UAE rulers congratulate Biden and Harris on US elections win

The UAE looks forward to strengthening its relations with the United States as the country's rulers, lead by President Sheikh Khalifa, offered their congratulations to Joe Biden and Kamala Harris for their US elections win.

"Congratulations to the President-Elect of the United States and Vice President-Elect ... We look forward to strengthening our five-decade enduring and strategic relations," Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said on Saturday, shortly after the announcement of the long-awaited election results.

"Our sincere wishes for further development and prosperity for the American people. The UAE and USA are friends and allies with a strong historic partnership that we look forward to strengthening together," said Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.

Other leaders from around the region also sent their best wishes.

Egypt’s President Abdel Fattah El Sisi congratulated Mr Biden, presidential spokesman Bassam Radi said in a statement.

“The President stressed the aspiration for cooperation and joint action to strengthen the strategic bilateral relations between Egypt and the United States, in the interest of the two friendly countries and peoples,” the statement added.

Iraq's President Barham Salih said Mr Biden is "a friend and trusted partner" and that he looked forward to working together with him to build a better Iraq and more peaceful and stable Middle East.

Oman’s Sultan Haitham Bin Tarik also offered his "sincere congratulations" to Mr Biden.

Jordan's King Abdullah II also sent his best wishes to Mr Biden and Ms Harris, saying he looked forward to advancing the "shared objectives of peace, stability and prosperity".

President Michel Aoun of Lebanon also congratulated Mr Biden on Saturday.

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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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UAE rulers congratulate Biden and Harris on US elections win

Leaders look forward to strengthening of relations with the United States

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