The UAE is turning its attention to India and China as it looks to boost its investment and trade relations with the two fast-growing Asian economies.
Sultan Al Jaber, the Minister of State and chairman of the board of the National Media Council, in an opinion piece on CNNMoney, said: “The UAE’s commitment to invest billions of dollars in India and China demonstrates the strength of our relations with both countries.”
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, has recently completed official visits to both countries.
India and China are the UAE’s largest trading partners, with their rapidly expanding middle classes, he said.
Also, the UAE is an important bridging point for India and China to the wider Middle East region, as well as Africa and other parts of the world.
“As part of our strategic vision to diversify our economy, we have created business-friendly enterprise zones next to our logistical hubs, attracting thousands of Chinese and Indian businesses,” Dr Al Jaber said. “For instance, the Jebel Ali Free Zone Authority is now home to about 800 Indian and 250 Chinese firms.
“They are drawn to an environment where the ease of doing business is matched only by the unique location that can serve both established markets and open new markets in Africa.”
Ashish Shah, the chief operating officer of Radius Developers, a Mumbai property developer, with a background in consulting, including as a director at KPMG, said that given China’s and India’s relatively high growth levels and the opportunities, the UAE would naturally feel “it had to be present”, helped by the geographical locations.
The Crown Prince travelled to China in December for a three-day visit. Sheikh Mohammed at the time said that he had “significant interest in developing and bolstering bilateral cooperation in economic fields” and the trip resulted in a number of agreements.
Mubadala, the Abu Dhabi strategic investment company, during this visit announced that it would manage a US$10 billion joint investment fund with China Development Bank Capital and China’s State Administration of Foreign Exchange. Sheikh Mohammed said this was a move “to work more closely in developing our economies and contributing to global growth”.
The Crown Prince last week visited India, also for three days, which resulted in a number of deals to pave the way to boost bilateral investment and trade, with areas of focus including aerospace, infrastructure and energy.
Ahmad bin Harib Alfalahi, the UAE commercial attaché to India, speaking on Friday at a UAE-India business conference in Mumbai, said that there were tremendous opportunities for the UAE to invest in India. He said that the UAE was India’s “gateway to the region and to the globe”.
Huge numbers of international air passengers to and from India travel via the UAE, while large volumes of re-exports and imports also pass through UAE ports, he said.
The Dubai developer Nakheel this month opened the second phase of Dragon Mart, a shopping centre dominated by Chinese traders who re-export goods around the region.
Dr Al Jaber described the economic relationship with the two Asian economies as “symbiotic”, explaining that there were parallels between India, China and the UAE in terms of how all three countries are striving to ensure “stability by expanding prosperity, not only for their people, but for their neighbours – a principle that also lies at the core of our policies”.
He highlighted India’s plans to increase its manufacturing activity and China’s mission to boost trade flows on the ancient silk route as key examples of this.
“The roots that the Chinese and Indian communities have laid down in the UAE are helping realise our policy of economic diversification, transitioning the UAE from its historic dependence on oil.”
The large number of Indian expats in the UAE and “a sizeable minority of nearly 200,000” Chinese nationals is also a factor helping to bolster ties, he said.
“The UAE is one of our important trade partners today,” said Kaushlendra Singh Sengar, the chief executive of Advisorymandi.com, a stock market advisory company based in Delhi.
“With the ongoing structural reforms in India and the current government’s efforts to create a more favourable environment for absorbing FDI, I foresee a significant surge in the new investments from the UAE in the coming years.
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The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
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.”
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Aahid Al Khalediah II, Pat Cosgrave (jockey), Helal Al Alawi (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 2,200m; Winner: Whistle, Harry Bentley, Abdallah Al Hammadi
6pm: Wathba Stallions Cup - Maiden (PA) Dh70,000 (T) 1,600m; Winner: Alsaied, Szczepan Mazur, Ibrahim Al Hadhrami
6.30pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Mumayaza, Antonio Fresu, Eric Lemartinel
7pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Hameem, Adrie de Vries, Abdallah Al Hammadi
7.30pm: President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Richard Mullen, Jean de Roualle
8pm: President’s Cup – Listed (TB) Dh380,000 (T) 1,400m; Winner: Medahim, Richard Mullen, Satish Seemar
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
Begin your cryptocurrency journey here.
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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
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
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Surianah's top five jazz artists
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.
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 SPECS
Engine: 3-litre V6
Transmission: eight-speed automatic
Power: 424hp
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Price: From Dh399,000
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Despacito's dominance in numbers
Released: 2017
Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon
Views: 5.3 billion on YouTube
Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification
Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.
Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards
Company%20Profile
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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
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
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
