A woman walks past a public TV screen showing a news clip with the photos of North Korean leader Kim Jong Un, left, and South Korean President Moon Jae-in, in Tokyo, Wednesday, March 7, 2018. After years of refusal, Kim is willing to discuss the fate of his atomic arsenal with the United States and has expressed a readiness to suspend nuclear and missile tests during such talks, a senior South Korean official said Tuesday.  Kim also agreed to meet with South Korea's president next month. (AP Photo/Eugene Hoshiko)
After years of refusal, Kim is willing to discuss the fate of his atomic arsenal with the United States and has expressed a readiness to suspend nuclear and missile tests during such talks, a senior SShow more

China urges Korean nations to ‘seize opportunity’ of peace



China has cautiously welcomed an agreement by North and South Korea to hold a historic summit, urging both sides to “seize the current opportunity” to promote the denuclearisation of the peninsula.

The foreign ministry issued a statement late on Tuesday praising the “positive outcomes” of a meeting between South Korean envoys and North Korean leader Kim Jong-un in Pyongyang.

The two countries agreed to hold a summit between Kim and South Korean President Moon Jae-in in the Demilitarised Zone in late April, according to Seoul.

Pyongyang was also said to be ready to halt nuclear and missile tests, and consider the dramatic step of abandoning costly and controversial WMD programmes if the United States agrees not to attack or overthrow the regime.

“We hope that the DPRK and the ROK can earnestly implement the relevant consensus and continue with their efforts to advance reconciliation and cooperation,” Chinese foreign ministry spokesman Geng Shuang said in the statement, using the acronyms of the North and South.

“We hope that all relevant parties can seize the current opportunity, work for the shared goal and make concerted efforts to promote the process of denuclearisation of the Peninsula and politically resolving the Korean Peninsula issue,” Mr Geng said.

“China is willing to continue to play its due role to this end.”

Earlier on Tuesday, before the landmark announcement, Mr Geng had told reporters that “interactions” between North and South Korea “should be expanded” to include the US.

US President Donald Trump welcomed Pyongyang’s offer as positive – and apparently sincere – crediting Washington’s “very, very strong” sanctions push, as well as “big help” from China, for the potential diplomatic breakthrough.

Calling the statements coming out of both Seoul and Pyongyang “very positive,” Mr Trump refused to rule out a historic meeting with the North Korean leader.

“We have come a long way at least rhetorically with North Korea,” the president said. “It would be a great thing for the world, it would be a great thing for North Korea, it would be a great thing for the peninsula, but we will see what happens,” he said in the Oval Office.

“We are going to do something, one way or the other, we are going to do something and not let that situation fester,” Mr Trump said, in a reference to the standoff over Pyongyang’s nuclear ambitions.

The breakthrough should please Beijing as the Asian superpower, fearing a conflict at its border, has repeatedly called for negotiations to resolve the nuclear crisis.

China has also urged the US, Japan and South Korea to suspend joint military drills in the region in return for North Korea to halt its nuclear activities.

Two senior South Korean officials who met with North Korea’s Kim Jong-Un this week will depart for Washington on Thursday to brief US officials on the outcome of their meeting, a South Korean administration official said on Wednesday.

A detailed itinerary has yet to be confirmed, as well as whether they will meet Mr Trump, the official told reporters.

National Security Office head Chung Eui-yong, who has close contacts in the United States, and National Intelligence Service chief Suh Hoon, who is known as South Korea’s top North Korea negotiator, will be making the trip. Chung said on Tuesday he had a message from Kim Jong Un he will relay to US officials.

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

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 name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

Company profile

Company name: Letswork
Started: 2018
Based: Dubai
Founders: Omar Almheiri, Hamza Khan
Sector: co-working spaces
Investment stage: $2.1 million in a seed round with investors including 500 Global, The Space, DTEC Ventures and other angel investors
Number of employees: about 20

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

Poacher

Director: Richie Mehta

Starring: Nimisha Sajayan, Roshan Mathew, Dibyendu Bhattacharya

Rating: 3/5

SPECS

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

COMPANY PROFILE

Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures

The specs: 2018 Mercedes-Benz S 450

Price, base / as tested Dh525,000 / Dh559,000

Engine: 3.0L V6 biturbo

Transmission: Nine-speed automatic

Power: 369hp at 5,500rpm

Torque: 500Nm at 1,800rpm

Fuel economy, combined: 8.0L / 100km

Company profile

Date started: May 2022
Founder: Husam Aboul Hosn
Based: DIFC
Sector: FinTech — Innovation Hub
Employees: eight
Stage: pre-seed
Investors: pre-seed funding raised from family and friends earlier this year

Tips from the expert

Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.

  1. Sellers should focus on providing high-quality used goods at attractive prices to buyers.
  2. It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
  3. Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
  4. Be creative and look around your home for valuable items that you no longer need but might be useful to others.
THE SPECS

Range Rover Sport Autobiography Dynamic

Engine: 5.0-litre supercharged V8

Transmission: six-speed manual

Power: 518bhp

Torque: 625Nm

Speed: 0-100kmh 5.3 seconds

Price: Dh633,435

On sale: now

SPECS: Polestar 3

Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
Torque: 840Nm
Transmission: Single-speed automatic
Max touring range: 628km
0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
On sale: September

The specs

Engine: 3.6-litre, V6
Transmission: eight-speed auto
Power: 285hp
Torque: 353Nm
Price: Dh159,900
On sale: now

Company Profile

Name: Raha
Started: 2022
Based: Kuwait/Saudi
Industry: Tech Logistics
Funding: $14 million
Investors: Soor Capital, eWTP Arabia Capital, Aujan Enterprises, Nox Management, Cedar Mundi Ventures
Number of employees: 166