“I stand here today to extend a hand of peace and receive a hand of peace.”
With those words, the UAE Minister of Foreign Affairs and International Co-operation, Sheikh Abdullah bin Zayed, addressed a high-level audience of several hundred gathered on the south lawn of the White House to witness the historic signing of a peace accord between Israel and the UAE.
Last month, the US-brokered Abraham Accord was agreed to during a call between Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, President Donald Trump and Israeli Prime Minister Benjamin Netanyahu. Bahrain later agreed its own accord with Israel.
Sheikh Abdullah, the Bahraini Foreign Minister Dr Abdullatif Al Zayani and Mr Netanyahu were in Washington on Tuesday to formally sign documents paving the way for full normalisation of relations between Israel and the two Arab countries.
“We are already witnessing a change in the heart of the Middle East, a change that will send hope around the world,” Sheikh Abdullah, who first spoke in English before switching to Arabic for much of his speech, said on Tuesday.
“We are witnessing today a new trend that will create a better path for the Middle East.”
The accord “will continue to have a positive impact, as we believe that its reverberations will be reflected on the entire region”, he said.
“This new vision, which is beginning to take shape as we meet today for the future of a region full of youthful energy, is not a slogan that we raise for political gain, as everyone looks forward to creating a more stable, prosperous, and secure future,” Sheikh Abdullah said.
He thanked Mr Netanyahu for halting the planned annexation of Palestinian territories, “a decision that reinforces our shared will to achieve a better future for generations to come”.
The accord, including a pledge to halt annexation in return for full relations between the UAE and Israel, enables the UAE “to continue to stand by the Palestinian people and realise their hopes for an independent state within a stable and prosperous region”.
It also “builds upon previous peace agreements signed by Arab nations” with Israel.
The deals signed on Tuesday make the UAE and Bahrain the third and fourth Arab states to take such steps to normalise ties since Israel signed peace treaties with Egypt in 1979 and Jordan in 1994.
“In this difficult year when the world is suffering from the repercussions of the Covid-19 pandemic, the United Arab Emirates has reinforced its humanitarian commitments, established by our nation’s Founding Father, Sheikh Zayed, who taught us that standing with others, regardless of religious or ethnic affiliation, is a humanitarian duty and a firm principle," Sheikh Abdullah said.
Attending the ceremony were senior US officials including Vice President Mike Pence, Secretary of State Mike Pompeo and senior adviser Jared Kushner.
Former British prime minister Tony Blair and Fifa president Gianni Infantino were among the international guests. Officials from Oman, Egypt and Sudan were also present.
"We're here this afternoon to change the course of history," Mr Trump said.
"After decades of division and conflict we mark the dawn of a new Middle East thanks to the great courage of the leaders of these three countries."
Mr Netanyahu said he was grateful to Mr Trump.
"To all of Israel's friends in the Middle East, those who join us today and those who will join us tomorrow, I say 'as-Salam Alaikum', peace unto thee, shalom," he said.
Dr Al Zayani opened his address by saying it was a "moment of hope and opportunity for all the people of the Middle East, and in particular for the millions in our younger generations".
He said the agreement would enhance Bahrain's principles of coexistence and harmony, and that genuine co-operation was the most effective means to peace.
At a meeting with Mr Trump before the ceremony to sign accords with Israel, Sheikh Abdullah said: "Our region has suffered far too long.
"We want to show our people, the region and the world that there is good news."
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The text of the agreement in full
3%20Body%20Problem
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
THE LOWDOWN
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Directed by: Robby Grewal
Cast: John Abraham, Mouni Roy, Jackie Shroff and Sikandar Kher
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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4pm Handicap (TB) Dh40,000 2,000m
Winner Skygazer, Sandro Paiva, Ali Rashid Al Raihe.
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5pm Sharjah Marathon (PA) Dh70,000 2,700m
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Company%C2%A0profile
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Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
Muguruza's singles career in stats
WTA titles 3
Prize money US$11,128,219 (Dh40,873,133.82)
Wins / losses 293 / 149
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.”
UAE currency: the story behind the money in your pockets
