RIYADH, SAUDI ARABIA- May 21, 2017: (R-L) HRH Prince Mohamed bin Salman bin Abdulaziz Al Saud, Deputy Crown Prince, second Deputy Prime Minister, and Minister of Defence of Saudi Arabia, HRH Prince Salman Bin Hamad Bin Isa Al Khalifah Crown Prince and First Deputy Supreme Commander of Bahrain, HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, HM King Hamad bin Isa Al Khalifa, King of Bahrain, HRH Prince Mohamed bin Nayef bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister, and Minister of Interior of Saudi Arabia, HE Sayyid Fahd bin Mahmoud Al Said, Deputy Prime Minster of Oman, HH Sheikh Tamim bin Hamad Al Thani Emir of Qatar, HH Sheikh Sabah Al Ahmad Al Jaber Al Sabah, Emir of Kuwait and HE Dr Abdullatif Al Zayani, Secretary General of the Gulf Cooperation Council for the Arab States of the Gulf (GCC), stand for a photograph during the 17th GCC Consultative summit in Riyadh.

( Hamad Al Kaabi / Crown Prince Court - Abu Dhabi )
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The last time the leaders of the six Arab Gulf countries were all together was in May 2017 at the 17th GCC Consultative summit in Riyadh. Saudi Arabia, the UAE and Bahrain cut ties with Qatar less thaShow more

GCC summit to convene despite Qatar crisis



An annual summit of heads of state of the GCC countries will convene in Kuwait next week despite the rift between some of the countries and Qatar.

A senior Kuwaiti official on Wednesday confirmed the meeting would take place on December 5 and 6 but said the level of representation was not yet clear.

It is not known if Qatar will attend the summit, but local newspapers reported that officials in Kuwait are preparing for all representatives to be present.

The Kuwaiti ministry of interior is placing all security forces on standby beginning next week – a procedure that commonly precedes major events in the Kuwaiti capital, a source told The National.

The summit, if attended by both sides of the ongoing rift, will be the first official meeting between Qatar and its three Gulf neighbours – Saudi Arabia, the UAE, and Bahrain – that cut diplomatic ties with Doha on June 5 over allegations it supports and harbours extremists. Egypt also severed relations with Qatar at the same time.

Event organisers said plans are still in motion to prepare for the summit.

Many look to the meeting as the best chance for resolving the row as the host country's ruler, Kuwaiti Emir Sabah Al Ahmed, has played the role of chief mediator in what will be a six-month old crisis by next week..

“We are not a party in this, we are one part of two brothers,” he said last month at the opening of Kuwait’s National Assembly. “Despite our hopes and desires, the crisis carries with it the possibility for development and we must be fully aware of the risks of escalation.”

However, Bahrain said in October that it will refuse to attend the summit if Doha does not change its policies and urged the other countries to suspend Qatar's 35-year membership of the GCC.

Earlier reports had indicated the GCC summit might be postponed for six months so that disputes could be resolved and tensions eased between the Gulf states.

Two Gulf diplomats also said Kuwait, which had led unsuccessful mediation efforts between the two sides, would again try to use the meeting to resolve the rift.

The crisis, which began in June, saw Saudi Arabia, the UAE, Bahrain and Egypt cut all ties with Doha over its support of terrorism and its attempts to undermine the stability of its neighbours. Doha denies the accusations.

Qatar says the four countries are trying to force Doha to fall in line with their own foreign policy views.

The years Ramadan fell in May

1987

1954

1921

1888

Sarfira

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Engine: 2.5-litre four-cylinder

Transmission: Continuously variable transmission

Power: 182hp @ 5,800rpm

Torque: 239Nm @ 4,400rpm

Fuel economy, combined: 8.1L / 100km (estimated)

The specs: 2019 Audi A7 Sportback

Price, base: Dh315,000

Engine: 3.0-litre V6

Transmission: Seven-speed automatic

Power: 335hp @ 5,000rpm

Torque: 500Nm @ 1,370rpm

Fuel economy 5.9L / 100km

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Barings Bank collapsed in February 1995 following colossal
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Leeson gambled more than $1 billion in speculative trades,
wiping out the venerable merchant bank’s cash reserves.

SPECS

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UAE currency: the story behind the money in your pockets
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'Ashkal'

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Stars: Fatma Oussaifi and Mohamed Houcine Grayaa

Rating: 4/5

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.”

Sheikh Zayed's poem

When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.

Your love is ruling over my heart

Your love is ruling over my heart, even a mountain can’t bear all of it

Woe for my heart of such a love, if it befell it and made it its home

You came on me like a gleaming sun, you are the cure for my soul of its sickness

Be lenient on me, oh tender one, and have mercy on who because of you is in ruins

You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge

You waddle even when you stand still, with feet white like the blooming of the dates of the palm

Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you

You are the cure for my sickness and my support, you dried my throat up let me go and damp it

Help me, oh children of mine, for in his love my life will pass me by.