Live updates: Follow the latest on Donald Trump’s inauguration
Leaders from around the world congratulated new US President Donald Trump on Monday as he officially took office. Middle East leaders including UAE President Sheikh Mohamed wished Mr Trump and his administration well after the inauguration.
"I wish him and his administration success and I look forward to working with him to further advance UAE-US strategic relations and promote regional peace and stability," Sheikh Mohamed wrote in a post on X.
Israeli Prime Minister Benjamin Netanyahu also sent his congratulations, saying that Mr Trump's first presidency included "groundbreaking moments in the history of the great alliance between our two countries", citing the Abraham Accords and withdrawing from the Iran nuclear deal.
"On behalf of the people of Israel, I also want to thank you for your efforts in helping free Israeli hostages. I look forward to working with you to return the remaining hostages, to destroy Hamas' military capabilities and end its political rule in Gaza, and to ensure that Gaza never again poses a threat to Israel," Mr Netanyahu said.
Palestinian President Mahmoud Abbas sent a message to Mr Trump carried by the news agency Wafa, saying: "We stand ready to work with you to achieve peace during your tenure, guided by the two-state solution based on international legitimacy. This vision seeks the establishment of the state of Palestine and the state of Israel living side by side in peace and security.”
King Abdullah II of Jordan wished Mr Trump "every success as he commences his second term".
"Congratulations on your inauguration, Mr President. We greatly value our partnership with the United States and are committed to working with you towards a more prosperous and peaceful world," he said in a post on X.
In Europe, Mr Trump's inauguration was also met with congratulations. UK Prime Minister Keir Starmer said: "The special relationship between the UK and the US will continue to flourish for years to come."
In a rare move, Mr Trump extended invitations to several current and former world leaders, one of them being former conservative UK prime minister Boris Johnson.
German Chancellor Olaf Scholz said: "The US is our closest ally and the aim of our policy is always a good transatlantic relationship."
Ukraine's President Volodymyr Zelenskyy said on X that Mr Trump "is always decisive, and the peace-through-strength policy he announced provides an opportunity to strengthen American leadership and achieve a long-term and just peace, which is the top priority".
Before the inauguration, Russian President Vladimir Putin offered his own congratulations, saying: "Moscow is open for dialogue with the United States that will be built on an equal and mutually respectful basis."
In India, Prime Minister Narendra Modi congratulated Mr Trump on his "historic" inauguration, saying he looked forward "to working closely together once again, to benefit both our countries, and to shape a better future for the world".
Pakistan's Prime Minister Shehbaz Sharif said he also looks forward to working with Mr Trump to strengthen the "enduring Pakistan-US partnership".
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.”
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
Malcolm & Marie
Directed by: Sam Levinson
Starring: John David Washington and Zendaya
Three stars
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The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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