Dr Anwar Gargash, diplomatic adviser to the President, at the ninth Abu Dhabi Strategic Debate at Emirates Palace. Victor Besa / The National
Dr Anwar Gargash, diplomatic adviser to the President, at the ninth Abu Dhabi Strategic Debate at Emirates Palace. Victor Besa / The National
Dr Anwar Gargash, diplomatic adviser to the President, at the ninth Abu Dhabi Strategic Debate at Emirates Palace. Victor Besa / The National
Dr Anwar Gargash, diplomatic adviser to the President, at the ninth Abu Dhabi Strategic Debate at Emirates Palace. Victor Besa / The National

UAE has no interest in choosing sides between great powers, says Anwar Gargash


Anjana Sankar
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The UAE will not take sides between nations but will engage with multiple partners to maintain its security and sovereignty, Dr Anwar Gargash, diplomatic adviser to the President, said on Monday.

“The UAE has no interest in choosing sides between great powers,” Dr Gargash said, in his address at the Abu Dhabi Strategic Debate at Emirates Palace.

“Indeed, it is the central principle … that we will not, under any circumstances, sacrifice our sovereignty.

“Our primary strategic security relationship remains unequivocally with the United States.”

It is vital, as we navigate our way through these turbulent times in global politics, that all countries take a measured approach
Dr Anwar Gargash

He said the UAE will pursue a “multilayer approach” as a key foreign policy principle and maintain “balanced and diversified economic partnerships in a multipolar world”.

“The President [Sheikh Mohamed] understands that we are more secure because we do not rely on just one pillar for our security,” Dr Gargash said.

The two-day conference, which started today, will discuss key developments including the Ukraine war, regional conflicts, and the changing world order.

Dr Gargash said the partnership between the UAE and the US has been “close and mutually beneficial for decades” and they continue to value it greatly.

  • Delegates and speakers with Dr Anwar Gargash, centre, Diplomatic Adviser to the UAE President, at the Abu Dhabi Strategic Debate. All photos: Victor Besa / The National
    Delegates and speakers with Dr Anwar Gargash, centre, Diplomatic Adviser to the UAE President, at the Abu Dhabi Strategic Debate. All photos: Victor Besa / The National
  • Dr Ebtesam Al Ketbi, President of the Emirates Policy Centre, speaking during the discussion 'The UAE Under the Leadership of Sheikh Mohamed Bin Zayed Marching Toward the Future.'
    Dr Ebtesam Al Ketbi, President of the Emirates Policy Centre, speaking during the discussion 'The UAE Under the Leadership of Sheikh Mohamed Bin Zayed Marching Toward the Future.'
  • The two-day event is taking place in Emirates Palace, Abu Dhabi.
    The two-day event is taking place in Emirates Palace, Abu Dhabi.
  • Dr. Anwar Gargash said the Emirates will maintain 'balanced and diversified economic partnerships in a multipolar world'.
    Dr. Anwar Gargash said the Emirates will maintain 'balanced and diversified economic partnerships in a multipolar world'.
  • The event will discuss key developments, including the Ukraine War, regional conflicts, and the changing world order.
    The event will discuss key developments, including the Ukraine War, regional conflicts, and the changing world order.
  • Emirati writer Ali Obaid Al Hameli speaking during the early morning panel discussion 'UAE Under the Leadership of President Sheikh Mohamed.'
    Emirati writer Ali Obaid Al Hameli speaking during the early morning panel discussion 'UAE Under the Leadership of President Sheikh Mohamed.'
  • Dr Gargash gave the keynote address on the opening day of the Strategic Debate.
    Dr Gargash gave the keynote address on the opening day of the Strategic Debate.
  • Discussions on the second day will revolve around the new global environment for the Middle East region.
    Discussions on the second day will revolve around the new global environment for the Middle East region.
  • Cliff Kupchan, chairman of Eurasia Group, speaking during the discussion on 'The Russian War in Ukraine: Rewriting the World’s New Rules'.
    Cliff Kupchan, chairman of Eurasia Group, speaking during the discussion on 'The Russian War in Ukraine: Rewriting the World’s New Rules'.
  • 'The Russian War in Ukraine - Rewriting the World’s New Rules' panel discussion. Left to right; Steve Clemons, Dr Andrey Kortunov, Cliff Kupchan and Dr Sergey Karaganov.
    'The Russian War in Ukraine - Rewriting the World’s New Rules' panel discussion. Left to right; Steve Clemons, Dr Andrey Kortunov, Cliff Kupchan and Dr Sergey Karaganov.
  • The Abu Dhabi Strategic Debate aims to develop a better understanding of regional and international realities and shifts, and the best ways to deal with them.
    The Abu Dhabi Strategic Debate aims to develop a better understanding of regional and international realities and shifts, and the best ways to deal with them.
  • Dr Sergey Karaganov, scientific head of the School of International Economics and Foreign Affairs at the National Research University, and honorary chairman of the Presidium of the Council on Foreign and Defence Policy, Moscow, taking part in the discussion 'The Russian War in Ukraine: Rewriting the World’s New Rules'.
    Dr Sergey Karaganov, scientific head of the School of International Economics and Foreign Affairs at the National Research University, and honorary chairman of the Presidium of the Council on Foreign and Defence Policy, Moscow, taking part in the discussion 'The Russian War in Ukraine: Rewriting the World’s New Rules'.
  • Steve Clemons, founding editor-at-large at Semafor, acting as moderator for the panel discussion on 'The Russian War in Ukraine: Rewriting the World’s New Rules.'
    Steve Clemons, founding editor-at-large at Semafor, acting as moderator for the panel discussion on 'The Russian War in Ukraine: Rewriting the World’s New Rules.'
  • Dr Andrey Kortunov, Director General at the Russian International Affairs Council (RIAC).
    Dr Andrey Kortunov, Director General at the Russian International Affairs Council (RIAC).

“Yet, it is vital that we find a way to ensure that we can rely on this relationship for decades to come through clear, codified and unambivalent commitments,” he said.

Listing key principles that drive the UAE’s foreign policy under Sheikh Mohamed, Dr Gargash said it welcomes constructive and collaborative engagement with other countries on promoting security and stability in the region.

“This multilayered approach is not only key for national security, but by avoiding complete dependence on just one or two other countries, it also ensures we retain our autonomy as a sovereign state,” he said.

“Currently, we are not dependent on just one or two countries for both our economic prosperity and our security. Our trade relations increasingly look to the East, while our primary security and investment relations in the West.

“This situation may evolve over time.”

Political resolution in Ukraine

He said one of the key principles of its foreign policy is also to build the capabilities of the UAE defence forces.

“We have witnessed how important it has been on various occasions, including when the terrorists attacked our country earlier this year,” said Dr Gargash, referring to the Houthi attack on UAE soil in January.

The Houthis, a Shiite militia backed by Iran, claimed responsibility for the missile and drone attack that killed three people at an Adnoc oil facility.

Ukrainian serviceman stand in attention during Ukrainian President Zelensky's visit to the newly liberated city of Kherson on November 14, 2022. AFP
Ukrainian serviceman stand in attention during Ukrainian President Zelensky's visit to the newly liberated city of Kherson on November 14, 2022. AFP

Speaking about the ongoing war in Ukraine, Dr Gargash said the UAE firmly believes that only a political agreement will resolve the conflict.

He said the UAE has viewed the situation in Ukraine from a principled position aligned with international law with respect of national sovereignty.

“We have tried to help keep the door open for dialogue,” he said.

“It is vital as we navigate our way through these turbulent times in global politics, that all countries take a measured approach, abide by international law and invest seriously in seeking diplomatic solutions to the crisis.

“If we built into this, the fallout will be devastating and it cannot be contained to one or two countries.

“We must also ensure that an increasingly multipolar world and with rising tensions between great powers do not allow rise in economic protections.

“The UAE will always champion an open, global trading system. Everyone will end up worse if we close the international markets.”

He said it is also important to work hard to avoid power vacuums, which he said are “magnets” for extremists.

“The greatest victims of these vacuum is normal people,” he said.

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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: November 15, 2022, 4:07 AM