An Emirati woman and a Chinese woman play xiangqi or Chinese chess, at Manarat Al Saadiyat in Abu Dhabi. Reem Mohammed / The National

Government

UAE-China Week to be held annually

The first UAE-China Week was held two weeks ago during the visit of Chinese President Xi Jinping to the UAE

The National

July 28, 2018

A week dedicated to celebrating the cultures of both the UAE and China will be held annually.

The Ministry of Culture and Knowledge Development and the Public Diplomacy and Culture Directorate at the Ministry of Foreign Affairs and International Co-operation made the announcement on Saturday in response to the success of the inaugural UAE-China week that was partially held during the Chinese President's visit to the country this month.

Events will be held in both countries to celebrate with the intention of highlighting local heritage.

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Read more:

Noura Al Kaabi launches UAE-China week ahead of Xi Jinping's visit

Special show of affection reserved for new era of Chinese relations

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Noura Al Kaabi, Minister of Culture and Knowledge Development, said the week would promote cultural exchange.

"UAE-China cultural relations have developed after the recent visit of the Chinese President Xi Jinping and we are keen on taking advantage of the results of this visit and the friendly relations between the two countries to highlight our civilisation, culture and heritage to our friends in China based on our deep belief that culture is one of the factors that create a civilised dialogue among peoples," Ms Al Kaabi said.

"It will also encourage Emirati innovators and youth to communicate with their Chinese counterparts to build bridges of co-operation."

She said UAE-China Week facilitated cultural intermingling and has become a platform to allow thought leaders and artists to meet, exchange views and learn about each other cultures and traditions.

Zaki Nusseibeh, Minister of State said making the week annual would help convey the Emirati message and values to Chinese society.

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German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
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The flights

Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.

The car

Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.

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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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