terrorist attack by the terrorist Houthi militia on civil areas and facilities in the UAE,” the state news agency Wam reported.

“He also reiterated India's full solidarity with the leadership, government and people of the UAE, highlighting the strong ties that their countries share.”

Shah Mehmood Qureshi, Pakistan's Foreign Minister, denounced the incident as a terrorist act that left one of his countrymen dead.

Pakistan's Ministry of Foreign Affairs said it would support the family of its citizen who died.

Two Indians and a Pakistani citizen died and six others were injured in an explosion at Adnoc's fuel storage depot in Mussaffah, Abu Dhabi, at about 10am on Monday.

A second incident led to a fire in a part of Abu Dhabi airport where construction is being carried out. No casualties were reported there.

Officials said an investigation was continuing and have not publicly confirmed that the strikes were by aerial drones.

Macron offers solidarity

France's President Emmanuel Macron offered his support to the UAE.

A statement from the Elysee Palace said he “strongly condemns the attacks on Abu Dhabi yesterday, and offers his support" to the UAE.

Earlier, Foreign Minister Jean-Yves Le Drian had expressed France's strong condemnation of “these attacks that threaten the security of the UAE's territory and the region's stability".

In Moscow, Russia's foreign ministry said the strike against civilian targets was unacceptable, while the German foreign office said the attack was a grave threat that seeks to destabilise the region.

Japan and Singapore also condemned the attacks and expressed condolences to those who lost their lives.

Sheikh Mohamed also took similar calls from the President of Mauritania; the chairman of Sudan's Sovereign Transitional Council; while the Comoros government also expressed its condolences.

  • World leaders have condemned the attack and offered their support to the Emirates. US Secretary of State Antony Blinken called his Emirati counterpart Sheikh Abdullah bin Zayed to express his condolences. Reuters
    World leaders have condemned the attack and offered their support to the Emirates. US Secretary of State Antony Blinken called his Emirati counterpart Sheikh Abdullah bin Zayed to express his condolences. Reuters
  • A mass funeral for pro-Houthi rebels. In oil-rich Shabwa province, 40 rebels were killed 10 days ago when the Southern Transitional Council seized a military base, while as many as 280 died in air strikes on Marib and Al Bayda at the weekend. EPA
    A mass funeral for pro-Houthi rebels. In oil-rich Shabwa province, 40 rebels were killed 10 days ago when the Southern Transitional Council seized a military base, while as many as 280 died in air strikes on Marib and Al Bayda at the weekend. EPA
  • Dr Anwar Gargash, diplomatic adviser to President Sheikh Khalifa, said the attack on Abu Dhabi airport and an Adnoc oil storage unit in Mussaffah was a 'heinous crime' by a terrorist group. Navin Khianey for The National
    Dr Anwar Gargash, diplomatic adviser to President Sheikh Khalifa, said the attack on Abu Dhabi airport and an Adnoc oil storage unit in Mussaffah was a 'heinous crime' by a terrorist group. Navin Khianey for The National
  • Saudi Crown Prince Mohammed bin Salman spoke to Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, on Monday night to offer his support. Riyadh and other cities have been struck by dozens of Houthi drones in recent months. AFP
    Saudi Crown Prince Mohammed bin Salman spoke to Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, on Monday night to offer his support. Riyadh and other cities have been struck by dozens of Houthi drones in recent months. AFP
  • Sheikh Mohamed bin Zayed received calls from leaders across the globe on Monday night. Photo: Ministry of Presidential Affairs
    Sheikh Mohamed bin Zayed received calls from leaders across the globe on Monday night. Photo: Ministry of Presidential Affairs
Mohammed bin Zayed Majlis

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.”

Updated: January 19, 2022, 5:22 AM
Abu DhabiHouthisAdnocPakistan