Russian President Vladimir Putin and Ukrainian leader Volodymyr Zelenskyy are expected to attend this year’s G20 summit in Indonesia.
Should they travel to Bali next month, it will be the first time they will have shared a platform since the war between their two countries began in February.
Indonesia’s ambassador to the UAE Husin Bagis expressed his hope that they would attend in an exclusive interview with The National, adding: “The situation isn’t easy because of the Ukraine-Russia war.”
The White House has said that if Mr Putin attends, Mr Zelenskyy should also participate.
On Thursday, US President Joe Biden did not rule out meeting Mr Putin during the summit.
Mr Bagis said logistical preparations for hosting the two presidents were already under way.
“We are deciding which hotels to put them up in ― one for Mr Putin and one for Mr Zelenskyy,” he said, referring to the need to avoid tension by putting them too close together.
“Indonesia is different than other countries,” he said. “Everything is peaceful in my country.”
Neither the Ukrainian nor the Russian foreign ministry responded to The National's requests to confirm plans for the leaders to attend the meeting in Bali on November 15 and 16.
The multilateral forum on the island in November is expected to bring together the leaders of 20 of the world's largest economies as well as guest nations such as the UAE and Ukraine.
“Ukraine is not part of the G20, but still we are inviting them, as we are inviting the UAE because of our special relationship with the UAE,” Mr Bagis said.
Peace will rank high on the agenda, along with health, digital transformation and sustainable energy transition.
“We want to make the G20 a platform for peace, not conflict,” Mr Bagis said at his office in Abu Dhabi.
The presence of Mr Putin and Mr Zelenskyy, who has used global forums to appeal for support to end the conflict, would be the result of Indonesian President Joko Widodo’s attempts at shuttle diplomacy in Ukraine and Russia in June this year, while on his way to visit the UAE, Mr Bagis said.
Mr Widodo, the chair of the G20 nations, is keen to urge both sides to agree to a ceasefire and reopen channels for grain exports to ensure food security.
The Iran nuclear deal and the civil war in Syria are unlikely to be part of the conversation at the summit, Mr Bagis said.
Formed in 1999, the G20 members account for 85 per cent of global gross domestic product, 75 per cent of international trade and two-thirds of the world's population, making the forum a key platform for international economic co-operation.
The group addresses issues related to the global economy and financial stability as well as climate change and sustainable development.
India will host its first G20 summit in New Delhi in September next year.
This article has been updated following clarification of Ambassador Bagis's original statement to ‘The National’, as written confirmation of the two leaders' attendance had not yet been received by Indonesian authorities.
Bali: see the island paradise hosting world leaders for the G20
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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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