US President Joe Biden's National Security Adviser, Jake Sullivan, on Monday defended next week's meeting with Russian President Vladimir Putin as a "vital part" of protecting America's interests.
Mr Biden has been criticised for proposing the June 16 meeting in Geneva, which comes amid allegations of Russian cyber attacks on US companies and institutions, meddling in the US electoral system and aggressive action in Ukraine.
The summit will come at the end of Mr Biden's first international trip as president, which will take him to the UK and then to the first in-person G7 summit since the pandemic began.
He will also visit Brussels for Nato's first summit since 2018 and an EU trade and technology conference.
"We believe President Biden goes on this trip from a position of strength," Mr Sullivan said.
The Biden-Putin meeting is "a vital part of defending America’s interests and America’s values", he said.
Mr Biden will have "the wind at his back" after the Europe meetings, Mr Sullivan said.
He said the summit was not a "reward" for Moscow but an opportunity for the two presidents to seek any common ground.
Mr Sullivan said Mr Biden has invited Ukraine's President Volodymyr Zelenskiy to the White House in July.
Russian forces were built up along the border it shares with Ukraine this year, bringing concerns over further military action.
Kiev has been worried about US solidarity, but Mr Sullivan said the president told Mr Zelenskiy that "he'll stand up firmly for Ukraine's sovereignty, territorial integrity and aspirations" during his meeting with Mr Putin.
Mr Zelenskiy tweeted his thanks.
Nato Secretary General Jens Stoltenberg met Mr Biden later on Monday and confirmed his support for the president's meeting with Mr Putin.
“Dialogue with Russia is not a sign of weakness,” Mr Stoltenberg told reporters at the White House.
"We are strong, we are united and we can talk to Russia and we need to talk to Russia partially to strive for a better relationship. But even if you don’t believe in a better relationship with Russia, we need to manage a difficult relationship.”
Mr Sullivan also confirmed Mr Biden's meeting with Turkey's President Recep Tayyip Erdogan next week on the sidelines of the Nato gathering.
"President Biden knows Erdogan very well," Mr Sullivan said.
"The two men have spent a good amount of time together and they're both, I think, looking forward to the opportunity, to really have a businesslike opportunity to review the full breadth of the relationship."
It will be their first meeting after Mr Biden recognised the Armenian genocide.
Mr Sullivan said ransomware would be a subject Mr Biden would raise in his G7 summit trip, after concerns about an increasing number of Russia-based cyber attacks.
These include sustained attacks on Microsoft and a hack that forced JBS, one of the largest meat producers in the US, to close several production sites.
Another ransomware attack hit the largest oil pipeline on the east coast of the US, which led to panic buying and petrol shortages this spring.
Its operator, Colonial Pipeline, paid the hackers $4.4 million.
At the time, Mr Biden said US agencies did not believe Moscow was behind the attack, but that cyber criminals were operating in Russia.
The US Department of Justice revealed on Monday it had recovered most of the cryptocurrency Colonial had paid to the hackers.
US law enforcement located the virtual wallet to which the Bitcoin had been paid and the FBI recuperated the funds, now at a decreased value because of Bitcoin's volatility.
“Ransomware attacks are always unacceptable but when they target critical infrastructure, we will spare no effort in our response,” deputy US attorney general Lisa Monaco 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.”
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
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Runners up: UAE Premiership
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Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
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Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
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Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
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Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
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- Choose cars with GCC specifications
- Get a service history for cars less than five years old
- Don’t go cheap on the inspection
- Check for oil leaks
- Do a Google search on the standard problems for your car model
- Do your due diligence. Get a transfer of ownership done at an official RTA centre
- Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
- Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
- If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
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THE BIO
Mr Al Qassimi is 37 and lives in Dubai
He is a keen drummer and loves gardening
His favourite way to unwind is spending time with his two children and cooking
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