MOSCOW // Sheikh Abdullah bin Zayed, Minister of Foreign Affairs, has met his Russian counterpart, Sergei Lavrov, to discuss ways to tackle extremism.
The two exchanged views on regional and international developments, as well as on the positions of their countries on fighting terrorism. They spoke of the importance of preserving international peace and security and protecting the stability and peace of the region, according to state news agency Wam.
“Extremism was a main topic in my talks today with my colleague, the Russian foreign minister,” said Sheikh Abdullah following the meeting on Thursday. “As such, it may be an ideological issue, but today we see its consequences on peoples, states and the future of the region.
“That is why it is important that the proposed cure for extremism should not be confined to security. Rather, it should also be inclusive of the ideological and political aspects as well as the diverse social and economic challenges facing peoples.
“That is also why bringing to an end the Israeli occupation of Arab territories captured in 1967 and creating a Palestinian state are essential, not only from a legal perspective but also in terms of countering the spread of extremism in the region.”
Mr Lavrov said that the most important issues facing the Middle East were discussed.
“We talked about the situations in Yemen, Syria, Libya and Iraq and we are confident that, along with the joint efforts being made to find solutions to all these conflicts, we also must intensify our joint efforts to counter the danger of terrorism and extremism in the Middle East,” he said.
“We believe that the activities of Daesh (ISIL) and other terrorist organisations pose serious challenges to peace and security in the Middle East and North Africa. Russia and the UAE will enhance efforts to fight terrorism, not only in the framework of their bilateral relations but also at international circles.”
Views on Iran’s nuclear programme were also exchanged.
“We are close to a final solution to this issue and hope that the positive outcome of our joint efforts will contribute to driving cooperation on security and stability in the Arabian Gulf,” Mr Lavrov said.
“We also have a common position on pulling the Middle East peace process out of its current deadlock. A Palestinian state must be created to preserve the security of all the states of the region. For our part, we support the Arab efforts for peace.” Sheikh Abdullah said the UAE was working on promoting cooperation with Russia in the political, economic, investment, trade and energy domains, among others.
In turn, Mr Lavrov said he welcomed Sheikh Abdullah’s visit to further discuss cooperation in various fields of interest for the two countries.
He hosted a dinner banquet in honour of Sheikh Abdullah and his delegation, which included Maj Gen Faris Al Mazrouei, Assistant Foreign Minister for Military and Security Affairs, Ahmed Al Jarman, Assistant Foreign Minister for Political Affairs, and Omar Ghobash, Ambassador of the UAE to Russia.
Sheikh Abdullah on Friday met with Denis Manturov, the Russian minister of trade and industry, and he pointed to special ties between the two countries, especially in the fields of commerce, industry, economic investment and energy.
newsdesk@thenational.ae
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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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.”
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Teams
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
The Bio
Favourite Emirati dish: I have so many because it has a lot of herbs and vegetables. Harees (oats with chicken) is one of them
Favourite place to go to: Dubai Mall because it has lots of sports shops.
Her motivation: My performance because I know that whatever I do, if I put the effort in, I’ll get results
During her free time: I like to drink coffee - a latte no sugar and no flavours. I do not like cold drinks
Pet peeve: That with every meal they give you a fries and Pepsi. That is so unhealthy
Advice to anyone who wants to be an ironman: Go for the goal. If you are consistent, you will get there. With the first one, it might not be what they want but they should start and just do it
England Test squad
Ben Stokes (captain), Joe Root, James Anderson, Jonny Bairstow, Stuart Broad, Harry Brook, Zak Crawley, Ben Foakes, Jack Leach, Alex Lees, Craig Overton, Ollie Pope, Matthew Potts
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