Arab League leader Dr Nabil ElAraby calls for higher levels of employment, education and better regional economic ties. AP Photo
Arab League leader Dr Nabil ElAraby calls for higher levels of employment, education and better regional economic ties. AP Photo
Arab League leader Dr Nabil ElAraby calls for higher levels of employment, education and better regional economic ties. AP Photo
Arab League leader Dr Nabil ElAraby calls for higher levels of employment, education and better regional economic ties. AP Photo

Wipe out terrorist groups to secure future, Arab chiefs say at Dubai summit


  • English
  • Arabic

DUBAI // The Arab world must focus on eliminating terrorist groups and boost education and scientific research, said the secretary generals of the Arab League and the GCC.

Speaking at the World Government Summit on Monday, Arab League chief Dr Nabil ElAraby said it was vital to ensure sustainable economic development and finding solutions to the conflicts in Syria, Libya and Yemen.

“I think there are many changes taking place and a new phenomena of terrorism in the region which we need to focus on eradicating,” he said.

“We must ensure higher levels of employment, education and enhance economic ties between all Arab states so that our citizens can see what we are doing for them.”

Dr ElAraby said the region should learn from world history because the transitional period of regimes in countries where the Arab Spring uprisings took place in 2011 – such as Tunisia and Egypt – was expected to end soon.

Citing the collapse of the Soviet Union, he said it took many years for the former Soviet satellite states to move from having autocratic rulers to establishing good governance.

Referring to the Arab League, Dr ElAraby said the organisation remained in need of reform.

“The charter was drafted in 1944,” he said. “Can you imagine yourself driving a car manufactured in 1944 today? Based on that, we embarked on a series of reforms, but we are still working on it.”

At the summit yesterday, GCC chief Dr Abdul Latif Al Zayani said the Arab world must unite to provide safe and secure environments for Arab people to prosper.

Towards that end, the funding of terrorist groups must be stopped, he said.

Addressing the humanitarian fallout from the regional conflicts, Dr Al Zayani urged countries in the region to provide aid and relief to millions of displaced people.

“We cannot accept this situation where Syrian or Iraqi children die of hunger, war and drownings in the Mediterranean Sea,” he said.

Pointing to the Arab tradition of optimism, the GCC chief said: “We have always tried to find opportunities in challenges facing us. I know there are a number of challenges but I believe we can overcome them if we have the necessary tools.”

Overcoming these challenges and seizing opportunities required political will, he added.

“We need to work together based on the vision we have set for ourselves,” said Dr Al Zayani.

“We need to ensure there are good intentions between all Arab states as well as better communication.

“Building trust between Arab states and people is also crucial and I believe the local populations in the Gulf states have a lot of trust in their governments.”

cmalek@thenational.ae

Personalities on the Plate: The Lives and Minds of Animals We Eat

Barbara J King, University of Chicago Press 

The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark

Rating: 2/5

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

MATCH SCHEDULE

Uefa Champions League semi-final, first leg
Tuesday, April 24 (10.45pm)

Liverpool v Roma

Wednesday, April 25
Bayern Munich v Real Madrid (10.45pm)

Europa League semi-final, first leg
Thursday, April 26

Arsenal v Atletico Madrid (11.05pm)
Marseille v Salzburg (11.05pm)

Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

First Person
Richard Flanagan
Chatto & Windus 

COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Dooda%20Solutions%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Lebanon%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENada%20Ghanem%0D%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20AgriTech%0D%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%24300%2C000%20in%20equity-free%20funding%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2011%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates

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 specs: Macan Turbo

Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October