The meeting of national security advisers and representatives of a number of countries and international organisations concludes in ⁧‫Jeddah. Photo: SPA
The meeting of national security advisers and representatives of a number of countries and international organisations concludes in ⁧‫Jeddah. Photo: SPA
The meeting of national security advisers and representatives of a number of countries and international organisations concludes in ⁧‫Jeddah. Photo: SPA
The meeting of national security advisers and representatives of a number of countries and international organisations concludes in ⁧‫Jeddah. Photo: SPA

China hails 'consensus' on Ukraine after Saudi Arabia summit


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China’s Ministry of Foreign Affairs said on Monday that a peace summit for Ukraine held at the weekend in Jeddah, Saudi Arabia, had created a “consensus”, stating that Beijing would remain “impartial” on the conflict and seek further talks to end the war.

Li Hui, China’s special envoy for Eurasian affairs who also served as the country’s ambassador to Russia, said that all sides in the talks were moving towards “consensus” on the conflict, which has raged for 18 months.

Russia did not attend the summit, calling it “a reflection of the West's attempt to continue futile, doomed efforts” to unite more countries behind Kyiv.

India, the US and European countries – 40 nations in total – attended the talks, which Ukrainian presidential chief of staff Andriy Yermak claimed were a “huge blow” to Russia.

Mr Li said Beijing “had extensive contact and communication with all parties on the political settlement of the Ukraine crisis” and had “listened to all sides' opinions and proposals”.

China has long been a key ally of Russia and was one of its largest trading partners, with bilateral trade between the two countries reaching $70 billion in the year before the war.

But Beijing has also emerged as a top importer of Ukrainian agricultural products, importing about 8 million tonnes of produce from Kyiv since a UN-brokered deal to allow safe exports of food through the Black Sea in July 2022.

In total, the deal saw about 33 million tonnes of grain exported safely to global markets from Ukrainian ports until it ended last month after Russia said it would no longer support the agreement due to sanctions on its agricultural bank.

China's Foreign Minister Wang Yi told his Russian counterpart Sergey Lavrov in a phone conversation on Monday that Beijing would uphold an independent and impartial position on Ukraine as it strives to find a political settlement to the issue.

Mr Wang's comments to Mr Lavrov were announced in a Ministry of Foreign Affairs statement on Monday that said China would be an “objective and rational voice” at any international multilateral forums and “actively promote peace talks”.

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PROFILE

Name: Enhance Fitness 

Year started: 2018 

Based: UAE 

Employees: 200 

Amount raised: $3m 

Investors: Global Ventures and angel investors 

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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.”

Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

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What is graphene?

Graphene is extracted from graphite and is made up of pure carbon.

It is 200 times more resistant than steel and five times lighter than aluminum.

It conducts electricity better than any other material at room temperature.

It is thought that graphene could boost the useful life of batteries by 10 per cent.

Graphene can also detect cancer cells in the early stages of the disease.

The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.

Updated: August 08, 2023, 3:28 AM