British Foreign Secretary James Cleverly will announce funding to help protect the climate and security in the Caribbean and South America during a four-country trip to “renew and enhance” ties with the region.
The Foreign Commonwealth and Development Office said Mr Cleverly would offer UK support for the Amazon rainforest and the battle against serious and organised crime.
Mr Cleverly will travel to Jamaica, Colombia, Chile and Brazil during the seven-day trip, focused on issues including democracy, the environment and shared values.
In Kingston, Jamaica, he will announce £15 million ($19 million) in funding in a partnership to address organised crime, and up to £7 million to protect the island from flooding and coastal erosion.
Mr Cleverly will then head to South America to deliver a keynote speech on the UK’s future relationship with the region.
It will be the first visit by a UK foreign secretary to the Caribbean since 2017 and the first to South America since 2018.
“This is a milestone year in the history of UK relations with countries across Latin America and the Caribbean," Mr Cleverly said.
“While I look forward to celebrating our close bonds of friendship and family, I am also here to renew and enhance our ties for the years ahead.
“It is a partnership that will be marked and strengthened by our shared values of freedom, democracy and concern for the state of our planet.”
James Cleverly condemns Iran after British citizen's execution - video
In Colombia, he is expected to announce new UK support and funding for peace and tackling climate change by protecting the Amazon, according to the Foreign Office.
Mr Cleverly will visit the Amazon frontier region of Guaviare before giving a speech in Chile’s capital Santiago, setting out the UK’s approach to South America and like-minded powers around the world.
The speech will refer to the bicentenary of UK-Latin America relations in British embassies across the continent, 200 years after the region’s struggle for independence from colonial rule.
The visit will end in Brazil, where Mr Cleverly will sign a “climate partnership” with his hosts on green growth, and travel to the Amazon.
The Foreign Office said he would emphasise the UK’s support for Brazilian democracy at the National Congress, which was attacked by a mob of supporters of former president Jair Bolsonaro in January after his electoral defeat.
The government has already joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, in a trade deal that includes Chile and Peru.
It was Britain’s biggest trade deal since leaving the EU but critics say the effects will be limited, with official estimates suggesting it will add only £1.8 billion a year to the economy after 10 years, representing less than 1 per cent of UK GDP.
The government’s updated integrated review in March reinforced a post-Brexit “tilt” towards the Indo-Pacific region as a “permanent pillar” of British foreign policy, as well as deeper ties with other influential actors such as South America.
Test series fixtures
(All matches start at 2pm UAE)
1st Test Lord's, London from Thursday to Monday
2nd Test Nottingham from July 14-18
3rd Test The Oval, London from July 27-31
4th Test Manchester from August 4-8
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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Schedule:
Friday, January 12: Six fourball matches
Saturday, January 13: Six foursome (alternate shot) matches
Sunday, January 14: 12 singles
The specs: 2018 Honda City
Price, base: From Dh57,000
Engine: 1.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 118hp @ 6,600rpm
Torque: 146Nm @ 4,600rpm
Fuel economy, combined: 5.8L / 100km
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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Engine: 2-litre TSI petrol
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Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
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