Sheikh Abdullah blasts Iran over Bahrain threat



ABU DHABI // The UAE today condemned Iranian threats to Bahrain as unIslamic and urged Tehran to reconsider its approach to Arabian Gulf countries.
The Foreign Minister, Sheikh Abdullah bin Zayed, criticised comments by the Iranian deputy foreign minister, Hossein Amir-Abdollahian.
The Iranian had warned the Bahraini leadership "not to pass the red line of the Muslim community". Sheikh Abdullah described this as a clear example of how the Islamic Republic had failed to understand Bahrain.
"There is a serious problem with our neighbour and their understanding of Bahrain," Sheikh Abdullah said. "This is not what a friendly neighbour that follows the Islamic Sharia and the Islamic Prophet does."
The Iranian minister's comments on Saturday came after Bahraini security forces raided and searched the house of the country's top Shiite religious leader, Sheikh Issa Qassem.
"Certain parties in Bahrain's ruling system have crossed the red lines of the Muslim world and the Shiites, and if you don't apologise for this improper act, you should expect an unexpected reaction," Mr Amir-Abdollahian told Iranian state media.
He described the raid as an issue beyond the domain of Bahrain's internal affairs, stressing that the development was significant to the entire Muslim world.
Sheikh Abdullah urged the Iranian government to reconsider its approach and said such threats were not how neighbours should act.
The GCC secretary general, Dr Abdullatif Al Zayani, also condemned Mr Amir-Abdollahian's statement.
He told The National today that the remarks were unacceptable and a disgraceful intervention in the internal affairs of Bahrain and its citizens.
"They contain blatant and dangerous threats in a behaviour that is uncharacteristic in international relations and is contrary to all international laws and principles," he said.
Dr Al Zayani expressed his regret for the continuing "Iranian systematic interference" in the affairs of Bahrain and other Arab countries.
"Stop the policy of political, religious and media incitement to destabilise the region - this approach does not serve Iran's relations to the GCC," he said.
Also today, Sheikh Abdullah met with Jeffrey Feltman, the UN undersecretary general for political affairs. They discussed a number of issues, including the political situation in the Middle East, reported the state news agency Wam.

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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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