The US defence secretary Chuck Hagel is welcomed by the Saudi deputy defence minister Salman bin Sultan at King Abdulaziz International Airport in Jeddah on May 13, 2014. Mandel Ngan / Getty Images
The US defence secretary Chuck Hagel is welcomed by the Saudi deputy defence minister Salman bin Sultan at King Abdulaziz International Airport in Jeddah on May 13, 2014. Mandel Ngan / Getty Images
The US defence secretary Chuck Hagel is welcomed by the Saudi deputy defence minister Salman bin Sultan at King Abdulaziz International Airport in Jeddah on May 13, 2014. Mandel Ngan / Getty Images
The US defence secretary Chuck Hagel is welcomed by the Saudi deputy defence minister Salman bin Sultan at King Abdulaziz International Airport in Jeddah on May 13, 2014. Mandel Ngan / Getty Images

Hagel in Saudi to push for more GCC security cooperation


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New York // The US defence secretary will meet with his GCC counterparts in Jeddah on Wednesday to push for greater regional security coordination before Washington-led negotiations with Tehran enter their final stages this summer.

Chuck Hagel met the Saudi deputy defence minister, Salman bin Sultan, after landing in Jeddah on Tuesday and thanked Saudi leaders for hosting the first US-GCC Strategic Defence Dialogue since 2008, according to Pentagon spokesman Rear Admiral John Kirby.

They discussed “regional threats and challenges including Iran and Syria and the importance of maintaining close cooperation on these and other issues in the region”, Adm Kirby said.

The US administration has been pushing for the GCC countries to cooperate more closely and integrate their missile defences in order to demonstrate to Iran that despite its plans for a strategic shift away from the Middle East to East Asia, Washington is committed to the region’s security.

The common challenges faced in the region cannot be solved without the partnership of the GCC nations, and the summit reflects the US commitment to regional approaches, a defence official told the Pentagon’s news service.

The US president Barack Obama has cleared the way for US military sales to the GCC as a bloc, rather than just to each country bilaterally, which is also meant to reassure Gulf countries angered by Washington’s negotiations with Tehran and the stated US desire to “pivot” its foreign policy focus to East Asia.

But GCC countries prefer to engage with the US bilaterally, in line with their individual interests, which do not necessarily align. The unprecedented rift in the GCC between Qatar on the one hand and Saudi Arabia and the UAE on the other over Doha’s support for the Muslim Brotherhood make the goal of integration more remote.

The Saudi press reported that Qatar’s defence minster would attend Wednesday’s talks, but Qatar’s military attache in Washington had not confirmed this by the time of publication.

Wednesday’s talks will focus on building closer coordination between the US and GCC regarding their approaches to the war in Syria as well as how to help Egypt as it struggles with political transition and economic reform.

Negotiations with Iran over its disputed nuclear programme have also raised fears that the US was not thinking of its traditional allies’ security and that Tehran would get a free hand to pursue destabilising regional policies if a deal was struck.

The US has worked to dispel these fears, culminating in Mr Obama’s talks with Saudi King Abdullah last month near Riyadh. Mr Hagel will bolster the message of reassurance about Washington’s intentions and also address differences over stronger multilateral cooperation at the meeting on Wednesday.

Most of the countries have engaged cautiously with Tehran, and the Iranian foreign minister, Mohammad Javad Zarif, visited the UAE, Kuwait, Qatar and Oman to ease fears following an interim nuclear agreement with world powers that loosened sanctions on Iran.

Ties between Riyadh and its arch rival Tehran have remained strained, but recent signs point toward a softening. On Tuesday, the Saudi foreign minister, Prince Saud Al Faisal, invited Mr Zarif to visit Riyadh.

“This intention to visit has not become a fact ... but any time he sees fit to come, we are willing to receive [Zarif],” Prince Faisal said. “We’ll negotiate with them [Iran], we’ll talk with them, and our hope is that Iran becomes part of the effort to make the region as safe and as prosperous as possible and not become part of the problem.”

Saudi Arabia supports rebels fighting the Iranian-backed regime in Syria, and claims that Iran meddles in Gulf affairs. But Riyadh faces mounting concerns of terrorist blowback from the Syrian war. Saudi authorities recently announced they had dismantled a local cell of the Islamic State of Iraq and the Levant (ISIL), a breakaway faction of Al Qaeda fighting in Syria.

The Saudi invitation does not mean “that everything is over in terms of the issues they have with each other, but it’s a big step in the direction of reconciliation”, Ghanem Nuseibeh, founder of Cornerstone Global Associates, which advises clients on risk in the Middle East, told Bloomberg.

“They know that they need to work together to ensure that their interests don’t go directly against each other.”

tkhan@thenational.ae

Expo details

Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia

The world fair will run for six months from October 20, 2020 to April 10, 2021.

It is expected to attract 25 million visits

Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.

More than 30,000 volunteers are required for Expo 2020

The site covers a total of 4.38 sqkm, including a 2 sqkm gated area

It is located adjacent to Al Maktoum International Airport in Dubai South

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Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

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Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

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Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

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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.”

Four-day collections of TOH

Day             Indian Rs (Dh)        

Thursday    500.75 million (25.23m)

Friday         280.25m (14.12m)

Saturday     220.75m (11.21m)

Sunday       170.25m (8.58m)

Total            1.19bn (59.15m)

(Figures in millions, approximate)

Left Bank: Art, Passion and Rebirth of Paris 1940-1950

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Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

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Pool A Dubai Hurricanes, Bahrain, Dubai Exiles, Dubai Tigers 2

Pool B Abu Dhabi Harlequins, Jebel Ali Dragons, Dubai Knights Eagles, Dubai Tigers

 

Opening fixtures

Thursday, December 5

6.40pm, Pitch 8, Abu Dhabi Harlequins v Dubai Knights Eagles

7pm, Pitch 2, Jebel Ali Dragons v Dubai Tigers

7pm, Pitch 4, Dubai Hurricanes v Dubai Exiles

7pm, Pitch 5, Bahrain v Dubai Eagles 2

 

Recent winners

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2016 Abu Dhabi Harlequins

2015 Abu Dhabi Harlequins

2014 Abu Dhabi Harlequins

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Man of the match James Maddison (Leicester)

Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

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Gordon (34'), Fabinho (44' pen, 90' 3), Firmino (78')

Shrewsbury
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Man of the Match: Kaide Gordon (Liverpool)

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Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

Gender pay parity on track in the UAE

The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.

"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."

Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.

"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.

As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general. 

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Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

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To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

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Casket match
The Undertaker v Rusev

Intercontinental Championship
Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe

SmackDown Tag Team Championship
The Bludgeon Brothers v The Usos

Raw Tag Team Championship
Sheamus and Cesaro v Bray Wyatt and Matt Hardy

United States Championship
Jeff Hardy (champion) v Jinder Mahal

Singles match
Triple H v John Cena

To be confirmed
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