This is one of the saddest days since the Gulf Cooperation Council was formed. I never imagined that a brotherly country, a neighbour with which we share ties of blood, would act against us behind the curtain by supporting terrorist groups, threatening us all while getting cosy with our adversary, Iran.
The Qatari regime’s loyalty to its GCC allies has long been questioned. The fact that it has been sheltering Muslim Brotherhood criminals languishing in five-star hotels and has close ties with Hamas, the Afghan Taliban and other terrorist groups is an open secret.
The motives behind the Qatari government’s ill treatment of its closest friends are not clear.
The Qatari leadership is known for talking out of both sides of its mouth, saying one thing and doing the opposite. The smiles and the warm diplomatic messages from that quarter were fakes designed to hide the country’s double dealings.
Doha’s friendly posture towards Saudi Arabia, the UAE and Bahrain has been exposed as a duplicitous charade, which cannot be tolerated.
Saudi Arabia, the UAE and Bahrain do not seek confrontation. Our leaders are patient but also just, firm and strong when the safety of our people is at stake. We cannot forever blind our eyes and close our ears to the truth staring us in the face.
Qataris are good people, some of the finest I know. They share our culture and traditions. I do not believe they condone the behaviour of their ruler. They have been quietly oppressed and are afraid to air their true opinions. We do not wish to harm them in any way and look forward to a time when we can break bread with them again.
I would appeal to my Qatari brothers and sisters not to take the severing of diplomatic relations with Doha by Saudi Arabia, the UAE and Bahrain personally. We have been left with no choice.
Egypt, Libya, Yemen, the Maldives and Mauritius are backing our stance. Riyadh, Abu Dhabi, Manama and Cairo have closed air, sea and land transport links to Qatar "for the protection of national security from the dangers of terrorism and extremism", said an official Saudi source.
Others have and will announce similar measures. We hope and trust that Kuwait and Oman will also do what is right. I expect certain western nations will join the boycott.
Qatar’s isolation will deplete its coffers. We have witnessed negative effects on the country’s stock market and national airline.
Unfortunately, Qataris will not be immune from inconvenience. I sincerely hope our separation will be short and what’s happening is nothing more than a temporary family fall out. Qatar has always been part of our Gulf family and should remain so.
On a positive note, the beneficiaries of the regime’s terrorist funding – Hizbollah, the Houthis, Hamas, Jabhat Al Nusra, the Muslim Brotherhood, ISIL, Al Qaeda and others – will suffer a loss of liquidity.
There is no turning back unless Qatar can find a way to redeem itself. The regime of Sheikh Hamad bin Khalifa and his son Tamim cannot be trusted. Its promises are worthless.
Sheikh Hamad’s family has steered the country in the wrong direction and used its vast wealth for nefarious purposes. I believe Qataris are waking up to that indisputable reality. I am not in the business of telling the people of other nations how to react to their own governments – that is for them to decide. I pray they make wise choices.
Qatar’s foreign ministry has described the measures taken as "unjustified" and "based on claims and allegations with no basis in fact". That statement whistles in the wind. There is a growing mountain of evidence that refutes such denials.
I look forward to the recalibration of Qatar’s foreign policy in accordance with that of all GCC member states so that we can have the confidence to mend relations with Doha in good faith. How that is achieved rests on Qatari shoulders but, in the meantime, the UAE and its Arab allies must do what they have to in order to protect their own people.
Once all our countries around the Arabian Gulf are on the same page when it comes to battling the terrorist scourge and pushing back on Iran’s expansionism, they will be the safest and most stable on earth.
Come back to us, Qatar. Come back to us as a loyal partner.
Khalaf Ahmad Al Habtoor is the chairman of the Al Habtoor Group
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 National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Company%20Profile
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
