UAE Ambassador in London, Abdulrahman Ghanim Al Mutaiwi, speaking at the UAE Embassy during the 42nd National Day reception in London. Stephen Lock / The National
UAE Ambassador in London, Abdulrahman Ghanim Al Mutaiwi, speaking at the UAE Embassy during the 42nd National Day reception in London. Stephen Lock / The National

Strong UK-UAE ties celebrated at National Day celebration in London



London// The strong relationship between the UAE and Britain was emphasised at a National Day event in the heart of London.

Ambassadors, business leaders, politicians, bankers and military top brass were among the guests at one of the British capital’s grandest hotels, the Dorchester, to celebrate 42 years of nationhood.

The occasion offered a fitting climax to 2013, in which the ties between the countries were highlighted by the successful state visit of Sheikh Khalifa in April, which included a banquet at Windsor Castle hosted by Queen Elizabeth.

Abdulrahman Ghanim Al Mutaiwi, the UAE Ambassador to Britain, said the visit celebrated “our many decades of friendship. Since then, we have gone from strength to strength.”

In his speech, he listed a range of achievements and initiatives including: Britain's support for the successful Dubai bid to host Expo 2020; 100,000 Britons living and working in the UAE; 5,000-plus UK-owned businesses operating in the country; 3,000 Emirati students on courses in the UK; plans for a £1 billion (Dh6 billion) investment by Masdar, the Abu Dhabi Future Energy Company, in Britain's green business plan; Masdar support for London Array, Europe's largest offshore wind farm; DP World's London Gateway port project, the first phase of which opened last month.

Mr Al Mutaiwi said the links would be demonstrated again in January at the UAE-UK Pioneers Forum, a two-day careers event billed as “a unique experience bringing together the most prestigious UAE and UK businesses with bright undergraduates from universities in the UK”.

Both the ambassador and Britain’s minister for North Africa and the Middle East, Hugh Robertson, also reflected on mutual efforts on defence and conflict resolution.

Mr Al Mutaiwi made particular reference to attempts to secure a peaceful settlement in Syria, scene of “one of the worst conflicts in our time”, as core members of the Friends of Syria group.

“There are many in this room who have worked tirelessly to advance our cooperation in those seemingly intractable conflicts and to enhance our relations,” he said.

Mr Robertson, who began his new role only six weeks ago having previously been the minister in charge of the 2012 London Olympics, spoke of troops from the two countries serving “side by side” in Afghanistan.

As well as monitoring developments in Iran and Syria, the UAE and UK were encouraging the “more positive horizons of the Arab Spring”.

Since 1974, he said, 200 Emiratis had graduated from Britain’s army officer training centre, the Royal Military Academy Sandhurst, the second highest rate among the UK’s defence partners.

“I cannot think of any time when our ties have been closer than now,” said Mr Robertson. “We have achieved the real trick of really strong relationships by not depending on one field alone.

“It goes beyond economic links, which work both ways, and the unbelievably thriving defence relationship. The leaderships of our two countries simply get on extraordinarily well.”

He cited two examples: big orders placed for Airbus aircraft, especially by Emirates, at last month's Dubai Air Show and the British prime minister David Cameron's enthusiastic support for Dubai Expo 2020 bid.

Mr Al Mutaiwi agreed. He said Expo 2020 would be more than a trade fair. “It is an opportunity for cultural exchange, a showcase for innovation,” he said.

“Dubai is ideally placed to hold the fair. Although famed for its glimmering skyscrapers, it is also one of the Middle East’s art hubs and the home of the region’s burgeoning technology startup scene.

“A UAE city holding the expo comes as no surprise - it is our cosmopolitan open society that makes the UAE the most inspiring place for ambitious young Arabs to emigrate to, and attracts over a million British visitors a year.”

newsdesk@thenational.ae

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

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How to protect yourself when air quality drops

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.

Dunki
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Family reunited

Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.

She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.

She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.

The couple were married in August 2009 in Winchester and their daughter was born in June 2014.

She was held in her native country a year later.

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
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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
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65
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Director: Jessica M Thompson

Starring: Stephanie Beatriz, Michael Stahl-David

Three stars

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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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Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

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Panipat

Director Ashutosh Gowariker

Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment

Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman

Rating 3 /stars

MATCH INFO

Burnley 0

Man City 3

Raheem Sterling 35', 49'

Ferran Torres 65'

 

 

Results

6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m; Winner: Ghaiyyath, William Buick (jockey), Charlie Appleby (trainer).

7.05pm: Handicap $135,000 (T) 1,600m; Winner: Cliffs Of Capri, Tadhg O’Shea, Jamie Osborne.

7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m; Winner: Down On Da Bayou, Mickael Barzalona, Salem bin Ghadayer.

8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m; Winner: Zakouski, James Doyle, Charlie Appleby.

8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.

'Nope'
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Rating: 3/5

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