Canada UAE air dispute 'could harm trade'



ABU DHABI // The dispute between the UAE and Canada over landing rights could harm trade relations between the two countries, the head of the Canadian Business Council in Dubai has warned.
Shane Philips, a business consultant in Dubai, said that newly instituted visa restrictions could dampen Canadian attendance at trade shows in the Emirates.
His comments follow news of the arrival of a delegation from Alberta that hopes to protect exports from the Canadian province to the Emirates, which are worth about Dh570million a year.
The delegation, which arrived in the capital on Friday and will be here for a week, is led by international and intergovernmental minister Iris Evans, who is a long-term supporter of Emirate's and Etihad Airline's application for landing rights.
Ms Evans, a speaker at the World Future Energy Summit, which opened in the capital yesterday, said the two countries' dispute benefits no one. "Because of common interests in energy and technology, and because so many Canadians have professional pursuits related to the oil and gas or finance and banking industries, there really needs to be a resolution," she said, speaking on the sidelines of the summit.
"I see those efforts as a continuation of what has already been launched and established as a good working relationship between the two countries."
Another Canadian province with close links to the Emirates is Nova Scotia, and 11 international schools in the UAE have adopted the province's curriculum.
Darrell Dexter, the premier of the province, who recently led a trade mission to the UAE, said on Saturday that Nova Scotia was not viewed as "part of the problem" by UAE leaders.
"My hope of course is that that remains the case," he told The Canadian Press.
However, Mr Philips is worried that the dispute will "hardly be a catalyst for further trade".
"It is going to make it challenging because Canadian businessmen can't attend trade shows here without a visa. They won't be able to strike up new relationships as casually as before. It's very disappointing that relations have become so strained."
At stake, wrote Haroon Siddiqui, a columnist at the Toronto Star, is the $1.5 billion (Dh5.5bn) in bilateral trade, 95 per cent of which is in Canada's favour.
"The UAE has invested $4.4bn in Canada, and may increase it manyfold, given its $1 trillion sovereign fund," he said.
"The UAE is spending tens of billions on infrastructure projects that Canadian companies are well-suited to bid on. That's why 200 of them have opened offices there."
Mr Siddiqui, who said this dispute may "cost Canada dearly", was told there is a chance that the UAE may recall its ambassador from Ottawa.
mcroucher@thenational.ae
hkhalaf@thenational.ae
* With additional reporting by Erin Conroy
 

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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.”

UAE currency: the story behind the money in your pockets
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Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

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They involve criminals conning mobile phone operators into issuing them with replacement Sim cards by claiming to be the victim, often pretending their phone has been lost or stolen in order to secure a new Sim.

They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.

The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.

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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
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Common OCD symptoms and how they manifest

Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.

Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.

Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.

Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.

Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.

Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia

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1987

1954

1921

1888

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