ABU DHABI // An international centre set up by the European Union in Abu Dhabi will help ensure the Gulf’s readiness to tackle chemical, biological, radiological and nuclear (CBRN) incidents.
The EU CBRN Centres of Excellence regional secretariat will include cross-border cooperation between Gulf countries to establish an incident response strategy.
“The centre will help the EU mitigate the risk from incidents happening outside the union,” said Maciej Popowski, deputy secretary general of the EU external action service. “Events such as Chernobyl or Fukushima show that a regional response is important.”
Hamad Alkaabi, UAE ambassador to the International Atomic Energy Agency, said: “The centre will act as a coordination point to support regional cooperation.It will support development of national and regional capabilities to counter the risks associated with nuclear, chemical and biological material and it complements UAE national activities so the choice to open it in the UAE is a recognition of the active role the UAE plays regionally and internationally in this area.”
The centre will be inaugurated by Mr Popowski, Dr Mihai Stuparu, the EU ambassador to the UAE, Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, and Dr Jonathan Lucas, director of the UN Interregional Crime and Justice Research Institute.
“The Gulf is a key partner for the EU and the UAE authorities kindly offered to host the secretariat,” Mr Popowski said. “The Centres of Excellence initiative is based on a voluntary, bottom-up approach. The centre responds to your and our interests.”
The initiative involves more than 45 countries and has been launched in eight regions, including central Asia and north Africa. Such an initiative is crucial to protect critical infrastructure and industrial installations.
“It will act as a focal point for regional CBRN activities, and roundtables will help design and review projects,” he said. “The networks and project implementation will reduce CBRN risks.”
Local and international experts will meet in Abu Dhabi at least twice a year after the inauguration to discuss readiness and responses to such threats.
“Gulf counterparts are here,” Mr Popowski said. “Partners who join see that value of regional cooperation to combat risks which do not respect borders.”
Nuclear experts view the centre’s establishment as an excellent idea.
“In countries near Abu Dhabi, significant levels of instability can be noted, with insurgency groups fighting against governments and among themselves,” said Paul Wilke, a senior research fellow at the Netherlands Institute for International Relations. “Presently, these groups are fighting with conventional weapons, but it is clear that they have very little regard for human life and humanitarian law. There is little doubt that, given the availability, these groups would not hesitate to employ non-conventional weapons.”
He said terrorism was plaguing many countries and so far terrorists have used conventional explosives.
“If they were to employ non-conventional means, the costs in terms of human lives and societal disruption would be enormous,” he said. “The interest in the region to develop nuclear energy would introduce materials which could be misused by insurgents or terrorists with terrible consequences. A CBRN centre in Abu Dhabi could do very useful work in order to promote the safeguarding of dangerous materials, improve detection techniques and promote adequate response systems.”
The next step will include a reinforcement of regional contacts and national efforts to combat CBRN risks assessed.
“Further roundtables to discuss future projects should assure practical outcomes,” said Mr Popowski, who also plans to discuss wider security issues. “The UAE is an important player in anti-piracy activities, particularly in the Gulf of Aden, so reinforcing these contacts is really important for both sides as it helps increase our mutual understanding and better meet the challenges.”
cmalek@thenational.ae
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
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.”
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014%20PRO%20MAX
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Company%20Profile
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England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners