The UAE is a crucial partner in ensuring stability in the Mediterranean Sea, says Italian Deputy Prime Minister Antonio Tajani.
Speaking to The National in Abu Dhabi on Sunday, Mr Tajani said co-operation between the two countries was “very positive”. The UAE and Italy share many concerns on “regional instabilities”, he said.
Mr Tajani, also the country’s Foreign Minister, said Italy and the UAE were “firmly committed” to promoting a “global approach to migration, fighting against irregular flows and human trafficking”.
“We share the same concerns on main regional instabilities, including Libya and Tunisia, and we want to co-operate to identify sustainable and lasting solutions,” he said.
Mr Tajani’s comments come days after a migrant shipwreck in the Mediterranean in which hundreds are feared to have died. The minister said it was a terrible tragedy and that “we need to protect human life”.
UAE can play crucial role
“Italy wants to work hard in this direction because for us illegal immigration is a big problem. For this we need a big strategy with many countries,” he said.
“The UAE is one of most important investors in [Africa] – and the position of the UAE is crucial for stability and growth. Stability and growth are important to stop illegal immigration. It is important to study the solution … long term.”
In a wide-ranging interview, Mr Tajani also reflected on Ukraine, Tunisia and Libya, and Italy’s support for the UAE’s hosting of Cop28.
Migration is a key issue for the coalition government Mr Tajani serves in.
Italy has sought to accelerate efforts to prevent people arriving by small boats from North Africa seeking refuge.
First turning to Tunisia, Mr Tajani said his country's priority was to “stabilise flows and stop irregular arrivals” of migrants.
He said Italy had strongly engaged with Tunisia, which is going through “a very critical phase”, and has been working with the US, the EU and Gulf partners.
UN figures show 12,000 migrants who landed in Italy this year left from Tunisia – up from 1,300 in the same time period last year. Tunisia's economy is in crisis as talks with the International Monetary Fund have stalled.
“An economic collapse would have serious social, humanitarian and migration consequences,” Mr Tajani said.
“I believe there is no alternative to the $1.9 billion bailout that Tunis has been discussing with the IMF and the support of the UAE to finalise the deal is crucial.
“[Prime Minister Giorgia] Meloni’s joint visit with Dutch Prime Minister [Mark] Rutte and European Commission President [Ursula] Von der Leyen last Sunday showed a stronger commitment by the EU as a whole to Tunisia’s financial and social stability.”
Turning to Libya, which has been plagued by conflict and political instability, he said the country was a national security priority and it shared with the UAE “a common interest in its unity, stability and prosperity”.
“We are counting on the UAE to continue supporting the mediation role of UN Special Representative [Abdoulaye] Bathily towards free and credible elections in Libya,” he said.
Call for 'peace with justice'
The Ukraine war is also high among Mr Tajani’s priorities. He will be in London this week where a major recovery conference is taking place.
He said Italy was following the situation on the ground very closely with Ukraine probing the front lines.
The support provided to Ukraine over the past 15 months both at EU and Nato level was “extraordinary and unprecedented”, he said.
“We are supporting the Kyiv push with a seventh military aid package that is being formally finalised, hoping Ukraine can achieve the conditions it considers necessary to engage in negotiations with Moscow,” he said. “We want peace, but peace with justice.”
Mr Tajani on Sunday met Sheikh Abdullah bin Zayed, Minister of Foreign Affairs, to discuss bolstering ties. Mr Tajani said his visit aimed to build on one made three months ago by Ms Meloni to the UAE, with both countries now engaged in a strategic partnership.
Bilateral trade in 2022 was about Dh32.1 billion ($8.74 billion) with roughly 600 Italian companies working in the UAE in different sectors, including energy, infrastructure and transport. At least 17,000 Italians call the UAE home.
“My visit to Abu Dhabi and the meeting with Sheikh Abdullah testifies to our interest in deepening our political dialogue and co-operation in all sectors, starting with the economic partnership, which is already successful,” Mr Tajani said.
Turning to climate change and Cop28, Mr Tajani said climate change was still a priority despite geopolitical challenges from energy to food insecurity, pointing to the devastating floods in Italy.
Italy “stood by” the UAE and supported the work of Cop28 President-designate Dr Sultan Al Jaber, he said.
“We support the UAE presidency,” he said. “We need … achievable goals for the real economy.”
Mr Tajani, a member of the Forza Italia party, also paid tribute to his colleague and Italy’s former leader Silvio Berlusconi, who died on June 12, calling him the most important prime minister since the Second World War. Forza Italia was founded by Mr Berlusconi and is a junior member of Italy’s coalition headed by Ms Meloni.
“Silvio Berlusconi's passing has profoundly affected me personally but also millions of Italians,” he said. “He was a friend, a very strong spiritual and political guide, who inspired my professional and human path.”
Al Jazira's foreign quartet for 2017/18
Romarinho, Brazil
Lassana Diarra, France
Sardor Rashidov, Uzbekistan
Mbark Boussoufa, Morocco
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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)
More from Rashmee Roshan Lall
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.”
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
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The Sky Is Pink
Director: Shonali Bose
Cast: Priyanka Chopra Jonas, Farhan Akhtar, Zaira Wasim, Rohit Saraf
Three stars
Day 2, Dubai Test: At a glance
Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.
Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.
The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.
The specs: 2019 Infiniti QX50
Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
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Fuel economy: 6.7L / 100km (estimate)
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The Gandhi Murder
- 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
- 34 - Nationalities featured in the film The Gandhi Murder
- 7 - million dollars, the film's budget
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Sholto Byrnes on Myanmar politics
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