A French Navy Rafale fighter jet taking off from the the aircraft carrier Charles de Gaulle in the Gulf on February 23, 2015. PatrickBaz/AFP Photo
A French Navy Rafale fighter jet taking off from the the aircraft carrier Charles de Gaulle in the Gulf on February 23, 2015. PatrickBaz/AFP Photo

France deploys aircraft carrier in Arabian Gulf for ISIL fight



ABOARD THE CHARLES DE GAULLE // A French aircraft carrier launched operations in the Arabian Gulf on Monday as Paris stepped up its participation in the US-led military campaign against ISIL.

Four Rafale fighter jets took off in the morning from the Charles de Gaulle as it sailed about 200 kilometres off the coast north of Bahrain.

Seven weeks after extremist attacks killed 17 people in Paris, defence minister Jean-Yves Le Drian vowed France would face the militant threat head-on.

“This threat, jihadist terrorism, wants to reach our citizens, our interests, our values. France’s response will be total firmness,” Mr Le Drian said as he launched operations aboard the aircraft carrier.

France launched Operation Chammal in support of the US-led coalition against ISIL in September.

The Charles de Gaulle left its home port in Toulon on January 13 for a five-month mission that will include eight weeks in the Arabian Gulf working alongside the USS Carl Vinson as part of the coalition efforts against ISIL.

The French carrier will then travel to India, where it is due to take part in exercises in mid-April.

Carrying 12 Rafale and nine Super Etendard fighters, the carrier will significantly increase French air capabilities in the region.

France has nine Rafales in the UAE and six Mirage fighters in Jordan operating in Iraq, along with a maritime patrol and a refuelling aircraft.

The carrier’s deployment will halve the time it takes for planes to reach Iraq for strikes against ISIL from the base in the UAE.

French warplanes have carried out about 100 reconnaissance missions and the same number of strike raids in Iraq since mid-September, defence ministry sources said.

France is, along with Australia, one of the main contributors to the 32-member coalition effort aside from the United States, which is carrying out the bulk of strikes.

The coalition has carried out more than 2,000 strikes since August, with France and other Western countries conducting operations over Iraq and several Arab nations including the UAE taking part in strikes over Syria.

The campaign aims to support forces in Iraq and Syria, including rebel fighters and Kurdish forces, fighting ISIL on the ground and to hit infrastructure seized by the extremist group such as oil facilities.

“Air support ... for our Iraqi and Kurdish allies has helped curb the territorial expansion of [ISIL] and stabilise the front lines. This was our first objective and it has been attained,” Mr Le Drian said.

While excluding the deployment of ground combat troops, coalition countries have also sent trainers to work with Iraqi forces.

US military officials have said they want Iraqi forces to launch an offensive to retake Mosul from ISIL in April or May.

The Charles de Gaulle strike group also includes an attack submarine, a French anti-aircraft frigate and the HMS Kent, a British anti-submarine frigate. In total some 2,700 sailors are involved in the mission, including 2,000 on the carrier itself.

It arrived in the Arabian Gulf on February 15 after a month of operations in the Mediterranean Sea, the Red Sea and in the Gulf of Aden.

* Agence France-Presse

Prophets of Rage

(Fantasy Records)

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: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

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Engine: 2.9-litre, V6 twin-turbo

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Zidane's managerial achievements

La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017

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Leap of Faith

Michael J Mazarr

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Dh67
 

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

IF YOU GO
 
The flights: FlyDubai offers direct flights to Catania Airport from Dubai International Terminal 2 daily with return fares starting from Dh1,895.
 
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 Where to stay: Hilton Giardini Naxos offers beachfront access and accessible to Taormina and Mount Etna. Rooms start from around €130 (Dh561) per night, including taxes.

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THE BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents. 

Favorite place to go in the UAE: A quiet beach.