Turkish President Recep Tayyip Erdogan landed in Abu Dhabi on Tuesday looking to forge stronger ties with the UAE.
Mr Erdogan and his delegation were greeted by Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Minister of the Presidential Court.
Also welcoming him were Sheikh Hamdan bin Mohamed, Sheikh Mohammed bin Hamad, Adviser for Special Affairs at the Ministry of the Presidential Court, Mohamed Al Suwaidi, Minister of Investment, and Saeed Al Dhaheri, UAE ambassador to Turkey.
Mr Erdogan is due to meet President Sheikh Mohamed on Wednesday, the final day of his tour of the Gulf.
Talks are expected to build on ties forged when Sheikh Mohamed visited Ankara in November 2021 and pledged a $10 billion fund to invest in Turkey's economy.
The two leaders last met in June after Mr Erdogan's re-election.
A number of deals and agreements are expected on Wednesday. Mr Erdogan has sought to improve diplomatic ties and friendships with Gulf nations after disagreements over the past decade.
Turkey, with its substantial population, manufacturing base and location at the crossroads of Europe and Asia, is seen as a natural partner for business-minded Gulf nations.
Last week, Mr Erdogan said the tour would provide an opportunity for him to personally see the support that Gulf countries provide for Turkey.
“There are pledges from the Gulf countries, during our past meetings, to pump large investments into Turkey and we will put the finishing touches during our next tour,” he said.
Mr Erdogan said senior Turkish officials had visited Saudi Arabia, Qatar and the UAE to prepare for his tour.
Turkish President Erdogan's visit to the Gulf region - in pictures
Before taking off from Istanbul, Mr Erdogan said the visit had two main priorities – “investment and a financial dimension”.
“Turkey will have a serious investment opportunity in the defence industry, infrastructure and superstructure investments in the three countries,” he said.
“In addition, these countries will have the opportunity to purchase certain assets from Turkey.”
An official reception was held in honour of Mr Erdogan on his arrival in Saudi Arabia on Monday, the first stop of a three-day tour.
The two sides signed deals across various sectors, including in the fields of defence and investment, Saudi Arabia's news agency Spa said.
Sheikh Mohamed was among the first world leaders to meet the Turkish President after his re-election.
The UAE President was accompanied by ministers and officials, including Sheikh Mansour and Dr Sultan Al Jaber, Minister of Industry and Advanced Technology.
“The two leaders discussed their shared interest in advancing sustainable economic growth and social development, and explored opportunities for further collaboration in focus areas including the economy, advanced technology, renewable energy, transport and logistics, manufacturing, tourism and culture,” state news agency Wam reported at the time.
Long-standing ties between nations
Relations between the UAE and Turkey go back several decades.
UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, paid a visit in 1984 in what was as a milestone moment in Arab-Turkish relations, making headline news across the Middle East.
Non-oil trade between the two nations reached about $19 billion last year, a jump of 40 per cent from 2021 and of more than 100 per cent from 2020.
This made Turkey the fastest-growing partner among the top 10 trade partners of the Emirates.
The UAE announced the establishment of a $10 billion investment fund in Turkey in November 2021. The focus of the fund was on strategic investment, most notably in the logistics, energy, health and food sectors.
The two countries have recently expanded air links, with Emirates, Etihad Airways, flydubai and Air Arabia connecting Dubai and Abu Dhabi with destinations such as Istanbul and Ankara, and some of the popular resorts on Turkey's south coast.
Plans to operate 10 weekly flights from Abu Dhabi to Istanbul were recently announced by Etihad.
Emirates also has strong presence in Turkey, with 21 weekly flights to Istanbul operated using Boeing-777 and Airbus A380 planes, as well as two flights in partnership with flydubai.
Air Arabia also has 50 weekly flights to Turkey. Most of these, 45 in total, depart from Sharjah International Airport, while the rest take off from Abu Dhabi International Airport.
Flydubai's network has grown to five destinations, including Ankara, Bodrum, Trabzon and Istanbul.
The airline has increased operations for the busy summer travel period.
Between June and September, flydubai will have operated up to 102 weekly flights between Dubai International and the five areas it serves in Turkey.
Wizz Air Abu Dhabi started flights to Antalya early last month, running on Tuesdays, Thursdays and Saturdays, as part of the summer season.
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Killing of Qassem Suleimani
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
Results
%3Cp%3EStage%204%3A%0D%3Cbr%3E1.%20Juan%20Sebastian%20Molano%20(COL)%20Team%20UAE%20Emirates%20%E2%80%93%203hrs%2050min%2001sec%0D%3Cbr%3E2.%20Olav%20Kooij%20(NED)%20Jumbo-Visma%20%E2%80%93%20ST%0D%3Cbr%3E3.%20Sam%20Welsford%20(AUS)%20Team%20DSM)%20%E2%80%93%20ST%0D%3Cbr%3EGeneral%20Classification%3A%0D%3Cbr%3E1.%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%0D%3Cbr%3E2.%20Lucas%20Plapp%20(AUS)%20Ineos%20Grenaders%20%E2%80%93%207%E2%80%B3%0D%3Cbr%3E3.%20Pello%20Bilbao%20(ESP)%20Bahrain%20Victorious%20%E2%80%93%2011%E2%80%B3%3C%2Fp%3E%0A
'The Last Days of Ptolemy Grey'
Rating: 3/5
Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro
Writers: Walter Mosley
Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins
Need to know
Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.
Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.
The biog
Age: 59
From: Giza Governorate, Egypt
Family: A daughter, two sons and wife
Favourite tree: Ghaf
Runner up favourite tree: Frankincense
Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”
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MOST%20POLLUTED%20COUNTRIES%20IN%20THE%20WORLD
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UAE currency: the story behind the money in your pockets
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A%20QUIET%20PLACE
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New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
11 cabbie-recommended restaurants and dishes to try in Abu Dhabi
Iqbal Restaurant behind Wendy’s on Hamdan Street for the chicken karahi (Dh14)
Pathemari in Navy Gate for prawn biryani (from Dh12 to Dh35)
Abu Al Nasar near Abu Dhabi Mall, for biryani (from Dh12 to Dh20)
Bonna Annee at Navy Gate for Ethiopian food (the Bonna Annee special costs Dh42 and comes with a mix of six house stews – key wet, minchet abesh, kekel, meser be sega, tibs fir fir and shiro).
Al Habasha in Tanker Mai for Ethiopian food (tibs, a hearty stew with meat, is a popular dish; here it costs Dh36.75 for lamb and beef versions)
Himalayan Restaurant in Mussaffa for Nepalese (the momos and chowmein noodles are best-selling items, and go for between Dh14 and Dh20)
Makalu in Mussaffa for Nepalese (get the chicken curry or chicken fry for Dh11)
Al Shaheen Cafeteria near Guardian Towers for a quick morning bite, especially the egg sandwich in paratha (Dh3.50)
Pinky Food Restaurant in Tanker Mai for tilapia
Tasty Zone for Nepalese-style noodles (Dh15)
Ibrahimi for Pakistani food (a quarter chicken tikka with roti costs Dh16)
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.”
The past winners
2009 - Sebastian Vettel (Red Bull)
2010 - Sebastian Vettel (Red Bull)
2011 - Lewis Hamilton (McLaren)
2012 - Kimi Raikkonen (Lotus)
2013 - Sebastian Vettel (Red Bull)
2014 - Lewis Hamilton (Mercedes)
2015 - Nico Rosberg (Mercedes)
2016 - Lewis Hamilton (Mercedes)
2017 - Valtteri Bottas (Mercedes)
Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
Mobile phone packages comparison
As You Were
Liam Gallagher
(Warner Bros)
Voy!%20Voy!%20Voy!
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RESULTS
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Dubai Rugby Sevens, December 5 -7
World Sevens Series Pools
A – Fiji, France, Argentina, Japan
B – United States, Australia, Scotland, Ireland
C – New Zealand, Samoa, Canada, Wales
D – South Africa, England, Spain, Kenya
RACE CARD
5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
5.30pm: Khor Al Baghal – Conditions (PA) Dh80,000 (T) 1,600m
6pm: Khor Faridah – Handicap (PA) Dh80,000 (T) 1,600m
6.30pm: Abu Dhabi Fillies Classic – Prestige (PA) Dh110,000 (T) 1,400m
7pm: Abu Dhabi Colts Classic – Prestige (PA) Dh110,000 (T) 1,400m
7.30pm: Khor Laffam – Handicap (TB) Dh80,000 (T) 2,200m
Killing of Qassem Suleimani
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
