WASHINGTON // Sheikh Mohammed bin Zayed will meet Barack Obama at the White House on Monday for annual talks that come at a crucial moment in US relations with the Arabian Gulf.
The US president is working to convince long-time allies in the region that he remains committed to their security if a deal is struck over Iran’s nuclear programme.
The Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces has traditionally met with US presidents in the spring, but there has never been a moment when the stakes in the region have been so high and when Gulf countries have been so directly involved.
At the top of the agenda are the Iran talks, but the leaders will also discuss Egypt, Libya, the Saudi-led intervention in Yemen and the fight against ISIL in Iraq and Syria.
“Events in the region and the upcoming planned GCC summit makes it that much more important than the usual annual trip,” said Marcelle Wahba, the US ambassador to the UAE between 2001 and 2004, and president of the Arab Gulf States Institute in Washington think tank.
Sheikh Mohammed met with Mr Obama’s national security adviser, Susan Rice, on Saturday and will meet secretary of state John Kerry and defence secretary Ash Carter.
The UAE’s Minister for Foreign Affairs Sheikh Abdullah is also in Washington and both he and the Crown Prince will also meet congressional leaders.
The US administration is currently engaged in intense talks with diplomats from Gulf countries aimed at finalising an agreement on a more formalised security relationship ahead of a summit hosted by Mr Obama with GCC leaders next month. They hope that the security deal seals Gulf support for a final nuclear accord with Iran ahead of those talks’ June 30 deadline.
“The gathering is an opportunity to discuss ways to enhance their partnership and deepen security cooperation,” the White House said in statement on Twitter, after announcing the summit dates.
US and Gulf officials are hoping that the meetings at the White House on May 13 and at Camp David the next day will be an important public show of unity, but that the content of the enhanced security relationship will be finalised before the GCC leaders arrive in Washington.
“From the Gulf perspective, having something the GCC can sign with the US that has some specific elements will be helpful with optics and the message it sends to Iran” and cement Washington’s “moral commitment” to its allies, said a source familiar with the discussions. “Everyone wants as clear and strong a statement” made as possible.
Arab Gulf countries have cautiously voiced support for the framework deal the US detailed last month, but their primary worry is not the Iranian nuclear threat or even conventional military action against them. Rather, it is Iran being freed to pursue what they see as a policy of regional destabilisation through local proxy forces if economic sanctions are lifted.
Arab officials worry that the US administration has no strategy in place for countering Iran’s regional moves after the Revolutionary Guards’ war chest is replenished.
There are ongoing discussions about what form the upgraded US-GCC security relationship will take.
Some have pushed for a Nato-style mutual defence treaty. But Gulf officials doubt the possibility of such an agreement being passed by congress especially given that the US has no similar treaty with Israel.
Diverging threat perceptions, particularly over domestic opposition most notably in Bahrain, would also make it less likely for the White House to be willing to sign a mutual defence pact.
Other options include a US nuclear security umbrella, a non-binding security declaration and an agreement on enhanced tactical cooperation in areas such as missile defence and cyber security.
Mr Obama has taken a number of steps recently to reassure his traditional Arab allies, in particular Saudi Arabia, by backing its intervention in Yemen, re-establishing the military aid relationship with Egypt and showing serious concern about the role of Iran-backed militias in the fight against ISIL in Iraq.
But people familiar with the discussions say so far the US has not put forward possible new arrangements that, from the Gulf perspective, sufficiently address their concerns about Iran’s proxy warfare strategy. The White House wants the summit to be attended by GCC heads of state, but Saudi officials are waiting to see what will be decided upon before committing to send King Salman.
“My feeling is that the administration is not ready for this historic opportunity to put the US-Gulf partnership back on track — I really hope am wrong,” said Bilal Saab, a Gulf security expert at the Atlantic Council think tank who has met with both sides during the discussions.
“This will end in failure if [president] Obama offers increased tactical security cooperation at a time when the Gulf leaders are looking for much stronger US security commitments.”
Part of the problem is that there still appears to be a fundamental difference in the perceptions of the US and the GCC countries about how significant a regional threat Iran poses and how best to stabilise the region.
For the US, the immediate security concern in the region is ISIL and Al Qaeda’s Yemen branch, not Iran or the groups it supports in places like Syria or Yemen. Some in the administration also believe that a nuclear deal will push Iran to moderate its policies and will help stabilise the region beyond just ending the prospects of a nuclear arms race.
Mr Obama and his top Middle East advisers also continue to emphasise democratic political reform in the Gulf as the key to stability. In the current context of a region slipping into chaos, and their countries being the only bastions of stability, Arab officials were shocked at Mr Obama's recent remarks in an interview with the New York Times.
In a recent meeting with Gulf diplomats, a senior White House official underlined the need for political reform, and that the US will not take sides in what it sees as purely sectarian fights or against domestic opposition movements. But it will assist its Gulf allies in defending against external threats, as it is doing in Yemen.
US support in Yemen is intended to reassure the GCC that Washington will act to support them when it sees Iran pose a threat to a Gulf countries’ territorial integrity. But US officials also hope their role will help bring about a political endgame in Yemen.
There is growing concern that the Saudi strategy of weakening the Houthis through air strikes and pushing them to negotiate is not working.
Mr Obama spoke to Saudi King Salman last week to discuss the “next steps in the effort to resume the political transition in Yemen, including talks facilitated by the United Nations”, according to the White House.
On Saturday, Mr Carter spoke to Saudi defence minister, Prince Mohammed bin Salman, who is leading the war efforts.
foreign.desk@thenational.ae
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
Babumoshai Bandookbaaz
Director: Kushan Nandy
Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami
Three stars
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.
RESULTS
Bantamweight
Victor Nunes (BRA) beat Siyovush Gulmamadov (TJK)
(Split decision)
Featherweight
Hussein Salim (IRQ) beat Shakhriyor Juraev (UZB)
(Round 1 submission, armbar)
Catchweight 80kg
Rashed Dawood (UAE) beat Otabek Kadirov (UZB)
(Round-1 submission, rear naked choke)
Lightweight
Ho Taek-oh (KOR) beat Ronald Girones (CUB)
(Round 3 submission, triangle choke)
Lightweight
Arthur Zaynukov (RUS) beat Damien Lapilus (FRA)
(Unanimous points)
Bantamweight
Vinicius de Oliveira (BRA) beat Furkatbek Yokubov (RUS)
(Round 1 TKO)
Featherweight
Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)
(Round 1 rear naked choke)
Flyweight
Shannon Ross (TUR) beat Donovon Freelow (USA)
(Unanimous decision)
Lightweight
Dan Collins (GBR) beat Mohammad Yahya (UAE)
(Round 2 submission D’arce choke)
Catchweight 73kg
Martun Mezhulmyan (ARM) beat Islam Mamedov (RUS)
(Round 3 submission, kneebar)
Bantamweight world title
Xavier Alaoui (MAR) beat Jaures Dea (CAM)
(Unanimous points 48-46, 49-45, 49-45)
Flyweight world title
Manon Fiorot (FRA) v Gabriela Campo (ARG)
(Round 1 RSC)
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
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.”
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
The five pillars of Islam
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
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%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
%3Cp%3EBy%202030%2C%20Abu%20Dhabi%20aims%20to%20achieve%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2039.3%20million%20visitors%2C%3C%2Fstrong%3E%20nearly%2064%25%20up%20from%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20Dh90%20billion%20contribution%20to%20GDP%2C%3C%2Fstrong%3E%20about%2084%25%20more%20than%20Dh49%20billion%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20178%2C000%20new%20jobs%2C%3C%2Fstrong%3E%20bringing%20the%20total%20to%20about%20366%2C000%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2052%2C000%20hotel%20rooms%2C%3C%2Fstrong%3E%20up%2053%25%20from%2034%2C000%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%207.2%20million%20international%20visitors%2C%3C%2Fstrong%3E%20almost%2090%25%20higher%20compared%20to%202023's%203.8%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%203.9%20international%20overnight%20hotel%20stays%2C%3C%2Fstrong%3E%2022%25%20more%20from%203.2%20nights%20in%202023%3C%2Fp%3E%0A
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
Zayed Sustainability Prize
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')