France has agreed to use drones regularly to monitor small boat crossings in the Channel.
UK Home Secretary James Cleverly met French Interior Minister Gerald Darmanin in Paris on Tuesday, with the pair promising to build closer ties to tackle crossings in the Channel.
French courts authorised police use of drones last April, but officers have until now had to meet detailed legal requirements, such as blurring faces in footage, to use them.
Because of this, their use of drones has been limited to the prevention of terrorism, national security reasons or emergency help.
However, authorities have now found a way to meet the legal requirements, meaning they will be used for the first time over the northern coast of France to monitor small boats.
The UK has been using surveillance drones over the Channel, but not above French waters.
The meeting between Mr Cleverly and Mr Darmanin on Tuesday comes as Prime Minister Rishi Sunak hopes to show progress in his promise to "stop the boats".
More than 1,000 migrants have arrived in the UK so far this year after crossing the Channel, and the Home Secretary acknowledged that figures were "comparable" to last year.
Speaking to broadcasters in Paris, he said: "If you look at the figures, they are comparable, they are not what any of us would want to see.
"But it is also the case that just before these figures, we had an extended period of no crossings at all. And we will continue to make sure that the work that our French partners have done preventing attempted crossings will continue."
100,000 migrants cross the Channel in five years - in pictures
The Home Office said the two ministers would seek to accelerate co-operation between the two countries, as Mr Cleverly praised the "exemplary" commitment from French officials.
France has been tasked with increasing efforts to stop Channel crossings in recent years by deploying more police and drawing on extra equipment and facilities following deals with the UK worth £191.3 million between 2018 and 2022, and £480 million that Mr Sunak promised to spend between 2023 and 2026.
In a statement, the Home Secretary said: "The UK and France are friends, neighbours and partners. Our co-operation against the full range of security threats and challenges is vital for both our countries and for Europe.
"France is an essential partner to prevent illegal migration. The UK continues to support the challenges faced by French law enforcement, operating under increasingly difficult circumstances to save lives and disrupt organised criminal gangs. Their commitment is exemplary and the results are impressive.
"I want to thank my friend Gerald Darmanin for his continued leadership and support in tackling the small boat crisis and pledge to see our countries continue to work closely together, not least as France takes on the challenge of hosting the Olympics this summer."
The pair discussed convening the the Calais Group of northern European countries later this year to bolster efforts to stop illegal migration.
Mr Darmanin said: "In the follow-up of 2023, France and the UK will deepen their co-operation, which is essential in the very intense fight against violent and reckless smugglers' networks.
"They will also continue calling for a UK-EU agreement on migration issues so as to better manage illegal as well as legal migration.
"Their joint action will also cover the security of major upcoming events this year, with a particular focus on the Summer Olympics.
"The dialogue between our two countries should also help improve the fight against radicalisation as well as crimes committed online."
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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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