Dr Anwar Gargash was addressing the Munich Security Conference.
Dr Anwar Gargash was addressing the Munich Security Conference.
Dr Anwar Gargash was addressing the Munich Security Conference.
Dr Anwar Gargash was addressing the Munich Security Conference.

Anwar Gargash: Abraham Accords are about 'visionary thinking' for the region


Jamie Prentis
  • English
  • Arabic

The Abraham Accords are one of the “most significant strategic developments” in the Middle East for many years, said Dr Anwar Gargash, diplomatic adviser to President of the UAE Sheikh Khalifa.

At the Munich Security Conference, Dr Gargash said the Accords had helped break down “psychological barriers” that had compounded the Arab-Israeli issue and beyond over the years.

He said the UAE believed there needed to be an “agenda of tolerance” in the region. “The Abraham Accords fits very well into that,” Dr Gargash said.

The Accords, signed at the White House in 2020, normalised relations between the UAE and Israel. Bahrain, Morocco and Sudan soon followed suit.

The UAE “is pursuing what I call an agenda of stability and prosperity”, Dr Gargash said.

“And with that, I think using the economy, using investment as a visionary tool to change the region is extremely important,” he said, referring to the plethora of economic opportunities that have been created since the signing of the deal. Since 2020, and despite the Covid-19 pandemic, 123,000 Israelis had visited Dubai alone, Dr Gargash said.

The Accords, he said, were about “visionary thinking” for the Middle East.

“Not talking to Israel and not contacting Israel, and not having any relations with Israel, has truly been a failed, failed policy. I mean, there are no results to show here.

“I think that what Egypt has done many years ago, what Jordan has done a bit later, and the Abraham Accords today show a much more realistic course,” Dr Gargash said, referring to the normalisation of relations between Israel and Egypt in 1980, and Israel and Jordan in 1994.

He said the Accords could contribute towards a peaceful solution for Israel and Palestine.

“I don’t see that the Abraham Accords in itself is the sort of magic wand that will resolve everything. But we have been able, for example, through the Abraham Accords to stop the annexation of the Palestinian lands in the previous Israeli government,” Dr Gargash said.

  • Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, speaks to Donald Trump, US president at the time, and Israeli Prime Minister Benjamin Netanyahu in the Oval Office in September 2020. Ministry of Foreign Affairs and International Co-operation
    Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, speaks to Donald Trump, US president at the time, and Israeli Prime Minister Benjamin Netanyahu in the Oval Office in September 2020. Ministry of Foreign Affairs and International Co-operation
  • Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, meets Mike Pompeo, US secretary of state at the time. Wam
    Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, meets Mike Pompeo, US secretary of state at the time. Wam
  • Sheikh Abdullah and Mr Pompeo in Washington. Wam
    Sheikh Abdullah and Mr Pompeo in Washington. Wam
  • Sheikh Abdullah visits Washington in September last year. Wam
    Sheikh Abdullah visits Washington in September last year. Wam
  • Sheikh Abdullah, UAE Minister of Foreign Affairs and International Co-operation, US President Donald Trump, centre, and Israeli Prime Minister Benjamin Netanyahu sign the Abraham Accord at the White House South Lawn. MOFAIC
    Sheikh Abdullah, UAE Minister of Foreign Affairs and International Co-operation, US President Donald Trump, centre, and Israeli Prime Minister Benjamin Netanyahu sign the Abraham Accord at the White House South Lawn. MOFAIC
  • Sheikh Abdullah and, from left, Bahrain's Foreign Minister Abdullatif Al Zayani, Israeli Prime Minister Benjamin Netanyahu and US President Donald Trump at the White House. MOFAIC
    Sheikh Abdullah and, from left, Bahrain's Foreign Minister Abdullatif Al Zayani, Israeli Prime Minister Benjamin Netanyahu and US President Donald Trump at the White House. MOFAIC
  • Sheikh Abdullah, Mr Al Zayani and Mr Netanyahu at the White House during the Abraham Accord signing ceremony. MOFAIC
    Sheikh Abdullah, Mr Al Zayani and Mr Netanyahu at the White House during the Abraham Accord signing ceremony. MOFAIC
  • Sheikh Abdullah and, from left, Mr Netanyahu, Mr Trump and Mr Al Zayani wave from the Truman Balcony at the White House. AFP
    Sheikh Abdullah and, from left, Mr Netanyahu, Mr Trump and Mr Al Zayani wave from the Truman Balcony at the White House. AFP
  • Sheikh Abdullah and, from left, Mr Al Zayani, Mr Netanyahu and Mr Trump sign the Abraham Accord. AFP
    Sheikh Abdullah and, from left, Mr Al Zayani, Mr Netanyahu and Mr Trump sign the Abraham Accord. AFP
  • Sheikh Abdullah and, from left, Mr Al Zayani, Mr Netanyahu and Mr Trump after the signing ceremony. AFP
    Sheikh Abdullah and, from left, Mr Al Zayani, Mr Netanyahu and Mr Trump after the signing ceremony. AFP
  • Sheikh Abdullah and, from left, Mr Al Zayani, Mr Netanyahu and Mr Trump after the signing ceremony. AFP
    Sheikh Abdullah and, from left, Mr Al Zayani, Mr Netanyahu and Mr Trump after the signing ceremony. AFP
  • Sheikh Abdullah speaks from the Truman Balcony at the White House during the signing ceremony of the Abraham Accord. AFP
    Sheikh Abdullah speaks from the Truman Balcony at the White House during the signing ceremony of the Abraham Accord. AFP
  • Sheikh Abdullah speaks as Mr Trump looks on before the signing of Abraham Accord on the South Lawn of the White House. AP
    Sheikh Abdullah speaks as Mr Trump looks on before the signing of Abraham Accord on the South Lawn of the White House. AP
  • Sheikh Abdullah looks on from the White House as Mr Trump speaks at the Abraham Accord signing ceremony, also attended by Mr Al Zayani and Mr Netanyahu. AP
    Sheikh Abdullah looks on from the White House as Mr Trump speaks at the Abraham Accord signing ceremony, also attended by Mr Al Zayani and Mr Netanyahu. AP
  • Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, Israeli Prime Minister Benjamin Netanyahu, left, and Bahraini Foreign Minister Abdullatif Al Zayani stand on the Blue Room Balcony during the signing ceremony. AP
    Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, Israeli Prime Minister Benjamin Netanyahu, left, and Bahraini Foreign Minister Abdullatif Al Zayani stand on the Blue Room Balcony during the signing ceremony. AP
  • Sheikh Abdullah and Mr Al Zayani shortly before participating in the signing of the Abraham Accord. AFP
    Sheikh Abdullah and Mr Al Zayani shortly before participating in the signing of the Abraham Accord. AFP
  • Sheikh Abdullah, with Mr Netanyahu, left, and Mr Al Zayani at the signing of the Abraham Accord on the South Lawn of the White House. AFP
    Sheikh Abdullah, with Mr Netanyahu, left, and Mr Al Zayani at the signing of the Abraham Accord on the South Lawn of the White House. AFP
  • US President Donald Trump speaks from the Truman Balcony at the White House during the signing ceremony of the Abraham Accord. AFP
    US President Donald Trump speaks from the Truman Balcony at the White House during the signing ceremony of the Abraham Accord. AFP
  • President Donald Trump walks to the Abraham Accord signing ceremony at the White House with Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, Israeli Prime Minister Benjamin Netanyahu, and Bahrain's Foreign Minister Abdullatif Al Zayani. AP
    President Donald Trump walks to the Abraham Accord signing ceremony at the White House with Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, Israeli Prime Minister Benjamin Netanyahu, and Bahrain's Foreign Minister Abdullatif Al Zayani. AP
  • US Secretary of State Mike Pompeo arrives at the White House to attend the Abraham Accord signing ceremony hosted by President Donald Trump. EPA
    US Secretary of State Mike Pompeo arrives at the White House to attend the Abraham Accord signing ceremony hosted by President Donald Trump. EPA
  • Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, meets US President Donald Trump in the Oval Office of the White House before the signing of Abraham Accord. AFP
    Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, meets US President Donald Trump in the Oval Office of the White House before the signing of Abraham Accord. AFP
  • Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, in the Oval Office. AFP
    Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, in the Oval Office. AFP
  • Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, meets US President Donald Trump in the Oval Office of the White House. AFP
    Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, meets US President Donald Trump in the Oval Office of the White House. AFP
  • Sheikh Abdullah with Mr Trump in the Oval Office. AFP
    Sheikh Abdullah with Mr Trump in the Oval Office. AFP
  • Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, with by President Donald Trump at the White House. Mustafa Alrawi / The National
    Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, with by President Donald Trump at the White House. Mustafa Alrawi / The National
  • The UAE delegation led by Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, with US President Donald Trump at the White House. Mustafa Alrawi / The National
    The UAE delegation led by Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, with US President Donald Trump at the White House. Mustafa Alrawi / The National
  • Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, is welcomed to the White House by US President Donald Trump. EPA
    Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, is welcomed to the White House by US President Donald Trump. EPA
  • Sheikh Abdullah and Mr Trump outside the White House. AFP
    Sheikh Abdullah and Mr Trump outside the White House. AFP
  • Sheikh Abdullah bin Zayed speaks to Mr Trump after arriving at the White House. Reuters
    Sheikh Abdullah bin Zayed speaks to Mr Trump after arriving at the White House. Reuters
  • White House Senior Adviser Jared Kushner walks away following a television interview on the North Lawn at the White House in Washington. Reuters
    White House Senior Adviser Jared Kushner walks away following a television interview on the North Lawn at the White House in Washington. Reuters
  • US President Donald Trump and First Lady Melania Trump welcome the arrival of Prime Minister of Israel Benjamin Netanyahu and his wife Sara on the North Lawn of the White House in Washington DC. AFP
    US President Donald Trump and First Lady Melania Trump welcome the arrival of Prime Minister of Israel Benjamin Netanyahu and his wife Sara on the North Lawn of the White House in Washington DC. AFP
  • A delegation of senior UAE officials led by Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, prepares to depart for the White House to sign the Abraham Accord. MOFAIC
    A delegation of senior UAE officials led by Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, prepares to depart for the White House to sign the Abraham Accord. MOFAIC
  • US President Donald Trump welcomes Bahraini Foreign Minister Abdullatif Al Zayani. AFP
    US President Donald Trump welcomes Bahraini Foreign Minister Abdullatif Al Zayani. AFP
  • Bahraini Foreign Minister Abdullatif Al Zayani arrives at the White House in Washington DC. AFP
    Bahraini Foreign Minister Abdullatif Al Zayani arrives at the White House in Washington DC. AFP
  • US President Donald Trump welcomes Bahraini Foreign Minister Abdullatif Al Zayani on the North Lawn of the White House in Washington, DC. AFP
    US President Donald Trump welcomes Bahraini Foreign Minister Abdullatif Al Zayani on the North Lawn of the White House in Washington, DC. AFP
  • Preparations at the White House for the signing of the Abraham Accord.
    Preparations at the White House for the signing of the Abraham Accord.
  • Preparations under way at the White House for the signing of the Abraham Accord.
    Preparations under way at the White House for the signing of the Abraham Accord.
  • Preparations under way at the White House for the signing of the Abraham Accord.
    Preparations under way at the White House for the signing of the Abraham Accord.
  • Preparation at the White House for the signing of the Abraham Accord. The National
    Preparation at the White House for the signing of the Abraham Accord. The National

Also speaking at the conference in Munich was Sheikh Abdullah bin Ahmed, Bahrain’s Undersecretary for International Affairs.

“The relationship between the Kingdom of Bahrain and the State of Israel stands as a testament on how peace can bring about stability and prosperity both on a bilateral level as well as on a regional level ... the aspirations remain high and what is yet to come is even more astonishing,” Sheikh Abdullah said.

Benny Gantz, Israel’s Deputy Prime Minister and Minister of Defence, was also in Munich, where he said it was a significant time for peace and stability in the Middle East.

“Partnerships are being built between leaders, peace is forged between countries and friendships are made between people,” he said.

“We are opening the gates of the Middle East to co-operation that will strengthen our economies, spread innovation and contribute to regional stability and security.

“Our hands are extended in peace to new brave leaders in the region who are prepared to develop relations with Israel."

But the retired Israeli Army general also issued a warning shot to Lebanese militant group Hezbollah, which is accused of flying a drone into Israel’s territory a few days ago.

“I have a clear message for Hezbollah," he said. "Their operatives are familiar with the noise made by our aeroplanes … if we are required to respond to the attack in order to defend ourselves, we will do so and we will cause great damage to the terror organisation.”

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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.”

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Updated: February 20, 2022, 2:26 PM