Turkish President Recep Tayyip Erdogan will attend a round of talks with the leaders of Sweden and Finland, as well as Nato, on Tuesday. AFP
Turkish President Recep Tayyip Erdogan will attend a round of talks with the leaders of Sweden and Finland, as well as Nato, on Tuesday. AFP
Turkish President Recep Tayyip Erdogan will attend a round of talks with the leaders of Sweden and Finland, as well as Nato, on Tuesday. AFP
Turkish President Recep Tayyip Erdogan will attend a round of talks with the leaders of Sweden and Finland, as well as Nato, on Tuesday. AFP

Erdogan to meet leaders of Sweden and Finland before Nato summit


Paul Carey
  • English
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Turkish President Recep Tayyip Erdogan will meet Finnish and Swedish leaders to discuss their Nato membership requests at the start of an alliance summit in Madrid.

Nato leaders will urge Mr Erdogan to lift his veto over Finland and Sweden's applications to join the military alliance when they meet in Spain for a three-day summit on Tuesday.

Mr Erdogan will attend talks with the leaders of the two Nordic countries, as well as Nato, Turkish presidential spokesman Ibrahim Kalin said.

The Finnish presidency also confirmed the meeting, tweeting: “President (Sauli) Niinisto will meet tomorrow in Madrid with Turkish President Erdogan, Swedish Prime Minister (Magdalena) Andersson and Nato Secretary General (Jens) Stoltenberg.”

Finland and Sweden’s membership requests and Turkey’s objections are expected to be a central theme of the summit, which runs from June 28 to 30.

They applied for Nato membership in response to Russia's invasion of Ukraine. But the applications have drawn opposition from Turkey, which has been angered by what it says is Helsinki and Stockholm's support for Kurdish militants and arms embargoes on Ankara.

Speaking to broadcaster Haberturk, Mr Kalin said he and deputy foreign minister Sedat Onal would also attend another round of talks with Swedish and Finnish delegations in Brussels on Monday.

“There will be a four-way summit at the leader level with the attendance of our president in Madrid upon the request of the Nato secretary general,” he said.

Mr Kalin said Mr Erdogan attending the talks “does not mean we will take a step back from our position”.

He said Turkey and the Nordic countries had largely agreed on issues and would be in a better position in Madrid if they could agree on them during talks on Monday.

“We have brought negotiations to a certain point,” he said of Monday's discussions. “It is not possible for us to take a step back here.”

A Finnish soldier takes part in a military exercise exercise. Along with Sweden, his country is seeking to join Nato. Reuters
A Finnish soldier takes part in a military exercise exercise. Along with Sweden, his country is seeking to join Nato. Reuters

But Soner Cagaptay, a Turkey analyst at the Washington Institute think tank, said there was “nearly zero chance” that the issue will be resolved in Madrid.

Mr Erdogan has told Sweden that he has not seen any “tangible” moves to address Turkey’s concerns, his office said.

In a phone conversation with Prime Minister Magdalena Andersson, he called for “binding commitments” from Sweden, as well as a “concrete change of attitude” in the country’s approach to fighting terrorism.

Any Nato membership requires approval of all 30 members of the alliance. Turkey has been a Nato ally for more than 70 years and has the alliance's second biggest army.

On the agenda

At the summit, leaders also hope to agree to provide more military aid to Ukraine, increase joint defence spending, cement a new resolve to tackle China's military rise and put more troops on standby to defend the Baltic region.

Taking place in the shadow of Russia's war in Ukraine, the Madrid gathering comes at a pivotal moment for the transatlantic relationship after failures in Afghanistan and internal discord during the era of former US president Donald Trump, who threatened to pull Washington out of the nuclear alliance.

Although British and US officials have advised against a Baltic request for permanent multinational forces in the region, the summit is likely to settle on a compromise of promising rapid reinforcements.

Germany has said it will put more troops at the ready to defend Lithuania should Russia seek to seize Nato territory and Britain is expected to do the same for Estonia, while Latvia is looking to Canada to pledge more soldiers there.

Mr Stoltenberg on Monday told the Financial Times that Nato would “significantly reinforce” its defences in eastern Europe.

“We never share the details of operational plans,” he said. “But I can assure you that we have been able to protect countries bordering Russia for decades, adjusting our presence in light of the threat assessment. We have done that before and we will do it again.”

Spain, whose King Felipe VI will host a dinner for leaders, is also pushing for more Nato focus on the southern flank to address migration and militant groups in the Sahel region of Africa.

The leaders of Australia, New Zealand, Japan and South Korea are expected to attend part of the Madrid summit, part of a broader US strategy for a more assertive western presence in the Indo-Pacific region to counter China.

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

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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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Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

MATCH INFO

Everton v Tottenham, Sunday, 8.30pm (UAE)

Match is live on BeIN Sports

KEY HIGHLIGHTS

Healthcare spending to double to $2.2 trillion rupees

Launched a 641billion-rupee federal health scheme

Allotted 200 billion rupees for the recapitalisation of state-run banks

Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets

Updated: June 27, 2022, 3:00 PM