Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, with Britain’s Foreign Secretary James Cleverly. Wam
Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, with Britain’s Foreign Secretary James Cleverly. Wam
Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, with Britain’s Foreign Secretary James Cleverly. Wam
Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, with Britain’s Foreign Secretary James Cleverly. Wam

UAE and UK hail 'growing partnership' after strategic dialogue in London


Tim Stickings
  • English
  • Arabic

The UK and UAE have hailed their “growing partnership” after strategic talks between their foreign ministers in London.

The two governments said the inaugural UK-UAE strategic dialogue was “an important moment in the bilateral relationship”.

Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, was hosted in London by his British Foreign Secretary James Cleverly.

A joint statement said they agreed on the need for co-operation to tackle global challenges, including climate change.

The Cop28 climate summit begins in Dubai in November, building on agreements at Cop26 in the UK and Cop27 in Egypt.

Sheikh Abdullah and Mr Cleverly “discussed the importance of an inclusive and ambitious agenda” at Cop28, the joint communique said.

They called for a “robust and unified response” to a global stocktake of progress on climate change that will conclude at Cop28.

The ministers “reiterated the need for accelerating climate action and collaborating on long-term projects that enhance co-operation on clean energy, climate finance, adaptation, nature, and food systems, and agreed to further elaborate these partnerships”, the statement said.

“The two sides praised the existing partnerships between the two countries in the fields of energy and clean energy, which complement and strengthen the two countries’ ambitious climate goals and transition towards a low-carbon future.”

The strategic dialogue built on a visit to London by President Sheikh Mohamed in 2021, in which the UK and UAE agreed a “partnership for the future” to strengthen relations.

Dr Anwar Gargash, diplomatic adviser to the President, met the UK’s Middle East Minister Lord Ahmad to discuss progress made since then.

Sheikh Abdullah also held talks with Grant Shapps, the UK's Energy Security and Net Zero Secretary, to review the co-operation between the two countries across industrial, trade, investment and energy sectors.

The foreign ministers “reiterated their commitment to the relationship and welcomed the growing partnership across a range of sectors, welcoming the inaugural strategic dialogue as an important moment in the bilateral relationship,” they said.

Trade links

Discussing trade links, the foreign ministers said they were ready to hold an eighth session of the UAE-UK Joint Economic Committee this year.

They said talks on a trade deal between Britain and Gulf countries could include annexes or side agreements that cover UK-UAE specific matters.

Britain is expected to host a fourth round of trade talks with the Gulf Co-operation Council this year after a third stage concluded in March.

Bilateral trade between the UK and UAE reached an all-time high of £21.6 billion ($26.9 billion) in 2022, the two governments said.

The ministers “outlined the UK and the UAE’s support for expanding and deepening trade and investment relations between the two countries in areas of mutual benefit.”

Sheikh Abdullah and Mr Cleverly also discussed foreign policy issues such as the conflicts in Sudan, Syria and Yemen.

They said they would “work together, including through the UN, to support diplomatic initiatives and channels aimed at ending the war in Ukraine, in line with the principles of the UN Charter”.

The ministers “commended the UAE’s leadership” on recent UN Security Council resolutions on Afghanistan, the statement said.

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The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

The Programme

Saturday, October 26: ‘The Time That Remains’ (2009) by Elia Suleiman
Saturday, November 2: ‘Beginners’ (2010) by Mike Mills
Saturday, November 16: ‘Finding Vivian Maier’ (2013) by John Maloof and Charlie Siskel
Tuesday, November 26: ‘All the President’s Men’ (1976) by Alan J Pakula
Saturday, December 7: ‘Timbuktu’ (2014) by Abderrahmane Sissako
Saturday, December 21: ‘Rams’ (2015) by Grimur Hakonarson

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Roll of honour

Who has won what so far in the West Asia Premiership season?

Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain

Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons

West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins

UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles

West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles

West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles

Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens

Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins

 

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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.”

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

Updated: May 18, 2023, 11:26 AM