Iraq has kicked off the construction of a border compound on the frontier with Saudi Arabia, in bid to boost ties between the two. Supervised by the Iraqis and funded by the Saudis, the structure is expected to house a customs department, a hospital and health centre and a university.
Baghdad and Riyadh announced plans to open the Arar border crossing in 2017 for trade for the first time since 1990, when it closed after the two countries cut ties following former dictator Saddam Hussein's invasion of Kuwait.
“A government complex has been set up in the Arar area, which lies 400 kilometres southwest of Ramadi,” Mohammed Hamoud, the director of communications of Anbar province's council said on Tuesday.
The project is being funded and implemented by a Saudi construction company called MASCO, the same group responsible for the railway project linking Makkah to Madina. Meanwhile Anbar’s local government say they have formed a team to oversee the project.
Iraq’s ambassador to Saudi Arabia, Khatan Taha Khalaf said on Twitter in January that the two states are working on opening the Arar border crossing “as quickly as possible.”
The UAE and Saudi Arabia have been working to strengthen relations with Iraq in an effort to halt the growing regional influence of Iran. Iraq is seeking economic benefits from closer ties with Riyadh and Abu Dhabi.
Meanwhile, a leading Dubai-based Saudi owned entertaining group announced in January that it will launch a premium television channel geared towards generating an Iraqi audience.
The Middle East Broadcasting Center, MBC, will broadcast an Iraqi channel which will showcase a selection of Iraqi programmes.
The launch, expected to take place this month, will be part of MBC’s five-year plan to “grow throughout the region” according to the statement.
MBC is known as the biggest entertainment group in the region.
The company’s relations with “Iraqi viewers has been ongoing for years, primarily through televising Iraqi dramas that feature Iraqi talent including singers and many other television stars,” MBC said.
Many Iraqis contributed to the establishment of the channel in the early 1990s, especially in the technical and production side.
The Saudi-Iraqi rapprochement extends back to 2015, when Saudi Arabia reopened its embassy in Baghdad following a 25-year break.
Former Saudi Foreign Minister Adel Al Jubeir visited Baghdad in February 2016.
In October 2017, two months before Iraq declared victory over ISIS, the countries established the Iraqi-Saudi Joint Coordination Council, to help rebuild devastated areas retaken from the militants in Iraq.
ENGLAND TEAM
Alastair Cook, Mark Stoneman, James Vince, Joe Root (captain), Dawid Malan, Jonny Bairstow, Moeen Ali, Chris Woakes, Craig Overton, Stuart Broad, James Anderson
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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.”
Results
6.30pm: Madjani Stakes Group 2 (PA) Dh97,500 (Dirt) 1,900m, Winner: RB Frynchh Dude, Pat Cosgrave (jockey), Helal Al Alawi (trainer)
7.05pm: Maiden (TB) Dh82,500 (D) 1,400m, Winner: Mnasek, Dane O’Neill, Doug Watson.
7.40pm: Maiden (TB) Dh82,500 (D) 1,600m, Winner: Grand Dubai, Sandro Paiva, Ali Rashid Al Raihe.
8.15pm: Handicap (TB) Dh87,500 (D) 2,200m, Winner: Meqdam, Sam Hitchcock, Doug Watson.
8.50pm: Dubai Creek Mile Listed (TB) Dh132,500 (D) 1,600m, Winner: Thegreatcollection, Pat Cosgrave, Doug Watson.
9.25pm: Conditions (TB) Dh120,000 (D) 1,900m, Winner: Sanad Libya, Richard Mullen, Satish Seemar.
10pm: Handicap (TB) Dh92,500 (D) 1,400m, Winner: Madkhal, Adrie de Vries, Fawzi Nass.
England Test squad
Ben Stokes (captain), Joe Root, James Anderson, Jonny Bairstow, Stuart Broad, Harry Brook, Zak Crawley, Ben Foakes, Jack Leach, Alex Lees, Craig Overton, Ollie Pope, Matthew Potts
Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
