The UAE will stand by Saudi Arabia “through thick and thin”, Sheikh Mohammed bin Rashid has said in an interview that focused on the country's relationship with Riyadh as its crown prince visited Abu Dhabi.
"We stand with Saudi Arabia though thick and thin and our bilateral ties are bolstered under the umbrella of the Saudi-Emirati Coordination Council," the UAE's Prime Minister, Vice President and Ruler of Dubai said in an interview with Saudi-owned Asharq al Awsat newspaper.
The comments came the day after Saudi Arabia’s crown prince, Mohammed Bin Salman, visited the UAE capital in the first foreign trip since the murder of journalist and critic of Saudi policy, Jamal Khashoggi.
While the kingdom has arrested what they say is a cabal of rogue operators suspected of being behind the killing in the Saudi consulate in Istanbul, the fact that senior intelligence and palace officials were implicated has put pressure on Riyadh to uncover the extent of the conspiracy.
The government has categorically denied that the crown prince had any involvement or prior knowledge of the killing.
"We in the kingdom know that such allegations about the crown prince have no basis in truth and we categorically reject them,” Foreign Minister Adel Al Jubeir said last week.
However, the killing of the former Riyadh insider turned self-exiled critic has put the spotlight on the kingdom.
Abu Dhabi is Prince Mohammed's first stop on a regional tour that is expected to include Bahrain, Egypt and Tunisia. He is also due to travel to Argentina to attend the G20 summit in the coming week.
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, welcomed the Saudi crown prince on his arrival on Thursday. The two leaders discussed relations between their countries, which Sheikh Mohamed hailed as "an exceptional role model for brotherly ties".
Prince Mohammed also visited the Yas Marina Circuit where the Abu Dhabi Grand Prix is being held this weekend.
In his interview, published on Saturday, Sheikh Mohammed bin Rashid said that despite tension in the region over Iran, progress had not stopped.
“Tension is nothing new in our region, it has been almost constant for 40 years and despite that the wheel of construction and development has not stopped and investment inflows have not stopped,” he said. “Undoubtedly, tensions cloud outlook and spread fear and investors take this into account but they also take into consideration the economic feasibility of investments.”
This would make investors “more cautious” but would not stop their search for favourable opportunities. Sheikh Mohammed said the GCC was becoming increasingly attractive for foreign direct investment and this was due to opportunities opening up as the economies develop and modernise.
One such avenue for development is the Saudi-Emirati Coordination Council – a body that first met last June and aims to boost co-operation between the countries through joint projects – which Sheikh Mohammed said has so far undertaken 44 joint strategic projects. “We aspire to build an integrated model that supports the Gulf co-operation journey and joint Arab activity,” he said.
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Read more:
Saudi-Emirati Co-ordination Council meets in Jeddah
Saudi-Emirati Co-ordination Council: all you need to know
Updated: Sheikh Khalifa forms joint military alliance between UAE and Saudi Arabia
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On the rapid development and change taking place in Saudi Arabia under Prince Mohammed as he pushes his ambitious Vision 2030 plan, the ruler of Dubai said he saw there was a lot of work to be done but that he was confident it would be achieved.
“I am optimistic and hopeful of the development process and the vast modernisation taking place in the kingdom [of Saudi Arabia],” he said. “The reality is that Vision 2030 necessitates our brothers work night and day to implement the vision’s plans, projects and programmes. They are capable of that and they are aware that the goals of the vision are not a mere choice but a necessary recipe to confront the current and future challenges.”
He pointed out that half of the Saudi population was under 30 years old and therefore job creation, expanding housing stock and building infrastructure was crucial for the government.
"Before that, they need modern education and an open environment for change and modernisation." With global changes taking place, a diversification away from oil and gas was crucial, he said.
Brief scores:
Manchester United 4
Young 13', Mata 28', Lukaku 42', Rashford 82'
Fulham 1
Kamara 67' (pen),
Red card: Anguissa (68')
Man of the match: Juan Mata (Man Utd)
Company%C2%A0profile
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MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
THE SPECS
Engine: 4.4-litre V8
Transmission: eight-speed automatic
Power: 523hp
Torque: 750Nm
Price: Dh469,000
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Company%20profile
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
More on Quran memorisation:
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
Stage 2
1. Mathieu van der Poel (NED) Alpecin-Fenix 4:18:30
2. Tadej Pogacar (SLV) UAE Team Emirates 0:00:06
3. Primoz Roglic (SLV) Jumbo-Visma 0:00:06
4. Wilco Kelderman (NED) Bora-Hansgrohe 0:00:06
5. Julian Alaphilippe (FRA) Deceuninck-QuickStep 0:00:08
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Tewellah by Nawal Zoghbi is out now.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
if you go
The flights
Etihad and Emirates fly direct from the UAE to Seoul from Dh3,775 return, including taxes
The package
Ski Safari offers a seven-night ski package to Korea, including five nights at the Dragon Valley Hotel in Yongpyong and two nights at Seoul CenterMark hotel, from £720 (Dh3,488) per person, including transfers, based on two travelling in January
The info
Visit www.gokorea.co.uk
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.”
Specs
Engine: 51.5kW electric motor
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Power: 134bhp
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More from Rashmee Roshan Lall
MATHC INFO
England 19 (Try: Tuilagi; Cons: Farrell; Pens: Ford (4)
New Zealand 7 (Try: Savea; Con: Mo'unga)
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The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
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Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final