US Defence Secretary James Mattis speaks during the second day of the 14th Manama dialogue, Security Summit in Manama, Bahrain October 27, 2018. Reuters
US Defence Secretary James Mattis speaks during the second day of the 14th Manama dialogue, Security Summit in Manama, Bahrain October 27, 2018. Reuters

US and Arab states affirm commitment to new security alliance



A military conference in Bahrain has affirmed Washington’s push to create a new security and political alliance with Arab Gulf states, Egypt and Jordan, to combat Iranian expansion in the region.

US Secretary of Defence James Mattis said Washington is in discussions to form an inclusive Middle East Strategic Alliance (MESA) during the two-day meeting.

“The United States is committed to working by, with, and through allies and partners across the region to make this concept a reality and reinforce deterrence of hostile actions,” Mr Mattis said during his address.

Washington is pushing for a deeper cooperation between the Arab states on missile defence, military training, counter terrorism and strengthening regional and economic and diplomatic relations.

Saudi Foreign Minister Adel Al Jubeir and his Bahraini counterpart Sheikh Khalid Al Khalifa told the forum that talks were held about a framework for MESA that included Qatari officials and that the proposed alliance would not be affected by the ongoing boycott of the tiny Gulf state.

MESA “is an alliance for security and prosperity for the region and will be open to those who accept its principles,” Sheikh Khalid said, adding that the alliance would also cooperate on economic issues.

Washington reiterated support for its regional partners to defend themselves against Iranian-backed Houthi attacks on their territories and at the same time called for an urgent end to the fighting in Yemen.

“We stand against Iran's unsafe even reckless behaviour in the maritime domain like the July attacks on international shipping by Iranian-supplied Houthis in the Bab Al Mandeb,” Mr Mattis said.

Iran’s behaviour disrupts maritime security and global trade, he said, particularly online. “We stand against Iran's conducting destructive and costly cyber-attacks against sovereign nations and corporations.”

These developments indicate a policy shift in focus towards Iran’s “malign behaviour” in the region, said Kari Schaki, deputy director at the International Institute of Strategic Studies.

“Striking that on the list outlined by Secretary James Mattis of US concerns about Iran, its nuclear programme and sanctions was last,” Ms Schaki said.

US President Donald Trump, who in May withdraw the United States from a 2015 international nuclear accord with Tehran, has strongly backed Saudi Arabia in its efforts to counter Iran's influence.

The next wave of US sanctions against Iran are due to come into effect on November 4.

Gulf Arab foreign ministers also touched on Middle East peace initiatives, with Sheikh Khalid lauding efforts by Oman, which hosted Israeli Prime Minister Benjamin Netanyahu on Friday in the first visit in more than 20 years.

Oman’s foreign minister, Yousuf bin Alawi, told the forum that Muscat was offering ideas to help Israel and the Palestinians to come together but was not acting as mediator.

______________

More from the Manama Dialogue:

Iran the primary driver of regional instability says Saudi FM Adel Al Jubeir

King Abdullah says "full funds" must go to Palestinian aid agency

______________

When asked about Saudi’s regional view of Israel, Mr Al Jubeir said that the Kingdom has no relations with Tel Aviv.

“We think that the key to normalising relations with Israel will have to be the peace process and this is enshrined in the Arab Peace Initiative… that calls for Israel to withdraw from occupied Palestinian territory and allow a Palestinian state within 1967 borders with East Jerusalem as the capital in exchange for peace and normalisation,” he said, adding that this remains the Kingdom’s position.

Jordan’s foreign Minister Ayman Safadi said that the Israel-Palestine peace process was of vital importance for his country but he warned that the current deadlock was a “fertile ground” for extremism and radicals.

“The situation is extremely dangerous now… if the deadlock continues it [will] create an environment of despair which could explode at any moment and which provides fertile ground for every spoiler and every radical to exploit with a view of propagating an agenda of hate and fear.”

Captain Bill Urban, spokesman for US Central Command told The National: "US Central Command strongly supports GCC and regional nations working together for the security and stability of the region. All nations prosper when they find common purpose and common ground on the pursuit of peace."

COMPANY%20PROFILE
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The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

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.”

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COMPANY%20PROFILE
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WHY%20AAYAN%20IS%20'PERFECT%20EXAMPLE'
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WHEN TO GO:

September to November or March to May; this is when visitors are most likely to see what they’ve come for.

WHERE TO STAY:

Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.

HOW TO GET THERE:

Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.

Kathryn Hawkes of House of Hawkes on being a good guest (because we’ve all had bad ones)

  • Arrive with a thank you gift, or make sure you have one for your host by the time you leave. 
  • Offer to buy groceries, cook them a meal or take your hosts out for dinner.
  • Help out around the house.
  • Entertain yourself so that your hosts don’t feel that they constantly need to.
  • Leave no trace of your stay – if you’ve borrowed a book, return it to where you found it.
  • Offer to strip the bed before you go.
Syria squad

Goalkeepers: Ibrahim Alma, Mahmoud Al Youssef, Ahmad Madania.
Defenders: Ahmad Al Salih, Moayad Ajan, Jehad Al Baour, Omar Midani, Amro Jenyat, Hussein Jwayed, Nadim Sabagh, Abdul Malek Anezan.
Midfielders: Mahmoud Al Mawas, Mohammed Osman, Osama Omari, Tamer Haj Mohamad, Ahmad Ashkar, Youssef Kalfa, Zaher Midani, Khaled Al Mobayed, Fahd Youssef.
Forwards: Omar Khribin, Omar Al Somah, Mardik Mardikian.

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants

Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
HOW TO WATCH

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Twitter: @thenationalnews 

Instagram: @thenationalnews.com 

TikTok: @thenationalnews   

The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
Company%20profile
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About RuPay

A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank

RuPay process payments between banks and merchants for purchases made with credit or debit cards

It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.

In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments

The name blends two words rupee and payment

Some advantages of the network include lower processing fees and transaction costs

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

The Africa Institute 101

Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction. 

AT%20A%20GLANCE
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Company%20Profile
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The currency conundrum

Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”

Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.

This is a race to the bottom, and everybody wants to be a winner.

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
 
 
 
 
 
 
 
COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
Company%20Profile
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If you go

The Flights

Emirates and Etihad fly direct to Johannesburg from Dubai and Abu Dhabi respectively. Economy return tickets cost from Dh2,650, including taxes.

The trip

Worldwide Motorhoming Holidays (worldwidemotorhomingholidays.co.uk) operates fly-drive motorhome holidays in eight destinations, including South Africa. Its 14-day Kruger and the Battlefields itinerary starts from Dh17,500, including campgrounds, excursions, unit hire and flights. Bobo Campers has a range of RVs for hire, including the 4-berth Discoverer 4 from Dh600 per day.

Episode list:

Ep1: A recovery like no other- the unevenness of the economic recovery 

Ep2: PCR and jobs - the future of work - new trends and challenges 

Ep3: The recovery and global trade disruptions - globalisation post-pandemic 

Ep4: Inflation- services and goods - debt risks 

Ep5: Travel and tourism 

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Results

4pm: Al Bastakiya – Listed (TB) $150,000 (Dirt) 1,900m; Winner: Panadol, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)

4.35pm: Dubai City Of Gold – Group 2 (TB) $228,000 (Turf) 2,410m; Winner: Walton Street, William Buick, Charlie Appleby

5.10pm: Mahab Al Shimaal – Group 3 (TB) $228,000 (D) 1,200m; Winner: Canvassed, Pat Dobbs, Doug Watson

5.45pm: Burj Nahaar – Group 3 (TB) $228,000 (D) 1,600m; Winner: Midnight Sands, Pat Dobbs, Doug Watson

6.20pm: Jebel Hatta – Group 1 (TB) $260,000 (T) 1,800m; Winner: Lord Glitters, Daniel Tudhope, David O’Meara

6.55pm: Al Maktoum Challenge Round-1 – Group 1 (TB) $390,000 (D) 2,000m; Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass

7.30pm: Nad Al Sheba – Group 3 (TB) $228,000 (T) 1,200m; Winner: Final Song, Frankie Dettori, Saeed bin Suroor

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4