UK's Boris Johnson to visit UAE and Saudi Arabia for talks on easing fuel crisis


Thomas Harding
  • English
  • Arabic

Live updates: follow the latest news on Russia-Ukraine

British Prime Minister Boris Johnson will hold urgent talks with leaders of the UAE and Saudi Arabia on Wednesday, hoping to ease the energy crisis caused by Russia’s invasion of Ukraine.

Mr Johnson will meet Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, before flying to Saudi Arabia to meet Crown Prince Mohammed bin Salman.

Downing Street said they were expected to discuss efforts to improve energy security and reduce volatility in energy and food prices, which is affecting businesses and consumers in the UK and regional stability in parts of the Middle East.

The talks on energy would also encompass regional security and humanitarian relief, Mr Johnson's office said.

His key focus will be on trying to encourage the countries to increase oil output by at least a million barrels a day to offset the energy emergency.

“The UK is building an international coalition to deal with the new reality we face,“ Mr Johnson said. “The world must wean itself off Russian hydrocarbons.”

He said Saudi Arabia and the UAE were “key international partners” in that effort.

“We will work with them to ensure regional security, support the humanitarian relief effort and stabilise global energy markets for the longer term.”

Fuel prices in Britain have almost doubled in a year, reaching a record £2 a litre as Russia's invasion causes an energy crisis. Reuters
Fuel prices in Britain have almost doubled in a year, reaching a record £2 a litre as Russia's invasion causes an energy crisis. Reuters

Downing Street said Mr Johnson would also discuss “shared strategic priorities” in the region, including Iran and Yemen.

His office said the UAE and Saudi Arabia were Britain’s two largest economic partners in the Middle East, with “bilateral trade worth £12.2bn and £10.4bn in 2020 respectively”.

It said that Britain was in advanced negotiations for a trade deal with the Gulf Co-operation Council, “which will boost our trade and investment with the whole region” after the country left the EU.

It highlighted the £1 billion ($1.3bn) investment made by Saudi Arabia’s Alfanar Group into the Lighthouse Green Fuels Project in Teeside, northern England.

Mr Johnson will meet representatives from Alfanar Group during his visit.

The company aims to be the first to produce sustainable aviation fuel from waste in Britain, with the product potentially producing 80 per cent less greenhouse gas than fossil fuels.

Mr Johnson is expected to visit the Saudi company Sabic at its innovation centre in Riyadh after the its investment of £850 million in decarbonisation operations in England.

The UK government said Saudi Arabia was the third largest supplier of diesel to the UK and praised the kingdom's commitment at the Cop26 meeting in Glasgow to net zero by 2060.

The UAE and Saudi Arabia are investing heavily in green technology at home and in the UK.

STAGE 4 RESULTS

1 Sam Bennett (IRL) Deceuninck-QuickStep - 4:51:51

2 David Dekker (NED) Team Jumbo-Visma

3 Caleb Ewan (AUS) Lotto Soudal 

4 Elia Viviani (ITA) Cofidis

5 Matteo Moschetti (ITA) Trek-Segafredo

General Classification

1 Tadej Pogacar (SLO) UAE Team Emirates - 12:50:21

2 Adam Yates (GBR) Teamn Ineos Grenadiers - 0:00:43

3 Joao Almeida (POR) Deceuninck-QuickStep - 0:01:03

4 Chris Harper (AUS) Jumbo-Visma - 0:01:43

5 Neilson Powless (USA) EF Education-Nippo - 0:01:45

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.”

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

INFO

What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
Tickets: www.ticketmaster.ae.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A

Juliet, Naked
Dir: Jesse Peretz
Starring: Chris O'Dowd, Rose Byrne, Ethan Hawke​​​​​​​
​​​​​​​Two stars

The cost of Covid testing around the world

Egypt

Dh514 for citizens; Dh865 for tourists

Information can be found through VFS Global.

Jordan

Dh212

Centres include the Speciality Hospital, which now offers drive-through testing.

Cambodia

Dh478

Travel tests are managed by the Ministry of Health and National Institute of Public Health.

Zanzibar

AED 295

Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.

Abu Dhabi

Dh85

Abu Dhabi’s Seha has test centres throughout the UAE.

UK

From Dh400

Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.

Women’s T20 World Cup Asia Qualifier

ICC Academy, November 22-28

UAE fixtures
Nov 22, v Malaysia
Nov 23, v Hong Kong
Nov 25, v Bhutan
Nov 26, v Kuwait
Nov 28, v Nepal

ICC T20I rankings
14. Nepal
17. UAE
25. Hong Kong
34. Kuwait
35. Malaysia
44. Bhutan 

UAE squad
Chaya Mughal (captain), Natasha Cherriath, Samaira Dharnidharka, Kavisha Egodage, Mahika Gaur, Priyanjali Jain, Suraksha Kotte, Vaishnave Mahesh, Judit Peter, Esha Rohit, Theertha Satish, Chamani Seneviratne, Khushi Sharma, Subha Venkataraman

Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

Match info

Champions League quarter-final, first leg

Liverpool v Porto, Tuesday, 11pm (UAE)

Matches can be watched on BeIN Sports

North Pole stats

Distance covered: 160km

Temperature: -40°C

Weight of equipment: 45kg

Altitude (metres above sea level): 0

Terrain: Ice rock

South Pole stats

Distance covered: 130km

Temperature: -50°C

Weight of equipment: 50kg

Altitude (metres above sea level): 3,300

Terrain: Flat ice
 

Key fixtures from January 5-7

Watford v Bristol City

Liverpool v Everton

Brighton v Crystal Palace

Bournemouth v AFC Fylde or Wigan

Coventry v Stoke City

Nottingham Forest v Arsenal

Manchester United v Derby

Forest Green or Exeter v West Brom

Tottenham v AFC Wimbledon

Fleetwood or Hereford v Leicester City

Manchester City v Burnley

Shrewsbury v West Ham United

Wolves v Swansea City

Newcastle United v Luton Town

Fulham v Southampton

Norwich City v Chelsea

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

UAE squad

Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.

UAE tour of Zimbabwe

All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Updated: March 16, 2022, 4:41 AM