UAE to stand firm on sanctions if Syria resists


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ABU DHABI // The UAE will stand firm in imposing sanctions on Syria unless it allows Arab League observers into the country, the Minister of Foreign Affairs said yesterday.

On Sunday the Arab League voted, with UAE support, to impose severe trade sanctions on Syria unless it signs a protocol in response to its increasingly heavy-handed treatment of protesters.

Sheikh Abdullah bin Zayed said at a session for foreign reporters in the capital yesterday that he still hoped Syria would sign, letting Arab League observers in without preconditions.

"The Arab League was obliged to take these measures on Syria to convince Syria to accept the Arab protocol," Sheikh Abdullah said.

"We are still hoping, and wanting, Damascus to accept to sign this protocol … so that we can avoid any punishment on Damascus."

He admitted pressure was growing for various government bodies and the Arab League to impose the sanctions voted for last Sunday, but expressed the hope it would not come to that.

"It is very important not to get ahead of events and [to] be optimistic to solve this crisis as it is," Sheikh Abdullah said. "It is hard for me or anyone else to say what would happen if it is implemented or not.

"I think it is best to give Damascus a chance to think about the difficult situation it has put itself in, and has put the Arabs in. But [sanctions] will not be stopped unless Syria helps us from taking these measure."

He said adopting the sanctions was still at the procedural stage.

After reports yesterday that Dubai was about to halt flights to Syria, the head of the UAE General Civil Aviation Authority, Sultan bin Saeed Al Mansoori, issued a statement saying that, as matters stood, UAE airlines had no intention of suspending flights.

Questioned about other countries affected by the Arab Spring, Sheikh Abdullah said the UAE had tightened its visa process but no particular country was affected.

In the light of the "abnormal changes" in the economy, security and politics of countries across the region, he said it was "the right of every country to go over their policy in providing visas".

Asked about widespread rumours of restrictions on visas for Egyptians, Sheikh Abdullah said authorities had tightened up on "all nationalities".

"We did not specify these procedures against a particular nationality, whether Egyptian or not," he said. "We are going over all visit, work or residency visa procedures."

He said the country's attitude towards Egypt would be the same "regardless of who rules it and how".

"We must all help and support Egypt in this period," Sheikh Abdullah said, adding there had been several recent meetings between Emirati and Egyptian officials.

"We have solved problems, others are still there. One of them is investing in Egypt."

He congratulated Tunisia for the changes it has made, saying it deserved to be a model for all other countries witnessing uprisings.

Sheikh Abdullah said the UAE was ready to help Libya if asked.

And he said the GCC welcomed and supported steps taken by Bahrain.

"Countries make mistakes on a daily basis in their actions," he said. "What is harder is to take the right decision in the right time to fix these mistakes, and find the best solution so it does not happen again in the future. This is the role of leadership."

Asked about possible entrants to the GCC, Sheikh Abdullah said Yemeni membership was a distant prospect for the moment but the UAE would continue to support the country "in every way possible".

"Then we can start to discuss Yemen joining the GCC," he said.

Sheikh Abdullah said Jordan and Morocco, which were invited in September to GCC membership talks, would first need to establish stable relationships with the bloc and be economically and politically stable.

"It is not wrong to look for strategic partners that would strengthen [the GCC] and not weaken it," he said.

Sheikh Abdullah said online threats against the five Emiratis convicted of state-security offences and pardoned this week by Sheikh Khalifa, the President, were not acceptable.

"The court ruled, the society accepted the ruling, the President pardoned these five Emiratis, then after that, as you said, there is who has welcomed it and who has objected," he said.

Sheikh Abdullah said the pardon could only be interpreted as a sign that the country was one of "tolerance and brotherhood", and he strongly opposed anyone who objected to it.

More on sanctions, a16 and a26

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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What is THAAD?

It is considered to be the US' most superior missile defence system.

Production:

It was first created in 2008.

Speed:

THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.

Abilities:

THAAD is designed to take out projectiles, namely ballistic missiles, as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".

Purpose:

To protect high-value strategic sites, such as airfields or population centres.

Range:

THAAD can target projectiles both inside and outside of the Earth's atmosphere, at an altitude of 93 miles above the Earth's surface.

Creators:

Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.

UAE and THAAD:

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Spending an excessive amount of time on the phone.

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Losing interest in other activities or hobbies that were once enjoyed.

Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.

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What are the guidelines?

Under 18 months: Avoid screen time altogether, except for video chatting with family.

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Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.

Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.

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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

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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

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When: 7pm kick off

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Online: The match will be broadcast live on Dubai Exiles’ Facebook page

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