The ties that bind Doha and Paris



A court ruling this week blocking a Doha prince's plans to restore a historic Paris villa are being seen as little more than a hiccup in what many regard as a blossoming love affair between Qatar and France. Links between the two are now seen as much more than those of two nations pursuing mutual goals. Rather, the relationship appears based on a concerted effort by the French to woo the gas-rich Gulf state, underpinned by a personal bond between President Nicolas Sarkozy and Sheikh Hamad bin Khalifa al Thani, the emir of Qatar.

"The emir and Sarkozy are so close that, whenever there's business to be done - and that's a lot of business - the emir calls Sarko directly, bypassing the usual diplomatic channels," said Pepe Escobar, the author of several books on globalisation and a columnist for Asia Times. "In terms of global power couples, few rival the complicity between the emir of Qatar and adrenalin junkie and French president Nicolas Sarkozy. After all, Sarkozy could not find a better partner to anchor France's Arab foreign policy."

The relationship dates back to when Mr Sarkozy was interior minister and now extends to a friendship between the president's wife, Carla Bruni, and Sheikha Mozah bint Nasser al Misnad, the emir's second wife who is regarded as one of the most powerful women in the Arab world. So deep appears the bond - along with a Gallic determination to attract as much Qatari investment in France as possible - that, earlier this year, the French parliament passed a bill that created special tax exemptions for the emir and his Qatari companies on property they own in France.

An appendix to the bill highlighted the "very strong" and "privileged" relations between France and Qatar, based on "the wish of the Qataris to diversify their alliances and their partnerships so as not to depend exclusively on the United States". "The wording of the act was very odd, but it did show that Sarkozy was determined to plough his own furrow, at least in the Middle East," said one diplomat. "France has had close ties with Qatar for some years but they have become even closer since Sarkozy became president [in 2007]."

That closeness has manifested itself in a wide variety of ways, from joint diplomatic initiatives to trade deals and, particularly, Qatari investment in France, notably in the property sector. While London has remained a prime attraction for Qatari riyals, Paris has been catching up fast with extensive investments in recent years in the commercial district and hotels sector, as well as in apartments bought by wealthy Qataris. The emir himself has homes both in Paris and Cannes.

"Certainly, more piles of cash are invested in London, but the emir's heart beats for Paris," wrote Escobar recently. "Qatar is literally taking over rows and rows of office buildings between Opera and Madeleine in central Paris. "Why real estate? It's because [that is] what Qataris know best. Even the mayor of Paris, the colourful Bertrand Delanoe, is now in full campaign to make the Qataris invest in other, less pricey, Parisian neighbourhoods."

All of which has made the court decision this week to block the restoration of the 17th century Hotel Lambert by the emir's brother, Prince Abdullah bin Abdullah al Thani, something of an embarrassment. Mr Sarkozy's government, in the form of the ministry of culture, had backed the ?40 million (Dh216m) redevelopment but local campaigners successfully took the prince to court saying such additions as an underground car park would ruin a building that dates back to 1639 and whose former residents have included Chopin and Voltaire.

Nevertheless, few expect the row to permanently damage France-Qatar relations. Both sides have invested too much to ensure that it does not. Aside from Qatar's growing investments in France, the Gulf state currently purchases about 80 per cent of its military equipment from the French and a branch of the famous Saint-Cyr military academy is being set up in Doha. France wants to sell more planes, both military and civilian, to the emir and would like to throw in a few nuclear reactors, too.

And why not when the Prix de l'Arc de Triomphe, France's most famous horse race, now has the word "Qatar" in front of it after a five-year sponsorship deal was signed last December? There is even serious talk of a stage of the Tour de France being held in Qatar. On the diplomatic front, too, the French and Qataris have pulled off some notable coups. One of Mr Sarkozy's first successes as president was to secure - with a good deal of help from the emir - the release of some Bulgarian nurses imprisoned in Libya on wholly bogus charges that they had been responsible for spreading the Aids virus.

More significantly, the two operated together last year to bring together the warring factions in Lebanon. However, an article in Newsweek this summer suggested that the close diplomatic ties between Paris and Doha might be starting to fray. "Some of Sarkozy's advisers are concerned that Qatar may have slipped too far into the Iranian orbit," the magazine said. "One of Sarkozy's advisers, speaking privately, suggests that as tensions over Iran's nuclear programme look likely to increase, and the possibility of Iranian retaliation against Western allies goes up as well, the Qataris are terrified they'll be at the top of Tehran's target list.

"Their instinct may be to accommodate rather than resist. So Sarkozy's advisers are encouraging him to do a better job diversifying French relationships in the Gulf." Newsweek pointed out that, when the French president visited the Gulf earlier this year, he missed out Qatar and concentrated instead on Kuwait, Oman and Abu Dhabi. "These are three countries where there are British traditions and a marked American influence and France hasn't invested in them politically or commercially for a long time," Mr Sarkozy told reporters with remarkable frankness.

"But we're planting the seeds and we'll fight to defend our businesses and take home contracts." Qatar, it seems, could have rivals - on the diplomatic front, at least - for the fickle affections of France. @Email:dsapsted@thenational.ae

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
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.

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

While you're here
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COMPANY%20PROFILE
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'The Last Days of Ptolemy Grey'

Rating: 3/5

Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro

Writers: Walter Mosley

Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
 
 
 
 
 
 
 
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 3/5

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A

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.”

The biog

Name: Timothy Husband

Nationality: New Zealand

Education: Degree in zoology at The University of Sydney

Favourite book: Lemurs of Madagascar by Russell A Mittermeier

Favourite music: Billy Joel

Weekends and holidays: Talking about animals or visiting his farm in Australia

Auron Mein Kahan Dum Tha

Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar

Director: Neeraj Pandey

Rating: 2.5/5

Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

RESULT

Arsenal 2

Sokratis Papastathopoulos 45 4'

Eddie Ntkeiah 51'

Portsmouth 0

 

In numbers

1,000 tonnes of waste collected daily:

  • 800 tonnes converted into alternative fuel
  • 150 tonnes to landfill
  • 50 tonnes sold as scrap metal

800 tonnes of RDF replaces 500 tonnes of coal

Two conveyor lines treat more than 350,000 tonnes of waste per year

25 staff on site

 

COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
COMPANY%20PROFILE
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LA LIGA FIXTURES

Friday Celta Vigo v Villarreal (midnight kick-off UAE)

Saturday Sevilla v Real Sociedad (4pm), Atletico Madrid v Athletic Bilbao (7.15pm), Granada v Barcelona (9.30pm), Osasuna v Real Madrid (midnight)

Sunday Levante v Eibar (4pm), Cadiz v Alaves (7.15pm), Elche v Getafe (9.30pm), Real Valladolid v Valencia (midnight)

Monday Huesca v Real Betis (midnight)

Company%20Profile
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RESULTS

6.30pm Maiden (TB) Dh82.500 (Dirt) 1,400m

Winner Meshakel, Royston Ffrench (jockey), Salem bin Ghadayer (trainer)

7.05pm Handicap (TB) Dh87,500 (D) 1,400m

Winner Gervais, Connor Beasley, Ali Rashid Al Raihe.

7.40pm Handicap (TB) Dh92,500 (Turf) 2,410m

Winner Global Heat, Pat Cosgrave, Saeed bin Suroor.

8.15pm Handicap (TB) Dh105,000 (D) 1,900m

Winner Firnas, Royston Ffrench, Salem bin Ghadayer.

8.50pm UAE 2000 Guineas Trial (TB) Conditions Dh183,650 (D) 1,600m

Winner Rebel’s Romance, William Buick, Charlie Appleby

9.25pm Dubai Trophy (TB) Conditions Dh183,650 (T) 1,200m

Winner Topper Bill, Richard Mullen, Satish Seemar

10pm Handicap (TB) Dh102,500 (T) 1,400m

Winner Wasim, Mickael Barzalona, Ismail Mohammed.

Punchy appearance

Roars of support buoyed Mr Johnson in an extremely confident and combative appearance