China's President Xi Jinping. AP
China's President Xi Jinping. AP
China's President Xi Jinping. AP
China's President Xi Jinping. AP

China’s Xi Jinping to meet Russia's Putin to 'deepen bilateral trust'


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China says President Xi Jinping will visit Russia for three days starting on March 20 to discuss economic, political and security ties.

Mr Xi will exchange opinions on major international and regional issues with the Russian President, China's Foreign Ministry said on Friday.

The objective of the visit is to deepen bilateral trust, Foreign Ministry spokesman Wang Wenbin said.

No other details were given, but China has declared a “no-limits” friendship with Russia and has not criticised Moscow’s invasion of Ukraine, while calling for a ceasefire and declaring that the sovereignty and territorial integrity of all countries be respected.

The Kremlin on Friday also announced the visit, saying it will take place “at the invitation of Vladimir Putin”.

The leaders will discuss “issues of further development of comprehensive partnership and strategic interaction between Russia and China”, as well as exchange views “in the context of deepening Russian-Chinese co-operation in the international arena”, the Kremlin said in a statement.

The two leaders will also sign “important bilateral documents”, the statement read.

Beijing also condemned western sanctions and accused Nato and the United States of provoking Russia.

Mr Putin invited Mr Xi to visit Russia during a video conference in late December. The visit, Mr Putin said, could “demonstrate to the whole world the strength of the Russian-Chinese ties” and “become the main political event of the year in bilateral relations”.

Saudi Crown Prince and Prime Minister Mohammed bin Salman, fourth right, greets Chinese President Xi Jinping during the Gulf Co-operation Council Summit, in Riyadh, Saudi Arabia. AP
Saudi Crown Prince and Prime Minister Mohammed bin Salman, fourth right, greets Chinese President Xi Jinping during the Gulf Co-operation Council Summit, in Riyadh, Saudi Arabia. AP

More recently, China sought to play up its credentials as an independent mediator in the Ukraine conflict after hosting talks last week at which Iran and Saudi Arabia agreed to restore full diplomatic relations.

In a phone conversation with his Ukrainian counterpart on Thursday, China’s Foreign Minister Qin Gang said Beijing is concerned about the year-old conflict with Russia spinning out of control and urged talks on a political solution with Moscow.

Mr Qin told Dmytro Kuleba that China has “always upheld an objective and fair stance on the Ukraine issue, has committed itself to promoting peace and advancing negotiations and calls on the international community to create conditions for peace talks”, China’s Foreign Ministry said on its website.

Mr Kuleba later tweeted that he and Mr Qin “discussed the significance of the principle of territorial integrity”.

“I underscored the importance of [Ukrainian President Volodymyr Zelenskyy’s]’s Peace Formula for ending the aggression and restoring just peace in Ukraine,” wrote Mr Kuleba, who on the same day spoke to US Secretary of State Antony Blinken.

COMPANY PROFILE
Name: Mamo 

 Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua

 Based: Dubai, UAE

 Number of employees: 28

 Sector: Financial services

 Investment: $9.5m

 Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 

 

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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Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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Brief scores:

Toss: Northern Warriors, elected to field first

Bengal Tigers 130-1 (10 ov)

Roy 60 not out, Rutherford 47 not out

Northern Warriors 94-7 (10 ov)

Simmons 44; Yamin 4-4

Updated: March 20, 2023, 6:18 AM