UAE has a long history of support for Sudan



ABU DHABI // The Emirates has long expended significant diplomatic and humanitarian efforts in Sudan, cementing deep relations between the two countries.
Sheikh Abdullah bin Zayed, the Minister of Foreign Affairs, mediated between Sudan and Chad during a border dispute in 2009.
Between 2004 and 2008, trade between the UAE and Sudan increased by 153 per cent. Emirati investment in the country rose from $1.3bn at the end of 2007 to $2bn at the end of 2009. The majority of the UAE's investments are in services, industry and agriculture.
In 1981, the UAE signed an agreement with Sudan allowing Sudanese workers in the UAE.
In 2003, an agreement was signed between the two countries establishing a free-trade zone. Non-oil exports in 2009 to Sudan reached over $173m, while imports were worth $635m. Both imports and exports rose significantly between 2008 and 2009.
The majority of the UAE's non-oil imports from Sudan in 2009 included pearls, precious stones and metals.
In a report in March, the Ministry of Foreign Trade urged investors to contribute to Sudan's agricultural sector. Investment there is important for the UAE, which is trying to enhance its food security by buying and investing in agricultural land in Africa.
Sudan has vast tracts of fertile land, estimated at about 84 million hectares.
The UAE was one of the first countries to support the Arab Organisation for Agricultural Production, a consortium set up in Khartoum to encourage investment in the agricultural sector, which makes up 40 per cent of Sudan's GDP.
Growing agricultural investment in Sudan could help shore up the UAE's food security. In addition, Etisalat owns 82 per cent of Sudan's Canar Telecom.
Apart from the Merowe Dam, the UAE is financing other projects including a 250-megawatt dam and generating system, to be built in the north.
Abu Dhabi acquired 30,000 hectares of land last June through the ADFD to grow alfalfa, a crop used to feed cattle.
Aid to Sudan has also been significant. Between 1998 and early 2009, humanitarian aid by the Red Crescent to Sudan totalled Dh51.3 million.
The Red Crescent Authority (RCA) has dispatched plane loads of foodstuff and medicines to refugee camps in southern Sudan, setting up an "air bridge" for relief materials.
The UAE commissioned a mobile hospital that treated 6,500 patients in southern Sudan in 2009. Noor Dubai, a project to treat patients with visual disabilities, also opened a branch in Sudan.
The Abu Dhabi Fund for Development (ADFD) loaned Sudan US$367 million (Dh1.34 billion) to help build the Merowe Dam, which supplies power and helps with agricultural irrigation. The project was inaugurated by Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, in 2009.
In 2008, the fund also loaned the Sudanese government $100m to help Sudan balance its budget, and in the same year it dispatched relief aid to Sudanese flood victims.
The RCA launched several development projects in Juba and Darfur to help displaced refugees.
 
 
kshaheen@thenational.ae

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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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Founders: Yadhushan Mahendran, Maria Sobh and Muhammad Rijal

Based: Abu Dhabi

Founded: 2017

Number of employees: 7

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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

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UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

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