The world will be watching French President Emmanuel Macron closely next week to see if he is able to strengthen solidarity with Eastern Europe, as he seeks to lead European efforts to boost the continent’s military preparedness and co-ordination on its eastern flank, diplomats and analysts have told The National.
Mr Macron has two important meetings on his agenda.
The first is a state visit to Slovakia on Wednesday, during which he will give a speech at the GlobSec security conference in Bratislava, where his advisers say he will highlight the EU and France’s strong military support for Ukraine and neighbouring countries.
France has close to 300 military personnel deployed in Estonia and 1,250 in Romania, Elysee sources say.
French warplanes conduct daily surveillance operations over Eastern Europe, thanks to the deployment of France’s flagship aircraft carrier the Charles De Gaulle, currently in the Red Sea.
For Mr Macron, the GlobSec forum is a platform to address Eastern and Northern European countries that are anxious over what they perceive as Russian military expansionism.
The French leader is expected to continue pushing for increased military and industrial spending in Europe.
“We only possess with certainty what we produce,” said an Elysee source. “If we want to produce for us, for Ukraine, we must get to work.”
Ukraine’s request to join Nato will also be on everybody’s mind as the alliance’s heads of states prepare to gather for their next summit in Lithuania in July.
“The current conversation does not seem to be going towards a clear signal for Ukraine gaining membership,” said Rym Momtaz, consultant research fellow for European foreign policy and security at the International Institute for Strategic Studies.
“But members of the alliance are trying to figure out a new formula that would satisfy Ukraine’s deterrence and security needs.”
Several models are on the table, she added, possibly inspired by either Finland's decades of neutrality combined with a large land force and EU membership, or Israel's highly equipped security apparatus, largely backed by a foreign power, the US.
The French President will travel on Thursday to Moldova to attend the second European Political Community Summit.
Loosely based on a 1989 idea of former French president Francois Mitterand, the discussion platform between 47 heads of state – excluding Russia and its partner Belarus – is Mr Macron’s brainchild.
The choice of Moldova is “obviously not accidental”, said an Elysee source.
European leaders want to send a strong political signal of support to Moldova, Europe’s poorest country which is regularly the target of destabilisation campaigns by Russia.
Chisinau requested to join the EU after Russia’s invasion of Ukraine last year.
Mr Macron’s advisers highlighted the strong relationship between the French President and his pro-European Moldovan counterpart, Maia Sandu, as well as France’s support in helping Moldova organise the summit, which they described as challenging when it comes to security.
But to succeed in strengthening ties with Eastern European countries, Mr Macron will have to avoid awkward phrasing that has often ruffled feathers of his allies in the past, warned Florent Parmentier, secretary-general of the French research institute Cevipof, affiliated with Sciences Po in Paris.
Despite strong French military support for Ukraine, Mr Macron has angered the war-torn country’s leaders in the past with calls for the West to not “humiliate” Russian President Vladimir Putin.
The French President was more recently criticised for cosying up to Beijing after he cautioned Europe to not get caught up in US-China tension over Taiwan.
“Many French diplomats have been telling Eastern European countries: look at what we do, not what Macron said in his latest media interview,” Mr Parmentier told The National.
“It’s a week during which he must avoid any faux pas in order to convince his European partners to go in the direction that he wants it to go.
“And that direction is clear: it’s more strategic autonomy.”
“Strategic autonomy” is an oft-heard expression championed by Mr Macron in the past year to describe Europe’s need to become more self-reliant in a number of sectors.
With the war in Ukraine, Europe’s dependency on the US for its defence has become a headache for many leaders, who fear that American support might wane should its leadership change in its next presidential election.
“France is aware that Donald Trump might come back in 2024. We cannot rule out that option,” said Mr Parmentier.
In Mr Macron’s view, one of best ways to strengthen Europe is to deepen ties between West and East – a move which was not high on France’s list of priorities before the war in Russia.
Paris has traditionally been hostile to enlargement but Mr Macron has, on the contrary, embraced recent bids to join the EU made by Ukraine, Moldova and Bosnia and Herzegovina.
“One of the legacies of high intensity warfare between Russia and Ukraine is a complete rethink of Europe’s military and diplomatic tools,” said Mr Parmentier.
“There has been a huge effort made by France’s diplomacy to turn towards Eastern and Central Europe.”
These efforts have seemingly paid off.
Eastern European and Baltic countries were quick to understand that France is a key player in helping them getting their point across to Europe about their fears about Russia.
At GlobSec, Mr Macron is the only head of state to have been given a platform to speak alone to deliver his highly anticipated speech.
His recent remarks at the G7 summit in Japan, where he warned against a “frozen conflict” in Ukraine, were well-received in Eastern Europe, said Ms Momtaz.
“Macron has the political will to play this central role”, Ms Momtaz said, pointing to the fact that he was the first French president in more than a decade to visit several countries in the Baltic region and in Eastern Europe.
Yet simmering tension remains.
Mr Macron has not forgotten that Poland supported his far-right rival Marine Le Pen in the second round of the last French presidential election, said Mr Parmentier. Poland still remembers that it was sidelined when Mr Macron launched a dialogue with Russia in 2019.
“There is a level of distrust and suspicion that remains,” said Ms Momtaz.
“France perceives generally Eastern European and Baltic states as too obsessed with the Russian threat, and they believe that France is too naive about Russia’s true designs when it comes to the region.
“It’s an ongoing negotiation”.
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
RESULT
Shabab Al Ahli Dubai 0 Al Ain 6
Al Ain: Caio (5', 73'), El Shahat (10'), Berg (65'), Khalil (83'), Al Ahbabi (90' 2)
Mubalada World Tennis Championship 2018 schedule
Thursday December 27
Men's quarter-finals
Kevin Anderson v Hyeon Chung 4pm
Dominic Thiem v Karen Khachanov 6pm
Women's exhibition
Serena Williams v Venus Williams 8pm
Friday December 28
5th place play-off 3pm
Men's semi-finals
Rafael Nadal v Anderson/Chung 5pm
Novak Djokovic v Thiem/Khachanov 7pm
Saturday December 29
3rd place play-off 5pm
Men's final 7pm
LAST-16 EUROPA LEAGUE FIXTURES
Wednesday (Kick-offs UAE)
FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm
Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm
Inter Milan v Getafe (one leg only) 11pm
Manchester United (5) v LASK (0) 11pm
Thursday
Bayer Leverkusen (3) v Rangers (1) 8.55pm
Sevilla v Roma (one leg only) 8.55pm
FC Basel (3) v Eintracht Frankfurt (0) 11pm
Wolves (1) Olympiakos (1) 11pm
MATCH INFO
Schalke 0
Werder Bremen 1 (Bittencourt 32')
Man of the match Leonardo Bittencourt (Werder Bremen)
WHAT ARE NFTs?
Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.
An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.
This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.
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.”
MATCH INFO
Newcastle 2-2 Manchester City
Burnley 0-2 Crystal Palace
Chelsea 0-1 West Ham
Liverpool 2-1 Brighton
Tottenham 3-2 Bournemouth
Southampton v Watford (late)
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
COMPANY%20PROFILE
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Company%20Profile
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Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
SPECS
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