King Abdullah II of Jordan met US congressional leaders in Washington on Tuesday before a White House meeting with President Joe Biden, which will take place later in the week.
The royal visit comes at a critical moment in the Palestinian-Israeli conflict, with tension soaring after a week that included a deadly raid in the West Bank's Jenin, strikes in Gaza and a mass shooting at a synagogue on the outskirts of East Jerusalem.
King Abdullah said he was "delighted to be back" on Capitol Hill, where he was joined by Queen Rania and Crown Prince Hussein.
The king also met members of the House Armed Services Committee and had a one-on-one discussion with Speaker Kevin McCarthy.
"We have challenges, obviously, in our region, and I look forward to discussing them with you today," he told Mr McCarthy.
"I'm just always thankful for what this building does for Jordan."
The Jordanian royal family members are the first foreign leaders to visit Mr McCarthy since he was elected Speaker this month.
"Your work to bring peace to the Middle East is just integral to where we go," Mr McCarthy told King Abdullah.
In his meetings with the House Armed Services Committee, King Abdullah stressed Amman's "keenness to advance its partnership with the United States in the military and defence fields", the Royal Hashemite Court said.
In a statement, the Royal Hashemite Court said King Abdullah and Mr Biden will meet at the White House on Thursday.
Their discussions are expected to centre on "the latest regional and international developments, especially those connected to the Palestinian cause and the pivotal US role in this regard, in addition to the ramifications of the Ukraine crisis", the statement read.
Mr Biden "is very much looking forward to seeing the king again", White House National Security Council spokesman John Kirby said. He added that he expected talks to also tackle Iran's role in the region.
King Abdullah last visited Washington in May, when he also met Mr Biden, after a separate bout of violence in the West Bank.
King Abdullah's visit to Washington is part of a tour that started last week and included stops in Qatar and Canada.
In Ontario, King Abdullah and Prime Minister Justin Trudeau discussed global security, expressing "deep concern about the deteriorating situation in the West Bank and Gaza".
Jordan's King Abdullah meets Canada's Prime Minister Justin Trudeau
"They emphasised the need to stop all unilateral and provocative measures that undermine the two-state solution, increase tension and lead to violence," a joint statement read.
"They also encouraged efforts to relaunch peace negotiations to achieve the two-state solution that will ensure an independent, viable and sovereign Palestinian state."
Last week, King Abdullah met Israeli Prime Minister Benjamin Netanyahu during a surprise visit to neighbouring Jordan on his first international trip since coming back to power.
The Jordanian ruler told Mr Netanyahu that Israel should respect the "historic and legal status quo in the holy Aqsa Mosque and not violate it", Jordan's royal court said.
US Secretary of State Antony Blinken, who is visiting the Middle East this week, agreed to work together with Egypt to defuse tension, although Washington remains a staunch supporter of the Israeli military.
RESULTS
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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.”
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
Persuasion
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Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
The biog
Name: Timothy Husband
Nationality: New Zealand
Education: Degree in zoology at The University of Sydney
Favourite book: Lemurs of Madagascar by Russell A Mittermeier
Favourite music: Billy Joel
Weekends and holidays: Talking about animals or visiting his farm in Australia
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
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