Egyptian interim president Adly Mansour (right) meets with Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces (second from right) in Cairo.
Egyptian interim president Adly Mansour (right) meets with Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces (second from right) in Cairo.
Egyptian interim president Adly Mansour (right) meets with Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces (second from right) in Cairo.
Egyptian interim president Adly Mansour (right) meets with Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces (second from right) in Cairo.

Mohammed bin Zayed visits Cairo to 'stand by our brothers in Egypt'

High-level visit underscoring support for Egypt's interim government and the deep ties between the two nations hailed as a milestone. Alice Fordham reports from Cairo.

Alice Fordham

September 02, 2013

  • English
  • Arabic

CAIRO// Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, arrived in Cairo yesterday for a high-level visit underscoring support for Egypt's interim government and the deep ties between the two nations.
Thousands of Egyptians thronged Cairo airport to welcome him and show appreciation for the UAE for standing with their country. They waved the flags of the UAE and Egypt and raised pictures of Sheikh Khalifa, the President, and of Sheikh Zayed, the nation's founder.
Sheikh Mohammed was greeted at the airport by the interim prime minister Hazem Beblawi. He inspected an honour guard and shook hands with senior Egyptian officials.
His visit at this delicate time was "one of the most important milestones" in the relations between the two nations, said Tamer Mansour, Egypt's ambassador to the UAE.
It highlighted the UAE's "sincere Arab role" in assisting the Egyptian people politically and economically to help them achieve the goals for which they demonstrated in the June 30 revolution, Mr Mansour told Wam, the state news agency.
The Crown Prince and Egypt's interim president Adly Mansour discussed mutual cooperation and how to bolster regional and international peace and stability.
"It is our duty to stand by our brothers in Egypt who are capable of overcoming the current circumstances by making the political process in this transitional phase a success," Sheikh Mohammed said.
Sheikh Mohammed underscored the UAE's relief at the return of security and stability thanks to Egypt's leadership and national forces.
He said the UAE supported Egyptians and praised their rejection of violence to ensure stability. He also praised the role of the army after meeting the army chief Gen Abdel Fattah El Sisi, and said the army's stance was "the major response to those who sought to tamper with stability, security, development and coexistence in Egypt".
The Crown Prince said Sheikh Khalifa was clear in providing support to Egypt and advance its economy.
The UAE has been a significant backer of the interim government. In July, the UAE pledged Dh11 billion in aid in a significant show of support after Mohammed Morsi was removed from power by the military. The UAE pledged a $1 billion grant and $2bn in the form of a zero-interest loan.
Saudi Arabia, Kuwait and Qatar have also sent aid.
Mr Mansour praised the UAE's support for Egypt and the aspirations of its people, and said it showed the fraternal relationship between the two countries.
Sheikh Mohammed was accompanied by Sheikh Hazza bin Zayed, National Security Adviser and Vice President of Abu Dhabi Executive Council, and Sheikh Abdullah bin Zayed, the Minister of Foreign Affairs.
The Egyptian people "will never forget the UAE's historic stance" on Egypt and its support for the Egyptian people and their will, the Egyptian foreign ministry spokesman, Badr Abdel Ati, told Wam.
"It is no surprise that the UAE stand by the will of the people," he said. "The brotherly UAE has stood by Egypt in all previous tribulations and tough times, just like Egypt stood by its Arab brothers throughout history."
afordham@thenational.ae
twitter: For breaking news from the Gulf, the Middle East and around the globe follow The National World. Follow us

Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
The National in Davos

We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.

Barcelona 3
Messi (27’, 32’, 87’)

Leganes 1
El Zhar (68’)

MATCH INFO

Uefa Champions League, last 16, first leg

Ajax v Real Madrid, midnight (Thursday), BeIN Sports

The years Ramadan fell in May

1987

1954

1921

1888

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.”

While you're here
MATCH INFO

Inter Milan 2 (Vecino 65', Barella 83')

Verona 1 (Verre 19' pen)

MATCH INFO

Uefa Champions League, semi-final result:

Liverpool 4-0 Barcelona

Liverpool win 4-3 on aggregate

Champions Legaue final: June 1, Madrid

AfricaEgyptUAETechnology