Dr Anwar Gargash, the state minister for foreign affairs, and Portugal's Jose Lello, the president of the Nato parliamentary assembly meeting in Abu Dhabi today.
Dr Anwar Gargash, the state minister for foreign affairs, and Portugal's Jose Lello, the president of the Nato parliamentary assembly meeting in Abu Dhabi today.

Gargash urges engagement with Iraq



Abu Dhabi // The UAE is pursuing a policy of engagement with its neighbours that is focused on fostering stability, tolerance and development in the region, Anwar Gargash, the Minister of State for Foreign Affairs, said today. In a broad policy outline, Dr Gargash described the UAE's role and perspective to delegates from the Nato Parliamentary Assembly and representatives of Arab nations. Dr Gargash's comments came amid a reduction of violence in Iraq and Arab nations begin to embrace the country's government. This week, the Arab League sent its first ambassador to the country, three months after the UAE became the first Arab nation to post an ambassador there since 2005. His comments also follow a visit to Iraq on Tuesday by Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi. "This visit comes as part of a very conscious policy ? to engage Iraq," said Dr Gargash. "Our policy is strengthening Iraq, which brings balance to the area? to ensure that Iraq is stable." He urged other Arab nations to arrange top-level diplomatic visits to Iraq, appoint ambassadors, and write off the country's huge debts. When Nouri al Maliki, the Iraqi prime minister, visited Abu Dhabi in July, Sheikh Khalifa bin Zayed, President of the UAE and Ruler of Abu Dhabi, instructed a waiver of Iraq's US$7 billion (Dh25.7bn) debt. Mr Maliki's visit also saw the appointment of a new ambassador to Iraq, making the UAE the first Arab nation to have done so and boosting its diplomatic presence in Baghdad that has been minimal for a number of years. A policy of diplomatic engagement is a vital component of ensuring Iraqi stability, Dr Gargash said, because it added legitimacy to the young government and helped break the country's diplomatic isolation. "We of course want to see an Iraq where all Iraqis are equal," he said. "By opening more Arab channels to Iraq, others will be more conscious of the [legitimacy of the] Iraqi government and will realise that Iraq can actually be an umbrella for Sunnis, Shias, Kurds and Christians." The members of Nato's Parliamentary Assembly are meeting Middle Eastern and North African officials and academics in Abu Dhabi this week to discuss regional issues, including Iraq, Iran, Afghanistan and the Israeli-Palestinian conflict. The two-day meeting, which includes members of the Federal National Council (FNC), seeks to expand relations between Nato and the nations of the Arabian Gulf. The Nato Parliamentary Assembly is a separate body which provides a forum for member states to discuss Nato policies. "Mainly, we are concerned about stability in the region that has been undermined because of the Iran crisis, the Iraqi situation, Israel and Palestine and Lebanon," said José Lello, the president of the Nato Parliamentary Assembly, who spoke on the sidelines of the main meeting. He described the parliament as a "laboratory" for Nato's expanding global functions. "We go beyond, we are looking to foresee what could be beyond the horizon and trying to understand what are they really thinking in the region, for example, about what's going on in Iran, trying to identify what could be the future developments." Dr Gargash's comments touched on the nation's role in Afghanistan, where the UAE has had a peacekeeping presence since 2003. While the security situation has been unstable since a US-led coalition invaded the country in late 2001, the number of Afghan civilians and coalition soldiers killed has increased in recent months. Furthermore, tensions have escalated with its southern neighbour, Pakistan, where political divisions have led to mounting instability. "Stability in Afghanistan is extremely important. What's really critical is good governance in Afghanistan. It has to go hand in hand with fighting insurgency," he said. "This is not a luxury for us. We have a lot of humanitarian programmes." Amicable relations between Afghanistan and Pakistan were crucial to fostering peace in Afghanistan, Dr Gargash said, and the Government was taking an active role in improving understanding between the two nations. "It is extremely important that that relationship becomes more transparent in order to combat terrorism," he said. Political developments in Pakistan had been "disturbing", but he added that the UAE had been involved in the "Friends of Pakistan" forum, created in New York, to aid the fight against militancy in its tribal regions. The forum's second session will be hosted by Sheikh Abdullah bin Zayed, the UAE's Minister of Foreign Affairs, who said in New York that his country wished to "show our commitment to Pakistan". Dr Gargash also touched on the country's various disputes with Iran, with which the UAE shares a "mature" relationship. He reiterated the UAE's commitment to resolving the dispute over three islands in the Arabian Gulf through direct negotiations or international legal channels. He said the Government was concerned over Iran's nuclear programme and its "interference in internal affairs" of other countries. Dr Gargash said the UAE supported Iran's right to peaceful nuclear energy. However, he said the Government had told Tehran to ensure transparency and compliance with international law. "We really do need that assurance. Otherwise, we will see a region, flush with cash, that is ready to go into a certain regional arms race or regional nuclear programme race. "I don't think this is good for the region. We need more clarity, we need to understand this programme, we need assurance. The region cannot stand further aggravation. This region has gone through a lot." Dr Gargash said the UAE's own nuclear energy programme would be a "model for openness and transparency". The Government published in April a policy document evaluating the potential development of a peaceful nuclear energy programme. The document stressed the UAE's commitment to "operational transparency" and pursuit of "highest standards of non-proliferation". Abdul Aziz al Ghurair, the FNC speaker, said on the sidelines of today's meetings that the spread of nuclear arms in the region, including to Israel, was "not acceptable". "The international decision should be applied to all countries without double standards," he said. mhabboush@thenational.ae mbradley@thenational.ae

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.”

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A
NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

RESULTS

 

Catchweight 63.5kg: Shakriyor Juraev (UZB) beat Bahez Khoshnaw (IRQ). Round 3 TKO (body kick)

Lightweight: Nart Abida (JOR) beat Moussa Salih (MAR). Round 1 by rear naked choke

Catchweight 79kg: Laid Zerhouni (ALG) beat Ahmed Saeb (IRQ). Round 1 TKO (punches)

Catchweight 58kg: Omar Al Hussaini (UAE) beat Mohamed Sahabdeen (SLA) Round 1 rear naked choke

Flyweight: Lina Fayyad (JOR) beat Sophia Haddouche (ALG) Round 2 TKO (ground and pound)

Catchweight 80kg: Badreddine Diani (MAR) beat Sofiane Aïssaoui (ALG) Round 2 TKO

Flyweight: Sabriye Sengul (TUR) beat Mona Ftouhi (TUN). Unanimous decision

Middleweight: Kher Khalifa Eshoushan (LIB) beat Essa Basem (JOR). Round 1 rear naked choke

Heavyweight: Mohamed Jumaa (SUD) beat Hassen Rahat (MAR). Round 1 TKO (ground and pound)

Lightweight: Abdullah Mohammad Ali Musalim (UAE beat Omar Emad (EGY). Round 1 triangle choke

Catchweight 62kg: Ali Taleb (IRQ) beat Mohamed El Mesbahi (MAR). Round 2 KO

Catchweight 88kg: Mohamad Osseili (LEB) beat Samir Zaidi (COM). Unanimous decision

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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

The specs

Engine: 4.0-litre V8

Power: 503hp at 6,000rpm

Torque: 685Nm at 2,000rpm

Transmission: 8-speed auto

Price: from Dh850,000

On sale: now

Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
What are the GCSE grade equivalents?
 
  • Grade 9 = above an A*
  • Grade 8 = between grades A* and A
  • Grade 7 = grade A
  • Grade 6 = just above a grade B
  • Grade 5 = between grades B and C
  • Grade 4 = grade C
  • Grade 3 = between grades D and E
  • Grade 2 = between grades E and F
  • Grade 1 = between grades F and G
Marathon results

Men:

 1. Titus Ekiru(KEN) 2:06:13 

2. Alphonce Simbu(TAN) 2:07:50 

3. Reuben Kipyego(KEN) 2:08:25 

4. Abel Kirui(KEN) 2:08:46 

5. Felix Kemutai(KEN) 2:10:48  

Women:

1. Judith Korir(KEN) 2:22:30 

2. Eunice Chumba(BHR) 2:26:01 

3. Immaculate Chemutai(UGA) 2:28:30 

4. Abebech Bekele(ETH) 2:29:43 

5. Aleksandra Morozova(RUS) 2:33:01  

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
Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
The%20specs
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Miguel Cotto world titles:

WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017

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

Monday's results
  • UAE beat Bahrain by 51 runs
  • Qatar beat Maldives by 44 runs
  • Saudi Arabia beat Kuwait by seven wickets
SQUADS

India
Virat Kohli (captain), Rohit Sharma (vice-captain), Shikhar Dhawan, Ajinkya Rahane, Manish Pandey, Kedar Jadhav, Dinesh Karthik, Mahendra Singh Dhoni (wicketkeeper), Hardik Pandya, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar, Shardul Thakur

New Zealand
Kane Williamson (captain), Martin Guptill, Colin Munro, Ross Taylor, Tom Latham (wicketkeeper), Henry Nicholls, Ish Sodhi, George Worker, Glenn Phillips, Matt Henry, Colin de Grandhomme, Mitchell Santner, Tim Southee, Adam Milne, Trent Boult