President Joe Biden needs to rebuild America’s relationship with Saudi Arabia so the kingdom again becomes a vital “security partner”, a former US secretary of state has said.
The US president is this month travelling to Saudi Arabia, partly to encourage the world’s biggest oil producers to reduce prices that have spiralled upwards since Russia invaded Ukraine.
But Mike Pompeo, who was secretary of state under Donald Trump, drew attention to previous comments in which Mr Biden had criticised the kingdom.
“For the United States to make them a pariah state is dangerous for the world,” Mr Pompeo told the London-based Policy Exchange think tank yesterday.
"And the reality came and hit the Biden administration in the face and they're going to go and make it better and I hope that they do.
"I hope the president has a very constructive conversation that is useful and productive and delivers good outcomes for the things that matter to all of us this coming winter.”
Mr Biden, who had made the comments after journalist Jamal Khashoggi was killed in 2018, is looking to reset the relationship in a meeting with Crown Prince Mohammed bin Salman during a trip to the Middle East starting on July 13 in Israel.
Mr Pompeo praised the significant improvement made in links between Israel and the Gulf region since the signing of the Abraham Accords in 2020.
“I'm glad President Biden is travelling to the kingdom of Saudi Arabia,” he told an online seminar in London.
Highlighting the changes that have occurred under Crown Prince Mohammed, Mr Pompeo said: “There’s a massive amount of reform taking place in the kingdom of Saudi Arabia.
"If you're a young woman in Saudi Arabia today, you have a lot more opportunities than you did four or five years ago.”
Mr Biden, who is making his first trip to the Middle East as president, is keen to reassert US security commitments and influence in the region, which his predecessor Mr Trump was regarded as having neglected.
But Mr Pompeo, 58, defended the former US administration’s use of the “maximum pressure” sanction campaign that he claimed forced Iran’s foreign reserves to drop from $96 billion to only $4bn.
He claimed that the partial lifting of sanctions had already seen the Iranian economy grow by 7 per cent, while Tehran was also developing enough uranium for a nuclear bomb.
Mr Pompeo, who suggested he might "enter politics again” in a potential Republican administration, was critical of Mr Biden’s decision to withdraw US troops from Afghanistan last year.
He claimed the Trump administration would have left “sufficient support” so that Afghan security forces could have maintained control.
“President Biden came in and made a decision that was different, I'm convinced against all military advice," he said. "That's his prerogative, he’s the commander-in-chief.
"His military advisers told him precisely what would happen but he made a decision to pick a certain date, and largely what they had suggested was a high probability actually occurred.
"It not only had a devastating outcome on Afghans, but America is now less credible than it was before.”
He said the subsequent extremist takeover was a “tragedy” and described the Taliban as “nasty, evil and liars”.
The Library: A Catalogue of Wonders
Stuart Kells, Counterpoint Press
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
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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.”
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HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
Results:
5pm: Maiden (PA) | Dh80,000 | 1,200 metres
Winner: Jabalini, Szczepan Mazur (jockey), Younis Kalbani (trainer)
5.30pm: UAE Arabian Derby (PA) | Prestige | Dh150,000 | 2,200m
Winner: Octave, Gerald Avranche, Abdallah Al Hammadi
6pm: Arabian Triple Crown Round 3 (PA) | Group 3 Dh300,000 | 2,200m
Winner: Harrab, Richard Mullen, Mohamed Ali
6.30pm: Emirates Championship (PA) | Group 1 | Dh1million | 2,200m
Winner: BF Mughader, Szczepan Mazur, Younis Al Kalbani
7pm: Abu Dhabi Championship (TB) | Group 3 | Dh380,000 | 2,200m
Winner: GM Hopkins, Patrick Cosgrave, Jaber Ramadhan
7.30pm: Wathba Stallions Cup (PA) | Conditions | Dh70,000 | 1,600m
Winner: AF La’Asae, Tadhg O’Shea, Ernst Oertel
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Tewellah by Nawal Zoghbi is out now.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
