ABU DHABI // Naval commanders from around the world gathered in the capital on Wednesday to discuss ways to counter rising maritime threats in the Arabian Gulf.
Naval officials said while piracy was decreasing, underwater threats such as submarines and smart mines were becoming harder to detect and disarm.
“We’re in a region where its livelihood depends extremely on sea lanes,” said Riad Kahwaji, chief executive of the Institute for Near East and Gulf Military Analysis, or Inegma.
“Without secured sea lanes the region cannot live, and therefore, the priority here is for maritime security, to have strong naval capabilities that will keep them secure and open at all times.”
Mr Kahwaji was at the second Gulf Naval Commanders Conference at the Armed Officers Club.
Commanders discussed many maritime threats including piracy attacks, but underwater threats were considered the most worrying as the waters of the Arabian Gulf were quite shallow.
“It’s very difficult to fight against submarines in shallow waters,” said Rear Admiral Antoine Beaussant, the commander of the French forces in the Indian Ocean.
“You need to have a lot of assets and it’s a very long investment. The best thing to do is to eliminate the submarine threats before they go at sea so it’s best to invest in special forces and air strikes than to invest in huge submarine forces.”
Rear Adm Ibrahim Al Musharrakh, Commander of the UAE Naval Forces, said the Gulf’s harsh environment made anti-submarine warfare “a real challenge for our units, with shallow waters significantly impacting detection by active sonars”.
Underwater threats include small submarines called midgets.
“Offshore activities and commercial traffic generating an important underwater ambient noise make it easier for electrically propelled midgets to operate undetected,” Rear Adm Al Musharrakh said.
“We need to have a fair assessment of the threat they represent for us and have a perfect knowledge of their characteristics, capabilities, missions, activities, area of patrols and weaknesses.”
Mr Kahwaji said midgets were hard to detect and could be lethal.
“They can be armed with four to six torpedoes,” he said. “They can launch surprise attacks, sink big ships and flee.”
Other threats include smart mines, which are triggered by heat or metal.
“They seek their targets,” Mr Kahwaji said. “They don’t just rest static as the old ones so these are what our neighbours in the Gulf and their allies are developing capabilities to deal with.”
Mines have been an issue in the Gulf since the 1980s.
“Any mine-laying operation would significantly reduce our ability to deploy safely our naval units at sea,” said Rear Adm Al Musharrakh.
“We need to be able to work together and concentrate our efforts along designated routes. We also need to get a permanent, up-to-date and real-time surface picture of the whole area to prevent the enemy from conduction any suspicious activities.”
Information-sharing between countries and special technological tactics and skills must be used to overcome the hurdles.
“Recent events worldwide have shown the vulnerability of the world we live in today and how fast things are changing,” said Maj Gen Rashad Al Saadi, Commandant at the UAE National Defence College.
“It underlines the importance of having modern armed forces in civilised nations, and no modern nation can claim to have a good military without an efficient naval force.
“We have invested in importing the latest technologies to stay in the forefront of modernity in our industries, trade and commerce and way of life.”
Anthony Winns, president of Middle East and Africa for US defence company Lockheed Martin, said it was a critical time for regional navies to collaborate on solutions.
“Maritime capability is not an option, it’s a necessity,” he said. “Social unrest and regional tensions abound today in the Arabian Gulf.
“The proliferation of asymmetric threats and piracy create challenges to the freedom of navigation and navies need to be able to operate without restriction, whether in the Gulf or in other spaces.”
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COMPANY%20PROFILE
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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.”
COMPANY PROFILE
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Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
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UAE currency: the story behind the money in your pockets
What can you do?
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
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
