ABU DHABI // A former Russian diplomat said on Wednesday that dialogue was the key to strong international relations and that his country was capable of being good friends with GCC states and Iran.
Veniamin Popov, a former Russian ambassador to Yemen, Libya and Tunisia, said in Abu Dhabi that president Vladimir Putin wanted to see an end to all conflict in the Middle East and hoped to achieve this through “friendly relations with all states on equal grounds”.
He gave the example of Turkey, a country with which Russia’s relations broke down after the former shot down a Russian jet in November 2015 and the pair were on opposing sides in Syria.
“We even have friendly relations now with Turkey, which shot down one of our fighter planes and our ambassador was killed there,” Mr Popov said.
“Healthy dialogue with collective efforts is the only solution to stop conflicts in the region – that’s what Russia is doing.”
He was speaking at an Emirates Policy Centre-organised lecture entitled Russian Policy towards the Middle East.
Mr Popov also praised Russian relations with the GCC and Iran.
“Gulf states and Iran are our good friends. Sometimes relations turn sour due to circumstances but, again, we are friends. We want friendship with all nations,” he said.
“Our relations with Arab countries – particularly the GCC region – and Iran are based on mutual understanding and cooperation. Poor states lead to terrorist and extremist activities and we have lots of examples of that, like Iraq, Syria, Yemen and Libya.
“We don’t want any political disputes with GCC countries, we want stability and development in the region.
“All these conflicts can be resolved through dialogue but if the dialogue is not based on equal standards, it has no results.”
Turning to Syria, he said Russia had intervened in the country only at the invitation of president Bashar Al Assad.
“We have started the peaceful process in Astana and Geneva under the auspices of three countries – Russia, China and Iran – and we have succeeded, as there has been no big destruction [in Syria] as we had before.”
He also blamed the western media for portraying what he described as the wrong perspective on the region and of Russia – in respect of the latter, for allegedly interfering in the internal affairs of other countries, such as through the US election and Brexit.
“Blaming Russia for unfounded facts is wrong. I want to clarify: we don’t interfere in any state’s internal affairs,” he said.
Dr Wassim Khalil Kalaajieh, a specialist in Russian affairs and member of the Group of Strategic Vision – Russia-Islamic World, said: “Among the GCC countries, the UAE is the strongest contender for establishing peace in the region and it’s the most understanding nation.
“With the engagement of all parties in the Middle East and Russia in a very measured and strategic manner, the issues of the region can be resolved.
“The UAE has an important role to resolve Middle East conflicts in cooperation with Russia, due to its geographic location.”
The lecture’s moderator, Dr Ebtesam Al Ketbi, president of Emirates Policy Centre, said: “We have good relations and military cooperation with Russia and we have to further diversify it with other countries.
“Russia should bring all partners in the region for dialogue, including Iran, to resolve the issues and conflicts of the region. This is the way to resolve the ongoing fight in the region.”
anwar@thenational.ae
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
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Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
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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 White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The five pillars of Islam
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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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.”
The%20specs
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait