In response to panda power, French president Emmanuel Macron is betting on equine diplomacy during his first state visit to China - presenting his Chinese counterpart Xi Jinping with a horse as a gift.
The animal, a retired Republican Guard horse named Vesuve de Brekka, is in quarantine. But Mr Macron will show a photo of it to Mr Xi when they meet later on Monday in Beijing.
The French presidential office said Mr Xi had been "fascinated" by their equestrian skills when he was escorted by the guard during his visit to Paris in 2014.
"Wishing to have friendly ties with foreign heads of state, Emmanuel Macron wants to make more than a gift - a diplomatic gesture," the president's office said.
The eight-year-old dark brown horse took part in its last presidential escort on November 11 on the Champs-Elysees. The horses are ridden by sword-wielding guards on formal occasions.
Mr Macron will also offer president Xi a saber engraved with the phrase "Mr Emmanuel Macron - President of the French Republic - Beijing - January 2018".
The gift is Mr Macron's answer to China's panda diplomacy. And the French leader's name in Mandarin is rendered "Ma-ke-long", or "the horse vanquishes the dragon".
The horse arrived in China on a special plane accompanied by the Republican Guard's chief veterinarian and a member of the unit on January 4, four days before Mr Macron.
Mr Macron state visit to China began at the starting point of the ancient Silk Road, a nod to his Chinese counterpart's scheme to revive the famous trading route.
Along with his wife Brigitte, the French president visited the famous terracotta warriors in the northern city of Xian, a centuries-old Big Wild Goose Pagoda - a Buddhist site - as well as the city's mosque.
The 8,000-man clay army, crafted around 250 BC for the tomb of China's first emperor Qin Shihuang, is a symbol of ancient artistic and military sophistication in a country that proclaims itself a 5,000-year-old civilisation.
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Mr Macron is beginning the three-day visit in Xian as a gesture to Mr Xi's colossal New Silk Road project, an ambitious initiative to connect Asia and Europe by road, rail and sea.
The US$1 trillion infrastructure programme is billed as a modern revival of the ancient Silk Road that once carried fabric, spices, and a wealth of other goods in both directions.
Known in China as "One Belt One Road", the plan is to see gleaming new road and rail networks built through Central Asia and beyond, and new maritime routes stretching through the Indian Ocean and Red Sea.
The project has elicited both interest and anxiety, with some in Europe seeing it as Chinese expansionism.
While France had been cautious on it, Mr Macron heartily endorsed the initiative in an interview with China.org.cn posted on Monday.
"It represents a real opportunity to create bridges, through exchange, between countries and civilisations, just as the ancient silk routes once did," Mr Macron said.
"I think it's very important that Europe and China strengthen their collaboration on the initiative. France is ready to play a leading role in this."
But he warned that it should be carried out "within the framework of a balanced partnership" -- a reference to concerns about China's trade surpluses. France has a €30 billion trade deficit with China.
He will deliver a keynote speech later in Xian on the future of Franco-Chinese relations.
Mr Macron's first official visit to Asia marks a new stage for his diplomacy, which has so far been concentrated on Europe and Africa.
He plans to seek a "strategic partnership" with Beijing on issues including terrorism and climate change, and make Mr Xi an ally in implementing the Paris accord to fight climate change after the US pulled out of the deal.
After Xian, Macron will head to Beijing along with his delegation, which includes some 60 business executives and institutions.
Emmanuel and Brigitte Macron will meet with Mr Xi and his wife, Peng Liyuan, on Monday night. On Tuesday, he will visit the Forbidden City, meet top Chinese officials and oversee the signing of business deals.
Human Rights Watch has urged Mr Macron to publicly call for human rights improvements in China during his meeting with Mr Xi, but the French president's office said the matter would be addressed privately.
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.”
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
COMPANY%20PROFILE
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Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
Profile
Company name: Jaib
Started: January 2018
Co-founders: Fouad Jeryes and Sinan Taifour
Based: Jordan
Sector: FinTech
Total transactions: over $800,000 since January, 2018
Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
Ferrari
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Masters%20of%20the%20Air
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Virtuzone GCC Sixes
Date and venue Friday and Saturday, ICC Academy, Dubai Sports City
Time Matches start at 9am
Groups
A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; C Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
57%20Seconds
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now