DUBAI // The military has completed a week of sea and land exercises with a visiting UK naval task group, as both countries seek to bolster co-operation with one another and other partners.
In the exercises, called Sea Khanjar and involving five British warships, 100 Emirati personnel and their UK colleagues defended themselves against "enemy" aircraft and fast-moving inshore attack craft.
They conducted drills that involved boarding vessels and operating helicopters - skills common in anti-piracy and maritime security operations.
They also practised live-range firing and fighting in built-up areas at facilities in Al Hamra.
"Sea Khanjar has allowed both nations to share experience, skills and equipment," said Capt James Morley, the commanding officer of HMS Albion, the flagship of the Royal Navy and part of the task force.
The drills were the latest in a series of UAE Armed Forces co-operations with naval forces of other countries.
In April, military members practised manoeuvring on the water and communications with a visiting set of Nato minesweepers.
And last month, the forces conducted counter-piracy exercises with a visiting Turkish task force.
About 10 South Korean special forces are expected to arrive this month to train Emirati troops in counter-piracy.
For its part, during this visit to the Middle East the British task group also conducted exercises with Saudi Arabia and Oman.
It is part of a new response force task group announced last year as the "heart" of Britain's maritime capabilities.
Since leaving British waters in April, the group has conducted exercises off Cyprus and with Albanian forces, and has assisted Nato operations in Libya.
Two ships from the task force stayed in the Mediterranean to support Nato.
Other vessels including HMS Albion, the frigate HMS Sutherland, the survey ship HMS Echo and the minehunters HMS Middleton and HMS Pembroke continued on to planned military exercises in the Gulf and Indian Ocean.
"The Middle East is a vital artery of world trade," said Commodore Tim Fraser, the head of the UK maritime component command, who oversees the navy in the Middle East.
"The work of the Royal Navy in this part of the world is invaluable to the UK's own defence and security, as well as that of the wider region."
How to protect yourself when air quality drops
Install an air filter in your home.
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Shower or bath after being outside.
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From: Charsadda, Pakistan
Family: Wife and six children
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2006: Didier Drogba (Chelsea and Ivory Coast)
2007: Frederic Kanoute (Sevilla and Mali)
2008: Emmanuel Adebayor (Arsenal and Togo)
2009: Didier Drogba (Chelsea and Ivory Coast)
2010: Samuel Eto’o (Inter Milan and Cameroon)
2011: Yaya Toure (Manchester City and Ivory Coast)
2012: Yaya Toure (Manchester City and Ivory Coast)
2013: Yaya Toure (Manchester City and Ivory Coast)
2014: Yaya Toure (Manchester City and Ivory Coast)
2015: Pierre-Emerick Aubameyang (Borussia Dortmund and Gabon)
2016: Riyad Mahrez (Leicester City and Algeria)
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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.”
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Rating: 5/5
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Transmission: two-speed
Power: 671hp
Torque: 849Nm
Range: 456km
Price: from Dh437,900
On sale: now
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