Japan's Prime Minister Shinzo Abe bows his head as he says he is stepping down during a news conference at the prime minister official residence in Tokyo, Japan August 28, 2020. Reuters
Japan's Prime Minister Shinzo Abe bows his head as he says he is stepping down during a news conference at the prime minister official residence in Tokyo, Japan August 28, 2020. Reuters
Japan's Prime Minister Shinzo Abe bows his head as he says he is stepping down during a news conference at the prime minister official residence in Tokyo, Japan August 28, 2020. Reuters
Japan's Prime Minister Shinzo Abe bows his head as he says he is stepping down during a news conference at the prime minister official residence in Tokyo, Japan August 28, 2020. Reuters

Sheikh Mohamed bin Zayed joins world leaders in praise for Japan's Abe


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Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, joined world leaders in wishing Japanese Prime Minister Shinzo Abe a rapid recovery and praised his contributions to bilateral relations during his years as Japan's longest-serving leader.

Mr Abe announced Friday that he is stepping down because of a health problem. He is expected to stay on until a new governing party leader is elected and formally approved by the parliament.

Here are some other reactions from around the world.

United States

President Donald Trump said he was surprised by Mr Abe's stepping down and paid his "highest respect to ... a very, a great friend of mine." Speaking to reporters aboard Air Force One, Trump said, "We had a great relationship. And I just feel very bad for him. Because it must be very severe. Look, for him to leave - he loves his country so much and for him to leave, I just can't imagine what it is. He's a great gentleman and so I'm just paying my highest respect."

United Nations

UN Secretary-General Antonio Guterres' spokesman said he wishes Abe a full recovery and salutes "the prime minister's distinguished career ... and his consistent and constructive engagement with the UN to address global challenges." The UN chief "had a very productive relationship with prime minister Abe," spokesman Stephane Dujarric said, pointing to their close work on a number of issues especially universal health care initiatives.

South Korea

South Korean President Moon Jae-in's office said Mr Abe dedicated many years to the development of bilateral relations and achieved "various meaningful accomplishments" as Japan's longest-serving prime minister. It said Seoul will continue to work with Tokyo's next prime minister and Cabinet to promote "friendship and cooperation" between the countries. Relations between South Korea and Japan sank last year to their lowest point in decades as they feuded over trade issues, wartime history and military cooperation.

Germany

Longtime German Chancellor Angela Merkel, who worked with Mr Abe during both of his spells in office, sent him a message saying he was "always a constructive and reliable partner in our common commitment to multilateralism, free trade, peaceful conflict resolution and rules-based order." "For the future, I wish you a swift and complete recovery and personal well-being," she wrote.

Australia

Prime Minister Scott Morrison paid tribute to Shinzo Abe as "Australia's true friend" and said that he would like to thank Abe for his enduring commitment to Australia-Japan relations over a long and successful career. Morrison said Australia and Japan shared a vision for an open, peaceful and prosperous Indo-Pacific region. "Prime Minister Abe is a man of integrity and wisdom," Mr Morrison said. "He has been the senior statesman in our region and across the globe, a strong promoter of open trade and an outstanding international diplomat for Japan."

Taiwan

Taiwanese President Tsai Ing-wen said Mr Abe "has always been very friendly to Taiwan. He has always been very positive, no matter it be his policies or his feelings toward Taiwanese people. We cherish the friendship he has for Taiwan. We also wish him good health."

China

Chinese foreign ministry spokesperson Zhao Lijian declined to comment directly on Mr Abe's health, saying it was Japan's internal affair. However, he added that "China and Japan are close neighbors. We are willing to work with Japan to jointly press ahead with continuous improvement and development of China-Japan relations."

Britain

Foreign Secretary Dominic Raab paid tribute to "the great things" that Mr Abe has achieved, and said he "leaves a strengthened UK-Japanese friendship, which we look forward to continuing in the years ahead. I wish him well for the future."

Philippines

Philippine Foreign Secretary Teodoro Locsin Jr described Mr Abe as Japan's "greatest postwar PM (prime minister)" in a tweet. He said Philippine President Rodrigo Duterte and Abe had a frank relationship. "Watching President Duterte and PM Abe talking was like watching two old friends, no holds barred, talking frankly and freely of the true lay of the land and what can and cannot be done," Locsin said.

International Olympic Committee

IOC President Thomas Bach credited Abe with the return of the Olympics to Japan after the 1964 Tokyo Olympics, 1972 Sapporo Winter Olympics and 1998 Nagano Winter Olympics. "All the Japanese athletes and the athletes of the entire world are very grateful to him," Bach said. The Olympics were to be held in Tokyo this year, but they were postponed a year because of the coronavirus. John Coates of the Australian Olympic Committee and chair of the Tokyo 2020 Coordination Commission, said in a statement Saturday that Mr Abe stepping down was "disappointing news from a professional and personal perspective. My interactions with him have always been very positive and constructive. I certainly hope he can successfully overcome the current challenges he faces away from political office. I very much look forward to PM Abe joining us for the Opening Ceremony on 23 July 2021 in the new National Stadium that he was instrumental in delivering. His support has been enormous."

The specs

Engine: Two permanent-magnet synchronous AC motors

Transmission: two-speed

Power: 671hp

Torque: 849Nm

Range: 456km

Price: from Dh437,900 

On sale: now

The specs

Engine: 5.0-litre supercharged V8

Transmission: Eight-speed auto

Power: 575bhp

Torque: 700Nm

Price: Dh554,000

On sale: now

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.”

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

The Specs

Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now

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Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

Company profile

Name: Oulo.com

Founder: Kamal Nazha

Based: Dubai

Founded: 2020

Number of employees: 5

Sector: Technology

Funding: $450,000

UAE currency: the story behind the money in your pockets
The specs

Engine: 4.0-litre, six-cylinder

Transmission: six-speed manual

Power: 395bhp

Torque: 420Nm

Price: from Dh321,200

On sale: now

UAE currency: the story behind the money in your pockets
How Alia's experiment will help humans get to Mars

Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.

Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.

After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.

Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.

It also means that the first DNA experiments using human genomes can now be carried out on the ISS.

 

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20myZoi%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Syed%20Ali%2C%20Christian%20Buchholz%2C%20Shanawaz%20Rouf%2C%20Arsalan%20Siddiqui%2C%20Nabid%20Hassan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2037%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20Initial%20undisclosed%20funding%20from%20SC%20Ventures%3B%20second%20round%20of%20funding%20totalling%20%2414%20million%20from%20a%20consortium%20of%20SBI%2C%20a%20Japanese%20VC%20firm%2C%20and%20SC%20Venture%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
The specs

Price: From Dh529,000

Engine: 5-litre V8

Transmission: Eight-speed auto

Power: 520hp

Torque: 625Nm

Fuel economy, combined: 12.8L/100km

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

The rules of the road keeping cyclists safe

Cyclists must wear a helmet, arm and knee pads

Have a white front-light and a back red-light on their bike

They must place a number plate with reflective light to the back of the bike to alert road-users

Avoid carrying weights that could cause the bike to lose balance

They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians

Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding

Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.

Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.

Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.

For more details, email openminds@cultures.ae or visit www.cultures.ae

 

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers