The US defence secretary Chuck Hagel welcomes Saudi Arabia’s Prince Salman bin Sultan in Arlington, Virginia. Two two discussed miliatry ties. Mark Wilson / Getty Images / AFP / March 20, 2014
The US defence secretary Chuck Hagel welcomes Saudi Arabia’s Prince Salman bin Sultan in Arlington, Virginia. Two two discussed miliatry ties. Mark Wilson / Getty Images / AFP / March 20, 2014

US and Saudi Arabia discuss military ties and Qatar row



WASHINGTON // The defence secretary Chuck Hagel hosted Saudi Arabia’s deputy defence minister for talks, reaffirming US military ties to Riyadh despite discord over Washington’s Iran and Syria policies.

While Mr Hagel made clear to Prince Salman bin Sultan that the United States would continue its diplomacy with Iran, he underscored the importance of US-Saudi military cooperation.

Saudi Arabia harbours reservations about attempts by Washington and other major powers to negotiate a deal with Iran over its nuclear programme, but “Hagel stressed our position on Iran has not changed,” said a US defence official said.

The official said the two on Thursday discussed tensions among Gulf states, as Qatar has angered Riyadh and other members of the Gulf Cooperation Council over its support for the Muslim Brotherhood in the region and harder line extremists in Syria.

“The two leaders reaffirmed the strength of the US-Saudi relationship, with secretary Hagel emphasising the commitment of the United States to security in the region,” the Pentagon spokesman Rear Admiral John Kirby said.

“They also discussed regional challenges and the importance of regional cooperation in addressing common security issues.”

It was Prince Salman’s first visit to Washington since taking over as deputy defence minister in August and came before the US president Barack Obama’s trip to Riyadh, which is expected this month.

The son of late crown prince and veteran defense minister Sultan bin Abdul Aziz who died in 2011, he previously served in the Saudi embassy in the US capital.

The Obama administration’s diplomatic opening with Iran and its reluctance to intervene in the Syrian conflict have frustrated the Saudi leadership and caused serious tensions in the decades-long strategic alliance.

The Saudis are sceptical of the interim nuclear deal with Iran negotiated by major powers, viewing it as a risky venture that could embolden their rivals in Tehran.

The Saudis were bitterly disappointed over Obama’s eleventh-hour decision last year to back away from military action against the Syrian regime.

Saudi Arabia spends billions of dollars every year on US weapons but officials said no specific arms deals were discussed in Thursday’s talks.

The US government has approved more than US$86 billion (Dh315.62bn) in weapons sales to Saudi Arabia since 2010, including a fleet of upgraded F-15 fighter jets, Apache attack helicopters, an array of missiles, Patriot batteries and other hardware.

* Agence France-Presse

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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.”

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

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Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

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  • Premier League-standard football pitch
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The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

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Rating: 2/5

COMPANY PROFILE
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While you're here
UAE jiu-jitsu squad

Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)

Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)

Fixtures
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The biog

Name: Dhabia Khalifa AlQubaisi

Age: 23

How she spends spare time: Playing with cats at the clinic and feeding them

Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need

Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman

Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs 

Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing

If you go

 

  • The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
  • The Double Tree by Hilton in Novosibirsk ( 7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
  • The transport Minibuses run along the Chuysky Trakt but if you want to stop for sightseeing, hire a taxi from Gorno-Altaisk for about US$100 (Dh360) a day. Take a Russian phrasebook or download a translation app. Tour companies such as  Altair-Tour ( 7 383 2125115 ) offer hiking and adventure packages.
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Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

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Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

MATCH INFO

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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

'I Want You Back'

Director:Jason Orley

Stars:Jenny Slate, Charlie Day

Rating:4/5