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Trump in Abu Dhabi: What to expect on final day of Gulf tour
Donald Trump has touched down in Abu Dhabi, becoming only the second serving US President to visit the UAE.
He was welcomed by UAE President Sheikh Mohamed and is heading to Abu Dhabi's main island on the first day of his two-day trip.
Here's what to expect:
- Mr Trump is visiting Sheikh Zayed Grand Mosque, an architectural landmark and one of the largest mosques in the world
- After a short stop at the Ritz-Carlton, he will move on to Qasr Al Watan, the grand presidential palace on the Corniche, where the official ceremony for a head of state will be held. We can expect to see Mr Trump welcomed by an honour guard. Past leader visits have included a flyover by stunt jets
- Mr Trump will be welcomed by President Sheikh Mohamed and hold bilateral talks. This will be followed by a state dinner
- Various deals are expected to be signed between the UAE and the US, with AI in particular one area to watch
On Friday, Mr Trump is scheduled to meet US embassy staff, participate in a US-UAE business event and visit the Abrahamic Family House on Saadiyat Island, a symbol of interfaith dialogue. He will then depart for Washington DC by mid-afternoon on Friday.
Warm Emirati welcome
At the Presidential Terminal in Abu Dhabi airport, Mr Trump stopped to speak to Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and National Security Adviser, and Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and Deputy Prime Minister.
Also in attendance was Sheikh Mohammed bin Hamad bin Tahnoon, Advisor to the President; Dr Ahmed Mubarak Al Mazrouei, Chairman of the President's Office for Strategic Affairs and Chairman of the Abu Dhabi Office; Khaldoon Khalifa Al Mubarak, Chairman of the Executive Affairs Authority; Yousef Al Otaiba, UAE Ambassador to the US; and a number of senior officials.
The plane carrying the US President entered UAE airspace and was escorted by a squadron of military aircraft to celebrate his visit. The commander of the squadron asked Mr Trump for permission to accompany him to the Presidential Airport, welcoming him to the Emirates.
Deals to look out for
In his four-day visit, Mr Trump predicted that $3.5-$4 trillion in deals would have been pledged.
Deals are expected between the US and the Emirates in the coming day. This week, the US government axed a Biden-era ruling that, from May 15, would have restricted access to cutting-edge AI chips, including Nvidia's Blackwell chip, to foreign buyers including the Gulf states.
The move will pave the way for major deals between UAE and US companies.
Our predictions of the deal are here.
Warm welcome
The UAE is home to an estimated 50,000 American expats.
As with everywhere a US President goes, they divide opinion. But the American expats that The National spoke to said they hope his push for friendship and peace in the Middle East will be the legacy of his visit, whatever their personal politics.
“I hope President Trump will have a positive influence and impact, not just for America but for everyone involved, as this area has experienced instability with the wars," said Darlene Tezdiker, 56, from Florida, who teaches adults English and has lived in the UAE for more than a decade.
Meanwhile, a former mission director for Air Force One who is now an Abu Dhabi resident has told of what it's like aboard the "flying White House".
“I’m here as an Arab-American and it feels how I grew up in the US," said the Egyptian-American Sharief Fahmy, speaking of his home in the Emirati capital.
He was part of a team of mission directors on Air Force One in the 2000s during the George W Bush administration.
"People from all over the world are working together at the top of their game,” he said.
Read more:
UAE and US working to announce AI and tech partnership
'Trump is our hope for peace': US residents in UAE buoyed by visit
Inside Abu Dhabi's Presidential Palace hosting Donald Trump
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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.”
RESULTS
Catchweight 82kg
Piotr Kuberski (POL) beat Ahmed Saeb (IRQ) by decision.
Women’s bantamweight
Corinne Laframboise (CAN) beat Cornelia Holm (SWE) by unanimous decision.
Welterweight
Omar Hussein (PAL) beat Vitalii Stoian (UKR) by unanimous decision.
Welterweight
Josh Togo (LEB) beat Ali Dyusenov (UZB) by unanimous decision.
Flyweight
Isaac Pimentel (BRA) beat Delfin Nawen (PHI) TKO round-3.
Catchweight 80kg
Seb Eubank (GBR) beat Emad Hanbali (SYR) KO round 1.
Lightweight
Mohammad Yahya (UAE) beat Ramadan Noaman (EGY) TKO round 2.
Lightweight
Alan Omer (GER) beat Reydon Romero (PHI) submission 1.
Welterweight
Juho Valamaa (FIN) beat Ahmed Labban (LEB) by unanimous decision.
Featherweight
Elias Boudegzdame (ALG) beat Austin Arnett (USA) by unanimous decision.
Super heavyweight
Maciej Sosnowski (POL) beat Ibrahim El Sawi (EGY) by submission round 1.
