Europe's conservatives backed Ursula von der Leyen for a second term as head of the EU's executive on Thursday, sending her into battle with a pledge to get tough on illegal migration.
A congress in Bucharest formally crowned Ms von der Leyen as lead candidate of the European People's Party for EU-wide elections in June.
Ms von der Leyen, 65, is running on a platform of defending Europe's values and security after a turbulent first term as President of the European Commission.
The next five-year term could prove similarly challenging as the war in Ukraine drags on, climate deadlines draw nearer, the far-right jostles for power and Donald Trump plots his comeback in the US.
"This is what we are standing for: democracy, prosperity, security. We cannot have one without the others," Ms von der Leyen told delegates in Bucharest, where a 400-89 ballot confirmed her nomination.
Centre-right leaders from across Europe threw their support behind Ms von der Leyen, a former German defence minister who was a surprise choice to lead the commission in 2019.
A 25-page manifesto for the broad centre-right alliance promises to support Ukraine, ramp up Europe's arms production and step up the fight against terrorism and organised crime.
In an eye-catching migration pledge, it proposes a "fundamental change in European asylum law" in which claims could be processed in third countries.
A scheme similar to Britain's Rwanda deportation plan would be legal because there is no "right to freely choose the country of protection", the manifesto says.
The manifesto also calls for EU border agency Frontex to treble its manpower and for all migration to the EU to be "comprehensively electronically monitored".
"It is us, the Europeans, who decide who comes to Europe and under what circumstances, and not the organised crime of smugglers and traffickers," Ms von der Leyen said.
Austrian Chancellor Karl Nehammer, one of the leaders speaking in Bucharest, backed the call for asylum procedures in "safe third countries".
"We must ensure that those who cannot stay in the union are removed," he said.
The party is calling for a more muscular European foreign policy in which sanctions could be passed over the veto of individual members such as Hungary.
It hopes to bring the UK, which left the EU in 2020, into a new "European Security Council" and draw a up a long-term strategy for the Middle East.
Ms von der Leyen is treading a careful line in climate policy by touting her sprawling Green Deal package while assuring the right she prefers "positive incentives" to regulation.
Her party also wants a "digital awakening" that makes the EU a force to be reckoned with in artificial intelligence, alongside the US and China.
With Donald Trump gaining momentum in his bid to return to the White House, Ms von der Leyen is siding with calls for Europe to take more responsibility for its own defence.
The aim is to modernise armed forces that fell into disrepair after the end of the Cold War, with Ms von der Leyen taking some of the blame for that given her tenure at the German defence ministry.
"Europe must spend more, Europe must spend better and Europe must spend European," she said on Thursday.
The Party of European Socialists, representing the broad centre-left, has chosen Luxembourg’s Nicolas Schmit as its lead candidate for the election, which takes place between June 6 and 9.
Polls show the EPP in the lead.
Although voters are electing the European Parliament, not the commission directly, the idea behind choosing a lead candidate is that whichever bloc wins would put that person forward as president.
However, that system was put aside in 2019 when none of the lead candidates proved acceptable to European leaders and Ms von der Leyen was parachuted in as a compromise.
Her own German government abstained on her nomination after some members of the coalition criticised her performance as defence minister.
The daughter of early Brussels official and West German politician Ernst Albrecht, Ms von der Leyen is the first female head of the commission.
A trained gynaecologist and mother of seven, she held several posts in Angela Merkel's government in Germany before transferring to Brussels.
She had been linked with a switch to Nato's top job but instead chose to seek a second term at the helm of the EU. Dutch Prime Minister Mark Rutte is considered the favourite for the Nato role.
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
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.”
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Arabian Gulf League fixtures:
Friday:
- Emirates v Hatta, 5.15pm
- Al Wahda v Al Dhafra, 5.25pm
- Al Ain v Shabab Al Ahli Dubai, 8.15pm
Saturday:
- Dibba v Ajman, 5.15pm
- Sharjah v Al Wasl, 5.20pm
- Al Jazira v Al Nasr, 8.15pm
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Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)