Israel PM met Jordan king in Amman over Syria



JERUSALEM // Israeli prime minister Benjamin Netanyahu held talks with Jordan's King Abdullah II in Amman recently to discuss violence in Syria and the country's chemical weapons stock, Israeli media said yesterday.

Public radio, as well as several local newspapers, said Israeli and Jordanian officials had confirmed the meeting, which was first reported in the Al-Quds Al Arabi daily on Wednesday.

A spokesman for Netanyahu declined to comment on the reports.

The date of the meeting has not been reported, but Israeli media said the meeting focused on the regional threat posed by Syria's chemical weapons stocks.

"Both sides arrived at the meeting with maps in hand," the Yediot Aharonot daily said. "Their maps marked the various sites across Syria where the forbidden weapons are being stored."

The newspaper cited Jordanian officials as saying the king and Netanyahu "raised situation assessments about the 'day after Assad,' and examined the danger posed by the chemical weapons in Syria to the neighbouring countries, first and foremost Jordan and Israel."

The meeting also touched on Jordan's attempts to kickstart negotiations between Israel and the Palestinians, with the monarch urging Netanyahu to renew discussions directly after a general election on January 22.

"At this stage it is not clear what this Israeli-Jordanian brainstorming is going to produce," analyst Smadar Peri wrote.

"The entire world wants (Syrian president Bashar Al) Assad gone, but Israel and Jordan – as well as Turkey and Lebanon – are going to have to deal with what he might do in his final moments in power."

Assad's stocks of chemical and biological weapons remain a primary concern for Syria's neighbours as well as for much of the international community.

Assad's regime has insisted it would never use the weapons against its own people, but as violence between the regime and rebels seeking its overthrow rages on, there are fears an embattled leadership could unleash the weapons.

The international community also fears the weapons could be transferred to or seized by militant groups.

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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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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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Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

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