US President Joe Biden and Chinese leader Xi Jinping had "candid" phone calls on Thursday, with Mr Xi warning the US leader not to "play with fire" on Taiwan, Chinese state media reported.
The online meeting lasting more than two hours as Beijing and Washington increasingly risk open conflict over the island, which China claims as part of its territory.
"Those who play with fire will eventually get burnt," Mr Xi was quoted as telling Mr Biden, state-run news agency Xinhua reported.
The Chinese president used the same language when he spoke with Mr Biden last November.
"I hope the US side fully understands that," Mr Xi said.
"It is the firm will of the over 1.4 billion Chinese people to firmly safeguard China's national sovereignty and territorial integrity."
Despite the tense exchange over Taiwan, the two leaders agreed to schedule what would be their first meeting in person since Mr Biden took office, a US official said.
They "discussed the value of meeting face-to-face and agreed to have their teams follow up to find a mutually agreeable time to do so", the official said.
The call, the fifth between the two leaders, came as concerns grow over a possible visit to Taiwan by House Speaker Nancy Pelosi.
The White House said Mr Biden stressed that US policy on Taiwan "has not changed and that the United States strongly opposes unilateral efforts to change the status quo or undermine peace and stability across the Taiwan Strait".
It said the call was a part of the Biden administration’s efforts to "maintain and deepen lines of communication" with China and "responsibly manage our differences and work together where our interests align", such as climate change and health.
It had earlier said the two leaders would discuss the war in Ukraine.
“This is about keeping the lines of communication open with the president of China, one of the most consequential bilateral relationships that we have, not just in that region, but around the world, because it touches so much,” National Security Council spokesman John Kirby said on Wednesday.
Mr Biden wants to find new ways to work with China and contain its influence around the world.
But differing perspectives on global health, economic policy and human rights have long tested the relationship, with China’s refusal to condemn Russia’s invasion of Ukraine adding more strain.
Beijing has issued increased threats over Ms Pelosi's possible visit Taiwan.
Mr Kirby said the White House would provide her with “all the context” she needs about making a decision on the visit, but that an announcement on the trip had not yet been made.
The White House had said this week that Ms Pelosi's potential trip to the island would not be a topic of discussion during the call, as there is “no trip to speak to at this time”.
Under the “one China” policy, the US does not have diplomatic relations with Taiwan and recognises Beijing as China's government, but it does supply military equipment for the island's defence.
The US repeated that the policy has not changed despite speculation over Ms Pelosi's possible trip.
Mr Biden had also planned to discuss climate and economic issues, and placing a price cap on Russian oil to punish the Kremlin for its invasion of Ukraine, Reuters reported.
“China’s aggressive course of behaviour in the Indo-Pacific” would also be a topic of discussion between the two leaders, Mr Kirby said before the meeting.
Agencies contributed to this report
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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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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yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)