JEDDAH // The crown prince of Saudi Arabia called on Wednesday for stronger military cooperation between the US and Gulf nations whose security he said is under threat.
Prince Salman bin Abdulaziz Al Saud made the remarks during the US-GCC Strategic Defence Dialogue in Jeddah where US defence secretary Chuck Hagel and his counterparts from the Gulf met.
“We meet today amid persistent threats to the region’s security and stability” that “necessitate coordination in politics and defence strategies of our countries”, said Prince Salman.
“The security of our countries and our people are in danger.”
The crown prince is also Saudi Arabia’s defence minister.
Prince Salman said among the issues of concern were “political crises” in some Arab states, as well as “attempts to acquire weapons of mass destruction and meddling of certain states” in the internal affairs of others, in an apparent reference to Iran.
He voiced hope that “cooperation continues” with the US, stressing historic and strategic relations between Washington and Gulf states have “contributed to cementing security and stability in the region”.
Earlier on Wednesday, in his opening address, Mr Hagel promised GCC countries that negotiations to contain Iran’s nuclear programme will not weaken their security.
Mr Hagel said that Washington is hopeful of progress in the new round of nuclear talks with Iran that are under way in Vienna.
He said the negotiations “under no circumstances” will trade Gulf security for concessions on Iran’s nuclear programme.
Mr Hagel’s comments coincided with a rare diplomatic gesture from his hosts towards Iran when Saudi Arabia’s foreign minister, Prince Saud Al Faisal, said on Tuesday Riyadh had invited Iran’s foreign minister to visit.
Iranian deputy foreign minister Hossein Amir Abdollahian on Wednesday welcomed the move but said Tehran had not yet received a written invitation to visit Saudi Arabia.
“Visits of the countries’ foreign ministers are on the agenda of Iran,” Mr Amir Abdollahian told the state news agency IRNA.
The US-GCC meeting in Jeddah takes place as Iran and the US, France, Russia, Britain, China and Germany started the latest round of talks in Vienna on Wednesday, aimed at reaching an agreement on Tehran's disputed atomic activities by late July.
The goal of the meeting is to start drafting the text of a final accord that could put an end to years of hostility and mistrust between Iran and the six world powers.
Wide differences must still be overcome, especially regarding the size of Iran’s uranium enrichment programme, and a successful outcome is far from guaranteed.
Iran denies western allegations that it has been seeking to develop the capability to make atomic bombs, saying its nuclear programme is a peaceful energy project.
Mr Hagel said regardless of the outcome of the discussions, the US will remain “postured and prepared” to ensure that Iran does not acquire a nuclear weapon.
US officials have struggled to reassure Gulf states, particularly Saudi Arabia, over an interim nuclear deal with Iran that the Saudis worry will embolden Tehran.
The GCC has also been dissatisfied with Washington’s cautious approach to arming rebel forces in Syria.
The US-GCC meeting was expected to offer Mr Hagel a chance “to underscore US security commitments in the Middle East and to reinforce the United States’ unstinting policy of preventing Iran from acquiring a nuclear weapon and further destabilising the region”, said the Pentagon press secretary Rear Admiral John Kirby last week.
Mr Hagel is set to visit Jordan for talks on the civil war in Syria after his meeting in Jeddah.
*Associated Press, Agence France-Presse and Reuters
Ultra processed foods
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
The specs
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Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
Monster Hunter: World
Capcom
PlayStation 4, Xbox One
Results
6.30pm Madjani Stakes Rated Conditions (PA) I Dh160,000 I 1,900m I Winner: Mawahib, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)
7.05pm Maiden Dh150,000 I 1,400m I Winner One Season, Antonio Fresu, Satish Seemar
7.40pm: Maiden Dh150,000 I 2,000m I Winner Street Of Dreams, Pat Dobbs, Doug Watson
8.15pm Dubai Creek Listed I Dh250,000 I 1,600m I Winner Heavy Metal, Royston Ffrench, Salem bin Ghadayer
8.50pm The Entisar Listed I Dh250,000 I 2,000m I Winner Etijaah, Dane O’Neill, Doug Watson
9.25pm The Garhoud Listed I Dh250,000 I 1,200m I Winner Muarrab, Dane O’Neill, Ali Rashid Al Raihe
10pm Handicap I Dh160,000 I 1,600m I Winner Sea Skimmer, Patrick Cosgrave, Helal Al Alawi
COMPANY PROFILE
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
