Government officials from more than 50 countries are to attend a global anti-piracy conference starting in Dubai on Wednesday.
Government officials from more than 50 countries are to attend a global anti-piracy conference starting in Dubai on Wednesday.
Government officials from more than 50 countries are to attend a global anti-piracy conference starting in Dubai on Wednesday.
Government officials from more than 50 countries are to attend a global anti-piracy conference starting in Dubai on Wednesday.

Somali president will be in Dubai for antipiracy summit


Ramola Talwar Badam
  • English
  • Arabic

DUBAI // The Somali president, Sharif Sheikh Ahmed, is to attend the global antipiracy conference in Dubai today, affirming his country's commitment to fight the menace.
Mr Ahmed, who will also seek funding for development projects to root out piracy, will be among foreign ministers, military officials, government officers from more than 50 countries, and heads of maritime industries.
The Ministry of Foreign Affairs and the port operator DP World organised the two-day conference, titled: "A Regional Response to Maritime Piracy: Enhancing Public-Private Partnerships and Strengthening Global Engagement."
Pirate attacks off Somalia have disrupted the Gulf of Aden shipping route, through which 20 per cent of world trade passes.
"The president is here to show the world that the country wants piracy to be eradicated once and for all," said Hussein Mahamed, the charge d'affaires of the Somali Embassy in the UAE. "We also want to thank the UAE Government for the initiative it has taken."
At last year's counter-piracy conference in Dubai, the international community pledged US$5 million (Dh18.3m) towards training, security and improving the livelihoods of people in Somalia and neighbouring states.
The UAE also pledged its support to improve security and strengthen development programmes.
Somali pirates cost governments and the shipping industry up to US$6.9 billion last year, the advocacy group One Earth Future Foundation says.
Somalia has lacked a strong central administration since the removal of the dictator Siad Barre in 1991. The international community hopes law and order and political stability will be restored in August with a new parliament. Mr Ahmed has said he would stand as a candidate for a second term.
The country's antipiracy requests to the global community include investment in naval equipment and the training of national security forces.
"We must address the root cause of piracy by reaching out to the Somali people, and for this we need the international community's help," Mr Mahamed said.
"We need to convince them that piracy is not the solution, and for this we need sustainable economic development and investments in rebuilding Somalia."
The agenda at today's conference covers new counter-initiatives on sea and land, and the changing threat from pirates, who have shifted from large vessels to fast-moving skiffs.
At least 35 hostages died last year. The number taken fell to 555 last year from 645 in 2010, the latest figures released by the One Earth Future foundation and the International Maritime Bureau show.
The rise in the number of private companies providing armed security to vessels is also a concern. There are recommendations by the International Maritime Organisation on the use of force, but there is no definite industry standard.
Flares and shots in the air are among the methods that are used to warn raiders of an armed team on board.
"There is a need for more transparency because one of the challenges now is the proliferation of maritime security agencies," said Simon Osborne, sales director of the company Protection Vessels International.
"Although there are recommendations out there, these must be regulations that all companies must adhere to, because this will raise standards across the board and improve safety and security."
rtalwar@thenational.ae

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Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

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COMPANY PROFILE

Company name: Letstango.com

Started: June 2013

Founder: Alex Tchablakian

Based: Dubai

Industry: e-commerce

Initial investment: Dh10 million

Investors: Self-funded

Total customers: 300,000 unique customers every month

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Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

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Dirham Stretcher tips for having a baby in the UAE

Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:

• Buy second hand stuff

 They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.

• Get a health card and vaccinate your child for free at government health centres

 Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.

• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.

Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.

• Once baby is ready for solids, cook at home

Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.

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 Woman in the House Across the Street from the Girl in the Window'

Director:Michael Lehmann

Stars:Kristen Bell

Rating: 1/5

THE SPECS

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