Related: How the GCC helped the Gulf find a common voice and purpose
Not everyone will remember what they were doing on this day 42 years ago. But it is a date that Jiraporn Wattanasuntranon, 62, will remember forever.
On the morning of May 25, 1981, she was among staff who prepared the InterContinental Hotel in Abu Dhabi for a summit where history would be made for the region.
At 7.55pm that evening, six Gulf rulers came together and formed the Gulf Co-operation Council in one of the hotel's ballrooms.
Sat around an ornate, handcrafted table flown in by helicopter days before, the rulers of the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait and Oman forged ties to give the region a united voice.
The hotel underwent a full renovation in 2007, but the Dar El Istiqbal ballroom, which was the birthplace of that union, remains almost untouched.
Standing below the five crystal chandeliers, where the rulers signed the GCC charter, Ms Wattanasuntranon remembered the landmark day.
“I started work at around 10am that morning,” Ms Wattanasuntranon, who is one of the hotel's longest-serving staff members, told The National.
“I was part of the housekeeping team at that time and I remember a great buzz about the hotel in the days leading up to the summit.
“I had not long been in the UAE. I arrived as a 21-year-old from Thailand and it was my first time away from home.”
She recalled her excitement about being able to see UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan.
“I heard so many things about Sheikh Zayed and I was excited that I was going to get the chance to see him,” she said.
Walking through the lobby of the hotel today, framed photographs from that first summit adorn the imposing marble columns that welcome guests as they enter the property. They are a snapshot of history that remain synonymous with the hotel.
In one, Sheikh Zayed can be seen sitting with the Emir of Bahrain. And in another, all six rulers are pictured walking through the banquet corridor that leads to the Dar El Istiqbal ballroom.
Lobster, caviar and fruit on the menu
Ms Wattanasuntranon, who now works in the accounts department at the hotel, landed in the UAE on October 3, 1980, after seeing an advertisement for a housekeeping job in a newspaper in Thailand.
There was a new hotel opening in the Middle East and the company was recruiting staff from overseas.
That hotel was the InterContinental in Abu Dhabi and it was being built to host the first GCC Summit.
“When I first landed, I was in awe as all I could see was sand and a few low-rise buildings,” she said.
“I guess back then I didn't know the significance of the hotel I was about to work in. But quickly I came to realise just how important that summit was.
“That morning, I remember seeing so many security walking around. I had finished my housekeeping duties, so I was working in the restaurant near the lobby.
“I was helping with the mise en place then I remember this big commotion. When I looked up, I saw Sheikh Zayed walking through the entrance. I got this great feeling from him, he was a man of the people.”
Months before, a fellow staff member at the hotel had sent a letter to Sheikh Zayed's palace after his home in Egypt was destroyed by fire. Ms Wattanasuntranon said the man received Dh75,000 from the ruler's office.
“I knew from then that Sheikh Zayed was a good man. Just seeing him smiling and interacting with staff and guests was humbling and reaffirmed that for me,” she said.
“I remember, in the days after the summit, seeing the news in the local newspaper. My colleagues were briefing me on who each ruler was because I had seen them but didn’t know who they all were.”
Although Ms Wattanasuntranon did not liaise directly with the rulers during their visit, she remembered the food that was prepared for their evening meals: “Fresh lobster, caviar and lots of salads and fruits.”
Who were the heads of state at the first GCC Summit?
First GCC Summit set tone for the region
During the two-day event, the rulers engaged in both formal and informal discussions in different areas of the hotel, including the opulent Liwa Majlis, Binyas Majlis and the Al Manhal meeting room on the 18th floor.
More than 600 staff were responsible for making that first summit a success.
Over the past four decades, the InterContinental Hotel has hosted five GCC Summits, in 1981, 1986, 1992, 1998 and 2004.
With his opening remarks at that first summit in 1981, Sheikh Zayed led one of the most defining acts of the 1980s in the UAE and helped set the tone for the region over the next 10 years.
Speaking at the intimate affair, he addressed the rulers as brothers and said the meeting would pave the way for “security, development and solidarity” in the region.
The first GCC Summit - in pictures
*A version of this story first appeared in The National in 2021, to mark the 40th anniversary of the GCC
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
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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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