US Secretary of State Antony Blinken, foreground, and Russian Foreign Minister Sergey Lavrov at a foreign ministers meeting in Cambodia. Reuters
US Secretary of State Antony Blinken, foreground, and Russian Foreign Minister Sergey Lavrov at a foreign ministers meeting in Cambodia. Reuters
US Secretary of State Antony Blinken, foreground, and Russian Foreign Minister Sergey Lavrov at a foreign ministers meeting in Cambodia. Reuters
US Secretary of State Antony Blinken, foreground, and Russian Foreign Minister Sergey Lavrov at a foreign ministers meeting in Cambodia. Reuters

Blinken and Lavrov to attend G20 foreign ministers' meeting in Delhi


Taniya Dutta
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Russia's Foreign Minister Sergey Lavrov, US Secretary of State Antony Blinken and China's Foreign Minister Qin Gang are among representatives of 40 countries who will attend the G20 Foreign Ministers' meeting in New Delhi starting on Thursday.

Saudi Foreign Minister Prince Faisal bin Farhan, the EU's High Representative for Foreign Affairs Josep Borrell, Italian Foreign Minister Antonio Tajani and Australia's Penny Wong are among those scheduled to attend the forum.

The two-day meeting in New Delhi will take place in the shadow of the Russia-Ukraine conflict and spiralling US-China tensions over the spy balloon incident.

India assumed the G20 presidency in December last year. The foreign ministers' get-together is one of the first high-profile meetings of the forum.

While the summit is expected to focus on global challenges such as rising food and energy prices, growing debt, and poor economic recovery after the pandemic, some experts believe the Russia-Ukraine crisis will dominate talks.

“The foreign ministers would focus on the ongoing situation between Russia and Ukraine but also on the impact of that conflict on the rest of the world, Vinay Kwatra, India's foreign secretary, said on Wednesday. “Particularly the economic impact, the development impact and the challenges that developing countries are facing because of the conflict.”

China has called for a ceasefire between Ukraine and Russia and the opening of peace talks in a 12-point proposal.

The US and its western allies have been trying to isolate Moscow through economic sanctions and diplomatic manoeuvres.

Mr Lavrov reached New Delhi late on Tuesday.

Mr Blinken is expected to arrive early on Thursday after brief stopovers in Kazakhstan and Uzbekistan, former Soviet states and close friends of Moscow.

He is expected to hold talks with India's Foreign Minister Subrahmanyam Jaishankar.

The US state department said earlier that it would focus on strengthening multilateralism and deepening co-operation on food and energy security, global health, humanitarian assistance and other issues.

Mr Lavrov will also meet Mr Jaishankar individually and exchange assessments on topical international issues, the situation in Ukraine, the state of affairs in Afghanistan, and the creation of a security architecture in the Asia-Pacific region, the Russian Foreign Ministry said.

Mr Qin's meeting with Mr Jaishankar will take place against the background of a simmering border dispute between New Delhi and Beijing.

No Japan

Japanese Foreign Minister Yoshimasa Hayashi is unlikely to travel to India because of a “scheduling conflict” with an impending parliament session.

Last week, he called for global efforts at the UN to force Russia to withdraw from Ukraine.

The second day of the meeting will be divided into two sessions.

The first will focus on the themes of Strengthening Multilateralism and Need for Reforms, Food and Energy Security and Development Co-operation.

The second will focus on Counter-Terrorism: New and Emerging threats, Global Skill Mapping and Talent Pool, and Humanitarian Assistance and Disaster Relief.

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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.”

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

We Weren’t Supposed to Survive But We Did

We weren’t supposed to survive but we did.      
We weren’t supposed to remember but we did.              
We weren’t supposed to write but we did.  
We weren’t supposed to fight but we did.              
We weren’t supposed to organise but we did.
We weren’t supposed to rap but we did.        
We weren’t supposed to find allies but we did.
We weren’t supposed to grow communities but we did.        
We weren’t supposed to return but WE ARE.
Amira Sakalla

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Updated: March 01, 2023, 8:47 AM