Hollywood star, martial artist, musician, Buddhist and Russia’s one-time special envoy to the US, Steven Seagal wears many hats.
One you may not have heard of is his role as brand ambassador for UAE-based Streit, a defence company that makes sophisticated armoured vehicles right here in Ras Al Khaimah.
Born in the US, the actor gained international fame for roles in the 1980s and 1990s in action films such as Under Siege and On Deadly Ground. He is a vocal supporter of Russian President, Vladimir Putin, and holds Russian and Serbian citizenship. But he only wanted to talk Streit at Idex in Abu Dhabi on Tuesday to help launch four new vehicles.
I'm going to try stick with being a diplomat and, with diplomatic work, to help bring nations and people together
“I’m interested in weapons, military history, tanks and armoured cars and I’d heard about Streit, I was very impressed. [These] armoured vehicles are probably the best in the world.”
When asked what sparked that interest, he said: “Why do people like purple instead of green? I was always interested in that since I was a child.”
One of the most striking of the vehicles launched on Tuesday was the Storm, a sleek UAE-manufactured electric behemoth. It was described as looking like a cross between a Lamborghini and stealth fighter and it wouldn’t look out of place in a Batman film. Streit would not reveal how much one cost.
“I’m a shooter. I have thousands of guns,” said Seagal, 68. “People ask me 'what is your favourite gun?' I’ll say 'for what?' Not one gun does everything and it is the same with the vehicles. But my favourite is the Storm. I love that vehicle,” he said.
“It is gorgeous and does a lot of great things. It goes on water, goes on land – it is armoured and bomb proof. That thing is amazing. If I could have any one of those vehicles, I’d have that one.”
Streit was founded in Canada in 1992 and has been headquartered in the UAE since 2005. One of its six production plants is in Ras Al Khaimah where many of the vehicles are manufactured and put through their paces on a specially designed assault course. It produces armoured personnel carriers, luxury and security vehicles as well as armored boats. It says its vehicles are designed to save lives.
When asked about what it was like to have topped the box office for his action films and now worked with a military company. Seagal said it was not a military company but one that helped people.
“It provides armoured vehicles to countries that maybe get attacked so they could be protected.”
All clad in black, Seagal mirrored the Storm’s livery as he posed outside it at Idex. His frame is as imposing in the flesh as it is on the big screen. It’s not his first time in Abu Dhabi but was his first at Idex and it was clear he was impressed. “I’ve been here a thousand times. I love Abu Dhabi a lot. It looks like a lot of great stuff out here.”
Seagal is also a guitarist, involved in a line of energy drinks, an environmentalist and an animal rights activist. But many of his recent films have been direct to video. What does the future hold? “I may make a few more movies,” he said.
“Like any other human being on earth and any other actor on earth everything has to evolve over time. Movies change, genres change, people change – after the pandemic Hollywood completely changed, America changed.
"I’m going to try stick with being a diplomat and, with diplomatic work, to help bring nations and people together.”
Day three of Idex 2021:
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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"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
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