UAE sends security troops to Bahrain to contribute to preserving order

'The United Arab Emirates affirms that this step represents a lively embodiment of its commitment to brothers in the Gulf Cooperation Council,' says Minister of State for Foreign Affairs, Dr Anwar Mohammed Gergash.

WAM

March 14, 2011

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ABU DHABI // The Minister of State for Foreign Affairs, Dr Anwar Mohammed Gergash, stated that the United Arab Emirates, in response to a request from the sisterly Kingdom of Bahrain for assistance in and contribution to establishing security and domestic stability, has decided to dispatch a security force to take part in preserving order and security in Bahrain.

"The United Arab Emirates affirms that this step represents a lively embodiment of its commitment to brothers in the Gulf Cooperation Council (GCC). It is also evidently expresses that the regional security and stability at this time requires us all to unite our ranks to protect achievements, keep sectarian strife away as well as to lay foundations for the future," Dr Gergash added.

"This is based on the United Arab Emirates' belief in the solid historic relations, fraternal ties, kinship and common destiny that the Arab GCC member states share. It also comes in light of the sublime principles which the GCC charter established, affirms the commitment of GCC member states to close ranks against any dangers facing them and considers the stability and security of GCC member states as one indivisible whole and also as a commitment to conventions and defence and security treaties," he further said.

Dr Gergash also noted that the United Arab Emirates follows with concern the developments in Bahrain, in particular the national dialogue initiative launched by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince of Bahrain and Deputy Supreme Commander.

"The UAE calls on all the Bahraini people to respond positively and without prior conditions to this invitation to contribute to the reduction of tension, end the current crisis and find suitable solutions that would preserve the achievements of the brotherly Bahraini people," Dr Gergash said.

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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.”

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

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