President Sheikh Mohamed on Sunday received the Prime Minister of Singapore Lee Hsien Loong at Qasr Al Watan in Abu Dhabi.
There was an official reception for Mr Lee on his arrival, where the national anthems of the UAE and Singapore were played, followed by a 21-gun salute, state news agency Wam reported.
“I was pleased to receive Prime Minister Lee Hsien Loong of Singapore to discuss opportunities to build upon our deep-rooted bilateral ties,” Sheikh Mohamed wrote on social media
“The UAE-Singapore comprehensive partnership remains essential in advancing global economic prosperity and achieving our shared vision of a sustainable future.”
During the meeting, both sides reviewed ties and opportunities to develop relations, especially in the fields of economy, investment, education, and tourism, along with advanced technology, digital commerce, renewable energy, sustainability solutions, food security, and climate action.
The discussion also touched upon the upcoming Cop28 in the UAE, noting the event's importance in finding sustainable solutions that will achieve a substantial shift in global climate action.
Sheikh Mohamed said the two countries share many commonalities, as both are pioneering models of development, hubs of trade and finance, and champions of tolerance and coexistence with a special interest in education and investing in human capital while supporting global peace.
He said the UAE was keen to expand relations with Singapore, especially in technology, energy, education, sustainability, trade and investment sectors.
The meeting was attended by Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi; Sheikh Theyab bin Mohamed, chairman of the Office of Development and Martyrs Families Affairs; Sheikh Hamdan bin Mohamed; Sheikh Mohammed bin Hamad; Sheikh Mohammed bin Hamad, Advisor for Special Affairs at the Ministry of Presidential Court; Mohamed Al Hussaini, Minister of State for Financial Affairs; Dr Sultan Al Jaber, Minister of Industry and Advanced Technology; Mariam Al Mheiri, Minister of Climate Change and the Environment; Dr Thani Zeyoudi, Minister of State for Foreign Trade; Ahmed Al Sayegh, Minister of State; Khaldoon Al Mubarak, chairman of the Executive Affairs Authority; Jamal Al Suwaidi, UAE ambassador to the Republic of Singapore, and several senior State officials.
Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Minister of Finance, met with Mr Lee at Za’abeel Palace and discussed ways to strengthen bilateral relations.
Sheikh Maktoum spoke about the strong ties between the two nations across all economic sectors, in particular in trade and tourism sectors.
During the meeting, the two sides emphasised the importance of exchanging expertise and best practices in key fields like investment, trade and tourism.
As key global hubs for trade and tourism, the two countries bring together a wealth of experience in these fields, the two leaders said.
They also touched on the prospects for greater UAE-Singapore ties within the framework of expanding GCC-ASEAN cooperation.
Other topics of mutual interest discussed at the meeting included the UAE's hosting of Cop28 at Expo City Dubai.
The UAE is Singapore's biggest trading partner in the Middle East, with non-oil trade of $4.1 billion in 2021.
In 2019, the countries signed a Comprehensive Partnership, during a visit by Sheikh Mohamed, which aims to deepen areas of co-operation in trade, industry and investment, financial co-operation, education and human resources development as well as sustainable development and energy.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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ESSENTIALS
The flights
Etihad (etihad.com) flies from Abu Dhabi to Mykonos, with a flight change to its partner airline Olympic Air in Athens. Return flights cost from Dh4,105 per person, including taxes.
Where to stay
The modern-art-filled Ambassador hotel (myconianambassador.gr) is 15 minutes outside Mykonos Town on a hillside 500 metres from the Platis Gialos Beach, with a bus into town every 30 minutes (a taxi costs €15 [Dh66]). The Nammos and Scorpios beach clubs are a 10- to 20-minute walk (or water-taxi ride) away. All 70 rooms have a large balcony, many with a Jacuzzi, and of the 15 suites, five have a plunge pool. There’s also a private eight-bedroom villa. Double rooms cost from €240 (Dh1,063) including breakfast, out of season, and from €595 (Dh2,636) in July/August.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Courtesy: Crystal Intelligence
MEYDAN CARD
6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m
7.05pm Handicap (TB) $175,000 (Turf) 1,200m
7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m
8.15pm Singspiel Stakes Group Two (TB) $250,000 (T) 1,800m
8.50pm Handicap (TB) $135,000 (T) 1,600m
9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m
10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m
10.35pm Handicap (TB) $135,000 (T) 1,600m
The National selections:
6.30pm AF Alwajel
7.05pm Ekhtiyaar
7.40pm First View
8.15pm Benbatl
8.50pm Zakouski
9.25pm: Kimbear
10pm: Chasing Dreams
10.35pm: Good Fortune
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.”
MATCH INFO
Karnatake Tuskers 114-1 (10 ovs)
Charles 57, Amla 47
Bangla Tigers 117-5 (8.5 ovs)
Fletcher 40, Moores 28 no, Lamichhane 2-9
Bangla Tiger win by five wickets
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The Dark Blue Winter Overcoat & Other Stories From the North
Edited and Introduced by Sjón and Ted Hodgkinson
Pushkin Press
THE SPECS
Engine: 6.0-litre, twin-turbocharged W12
Transmission: eight-speed automatic
Power: 626bhp
Torque: 900Nm
Price: Dh1,050,000
On sale: now
