President Sheikh Mohamed receives Abdel Fattah El Sisi, President of Egypt, at the Presidential Airport in Abu Dhabi. Photo: UAE Presidential Court
President Sheikh Mohamed receives Abdel Fattah El Sisi, President of Egypt, at the Presidential Airport in Abu Dhabi. Photo: UAE Presidential Court

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UAE

President Sheikh Mohamed and Egypt’s El Sisi welcome proposed Gaza ceasefire

Egyptian leader met by Emirati delegation on arrival in Abu Dhabi on working visit

The National

January 16, 2025

President Sheikh Mohamed and Egyptian President Abdel Fattah El Sisi on Thursday welcomed the proposed ceasefire between Hamas and Israel during high-level talks in Abu Dhabi.

The two leaders underlined the importance of ensuring sufficient humanitarian aid reaches Gaza and reaffirmed the need for a two-state solution as a pathway to lasting peace.

An Israeli official told The National that the country’s security cabinet will meet on Friday to vote on and approve the 42-day ceasefire and hostage deal, which is due to begin on Sunday.

If the security cabinet approves the plan, it will pass to the full Israeli cabinet.

Sheikh Mohamed praised Egypt’s efforts in supporting the Palestinian people and its pivotal role in brokering the Gaza ceasefire agreement.

During the talks, both men also set out their support for Joseph Aoun, after he was elected President of Lebanon, expressing hope that his victory would restore stability to the country.

Sheikh Mohamed and Mr El Sisi also reaffirmed their commitment to Syria’s unity, stability, sovereignty and territorial integrity after the fall of the Assad regime last month.

The leaders also discussed ways to bolster ties between their nations, with a focus on enhancing co-operation across various sectors, including development, the economy and investment.

Sheikh Mohamed earlier received Mr El Sisi in Abu Dhabi, as he began a working visit to the UAE.

Mr El Sisi arrived at the Presidential Airport in the capital and was met by an Emirati delegation that included Sheikh Hamdan bin Mohamed, Deputy Chairman of the Presidential Court for Special Affairs, Sheikh Mohamed bin Hamad, Adviser to the UAE President, and Dr Ahmed Al Mazrouei, Chairman of the President’s Office for Strategic Affairs and Chairman of the Abu Dhabi Executive Office.

Mr El Sisi received a guard of honour featuring the UAE Armed Forces as he walked through the airport with Sheikh Mohamed.

Sheikh Mohamed and Mr El Sisi meet regularly for talks to strengthen the long-standing ties between their countries. In October, Sheikh Mohamed travelled to Egypt on a working visit, during which he met Mr El Sisi.

Mr El Sisi emphasised the significance of the trip in helping to bolster the deep-rooted relations between the nations and open new areas of collaboration. The leaders later attended a ceremony for graduates of Egypt’s military academy and colleges.

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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.”

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
More from Neighbourhood Watch:
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Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Sinopharm vaccine explained

The Sinopharm vaccine was created using techniques that have been around for decades. 

“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.

"What is left is a skeleton of the virus so it looks like a virus, but it is not live."

This is then injected into the body.

"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.

"You have to be exposed more than one time to what we call the antigen."

The vaccine should offer protection for at least months, but no one knows how long beyond that.

Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.

“Since it is inactivated, it will not last forever," she said.

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Favourite book: Homegoing by Yaa Gyasi

Favourite holiday destination: Spain

Favourite film: Bohemian Rhapsody

Favourite place to visit in the UAE: The beach or Satwa

Children: Stepdaughter Tyler 27, daughter Quito 22 and son Dali 19

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In criminal cases, you can contact the police for additional support

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Updated: January 16, 2025, 6:19 PM