Former Dutch prime minister Mark Rutte took over as Nato secretary general on Tuesday, succeeding the long-serving Jens Stoltenberg, as the military alliance confronts some of its biggest challenges.
Mr Stoltenberg handed Mr Rutte a ceremonial wooden Viking gavel donated in 1963 by Iceland before inviting him to sit in the head seat in the North Atlantic council room.
“It is a big job, and I have big shoes to fill,” said Mr Rutte after the two men shook hands. The gavel, which resembles a hammer, is a symbol of Iceland's ancient parliamentary tradition and has been used for special Nato meetings.
Mr Rutte said he would ensure continuity on Mr Stoltenberg's priorities, which include supporting Ukraine as the country enters its third winter at war with Russia, as well as boosting collective defence.
“I cannot wait to get to work,” Mr Rutte said during a joint press statement with his predecessor, who he thanked for keeping Nato on course “during turbulent times”.
“We have to make sure that Ukraine prevails as a sovereign democratic nation,” added Mr Rutte. “We need to do more in terms of our collective defence and deterrence. We need to invest more and close the capability gaps.”
The Kremlin reacted to Mr Rutte's takeover of Nato by saying they expected more of the same.
“At one time, there were hopes for the possibility of building good pragmatic relations – at least, such a dialogue was conducted – but subsequently we know that the Netherlands took a rather irreconcilable position, a position on the complete exclusion of any contacts with our country,” said spokesman Dmitry Peskov.
In his first press conference in his new job, Mr Rutte dismissed the Kremlin's jab at his country, saying that Moscow “has excellent sources and I couldn't have said it in a better way … because I'm very much an admirer of Jens Stoltenberg.”
“Personal experience” steering his country through the 2014 downing by Ukrainian separatists of flight MH17, in which more than two-thirds of passengers were Dutch, taught Mr Rutte that war in Ukraine “is not contained to the front line”, he said.
Mr Rutte also said there were no “imminent threat” of Vladimir Putin using nuclear weapons despite recent statements by the Russian president. “Generally, if we were to give into Putin's threats, we would set a precedent that using military force allows a country to get what it wants, and we can't do that,” he said.
'Mixed feelings'
Mr Rutte and Mr Stoltenberg, a former prime minister of Norway who became secretary general in 2014, began the day by laying wreaths at a monument at Nato headquarters in Brussels in memory of the men and women who have died fighting under the alliance's banner.
“I have to admit that I am leaving the alliance with mixed feelings,” Mr Stoltenberg said. “It's difficult to leave an alliance and an organisation that I've served for 10 years.”
But he added that he left the role feeling pride at having overseen the biggest reinforcement of Nato's collective defence in a generation and the integration of four new members – North Macedonia, Montenegro, Finland and Sweden.
Mr Stoltenberg had also relentlessly pushed allies to increase their defence spending. When he started the job, only three countries spent 2 per cent of GDP on defence. That figure is now at 23 out of 32.
Mr Rutte said he was “not worried” about the prospect of Donald Trump returning as US president following elections in November, a possibility that has caused concern in Europe after he asked allies to “pay up” to secure their defence by the US in case of an attack.
As Dutch prime minister, Mr Rutte was seen as successfully navigating a working relationship with Mr Trump. Mr Rutte also said he knew Kamala Harris well, Mr Trump's democratic opponent. “I'll be able to work with both, whatever the outcome of the election is,” said Mr Rutte.
Mr Rutte and Mr Stoltenberg's teams have been working together for three months to prepare the highly choreographed handover. Mr Rutte, who had no serious contender running against him, got the job after his government in the Netherlands collapsed last year.
During his 14-year tenure as prime minister, Mr Rutte headed four different coalition governments, which made him a particularly good candidate to head Nato, according to Mr Stoltenberg. “He knows how to make compromises, create consensus, and these are skills which are very much valued here at Nato,” he said.
Asked why he wanted to become Nato's new secretary general, Mr Rutte said the circumstances were right. “I had to say no previously to an American president because I was still in office and that would have led to new elections in the Netherlands,” he said. “But then the government collapsed. I thought of it deeply during the summer and then decided in September-October, given the whole situation now, that I would give it a try. And then, of course, I had to work to convince all allies.”
The two men were questioned about Israel's recent bombing campaign and ground invasion of Lebanon, which Israel has described as “targeted and precise”. Nato is “deeply concerned” about the situation, Mr Stoltenberg said. “We support the efforts of Nato allies to find a way to de-escalate and find a political solution both through the ongoing hostilities in Gaza but also the situation in Lebanon,” he told reporters.
“There is a clear worry here,” said Mr Rutte, who also highlighted that the alliance “has no specific role” in the war. “We are of course as an alliance in constant contact with all our partners over there and of course we hope that the hostilities will end as soon as possible,” added Mr Rutte.
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.”
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
HAJJAN
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
UAE currency: the story behind the money in your pockets
More on animal trafficking
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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COMPANY%20PROFILE%20
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25%20Days%20to%20Aden
%3Cp%3EAuthor%3A%20Michael%20Knights%3C%2Fp%3E%0A%3Cp%3EPages%3A%20256%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20January%2026%3C%2Fp%3E%0A
Abu Dhabi GP weekend schedule
Friday
First practice, 1pm
Second practice, 5pm
Saturday
Final practice, 2pm
Qualifying, 5pm
Sunday
Etihad Airways Abu Dhabi Grand Prix (55 laps), 5.10pm
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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Company%20profile
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
