UAE Air Force's new F-16 Block 60 fighters.
UAE Air Force's new F-16 Block 60 fighters.

Military stresses its human aspect



ABU DHABI // The Armed Forces stressed their humanitarian role, as well as their commitment to Gulf security, in a report released yesterday to coincide with National Day. "The strategy of the UAE is closely linked to the collective security strategy of the GCC states. It is also connected to the Arab and global peace and security," the report said. It coincided with a promise to the military by Sheikh Khalifa bin Zayed, President of the UAE and Ruler of Abu Dhabi, to modernise further. "I reassure them of my limitless trust in them, of my endeavour to develop their abilities and modernise their material, and to guarantee comprehensive care for them and for their families," Sheikh Khalifa said in an address published yesterday in Nation Shield, the Armed Forces magazine. The report included a mission statement, in which it said it "was and still is a defensive force that has no aggressive objectives. It is to protect rather than threat." The report said the military's definition of national security encompassed a humanitarian role, which "can be clearly seen through the active role of the Armed Forces in the UAE and abroad in the shape of humanitarian aid". It said the forces have put the Gulf security agenda into action with joint military exercises with regional states and global allies, mainly the US. Leaders of the six GCC states signed a defence agreement in Bahrain in Dec 2000, and followed it with meetings to integrate the region's armies. In March, GCC countries' chiefs of staffs met in Qatar to evaluate regional and international threats. Joint military exercises this year included the Gulf Shield exercise in March, hosted by the UAE with troops from Qatar and France. In April, there was a second exercise in the UAE with troops from Bahrain, Qatar, Kuwait, the US, Saudi Arabia, Oman and Jordan. The US has been the traditional protector and ally of the region's states, but the UAE has also been forging alliances with other countries. The nation has signed several defence co-operation agreements with France, and in 2003 negotiated a memorandum of understanding with the Italian ministry of defence, which has still not been approved by the Italian parliament. France, which is to establish a 500-troop military base in the UAE, is the most important strategic partner after the US. It is also a major provider of hardware to the Armed Forces, including 60 Mirage fighter jets and 400 tanks. In 2004, Nato announced the Istanbul Co-operation Initiative (ICI), which four Gulf countries - the UAE, Bahrain, Kuwait and Qatar - signed. The ICI is a framework for training and information exchange, and Nato officials said it could lead to a military alliance between Nato and individual GCC states. Dr Mustafa Alani, a senior security adviser to the Gulf Research Centre, said multiple alliances better serve the UAE and the other GCC countries, and the US welcomes military partnerships in the region, especially with its allied nations. "I believe the US now have a policy to encourage their allies to take parts in the responsibility. Yes, the US is the major power in the area, but they need their allies," Dr Alani said. Building a French base in the country, he said, "is not against the US interests. It's not to compete with the US, and this is what make it very easy for the Emiratis to accept." Yesterday's report told of the Armed Forces' role in providing humanitarian aid to countries affected by disasters, man-made and natural. Examples included the army's role in the international force led by the US to liberate Kuwait after the Iraqi invasion in 1990. The report detailed the most recent humanitarian mission, in Yemen, where the army delivered medical equipment, medicine and other material to survivors of a flood that hit the impoverished country in October. The army set up a 100-bed field hospital and took part in the rescue operations, the report said. "The campaign in Yemen comes as part of our leadership's interest to alleviate the suffering of the Yemeni people and improve their living conditions. It also asserts the humanitarian role played by the Emirates, and its continued work relief those in need around the globe." mhabboush@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.”

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Where to buy

Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com

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While you're here
Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

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Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
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  • Should have a live feed of the drone flight
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In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

UAE currency: the story behind the money in your pockets
The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

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Favourite book: ‘The Art of Learning’ by Josh Waitzkin

Favourite film: Marvel movies

Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence

Director: Jon Favreau

Starring: Donald Glover, Seth Rogen, John Oliver

Rating: 2 out of 5 stars

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

The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

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