LONDON // The leaders of Pakistan and Britain did their best yesterday to put the simmering row over terrorist links behind them. The British prime minister, David Cameron, caused outrage in Pakistan 10 days ago when he accused the nation of "exporting terrorism". To make matters worse, he made the remarks in India.
Pakistani opposition leaders demanded that the president, Asif Ali Zardari, call off his visit to Britain this week in protest. But he went ahead and, after meeting Mr Cameron at the prime minister's country retreat yesterday, emerged to tell the world that the friendship between Pakistan and the UK would "never break".
For his part, Mr Cameron described the links between the two countries as "unbreakable", though neither leader directly referred to the terror row prior to the meeting, Mr Zardari had pledged to challenge Mr Cameron on his comments.
Afterwards, all Mr Zardari would say was: "Storms will come and storms will go, and Pakistan and Britain will stand together and face all the difficulties with dignity and we will make sure that the world is a better place for our coming generations.
"This is a friendship that will never break, no matter what happens. A Downing Street spokesman said later that the hour-long meeting had been "very warm and constructive", with "excellent dynamics" between the two men.
Asked if the pair had discussed Mr Cameron's remarks in India, the official would only say that there had been a "detailed and very constructive, fruitful discussion on counter-terrorism issues".
Standing alongside Mr Zardari at a post-meeting press conference, Mr Cameron - who has insisted his remarks last week were directed at extremists in Pakistan and not the government or any government officials - said that the two nations would work together to "deepen and enhance" their strategic relationship, including the fight against terrorism.
"The president and I have been talking about what we see as an unbreakable relationship between Britain and Pakistan based on our mutual interests," said Mr Cameron.
"Above all what we've been talking about is our strategic partnership and how we can deepen and enhance that partnership to make sure we deal with all the issues where we want to see progress - whether that is in trade, whether it is in education and also in the absolutely vital area of combating terrorism, where we want to work together to combat terrorism.
"Whether it is keeping troops safe in Afghanistan or keeping people safe on the streets of Britain, that is a real priority for my government and somewhere, with Pakistan, we are going to work together in this enhanced strategic partnership."
In a statement issued later, Mr Cameron went out of his way to recognise the "sacrifices" that Pakistan had made in the fight against terrorism.
The two men later planted a tree in honour of Mr Zardari's assassinated wife, the former Pakistani leader Benazir Bhutto.
It was also revealed that Theresa May, the UK's home secretary, will travel to Pakistan this autumn and that Mr Cameron will make an "early visit" to the country.
The joint statement said: "Both leaders discussed the role being played by the (Pakistan) democratic government in fighting against terrorism.
"The prime minister recognised the sacrifices made by Pakistan's military, civil law enforcement agencies and people in fighting violent extremism and militancy and appreciated the efforts of the democratic government.
"Both leaders appreciated the close co-operation that already exists between respective police forces and other security agencies. the two leaders agreed that such co-operation needs to and will intensify."
With the official part of his visit now over, Mr Zardari - who has faced mounting criticism at home for travelling to Europe as the worst floods in almost a century ravaged much of the country - is staying on to address a meeting of European supporters of his Pakistani People's Party in Birmingham today.
The event had been widely reported as being the launching pad for the political career of Mr Zardari's son, Bilawal Bhutto Zardari, who has just completed his studies at Oxford University.
However, he issued a statement yesterday saying: "This is not true. In fact, I will not even be attending the event and instead I will be opening a donation point at the Pakistani High Commission in London for victims of the terrible floods which have ravaged Northern Pakistan."
He added that he was planning to continue his education "both academic and political" and was "looking into the possibility of studying law".
@Email:dsapsted@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 specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
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The Gentlemen
Director: Guy Ritchie
Stars: Colin Farrell, Hugh Grant
Three out of five stars
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
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Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
Uefa Nations League: How it Works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.