WASHINGTON // The possibility of al Qa'eda or other extremist groups acquiring a nuclear weapon is "one of the greatest threats to global security", Barack Obama told world leaders and representatives from 46 countries at an unprecedented nuclear summit yesterday.
"Two decades after the end of the Cold War, we face a cruel irony of history - the risk of a nuclear confrontation between nations has gone down, but the risk of nuclear attack has gone up," the US president said.
"Nuclear materials that could be sold or stolen and fashioned into a nuclear weapon exist in dozens of nations," he said. "Just the smallest amount of plutonium - about the size of an apple - could kill and injure hundreds of thousands of innocent people."
The UAE delegation to the summit is headed by Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces. In closed-door meetings after Mr Obama's speech, the UAE stressed the importance of maintaining vigilance in nuclear security through co-operative actions taken by all states, and reinforced the UAE's strong commitment to such efforts.
The delegation said combating the threat of nuclear terrorism is high on its security agenda, and that the UAE supports international efforts to prevent nuclear material and technology from falling into the hands of terrorist organisations.
During a full day of meetings, leaders were to focus on "specific and concrete" steps to secure the world's vulnerable nuclear materials. Mexico announced that it would work with the United States and Canada to convert its research reactor from using highly enriched uranium to low enriched uranium fuel. On the first day of the summit, Ukraine and Canada said they would rid themselves of stockpiles of highly enriched uranium.
Ukraine has an estimated 90kg, enough for "the construction of several nuclear weapons", said the White House press secretary, Robert Gibbs. Canada said it would transfer its highly enriched uranium back to the United States.
The announcements boosted Mr Obama's call to have all "loose" nuclear material locked down within four years.
Much of the summit's first day, however, was focused on a country that was not invited to attend: Iran.
Mr Obama used a series of bilateral meetings on Monday to build momentum for a new round of United Nations sanctions against the Islamic republic, which the United States and its allies believe is developing nuclear weapons.
White House officials said they were optimistic that Mr Obama had secured a new level of co-operation from China after a 90-minute meeting with the Chinese president Hu Jintao. "They're prepared to work with us," Jeffrey Bader, Mr Obama's top adviser for Asian affairs on the National Security Council said. He added that he expects a resolution in a matter of weeks.
But China cooled expectations of a breakthrough. Jiang Yu, the Chinese foreign ministry spokeswoman, said yesterday that China "always believes that dialogue and negotiation are the best way out for the issue. Pressure and sanctions cannot fundamentally solve it", she said.
Iran, which maintains that its nuclear programme is for peaceful purposes, has called a rival summit in Tehran on Saturday and Sunday, entitled Nuclear Energy for Everyone, Nuclear Arms for No One. Iran's foreign ministry spokesman, Ramin Mehmanparast, said yesterday the summit would be attended by 15 foreign ministers, and "200 foreign guests", but did not name any.
Mr Mehmanparast cast doubt on the possibility of China going along with UN sanctions and dismissed the Washington summit as political theatre.
"Our people doubt such theatrical meetings as some nations have nuclear weapons, have used them, want to retain their arsenal and have impudently threatened to use them against other nations," he said, referring to Mr Obama's newly unveiled US nuclear policy, which maintains the right to use nuclear weapons against rogue nations such as Iran and North Korea.
In Washington, Mr Obama said the nuclear summit provided an "unprecedented" opportunity for co-operation among nations that could one day lead to a world without nuclear weapons.
Another opportunity will come next month when leaders from nearly 200 countries meet in New York to consider strengthening the Nuclear Non-Proliferation Treaty, which has limited the spread of nuclear weapons since it entered into force in 1970.
"I believe strongly that the problems of the 21st century cannot be solved by any one nation acting in isolation. They must be solved by all of us coming together," Mr Obama said. "For the sake of our common security, for the sake of our survival, we cannot drift. We need a new manner of thinking - and action."
Leaders yesterday were also expected to discuss ways to strengthen the International Atomic Energy Agency and sign a communique recognising nuclear terrorism as a serious threat and outlining steps to secure nuclear materials.
Hillary Clinton, the US secretary of state, and Sergey Lavrov, the Russian foreign minister, were set yesterday to sign an amendment to the US-Russia Plutonium Disposition Agreement, allowing it to come into force a decade after it was signed.
Under the agreement, both sides agreed to destroy 34 metric tonnes each of weapons-grade plutonium.
"This signing represents a major and essential step toward enabling full implementation of our two countries' obligation to safely and transparently dispose of such excess weapon-grade plutonium, enough material for several thousand nuclear weapons," the state department said.
"The signing also signifies our commitment to making arms reductions irreversible and to reducing the danger of this material ever falling into the hands of terrorists."
sstanek@thenational.ae
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 tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
Kandahar%20
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Vikram%20Vedha
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Company%20profile
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The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
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SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP%204
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The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Mohammed bin Zayed Majlis
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills