ABU DHABI // As an only child, Stuart Jones Jr was always expected to take over the farm and tractor dealerships in Arkansas that had been in the family for generations. But there was always an "adventurous spirit" lurking inside him.
Little did his parents know, he would be gripped by a longing to serve his country and later, at the age of 30, become one of the youngest people to hold the office of US Treasury attache, representing his country in Afghanistan and the Gulf.
Based at the US embassy in Abu Dhabi, he says: "They are entrusting a vitally important role to you. It's not Stuart Jones Jr going out there, it's not even the Treasury - I'm representing the United States of America and that's an awesome responsibility that you don't take lightly."
At university, he was a national public speaking champion, engaging in political debate. He was an intern at international relations firms, giving him early exposure to the workings of government.
In the second year of his studies, he moved from the University of Arkansas to American University in Washington to be closer to his calling.
The turning point, he says, was September 11. After that, he decided it was "time to serve".
"It was a traumatic event. I knew then that somehow I wanted to serve in the counter-terrorism area.
"A lot of people of our generation made that decision, joining the military or NGOs [non-governmental organisations].
"What I saw was the importance of the policy side of defeating terrorist networks, as much if not more than the military side. If I was going to get to the table to contribute, I knew I needed further study."
Mr Jones won a scholarship to study for a master's degree in international security at St Andrew's University in Scotland.
For his dissertation, he wrote about the role of public diplomacy in preventing terrorism. He travelled to Jordan, where, in spite of knowing no Arabic, he spoke to people on the streets, in shisha cafes, in restaurants, on their conceptions of terrorism and the West, and ways to find common ground.
His master's done, he returned to the US to work on the 2004 presidential campaign in Florida before landing a job in the Treasury department.
Six months later, aged just 25, he was sent to represent the Treasury at the National Counter Terrorism Centre. He admits: "I had a lot of proving to do, not only because of my age, but because I had a strong southern accent.
"I had to show that I understood the issues but prove that I could lead and listen, learning from their experience."
The following year, he became a senior adviser to the assistant secretary, and a year later he was posted as deputy Treasury attache in Afghanistan, an opportunity he felt "humbled" by.
"Afghanistan was becoming more of a focus as they moved away from Iraq," he says. Six months later he was named as attache, because, in the words of Neal S Wolin, the deputy Treasury secretary, of "his experience and the trust of the department in his ability to further our partnership with the UAE, which we take seriously".
In this role, he would deal with the Afghan government, the head of the country's central bank, and the UN, briefing senators, congressmen and generals on areas as diverse as corruption, narcotics and macroeconomics.
There are just 12 Treasury attaches around the world, including in Japan and Europe, which Mr Jones sees as reflective of the importance of the US-UAE relationship.
"The UAE is one of the most visited countries in the world by Treasury officials, as is the Gulf. The most important thing is helping to manage and improve what is a deep and meaningful partnership between several Gulf countries and the US on financial and security issues."
mswan@thenational.ae
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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.”
CREW
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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
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
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
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
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
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
