Friday's state visit by the President of the Republic of South Africa, Cyril Ramaphosa, marks the beginning of a new chapter in the long-standing relations between his country and the UAE, it was announced in a joint statement.
"President Ramaphosa’s first visit to the UAE ... constitutes a step in further enriching the strong bilateral ties between the two countries," the statement read, according to state press agency Wam.
The South African leader was in UAE to discuss trade, investment and review potential economic and cultural opportunities to help achieve sustainable development.
On arrival in Abu Dhabi on July 13, President Ramaphosa was received by Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces. An official reception ceremony was held at the airport, where the national anthems of South Africa and the UAE were played, along with the firing of 21 artillery rounds to greet the country's guest.
Sheikh Mohammed and the South African president discussed ways of enhancing co-operation between their countries, as well as regional and international issues of mutual interest. He highlighted the country's policy of building good and constructive relations with friendly countries, based on mutual respect.
The UAE aims to create partnerships with African countries, but Sheikh Mohammed stressed that the UAE has prioritised its ties with South Africa, which is an important and effective partner in the African continent. Both countries are leading regional and international symbols of tolerance and openness.
Sheikh Mohammed wished South Africa greater development, progress and prosperity, and Mr Ramaphosa with luck and success in leading the development and modernisation of his country, while Mr Ramaphosa expressed his happiness at visiting the UAE.
The president and his delegation also visited the Sheikh Zayed Grand Mosque, and Wahat Al Karama (Oasis of Dignity), the Abu Dhabi’s landmark designed to commemorate the sacrifices and heroic deeds of UAE martyrs.
He attended the Guard of Honour ceremony, then laid a wreath at the monument that was made up of 31 panels leaning on one another in a symbol of solidarity between the leadership, people and soldiers of the UAE.
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Sheikh Mohammed meets South Africa president in Abu Dhabi - in pictures
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Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Cooperation, received at the ministry premises Lindiwe Sisulu, Minister of International Relations and Cooperation of South Africa.
Mohammed bin Ahmed, Minister of State for Defence Affairs, received Nosiviwe Mapisa-Nqakula, South Africa's Minister of Defence and military veterans at Emirates Palace on Friday. They discussed ways of boosting a joint strategic partnership in the defence and military fields.
The UAE further welcomed South Africa’s positive role in supporting peace and stability on the African continent and the two sides pledged to work closely together. Since formal diplomatic ties were first established in 1994, the UAE and South Africa have maintained vibrant economic and trade relations.
''Non-oil foreign trade between the two countries saw a marked increase of 23 per cent last year to US$3.2 billion from US$ 2.6b in 2016, boosted by UAE re-exports to South Africa,'' said Sultan bin Saeed Al Mansouri, Minister of Economy, during a keynote address.
The visit this year also marks the centenary of the birth of Sheikh Zayed bin Sultan Nahyan and Nelson Mandela, former President of South Africa.
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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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Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Business Insights
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- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Company%20profile
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
