Britain's new HMS Queen Elizabeth warship will join France's Charles de Gaulle aircraft carrier to form a highly potent armada in the Mediterranean in the coming months, defence chiefs say.
The Royal Navy’s £3 billion ($4.25bn) carrier with its 18 advanced F35 jets and the French Navy’s 30 Rafale fighters will present a considerable force, particularly against any Turkish forays in the Eastern Mediterranean over the summer.
HMS Queen Elizabeth is also ready to meet any potential ISIS threat at sea, senior naval commanders confirmed, as her maiden operational voyage approaches.
The likelihood of HMS Queen Elizabeth demonstrating her strength when she heads on the six-month deployment in the coming days is growing, with strikes against terrorist targets in Syria and Iraq being considered.
Furthermore, the carriers could be used against potential Houthi anti-ship missiles installations in Yemen, if it was decided they posed an imminent threat.
Defence chiefs have emphasised that the 65,000-tonne warship will lead an extremely potent force when it teams up with the French nuclear-powered carrier.
"There will be a very significant link-up with the French Navy in the Mediterranean with the Charles De Gaulle aircraft carrier and Queen Elizabeth which will come together and exercise together," said Angus Lapsley, the MOD's Director General Strategy. "This will help among other things underline just how potent the UK-French combined expeditionary force can be."
The united fleet of more than a dozen of the world’s most modern warships, including Britain’s Type 45 missile destroyers and Astute hunter-killer submarines, will be the strongest force seen in the Mediterranean for decades.
It will also be a symbolic moment of Anglo-French unity following a souring of relations post-Brexit that saw the two country’s warships on opposing sides during a fishing spat off the island of Jersey earlier this month.
This will help among other things underline just how potent the UK-French combined expeditionary force can be
The fleet will present an imposing sight and a dilemma particularly for President Recep Tayyip Erdogan, who has tried to build up a reputation of Turkey’s military might with numerous foreign interventions.
The commander of Britain’s military operations, Vice Admiral Sir Ben Key, also suggested that the fleet would be able to contribute to the campaign against terrorists. “I am entirely sure we can meet the threat of ISIS from the strike group,” he said.
Defence chiefs have also made it clear that the F35 jets will be used to strike the extremists to prevent them gaining a foothold in Iraq.
Once the carrier strike group composed of six warships accompanying HMS Queen Elizabeth leaves the Arabian Sea in the summer, it will sail east to make four lengthy stops in Asia, in Singapore, India, South Korea and Japan.
The potential for a further flashpoint will come when it enters the South China Sea. The British government has yet to confirm whether HMS Queen Elizabeth will make a highly symbolic but provocative passage through the Taiwan Strait, just off the coast of mainland China.
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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.”
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