UAE and Italy navies boost cooperation


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ABU DHABI // The Italian and UAE navies will increase cooperation and joint partnerships after the delivery of the first UAE Abu Dhabi Class Stealth ship today at Idex.

The Italian navy's chief of staff, Adm Giuseppe De Giorgi, said yesterday on the sidelines of the Gulf Defence Conference, that the two militaries were looking to create partnerships in the development of maritime weaponry technologies.

"We have several things that we will be discussing with the UAE navy. We are thinking to develop together weapons systems and embarked aviators like helicopters that are used on ships like the one the UAE just acquired," he said.

The new Abu Dhabi Class Stealth ship's main missions are long and medium-range patrols, primarily for surveillance but also for combat.

The unique design of its hull and superstructure has reduced its thermal and electromagnetic signatures, giving it stealth capability.

The design incorporates low radar and infrared signatures, and it has a flight deck with access to a hangar.

The reduction to the craft's radar signature allows it to carry out a variety of tasks, ranging from surveillance to checking sea waters for illicit traffickers.

The ship was built after a transfer technology agreement between Italy and the UAE to conceive Etihad Ship Building in Abu Dhabi, which is a joint venture between Italian giant Fincantieri and Al Fattan Ship Industries.

The ship operates with a crew of 80 and eight officers and has an overall length of 88.4 metres. The full load displacement is 1,520 tonnes, and it has a range of 3,500 nautical miles.

Adm De Giorgi hopes to sign an agreement to secure military training for Emirati sailors in Italy.

"What I hope is to start joint programmes to train our crews together in Italy at the training centres that are optimised to train crews of these kinds of ships. The UAE navy crew can really benefit," he said.

According to Adm De Giorgi, the stealth ship features new technology that enables small-calibre guns to cause surgical damage to the opposition.

"In the old days you could use only big guns, but now these new technologies can provide coastal fire support from the sea with the 76mm Automilara guns," he said. He added that guns present in the new ship could saturate an entire area with fire, with each mount having its own guidance system that is developed to reduce collateral damage due to precision targeting.

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  • £250m to train new AI models
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A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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  • Ensure the food is well wrapped in foil or cling film. Even better, store in fully sealable, labelled containers or zip-lock freezer bags.
  • The easiest and safest way to defrost items such as the stews and sauces mentioned is to do so in the fridge for several hours or overnight.
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INDIA SQUAD

Rohit Sharma (captain), Shikhar Dhawan (vice-captain), KL Rahul, Suresh Raina, Manish Pandey, Dinesh Karthik (wicketkeeper), Deepak Hooda, Washington Sundar, Yuzvendra Chahal, Axar Patel, Vijay Shankar, Shardul Thakur, Jaydev Unadkat, Mohammad Siraj and Rishabh Pant (wicketkeeper)

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  • Flexible payment plans from developers
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Price: base / as tested: Dh91,000 / Dh114,000

Engine: 3.5-litre V6

Gearbox: Eight-speed automatic

Power: 298hp @ 6,600rpm

Torque: 356Nm @ 4,700rpm

Fuel economy, combined: 7.0L / 100km

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Day 2

New Zealand 153 & 56-1
Pakistan 227

New Zealand trail by 18 runs with nine wickets remaining

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7.05pm Dubai Racing Club Classic Listed Handicap (TB) $88,000 (Turf) 2,410m

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7.40pm Dubai Stakes Group 3 (TB) $130,000 (D) 1,200m

Winner Switzerland, Tadhg O’Shea, Satish Seemar

8.15pm Singspiel Stakes Group 3 (TB) $163,000 (T) 1,800m

Winner Lord Giltters, Adrie de Vries, David O’Meara

8.50pm Al Maktoum Challenge Round-1 (TB) $228,000 (D) 1,600m

Winner Military Law, Antonio Fresu, Musabah Al Muhairi.

9.25pm Al Fahidi Fort Group 2 (TB) $163,000 (T) 1,400m

Winner Land Of Legends, Frankie Dettori, Saeed bin Suroor

10pm Dubai Dash Listed Handicap (TB) $88,000 (T) 1,000m

Winner Equilateral, Frankie Dettori, Charles Hills.

Electric scooters: some rules to remember
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  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
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Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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.”

Sunday's fixtures
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  • Manchester City v West Ham United, 8pm
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