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Joe Biden approves US backing for Sweden and Finland joining Nato

The two Nordic nations are not currently protected by the military alliance's Article 5 clause

The National

August 09, 2022

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US President Joe Biden signed official ratification documents approving Sweden and Finland's accession to Nato on Tuesday after senators rebuked Russia by signing them off last week.

"In a moment when [Vladimir] Putin's Russia has shattered peace and security in Russia, when autocrats are changing the very foundation of a rule-based order, the strength of the Transatlantic Alliance, and America's commitment to Nato is more important than it has ever been," said Mr Biden, who was surrounded by the ambassadors of Sweden and Finland at the signing ceremony.

"Putin thought he could break us apart... he's getting exactly what he did not want. He wanted the Finland-isation of Nato, but instead he's getting the Nato-isation of Finland, along with Sweden."

In a rare display of unity, the upper chamber voted 95 to 1 in favour of supporting the two nations' bids to join the defensive military alliance. Sweden and Finland applied for Nato membership after Russia invaded Ukraine, defying warnings from Moscow not to seek membership.

Mr Biden celebrated the Senate's “historic vote” and lauded the prospective members' defensive capabilities.

Mr Biden encouraged the two Nordic nations to join the alliance when he hosted Finland's President Sauli Niinisto and Swedish Prime Minister Magdalena Andersson at the White House in May.

"Our alliance is closer than ever," he said. "It is more united than ever. And when Finland and Sweden bring the number of allies to 32, it will be stronger than ever."

Ms Andersson said at the time that Sweden would be best protected by Nato.

Sweden and Finland maintained close relationships with the alliance and regularly carried out joint exercises, shared information and participated in peacekeeping missions.

  • The UAE is Sweden’s second largest export market in the Arab world and home to more than 250 Swedish companies. All photos: Victor Besa / The National
    The UAE is Sweden’s second largest export market in the Arab world and home to more than 250 Swedish companies. All photos: Victor Besa / The National
  • Sweden’s king Carl XVI Gustaf visits Expo 2020 Dubai.
    Sweden’s king Carl XVI Gustaf visits Expo 2020 Dubai.
  • King Carl XVI Gustaf vowed that Sweden would stand together with the UAE to challenge climate change and create 'sustainable societies'.
    King Carl XVI Gustaf vowed that Sweden would stand together with the UAE to challenge climate change and create 'sustainable societies'.
  • Visitors at Expo 2020 Dubai wave Swedish flags.
    Visitors at Expo 2020 Dubai wave Swedish flags.
  • The Scandinavian nation celebrated its country day at the world's fair.
    The Scandinavian nation celebrated its country day at the world's fair.
  • 'Sweden and the UAE stand united behind one word: innovation,' the king said.
    'Sweden and the UAE stand united behind one word: innovation,' the king said.
  • Swedish pop singer Molly Sanden performs at the Al Wasl dome at the Expo 2020 Dubai site.
    Swedish pop singer Molly Sanden performs at the Al Wasl dome at the Expo 2020 Dubai site.
  • Sheikh Nahyan bin Mubarak, Minister of Tolerance and Co-existence, welcomes Sweden’s king Carl XVI Gustaf to Al Wasl dome.
    Sheikh Nahyan bin Mubarak, Minister of Tolerance and Co-existence, welcomes Sweden’s king Carl XVI Gustaf to Al Wasl dome.
  • Sweden's colours worn at Expo.
    Sweden's colours worn at Expo.

However, they are not protected by Article 5, the Nato defence clause that states an attack on one member is an attack on them all. Article 5 is considered to be the cornerstone of the alliance.

Sweden and Finland applied for Nato membership in May, ending a long-standing tradition of maintaining neutrality. Russian President Vladimir Putin has demanded that Russia halt its expansion efforts.

Accession must be ratified by the parliaments of all of Nato's 30 members. Ratification could take up to a year, but has already been approved by Germany, Canada and Italy.

Mr Biden delivered the protocols for Senate review last month.

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While you're here
While you're here

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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A new relationship with the old country

Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates

The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:

ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.

ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.

ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.

ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.

IN WITNESS WHEREOF the undersigned have signed this Treaty.

DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.

Signed

Geoffrey Arthur  Sheikh Zayed

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Updated: August 09, 2022, 8:43 PM
Joe BidenNatoSwedenFinland