President Sheikh Mohamed concluded his state visit to Paris on Tuesday, thanking Emmanuel Macron as they issued a joint statement calling for action on pressing global issues.
The head of state departed Orly airport on Tuesday afternoon after an engagement at the Arc de Triomphe and meetings with French leaders.
A series of talks and the signing of deals brought to an end a successful inaugural state visit that made headlines at home and abroad.
In energy, Adnoc and Total Energies signed an agreement to explore opportunities in gas growth, carbon capture and storage, among other areas.
In space and climate change, there were agreements to work together on breakthroughs in both areas, particularly ahead of Cop27 in Egypt in November and Cop28 in the UAE in late-2023.
On the final day of his state visit, Sheikh Mohamed toured several Paris landmarks, laying a wreath at the Arc de Triomphe's tomb for an Unknown Soldier.
At Matignon, the prime minister's residence, Sheikh Mohamed met Elisabeth Borne to discuss food security, investment and the economy, among other topics.
In their closing joint statement, Sheikh Mohamed and Mr Macron called for action to tackle crises that affect global stability.
The following text is from the UAE's state news agency Wam:
The crisis in Ukraine
Both leaders expressed deep concern regarding war in Ukraine, its terrible impact on civilians, the humanitarian situation, and its effects on commodity markets worldwide.
They underscored the urgent need to intensify diplomatic efforts to reach a solution to the conflict, and Sheikh Mohamed commended President Macron’s continuing efforts in that regard.
Energy and Food Security
Both leaders discussed a range of regional and global opportunities and challenges, and agreed to work together to find ways to mitigate the impact of these challenges on each other and globally.
They agreed to establish a France-UAE Comprehensive Strategic Energy Partnership, representing a major step in fostering energy security and affordability. They also welcomed the agreement between TotalEnergies and Adnoc on fuel provision, with the aim of increasing the security of fuel supply in France.
Of equal importance, the UAE also emphasised its support for global action on food security, and to work with France to find ways to mitigate ongoing pressure on global supply chains.
The UAE announced its support for the Food and Agriculture Resilience Mission (Farm) initiative, specifically on open, transparent, and resilient food trade, as well as the provision of timely and accurate information to support the Agriculture Market Information System (AMIS).
Economy, Investment, and Industry
Building on the significant investment partnership agreed in December 2021, the two leaders share an ambition to further expand the vibrant economic partnership between the two countries. They expressed interest in identifying and facilitating areas of co-operation, where interests and capabilities converge.
The two sides praised the recently launched UAE-France Business Council, with a view to further increase bilateral business opportunities for the benefit of both nations.
The two sides noted that the Council will serve as a tangible outlet to expand the already constructive co-operation that exists between the two countries’ business communities, and underlined their shared desire to convene the inaugural meeting of this grouping in the near future.
Climate Action
Both leaders noted that climate action represents an area of critical mutual concern, and emphasised common and ambitious goals in this important field. President Macron congratulated the UAE for the future hosting of Cop28 in 2023, and offered France’s full support, including through its expertise derived from Cop21. Both sides signed an agreement on Climate Action, which will enable France and the UAE to enhance their co-operation.
The French side congratulated UAE on the successful operation of its nuclear energy programme. Both sides confirmed the important role of nuclear energy in their countries’ efforts to decarbonise their energy sectors and their resolve to continue the strong co-operation in this field, including by sharing technical expertise, the provision of technology and nuclear fuel, as well as in the area of R&D.
The two sides also commended progress made in regard to the MoU on Decarbonised Hydrogen.
Additionally, concerning collaboration on marine research and development efforts, both parties agreed to work closely on the development of a marine research collaborative programme to promote the sustainable blue economy.
Health sector
Both leaders agreed on the importance of the health sector as a major domain for expansion in bilateral co-operation, reflecting a mutual priority area of French and Emirati development and expertise.
One example of successful collaboration is the Cardiovascular Diseases Prevention project between the Abu Dhabi Public Health Centre and Assistance Publique-Hôpitaux de Paris (AP-HP) (Iinternational).
Based on the signing of the MoU in December 2020, the project was implemented by a team of French experts, who helped achieve growth, sustainable development and global competitiveness, as well as exchange of information and know-how.
Both sides welcomed the signing of a MoU on Co-operation between the Institute Pasteur and the Abu Dhabi Public Health Centre, noting that such co-operation could produce mutually beneficial outcomes. Both sides also cited the potential of higher education co-operation that focused on developing healthcare expertise.
Education, Culture, and Space
Both leaders recognised the importance of education, culture and science as embedded in the fabric of the bilateral relationship, underscoring the contributions of existing key projects, such as the Sorbonne Abu Dhabi, and the efforts to expand co-operation in higher education, such as with Ecole 42, EM Normandie Business School, and ESCP Business School.
Both sides looked forward to forthcoming projects, such as gaming school Rubika, and encouraged further endeavours involving French higher education institutions in the UAE, as well as the expansion of French language teaching in UAE schools.
The leaders discussed the exploration of new chapters in cultural co-operation, following the successful partnership of the Louvre Abu Dhabi.
Recognising that the space sector is a key driver for the advancement of science and technology, the UAE and France signed multiple agreements related to earth observation, climate change initiatives, and lunar exploration to strengthen and deepen collaboration in this critical sector.
Peace and Stability
The two leaders recognised that their strategic partnership is a critical component in their collaborative and mutual efforts to act as a beacon for peace and stability in the region, and beyond.
As the founding members of the International Security Alliance since 2017, the UAE and France reaffirmed their commitment to combating radicalisation, extremism, and transnational crime by exchanging experiences and continuing joint operations with fellow member states.
The two leaders discussed prospects for promoting peace, dialogue and diplomacy across the region, and expressed hope that nuclear negotiations with Iran could lead to an agreement that would increase regional security.
Sheikh Mohamed commended the successful Baghdad Conference on Partnership and Cooperation, and President Macron underscored the benefits of the Abraham Accords, which contribute to peace and prosperity in the region through building bridges and cooperation. Both leaders stressed the importance of further fostering peace and prosperity.
Looking beyond the region, the two leaders emphasised the importance of multilateralism as a way to increase mutual understanding and trust on a global scale at a time when collective cooperation is most needed. President Macron commended the UAE’s role as non-permanent member of the United Nation’s Security Council, and Sheikh Mohamed commended the achievements in multilateralism under the French Presidency of the European Union.
Both leaders reaffirmed their commitment to further expand and develop the historic co-operation between the two countries, to opening new domains across all areas, and to be an ever-more active force for peace and stability in the region and beyond.
The Lowdown
Kesari
Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
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BUNDESLIGA FIXTURES
Friday (all kick-offs UAE time)
Hertha Berlin v Union Berlin (10.30pm)
Saturday
Freiburg v Werder Bremen (5.30pm)
Paderborn v Hoffenheim (5.30pm)
Wolfsburg v Borussia Dortmund (5.30pm)
Borussia Monchengladbach v Bayer Leverkusen (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Sunday
Schalke v Augsburg (3.30pm)
Mainz v RB Leipzig (5.30pm)
Cologne v Fortuna Dusseldorf (8pm)
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Company%20profile
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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.”
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Saturday's results
Women's third round
- 14-Garbine Muguruza Blanco (Spain) beat Sorana Cirstea (Romania) 6-2, 6-2
- Magdalena Rybarikova (Slovakia) beat Lesia Tsurenko (Ukraine) 6-2, 6-1
- 7-Svetlana Kuznetsova (Russia) beat Polona Hercog (Slovenia) 6-4. 6-0
- Coco Vandeweghe (USA) beat Alison Riske (USA) 6-2, 6-4
- 9-Agnieszka Radwanska (Poland) beat 19-Timea Bacsinszky (Switzerland) 3-6, 6-4, 6-1
- Petra Martic (Croatia) beat Zarina Diyas (Kazakhstan) 7-6, 6-1
- Magdalena Rybarikova (Slovakia) beat Lesia Tsurenko (Ukraine) 6-2, 6-1
- 7-Svetlana Kuznetsova (Russia) beat Polona Hercog (Slovenia) 6-4, 6-0
Men's third round
- 13-Grigor Dimitrov (Bulgaria) beat Dudi Sela (Israel) 6-1, 6-1 -- retired
- Sam Queery (United States) beat Jo-Wilfried Tsonga (France) 6-2, 3-6, 7-6, 1-6, 7-5
- 6-Milos Raonic (Canada) beat 25-Albert Ramos (Spain) 7-6, 6-4, 7-5
- 10-Alexander Zverev (Germany) beat Sebastian Ofner (Austria) 6-4, 6-4, 6-2
- 11-Tomas Berdych (Czech Republic) beat David Ferrer (Spain) 6-3, 6-4, 6-3
- Adrian Mannarino (France) beat 15-Gael Monfils (France) 7-6, 4-6, 5-7, 6-3, 6-2