Alan Duncan the UK minister of State for Development talks about UAE and UK joining forces to build a vital Afghan road.
Alan Duncan the UK minister of State for Development talks about UAE and UK joining forces to build a vital Afghan road.
Alan Duncan the UK minister of State for Development talks about UAE and UK joining forces to build a vital Afghan road.
Alan Duncan the UK minister of State for Development talks about UAE and UK joining forces to build a vital Afghan road.

UAE and UK join forces to build vital Afghan road


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DUBAI // A major motorway is to be built in Afghanistan as part of a joint foreign aid project by the UAE and the UK.

Reem Al Hashimi, the Minister of State for Foreign Affairs, yesterday met the UK minister of state for international development, Alan Duncan, to discuss their continuing cooperation in the area of development aid. Initial plans for the arterial motorway, Route 611, are already being set being set, Mr Duncan said. "We are at the early stages with the Afghanistan project but it will emerge."

The British foreign secretary, William Hague, signed a memorandum of understanding with the UAE last December to jointly fund further development of the thoroughfare in Afghanistan.

The 100km north-south motorway is one of the country's main supply routes and is the main road between the southern Gerishk district and the northern Kajaki district in Helmand Province. "We have agreed with the UAE to share efforts and cooperate in international development," Mr Duncan said. "We would like to share our knowledge and gain theirs in aid and development to better serve the interests of the people in need."

The UK government is also working with Dubai Cares to coordinate educational materials in the country, he said. Ms Al Hashimi and Mr Duncan were also expected to discuss aid to Yemen at yesterday's meeting. Before arriving in the UAE on Wednesday, Mr Duncan was in Sanaa where he met the Yemeni president, Abd Al Rab Mansur Al Hadi, and conducted a number of high-level meetings.

"Yemen is one of the most important regional projects at the moment," he said. "The country has been on the edge of collapse for so long, and now that Ali Abdullah Saleh is gone there is a chance for it to turn a corner."

Mr Duncan said he had been working with the UAE and other GCC countries over the past two months to raise funding for Yemen and get everyone to work together.

"In Riyadh and New York over the past month the international community pledged nearly US$8 billion [Dh29bn] to Yemen," he said. "The key thing is to ensure this money is spent and spent honestly and responsibly to help the country."

The largest contributor is Saudi Arabia with Dh11.7bn in aid.

The UAE has pledged Dh514m for nutrition aid and a further Dh367m for education in Yemen.

Mr Duncan described their cooperation efforts as crucial and the most effective way to provide targeted aid to a stricken country to prevent the eruption of conflicts.

"We have a structured way in approaching development aid while the GCC have a generous approach. What we aim to do is combine these two ways in an effective and positive way," he said.

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FIGHT%20CARD
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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Company%20profile
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French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

Your rights as an employee

The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.

The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.

If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.

Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.

The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

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 five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
MATCH INFO

Euro 2020 qualifier

Ukraine 2 (Yaremchuk 06', Yarmolenko 27')

Portugal 1 (Ronaldo 72' pen)