Bahrain Foreign Minister Abdullatif Al Zayani, former Israeli Prime Minister Benjamin Netanyahu, former US President Donald Trump, and Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, at the White House in Washington, on September 15, 2020. AFP
Bahrain Foreign Minister Abdullatif Al Zayani, former Israeli Prime Minister Benjamin Netanyahu, former US President Donald Trump, and Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, at thShow more


Celebrating one year of the Abraham Accords



September 15, 2021

One year ago today, the United Arab Emirates and Israel signed the Abraham Accords in Washington, DC, initiating a process of normalisation with Israel that was subsequently joined by Bahrain, Sudan and Morocco. The UAE leadership that day produced a genuinely historic achievement, one that opened new possibilities for peace and prosperity for Emiratis and Israelis, and for people throughout the entire region.

Now, one year later, we see the fruits of this brave step. As State Department spokesperson Ned Price noted last month, the relationship between Israel and the UAE is flourishing. Commercial and people-to-people ties, for example, are thriving. A $1.1 billion UAE-backed investment in Israel’s offshore natural gas extraction is in the works. Israeli travellers are now ferried by regular, direct flights, letting them enjoy the UAE’s famous tourist spots and incredible hospitality; and the availability of kosher food throughout the Emirates shows that this is a two-way investment in each other’s cultures. The impressive high-tech communities in the UAE and Israel jointly launched the UAE-Il tech zone, an innovative platform that facilitates technological and entrepreneurial collaboration between the two countries.

The UAE and Israel formally opened their respective embassies in the past year, solidifying their shared commitment to peace and prosperity in the region.

Just last week, some Emiratis joined Jews who marked the Jewish New Year, Rosh Hashanah, breaking bread together in the spirit of new beginnings. Israel will also participate in the Expo 2020 Dubai and showcase their technology to new markets. These are not simply symbolic achievements, but the foundations of a new, lasting partnership with the potential to spread peace and prosperity across the region.

The United States hopes other nations in the region will seize the momentum initiated by the UAE and choose a similar path of peace and prosperity. We are encouraged by signs that this is already happening. The peoples of the region deserve nothing less.

Today we applaud the UAE for being a diplomatic trailblazer. And we commit to continue walking this path toward peace and prosperity with the governments and people of the UAE and Israel.

Sean Murphy is Chargé d’Affaires at the US Embassy in the UAE

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The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

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.”

Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

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Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

MATCH INFO

Uefa Champions League semi-finals, second leg:

Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE

Game is on BeIN Sports

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Updated: October 31, 2021, 3:02 PM