Iraqi Prime Minister Mohammed Shia Al Sudani, right, receives Saudi Arabia's Foreign Minister Prince Faisal bin Farhan in Baghdad on Thursday. AFP
Iraqi Prime Minister Mohammed Shia Al Sudani, right, receives Saudi Arabia's Foreign Minister Prince Faisal bin Farhan in Baghdad on Thursday. AFP

Iraq and Saudi Arabia press for Gaza ceasefire after talks in Baghdad



Live updates: Follow the latest on Israel-Gaza

Saudi Arabia's Foreign Minister Prince Faisal bin Farhan and Iraqi Prime Minister Mohammed Shia Al Sudani called for Arab and international action to halt the war in Gaza during a meeting in Baghdad on Thursday, a statement by the Iraqi government said.

The meeting between Mr Al Sudani and Prince Faisal, who arrived in Iraq on an unannounced visit, was also attended by Iraqi Foreign Minister Fuad Hussein.

Mr Al Sudani and Prince Faisal reviewed the “key developments in the region, the repercussions of the ongoing aggression in Gaza and the need for continued joint work and co-ordination of Arab and international efforts to stop the aggression”, said the statement.

They urged the international community to “fully play its role in preventing the ongoing genocide against the Palestinian people, which has been occurring for over 10 months, and to recognise their historical right to live on their own land”.

Prince Faisal's visit comes as Iran-backed Shiite militias Iraq ended a months-long truce with the US troops that was meant to give the Iraqi government time to reach an agreement with Washington on its military's withdrawal from the country.

These groups have threatened to resume attacks on US troops in Iraq and Syria, as Baghdad and Washington postponed an announcement for a two-year plan to end the mission of the US-led International Coalition until further notice, threatening to further jeopardise security in the region.

Thursday's meeting also comes as regional and international efforts have so far failed to reach a ceasefire deal between Israel and Hamas.

Gaza ceasefire talks were supposed to be held in Cairo on Thursday but have been postponed until next week to allow delegates time to study latest proposals, sources told The National.

They had earlier said the talks would be conducted by mid-level officials from the three key mediators – the US, Egypt and Qatar – and their Israeli counterparts in a renewed push to get a ceasefire and a hostage deal. Hamas, they had said, was unlikely to be physically represented in the talks but its senior officials in Qatar would be participating remotely.

Saudi-Iraqi co-operation

The Iraqi government statement said Mr Al Sudani and Prince Faisal also discussed bilateral relations between their countries, including “strengthening productive partnerships and activating the Iraqi-Saudi Co-ordinating Council to achieve mutual benefits and common interests".

The kingdom severed ties with Iraq after Saddam Hussein's forces invaded Kuwait in 1990 but Riyadh and Baghdad began to repair relations in 2016. Saudi Arabia reopened its embassy in Iraq in 2015 while the two countries set up a co-ordination council to upgrade ties, looking into opportunities in various fields to strengthen their bonds.

They have since signed a series of agreements relating to politics, security and commerce, leading to the opening of a major border crossing.

Last year, Saudi sovereign wealth fund PIF announced a new unit to invest in industries across Iraq, with capital of $3 billion and headquarters in Saudi Arabia. The Saudi-Iraqi Investment Company will invest in infrastructure, mining, agriculture, property development and financial services, among other areas, acting chief executive Muteb Al Shathri said at the time.

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now

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Starfield
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PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

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Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

Funk Wav Bounces Vol.1
Calvin Harris
Columbia

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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Points to remember
  • Debate the issue, don't attack the person
  • Build the relationship and dialogue by seeking to find common ground
  • Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
  • Listen actively without interrupting
  • Avoid assumptions, seek understanding, ask questions
Scorebox

Sharjah Wanderers 20-25 Dubai Tigers (After extra-time)

Wanderers

Tries Gormley, Penalty

Cons Flaherty

Pens Flaherty 2

Tigers

Tries O’Donnell, Gibbons, Kelly

Cons Caldwell 2

Pens Caldwell, Cross

Fire and Fury
By Michael Wolff,
Henry Holt

Match info:

Burnley 0

Manchester United 2
Lukaku (22', 44')

Red card: Marcus Rashford (Man United)

Man of the match: Romelu Lukaku (Manchester United)

TICKETS

Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.

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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
ENGLAND SQUAD

Goalkeepers Henderson, Johnstone, Pickford, Ramsdale

Defenders Alexander-Arnold, Chilwell, Coady, Godfrey, James, Maguire, Mings, Shaw, Stones, Trippier, Walker, White

Midfielders Bellingham, Henderson, Lingard, Mount, Phillips, Rice, Ward-Prowse

Forwards Calvert-Lewin, Foden, Grealish, Greenwood, Kane, Rashford, Saka, Sancho, Sterling, Watkins 

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.”

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Updated: August 22, 2024, 2:30 PM

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