President Sheikh Mohamed arrived in Paris on Thursday evening for high-level talks with his French counterpart Emmanuel Macron.
The two leaders arrived for a working dinner reception at the Elysee Palace.
They discussed the long-standing friendship and well-established ties between their two countries, as well as other issues of common concern.
“The UAE and France share a strong, historic partnership and today in Paris, I joined President Emmanuel Macron to explore opportunities for further collaboration across various sectors,” Sheikh Mohammed wrote on Twitter on Thursday evening.
“Together, we remain committed to promoting a stable and prosperous future for all.”
Sheikh Mohamed and Mr Macron reviewed the strategic partnership between their nations and explore ways to expand links across all fields, state news agency Wam reported.
Mr Macron welcomed Sheikh Mohamed, expressing his happiness at a further meeting in France.
Sheikh Mohamed extended his thanks and appreciation to Mr Macron for the warm reception.
The two leaders affirmed their commitment to strengthening historic ties between the two countries.
They discussed ways to further collaborate in shared priority areas, including culture, the environment, climate change, space and renewable energy.
Their talks also covered other fields central to both countries’ sustainable development ambitions, including investment, the economy, food security and advanced technology.
The presidents discussed regional and international developments, with both sides stressing the importance of promoting peace, stability and co-operation between nations.
Sheikh Mohamed and Mr Macron also discussed the coming Cop28 climate conference, which will be hosted by the UAE later this year.
Both leaders reiterated their shared belief in the importance and potential of joint action.
They stated that pursuing collaborative measures to confront climate change is an immediate priority for both countries.
Sheikh Hamdan bin Mohamed and Sheikh Mohammed bin Hamad, Adviser for Special Affairs at the Presidential Court, also attended the meeting.
Ali Al Shamsi, Secretary General of the Supreme Council for National Security, was also in attendance, as well as Khaldoon Al Mubarak, chairman of the Executive Affairs Authority, and Hend Al Otaiba, the UAE's ambassador to France.
This is Sheikh Mohamed's second trip to France in 12 months after he made his first state visit there in July, following his election as President two months earlier.
“This visit will be marked by a planned meeting with French President Emmanuel Macron, in order to consolidate the long-standing strategic partnership between the UAE and France, and to strengthen bilateral co-operation in different sectors,” Hend Al Otaiba, the UAE's ambassador to France, tweeted on Wednesday evening.
Ministers hail state visit
Suhail Al Mazrouei, Minister of Energy and Infrastructure, said the meeting was in line with the growing ties between the countries.
He underlined the importance of talks between the leaders as the UAE prepares to host the crucial Cop28 climate summit later this year.
“The two countries have been successful in developing aspects of co-operation in various development sectors of mutual interest, including political, economic, commercial, cultural and educational co-operation,” said Mr Al Mazrouei.
“The visit's importance stems from the fact that it comes in 2023, a year dedicated to sustainability, and during the run-up to the United Nations Conference on Climate Change (Cop28), through which the UAE will spare no efforts to mobilise collective efforts to build a sustainable and prosperous world while providing natural resources for all.”
Abdulla bin Touq, Minister of Economy, said the UAE-French alliance has further opportunity for growth.
“This privileged relation between the two sides provides a fertile ground for continued growth and development that has been evolving steadily since the establishment of diplomatic relations between the two countries in 1971 until now,” he said.
He also reflected on the strong economic partnerships already in place, pointing out that more than 600 French businesses operated in the Emirates, employing more than 30,000 people.
Mariam Al Mheiri, Minister of Climate Change and the Environment, said the two countries can play a key role in protecting the planet.
“Through the visit, we look forward to more co-operation with France, especially on issues of common interest, including global climate action,” she said.
Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, affirmed that the UAE and France enjoy close trade and investment relations.
He pointed to the steady rise in trade between the countries in recent years.
Non-oil trade reached more than Dh29.4 billion ($8bn) by the end of last year, up from Dh25.2 billion in 2021, according to data from the Federal Competitiveness and Statistics Centre.
Building on firm foundations
Last year's trip included a series of talks, the signing of two major energy agreements as well as agreements on space and climate change, as the allies strengthened their long-standing friendship.
The ties between the two countries date back to the foundation of the UAE, when French companies such as Total worked on oil exploration in the Emirates.
Bilateral relations were quickly established and were further enhanced by the visit of UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan to France in 1975.
Regular high-level official visits and meetings followed, which increased co-operation further.
The UAE-France Strategic Dialogue, established in 2008, aimed to identify opportunities and partnerships in areas such as the economy, trade, investment, culture, oil, gas, nuclear and renewable energy, education, culture, health, space and security.
In June 2020, they adopted an ambitious 10-year bilateral road map for the UAE-France strategic partnership.
During the 14th session of the UAE-France Strategic Dialogue held in Abu Dhabi in June, they discussed enhancing co-operation in 17 vital sectors.
Dozens of agreements have since been signed, with a total of 13 signed during Mr Macron's visit to the UAE in December 2021.
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Company profile
Name: Tratok Portal
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Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
In the Restaurant: Society in Four Courses
Christoph Ribbat
Translated by Jamie Searle Romanelli
Pushkin Press
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Intercontinental Cup
Namibia v UAE Saturday Sep 16-Tuesday Sep 19
Table 1 Ireland, 89 points; 2 Afghanistan, 81; 3 Netherlands, 52; 4 Papua New Guinea, 40; 5 Hong Kong, 39; 6 Scotland, 37; 7 UAE, 27; 8 Namibia, 27
The major Hashd factions linked to Iran:
Badr Organisation: Seen as the most militarily capable faction in the Hashd. Iraqi Shiite exiles opposed to Saddam Hussein set up the group in Tehran in the early 1980s as the Badr Corps under the supervision of the Iran Revolutionary Guards Corps (IRGC). The militia exalts Iran’s Supreme Leader Ali Khamenei but intermittently cooperated with the US military.
Saraya Al Salam (Peace Brigade): Comprised of former members of the officially defunct Mahdi Army, a militia that was commanded by Iraqi cleric Moqtada Al Sadr and fought US and Iraqi government and other forces between 2004 and 2008. As part of a political overhaul aimed as casting Mr Al Sadr as a more nationalist and less sectarian figure, the cleric formed Saraya Al Salam in 2014. The group’s relations with Iran has been volatile.
Kataeb Hezbollah: The group, which is fighting on behalf of the Bashar Al Assad government in Syria, traces its origins to attacks on US forces in Iraq in 2004 and adopts a tough stance against Washington, calling the United States “the enemy of humanity”.
Asaeb Ahl Al Haq: An offshoot of the Mahdi Army active in Syria. Asaeb Ahl Al Haq’s leader Qais al Khazali was a student of Mr Al Moqtada’s late father Mohammed Sadeq Al Sadr, a prominent Shiite cleric who was killed during Saddam Hussein’s rule.
Harakat Hezbollah Al Nujaba: Formed in 2013 to fight alongside Mr Al Assad’s loyalists in Syria before joining the Hashd. The group is seen as among the most ideological and sectarian-driven Hashd militias in Syria and is the major recruiter of foreign fighters to Syria.
Saraya Al Khorasani: The ICRG formed Saraya Al Khorasani in the mid-1990s and the group is seen as the most ideologically attached to Iran among Tehran’s satellites in Iraq.
(Source: The Wilson Centre, the International Centre for the Study of Radicalisation)
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
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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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