Saudi King Salman meeting Qatari Emir Tamim Al Thani before the opening session of 2015's GCC summit in Riyadh. EPA
Saudi King Salman meeting Qatari Emir Tamim Al Thani before the opening session of 2015's GCC summit in Riyadh. EPA

Qatar receives GCC summit invitation letter from Saudi King Salman



The Emir of Qatar, Tamim Al Thani, received a letter from King Salman of Saudi Arabia late on Tuesday in the first correspondence since the boycott of Doha began in June 2017.

Saudi Arabia, along with the UAE and Bahrain, have been embroiled in a diplomatic spat with Doha that has seen previously close ties between the Gulf neighbours break down.

Kuwait state news agency reported that the Emir received a written letter from the Custodian of the Two Holy Mosques, hand-delivered by the Secretary General of the GCC, Dr Abdullatif Al Zayani. Qatar state news agency also reported the same.

It is unclear whether Emir Tamim will represent his country at the GCC conference to be held in Riyadh on December 9. At last year’s summit in Kuwait, Qatar was the only state from the six-nation bloc to send their head of state to the meeting. But his absence from the Arab League summit in Saudi Arabia earlier this year suggests he may be avoiding meetings in the Kingdom behind the boycott.

A Kuwaiti official cautioned that rapprochement is not necessarily imminent.

“This summit in my opinion will not resolve Qatar crisis, there’s too much tension," an official in the Kuwaiti royal palace said. "Kuwait has always been supportive but I think we’ve reached a point that we’re there to observe and listen rather than fix matters.”

The official, who spoke anonymously as they were not authorised to brief the media, said that Kuwait's Emir Sabah Al Ahmed continues to serve the role of chief mediator but reconciliation will remain a decision both sides must reach together.

Although not much is expected from the talks, the two sides' willingness to engage in dialogue is a “small step” towards a more positive relationship, said Michael Stephens, research fellow at the Royal United Services Institute for Defence and Security Studies. “I think it’s actually a positive sign," he said. "No matter what it goes through – and even if it’s a moribund institution politically – I think the framework of the GCC would still survive.”

Regardless of the differences in the GCC, the member states still share enough economic and security challenges that working together serves their individual interests, Mr Stephens said. “There is common thinking and a common approach and I think ultimately for all sides that they’re at least being seen as trying to co-operate.”

Since the dispute broke out, the royal families from the two sides have had little contact, with the exception of a phone call between the Crown Prince Mohammed bin Salman and Emir Tamim that turned sour.

The call came months after the initial announcement of the boycott  and was believed to be an attempt at reconciliation. Media coverage of the call from both the Saudi and Qatari sides reported conflicting details on which side reached out initially, and afterwards Riyadh denounced any prospect for dialogue.

The dispute with Qatar is not the region's first. In 2014, the three countries recalled their ambassadors from Doha over Qatar’s support for the Muslim Brotherhood, which the three Gulf states view as undermining their domestic security.

The 2014 crisis lasted eight months and was resolved in an emergency meeting in Riyadh where the countries vowed to turn over a new leaf.

The Qatari news agency reported that Emir Tamim is travelling to Malaysia on a “working visit” and did not indicate when he would return.

This invite follows Qatar's abrupt withdrawal from Opec to focus on gas production — a move many say was aimed at Saudi Arabia and its allies.

Apart from crude, Qatar sits on the world's third-largest gas reserves and is the number-one producer of liquefied natural gas.

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Read more:

Qatar 'isolating itself' as GCC countries get ready to meet in Saudi Arabia for summit

Opec to convene amid concerns over consensus and Qatar's looming exit

Quicktake: why is Qatar leaving Opec?

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Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
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Investment raised: $4 million 
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Stars: Basel Adra, Yuval Abraham

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Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

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On sale: Later in 2025 or early 2026, depending on region

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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.”

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
BEETLEJUICE BEETLEJUICE

Starring: Winona Ryder, Michael Keaton, Jenny Ortega

Director: Tim Burton

Rating: 3/5

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Past winners of the Abu Dhabi Grand Prix

2016 Lewis Hamilton (Mercedes-GP)

2015 Nico Rosberg (Mercedes-GP)

2014 Lewis Hamilton (Mercedes-GP)

2013 Sebastian Vettel (Red Bull Racing)

2012 Kimi Raikkonen (Lotus)

2011 Lewis Hamilton (McLaren)

2010 Sebastian Vettel (Red Bull Racing)

2009 Sebastian Vettel (Red Bull Racing)

 

The specs
Engine: 4.0-litre flat-six
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Fuel economy, combined: 13.8L/100km
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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

The specs: 2019 Aston Martin DBS Superleggera

Price, base: Dh1.2 million

Engine: 5.2-litre twin-turbo V12

Transmission: Eight-speed automatic

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Torque: 900Nm @ 1,800rpm

Fuel economy, combined:  12.3L / 100km (estimate)

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SERIES INFO

Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series

All matches at the Zayed Cricket Stadium, Abu Dhabi

Test series

1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March – Sunday, 14 March

Play starts at 9.30am

T20 series

1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March

TV
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now