UAE ambassador to the US Yousef Al Otaiba said the Emirates' ambitions are 'truly out of this world'. Evelyn Hockstein / The National
UAE ambassador to the US Yousef Al Otaiba said the Emirates' ambitions are 'truly out of this world'. Evelyn Hockstein / The National
UAE ambassador to the US Yousef Al Otaiba said the Emirates' ambitions are 'truly out of this world'. Evelyn Hockstein / The National
UAE ambassador to the US Yousef Al Otaiba said the Emirates' ambitions are 'truly out of this world'. Evelyn Hockstein / The National

UAE

Government

US remains UAE's most important ally, says ambassador Al Otaiba in end-of-year statement

Envoy to Washington praises achievements of Abraham Accords and expresses optimism on climate action and space exploration

Ellie Sennett
Ellie Sennett
Washington

December 26, 2022

  • English
  • Arabic

The UAE's ambassador to the US Yousef Al Otaiba has praised the Abraham Accords, strides in space exploration and climate action and Washington's role as a key partner, in end-of-year remarks.

“The UAE has moved further and faster than any other country, because our ambitions are truly out of this world,” Mr Al Otaiba said in a video address celebrating accomplishments made in 2022.

Mr Al Otaiba said the US is the UAE's “most important partner and our bilateral relationship is more crucial than ever”.

The ambassador also expressed his enthusiasm for the 2020 Abraham Accords, which established diplomatic relations between the Emirates and Israel. Bahrain also established diplomatic relations with Israel under the accords.

Since the Abraham Accords were signed in September 2020, ties between the UAE and Israel have grown in a number of fields, including the economy.

Mr Al Otaiba said in his video address that the agreement is “a big part” of the UAE's broader goals to work with allies to combat climate, and have “paved the way for stronger economic and cultural ties” throughout the region.

Among those diplomatic advances made possible by the accords this year was the I2U2 summit — a newly formed grouping of the US, Israel and the UAE to “re-energise and revitalise alliances” across the world.

The quadrilateral I2U2 stands for “I” for India and Israel and “U” for the US and UAE.

Mr Al Otaiba also made clear the UAE's ambitions headed into 2023 extend beyond Earth.

He highlighted the country's achievements in space.

These include the country's first astronaut, Hazza Al Mansouri, travelling to the International Space Station in 2019, the launch of the Hope probe to Mars in 2020 and Hope going into orbit around the Red Planet in 2021.

The UAE's mission to land a rover on the Moon was launched on a SpaceX rocket from Florida this month.

Built by engineers from the Mohammed bin Rashid Space Centre in Dubai, the Rashid rover is currently on its three-month journey to the Moon.

The Emirates plans to invest more than Dh3 billion ($816 million) in the private space sector to increase the country’s capabilities in space over the next decade.

“We've just begun our journey into the new frontier. And I can't wait to see what's next,” Mr Al Otaiba said.

  • The live-streamed launch of the UAE’s Rashid rover in December 2022.
    The live-streamed launch of the UAE’s Rashid rover in December 2022.
  • The Hakuto-R Mission 1 lander carrying the rover is expected to land on the Moon at the end of April.
    The Hakuto-R Mission 1 lander carrying the rover is expected to land on the Moon at the end of April.
  • The lander is expected to attempt a lunar orbit insertion towards the end of March.
    The lander is expected to attempt a lunar orbit insertion towards the end of March.
  • The spacecraft has travelled about 1.37 million km since being launched.
    The spacecraft has travelled about 1.37 million km since being launched.
  • The lander is the first privately funded spacecraft to travel that far. Photo: ispace
    The lander is the first privately funded spacecraft to travel that far. Photo: ispace
  • The Rashid rover is the first mission under the UAE's long-term Moon exploration programme.
    The Rashid rover is the first mission under the UAE's long-term Moon exploration programme.
  • Landing on the Moon is challenging, with more than a third of lunar landing missions failing.
    Landing on the Moon is challenging, with more than a third of lunar landing missions failing.
  • The Moon has no atmosphere, forcing landers to perform complex manoeuvres to achieve a soft landing.
    The Moon has no atmosphere, forcing landers to perform complex manoeuvres to achieve a soft landing.
  • Only the US, former Soviet Union and China have achieved a soft landing on the Moon.
    Only the US, former Soviet Union and China have achieved a soft landing on the Moon.
  • The 10-kilogram exploration rover will study the geography of the lunar surface.
    The 10-kilogram exploration rover will study the geography of the lunar surface.
  • The team also hope the rover can survive a lunar night, when temperatures plunge to minus 183°C.
    The team also hope the rover can survive a lunar night, when temperatures plunge to minus 183°C.
  • The Hakuto-R Mission 1 lander is taking a longer route to save on fuel and reduce costs.
    The Hakuto-R Mission 1 lander is taking a longer route to save on fuel and reduce costs.
  • The lander in space after detaching from SpaceX's rocket. Photo: SpaceX
    The lander in space after detaching from SpaceX's rocket. Photo: SpaceX
  • A SpaceX engine takes the lander to a lunar transfer orbit after launch. Photo: SpaceX
    A SpaceX engine takes the lander to a lunar transfer orbit after launch. Photo: SpaceX
  • Reem AlMehisni, rover thermal engineering chief at the Mohammed bin Rashid Space Centre in Dubai. Khushnum Bhandari / The National
    Reem AlMehisni, rover thermal engineering chief at the Mohammed bin Rashid Space Centre in Dubai. Khushnum Bhandari / The National
  • Officials prepare for the launch at the Mohammed bin Rashid Space Centre. Khushnum Bhandari / The National
    Officials prepare for the launch at the Mohammed bin Rashid Space Centre. Khushnum Bhandari / The National
  • The control room of the space centre. Khushnum Bhandari / The National
    The control room of the space centre. Khushnum Bhandari / The National
  • Flight control teams in the Mission Control Centre. Khushnum Bhandari / The National
    Flight control teams in the Mission Control Centre. Khushnum Bhandari / The National
  • The final prototype of the Rashid rover. Photo: MBRSC
    The final prototype of the Rashid rover. Photo: MBRSC
  • Mission Control Centre staff at the Mohammed bin Rashid Space Centre. Khushnum Bhandari / The National
    Mission Control Centre staff at the Mohammed bin Rashid Space Centre. Khushnum Bhandari / The National
  • The Mission Control Centre. Khushnum Bhandari / The National
    The Mission Control Centre. Khushnum Bhandari / The National
  • The exterior of the Mohammed bin Rashid Space Centre. Khushnum Bhandari / The National
    The exterior of the Mohammed bin Rashid Space Centre. Khushnum Bhandari / The National
  • Emirati engineers behind the UAE's lunar mission pose for picture with the Rashid rover. Photo: MBRSC
    Emirati engineers behind the UAE's lunar mission pose for picture with the Rashid rover. Photo: MBRSC
  • The interior of the Mohammed bin Rashid Space Centre. Khushnum Bhandari / The National
    The interior of the Mohammed bin Rashid Space Centre. Khushnum Bhandari / The National
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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.”

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
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  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
Updated: December 27, 2022, 1:08 PM