President Sheikh Mohamed spoke on the phone with EU President Ursula von der Leyen on Monday. UAE Presidential Court / AFP
President Sheikh Mohamed spoke on the phone with EU President Ursula von der Leyen on Monday. UAE Presidential Court / AFP

President Sheikh Mohamed pledges support for Syria in call with EU head



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President Sheikh Mohamed on Monday set out the UAE's steadfast support for Syria following the fall of the Assad regime during a phone call with EU chief Ursula von der Leyen. The UAE leader reiterated the UAE's commitment to Syria's "unity, sovereignty, and territorial integrity" and spoke of the need to ensure security and stability in the country, the state news agency Wam reported.

Sheikh Mohamed and Ms von der Leyen underlined the importance of prioritising dialogue and understanding during a critical period in Syria's history. Meanwhile, the UN's human rights chief on Monday said there was the opportunity for inclusive dialogue on the political transition in Syria after the end of president Bashar Al Assad's regime.

“I hope that within this current environment that obviously there will be this inclusive, very inclusive dialogue,” that will involve each and every segment of the Syrian society, the United Nations High Commissioner for Human Rights Volker Turk told a Geneva press briefing. “There is a huge chance for this to happen. And what we have seen initially is indeed co-operation,” he said.

Sheikh Mohamed and Ms von der Leyen also reviewed ways to further co-operation and bolster existing ties between the Emirates and the European Union during the call. Their discussions came after Sheikh Mohamed held high-level talks with UK Prime Minister Keir Starmer in Abu Dhabi. During the meeting, which took place at Al Shati Palace, the two men discussed areas of co-operation between their countries while stressing the importance of historical ties, Wam reported.

Mr Starmer congratulated Sheikh Mohamed after the UAE celebrated its 53rd Eid Al Etihad, or National Day, this month. They also discussed a number of regional developments of common interest, reaffirming their desire for peace in the Middle East.

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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Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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The details

Colette

Director: Wash Westmoreland

Starring: Keira Knightley, Dominic West

Our take: 3/5

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Moon Music

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David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

Bio

Born in Dibba, Sharjah in 1972.
He is the eldest among 11 brothers and sisters.
He was educated in Sharjah schools and is a graduate of UAE University in Al Ain.
He has written poetry for 30 years and has had work published in local newspapers.
He likes all kinds of adventure movies that relate to his work.
His dream is a safe and preserved environment for all humankind. 
His favourite book is The Quran, and 'Maze of Innovation and Creativity', written by his brother.

Updated: December 09, 2024, 5:07 PM