France may be smaller than the US state of Texas but in the world of aerospace and defence it is a giant.
It trails only the US in supplying arms to the Gulf, accounting for 35 per cent of purchases between 2005 and 2009 by the UAE, and 21 per cent of all defence sales in the region during the same period.
A major reason France punches above its weight in the defence sector is Dassault Aviation, which will be a major exhibitor at next week's International Defence Exhibition and Conference (IDEX) in Abu Dhabi, the region's largest defence expo.
The company's IDEX stand will be its largest and features scale models of its new aircraft as well as jet engines and missiles, said Patrick Genty, Dassault's senior representative in the UAE and a former French air force pilot who trained UAE Air Force cadets to fly Mirage jets in late 1980s and early 1990s.
Exhibiting at IDEX underscores how Dassault is "committed to the UAE and to our customer", he says.
Long before the major US defence companies began selling to the UAE, Dassault was the leading supplier of fighter jets. It began supplying its Mirage fighters to the Emirates in 1974, a time when Abu Dhabi's streets were unpaved, the UAE capital had its own flag - red and white - and its own air force.
Since then, the company has supplied the Emirates with about 100 fighter jets, spread across several generations of its Mirage family, which has been hugely successful since it was launched in the mid-1950s.
The UAE contracts also paved the way for other French companies to move into the region and sell related equipment such as aircraft engines, avionics and munitions, as well as other defence capabilities including battle tanks.
Dassault remains a key player in the UAE and since 2008 it has been negotiating a proposed deal to sell the country its latest jet, the Rafale, in a 60-aircraft deal worth up to €8 billion (Dh39.72bn), in what would be the first foreign sale of the Rafale.
The six GCC states "are old and loyal customers of French armaments" and as such comprise one of the most important markets for French aerospace and defence products, says Alain Ruello, a journalist with Les Echos newspaper, based in Paris. "For Dassault and its partners and France, this Rafale deal is of very great importance."
The origins of Dassault's Gulf success story date as far back to the reconstruction of post-Second World War France in the 1940s, says Pierre Pacalon, a retired French general who is now an adviser for Dassault Aviation and is based in Abu Dhabi.
After 1945, France set about developing its own defence manufacturers that were not dependent on other European powers or the US. As a result, the government selected companies as "national champions" to receive state aid and contracts. Dassault was chosen as a top military aircraft maker.
"President Charles de Gaulle said the country needed to be an independent military power," Mr Pacalon says.
"That is the reason we developed in France aeroplane makers, electronics makers and engines. It was to become fully autonomous."
Dassault experimented with dozens of prototypes before settling on the Mirage's delta wing, in which there is no tail and the wing forms a triangle.
The Mirage's early export success and its performance in conflicts during the 1960s and 1970s raised Dassault's profile.
In the early 1970s, Abu Dhabi acquired 36 Mirage IIIs and later upgraded them to the Mirage 5 standard. Despite the testing flying characteristics of the delta-wing aircraft, the UAE pilots mastered control of the planes, Mr Pacalon says, including the extremely difficult technique of landing at 350kph with the jet's nose up.
The UAE followed the deal up with a similar order in 1983 for the Mirage 2000, and finally a third major order for Mirage aircraft in 1998 for an upgraded version, the Mirage 2000-9. That order totalled 62 aircraft, with 32 new planes and 30 of the UAE's older Mirage 2000s revamped.
Mr Genty says he is "optimistic and confident" of a sale of the Rafale to the UAE.
Still, a deal is by no means assured, Mr Ruello says, and the UAE is not in urgent need of new jets with its still-young Mirage 2000-9s and almost 80 US-made F-16s.
"For the UAE to buy Rafale, one condition to the deal is to find a buyer for the UAE's 60 or so Mirage 2000-9 which are very advanced planes," he says. The Emirates does not plan to sell the Mirage jets before 2015, "so the UAE are not in a hurry to move from Mirage to Rafale", Mr Ruello adds.
But with Dassault now entering its fifth decade of working in the UAE, a few years may not present a problem for the company. "This kind of relationship takes time," says Mr Pacalon.
igale@thenational.ae
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The Scale for Clinical Actionability of Molecular Targets
Squads
Pakistan: Sarfaraz Ahmed (c), Babar Azam (vc), Abid Ali, Asif Ali, Fakhar Zaman, Haris Sohail, Mohammad Hasnain, Iftikhar Ahmed, Imad Wasim, Mohammad Amir, Mohammad Nawaz, Mohammad Rizwan, Shadab Khan, Usman Shinwari, Wahab Riaz
Sri Lanka: Lahiru Thirimanne (c), Danushka Gunathilaka, Sadeera Samarawickrama, Avishka Fernando, Oshada Fernando, Shehan Jayasuriya, Dasun Shanaka, Minod Bhanuka, Angelo Perera, Wanindu Hasaranga, Lakshan Sandakan, Nuwan Pradeep, Isuru Udana, Kasun Rajitha, Lahiru Kumara
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Results
1.30pm Handicap (PA) Dh50,000 (Dirt) 1,400m
Winner Al Suhooj, Saif Al Balushi (jockey), Khalifa Al Neyadi (trainer)
2pm Handicap (TB) 68,000 (D) 1,950m
Winner Miracle Maker, Xavier Ziani, Salem bin Ghadayer
2.30pm Maiden (TB) Dh60,000 (D) 1,600m
Winner Mazagran, Tadhg O’Shea, Satish Seemar
3pm Handicap (TB) Dh84,000 (D) 1,800m
Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer
3.30pm Handicap (TB) Dh76,000 (D) 1,400m
Winner Alla Mahlak, Adrie de Vries, Rashed Bouresly
4pm Maiden (TB) Dh60,000 (D) 1,200m
Winner Hurry Up, Royston Ffrench, Salem bin Ghadayer
4.30pm Handicap (TB) Dh68,000 (D) 1,200m
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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
The finalists
Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho
Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)
Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola
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Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
more from Janine di Giovanni
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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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
