Putin urges stronger trading relationship with the UAE



The Russian prime minister, Vladimir Putin, yesterday called for more trade between his country and the UAE, during a visit to Moscow by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai. "As we welcome your visit to Moscow, we are quite aware it will contribute in development of friendship and co-operation between our countries and peoples," Mr Putin was quoted as saying by the state news agency, WAM.

"The trade exchange between the UAE and the Federal Republic of Russia is below the level of relations sought by the leadership of the two countries," Mr Putin said. Sheikh Mohammed meanwhile noted that there were "a variety of opportunities to bolster the bilateral relations in all fields". Russian tourists are a common sight in Dubai and investors from the country have been keen to invest in property in the city.

Sheikh Mohammed also invited Mr Putin to visit the UAE, and the Russian leader accepted, according to WAM. The Vice President also told a group of businessmen who accompanied him to Russia that the UAE was not being as badly affected by the global financial crisis as other countries. "Crises create men who are capable of dealing wisely and creatively with difficult situations, and this is what we are seeking to achieve," he said. The crisis would also "generate opportunities and energise all to rise again and emerge stronger".

"This scenario will manifest itself soon in the UAE, thanks to the determination of its leadership, government and institutions, who are all focused on the development of all emirates." Sheikh Mohammed pointed to the hardships endured by the country's Bedouin forefathers as evidence of the UAE's ability to overcome hardship. "Thanks to Allah the Almighty, our country is doing well, our economy is resilient. We should not worry or get pessimistic. We should rather be very optimistic," he said.

Sheikh Mohammed later visited the Tomb of the Unknown Soldier in Moscow, a war memorial dedicated to Soviet soldiers who died during the Second World War. * WAM

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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.”