A summit of EU leaders on Tuesday exposed divisions over how far Europe should seek military independence from Washington, after France was enraged by seeing a submarine contract bulldozed by the US.
France’s humiliation after it was left out in the cold by the Aukus pact, an alliance between the UK, US and Australia, came with calls for EU autonomy already growing louder after the messy withdrawal from Afghanistan.
But some countries in Central and Eastern Europe are concerned a European army would weaken Nato, which they regard as their key line of defence against Russia.
The EU has a reserve of “battle groups” that have been on standby since 2007 but never used. Brussels suggests replacing them with a rapid response force, which could carry out operations such as the evacuation from Kabul.
The summit in Slovenia ended without concrete conclusions as the EU prepares to present a new strategic blueprint next month.
French President Emmanuel Macron used the dinner to call on EU leaders to be “clear with ourselves about what we want”.
“On the technological and industrial, economic, financial, but also military levels, we must build the terms of a stronger Europe,” he said.
“You know that this is what I deeply believe. A Europe that can take its share of responsibilities for itself and which can choose its partners, while working closely with its historical allies.”
Charles Michel, the president of the European Council, joined Mr Macron in making the case for EU autonomy. “To become more effective and assertive on the international stage, the European Union needs to increase its capacity to act autonomously,” he said.
“We are committed to consolidating our strengths and strengthening our resilience by reducing our critical dependencies.”
The EU’s executive arm did not present a concrete proposal at the summit, which came ahead of talks on EU enlargement to the Balkans on Wednesday.
Dutch Prime Minister Mark Rutte said the meeting had been a useful “brainstorming debate” but acknowledged different attitudes within Europe.
“Some member states will put more emphasis on the European side, our collective defence, whilst others will put more emphasis on the need for a strong transatlantic relationship,” he said.
“But we all agree that both elements have to be in.”
Russian threat
The US alliance is regarded as critical to countering the threat of Russia. Nato’s relations with Moscow were described at a June summit as being at their lowest point since the end of the Cold War.
Krisjanis Karins, the prime minister of Latvia, was among those to stress transatlantic ties at Tuesday’s summit.
“It’s a good idea to speak about how, in Europe, we can make ourselves stronger. That is not, I think, a problem,” he said.
“The question is – how do we make ourselves stronger within the alliances that we have? The EU-Nato alliance, the transatlantic alliance is a very important aspect that should not in any way be compromised.”
The president of Lithuania, Gitanas Nauseda, made his point in an early-morning tweet decorated with EU and US flags.
“The US is a key partner of the EU,” he said. “We share same values and long history. The EU and US need to work together on strengthening the transatlantic bond.”
Joe Biden’s election as US president raised hopes for a renewal of Nato ties after the stormy Donald Trump years.
But the alliance faced questions over its future after the US withdrawal from Afghanistan effectively tied the hands of Washington’s European allies.
Speaking on Wednesday, Nato Secretary-General Jens Stoltenberg came to the organisation's defence and said the fallout from Afghanistan should not weaken transatlantic ties.
"The crisis in Afghanistan does not change the need for North America and Europe to stand together in a more dangerous and competitive world," he told a German panel reviewing the mission in Afghanistan.
"Russia’s aggressive actions, the continued threat of terrorism, China flexing its economic and military muscles, sophisticated cyber-attacks, the proliferation of nuclear weapons and the security impact of climate change – these are challenges that no country and no continent can face alone."
While arguments were still raging over Afghanistan, ties were frayed further when the US, UK and Australia announced their deal to build submarines, tearing up a deal for France to provide the vessels.
It left France sidelined in the Indo-Pacific after it had sought to position itself as a key strategic player in the region.
Paris and Washington have since sought to repair ties. Mr Macron spoke to US Secretary of State Antony Blinken on Tuesday.
The Elysee Palace said Mr Blinken's visit would contribute to "restoring confidence" between the sides.
La Mer lowdown
La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
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PETER%20PAN%20%26%20WENDY
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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.”
Read more about the coronavirus
Dunki
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Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
Ferrari
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
RACE CARD
6.30pm: Madjani Stakes Group 2 (PA) Dh97,500 (Dirt) 1,900m
7.05pm: Maiden (TB) Dh82,500 (D) 1,400m
7.40pm: Maiden (TB) Dh82,500 (D) 1,600m
8.15pm: Handicap (TB) Dh87,500 (D) 2,200m
8.50pm: Dubai Creek Mile Listed (TB) Dh132,500 (D) 1,600m
9.25pm: Conditions (TB) Dh120,000 (D) 1,900m
10pm: Handicap (TB) Dh92,500 (D) 1,400m
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
if you go
The flights
Direct flights from the UAE to the Nepalese capital, Kathmandu, are available with Air Arabia, (www.airarabia.com) Fly Dubai (www.flydubai.com) or Etihad (www.etihad.com) from Dh1,200 return including taxes. The trek described here started from Jomson, but there are many other start and end point variations depending on how you tailor your trek. To get to Jomson from Kathmandu you must first fly to the lake-side resort town of Pokhara with either Buddha Air (www.buddhaair.com) or Yeti Airlines (www.yetiairlines.com). Both charge around US$240 (Dh880) return. From Pokhara there are early morning flights to Jomson with Yeti Airlines or Simrik Airlines (www.simrikairlines.com) for around US$220 (Dh800) return.
The trek
Restricted area permits (US$500 per person) are required for trekking in the Upper Mustang area. The challenging Meso Kanto pass between Tilcho Lake and Jomson should not be attempted by those without a lot of mountain experience and a good support team. An excellent trekking company with good knowledge of Upper Mustang, the Annaurpuna Circuit and Tilcho Lake area and who can help organise a version of the trek described here is the Nepal-UK run Snow Cat Travel (www.snowcattravel.com). Prices vary widely depending on accommodation types and the level of assistance required.
Women%E2%80%99s%20Asia%20Cup
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5