Mr Trump: “if we ever needed another military base, you have other countries that would gladly build it” (EPA/IAN LANGSDON)
Mr Trump: “if we ever needed another military base, you have other countries that would gladly build it” (EPA/IAN LANGSDON)

Trump says US has alternatives to Qatar’s Al Udeid airbase



As the dispute between Qatar and its neighbours reaches the 40-day mark, Donald Trump has raised the possibility of seeking alternatives to the US military presence at Al Udeid airbase there, were things to escalate.

The US president also discussed the dispute on Friday in a call from Air Force One with King Salman of Saudi Arabia, whose country is one of four Arab nations boycotting Qatar over its support for terrorism.

"King Salman congratulated President Trump on the victory over ISIS in Mosul" and "the two leaders discussed recent diplomatic efforts to resolve the dispute with Qatar and underscored the importance of following through on commitments from the Riyadh Summit", the White House said. In particular, "the President emphasised the need to cut all funding for terrorism and discredit extremist ideology".

The call comes after Mr Trump's interview with the Christian Broadcasting Network (CBN) aired on Thursday, in which he was asked about the impact on the US military installation in Qatar. Al Udeid airbase hosts more than 11,000 US troops and has been publicly operational since 2002. "If we ever had to leave, we would have 10 countries willing to build us another one, believe me, and they will pay for it," Mr Trump said in his first remarks about the base since the dispute started.

Mr Trump appeared to be hedging his bets, stressing that “we are going to have a good relationship with Qatar, we are not going to have problems with the military base” while at the same time saying “if we ever needed another military base, you have other countries that would gladly build it”.

The US president in the same interview repeated his accusation against Qatar, that “they are being brought back in because they were known as funder of terrorism and we said that you can’t do that”. He defined the ultimate goal by saying, “We have to starve the beast, and the beast is terrorism, we can’t have wealthy countries funding that beast.”

Mr Trump’s comments differed sharply different from his secretary of state Rex Tillerson who called Qatar’s response “reasonable” in Doha this week. The US president said, “Rex is doing a terrific job but he and I had a little bit of a difference only in terms of tone.”

Mr Tillerson is back in the United States after a shuttle diplomacy tour to resolve the dispute between Qatar and Saudi Arabia, the UAE, Bahrain and Egypt. He based his visit in Kuwait, which is also acting as a mediator, but shuttled between Doha and Riyadh for four days without reaching a breakthrough.

The US defence secretary James Mattis also stepped up his engagement in a phone call with Qatari defence minister Khalid Al Attiya last weekend.

Mr Mattis hosted Bahrain’s minister of interior Rashid bin Abdullah Al Khalifa on Thursday.

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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.”

The Saga Continues

Wu-Tang Clan

(36 Chambers / Entertainment One)

Points Classification

1. Marcel Kittel (Germany / Quick-Step) 63

2. Arnaud Demare (France / FDJ) 38

3. Andre Greipel (Germany / Lotto) 25

4. Sonny Colbrelli (Italy / Bahrain) 24

5. Mark Cavendish (Britain / Dimension Data) 22

6. Taylor Phinney (U.S. / Cannondale) 21

7. Geraint Thomas (Britain / Team Sky) 20

8. Thomas Boudat (France / Direct Energie) 20

9. Stefan Kueng (Switzerland / BMC Racing) 17

10. Michael Matthews (Australia / Sunweb) 17

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

The Bio

Favourite place in UAE: Al Rams pearling village

What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft

Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans

Best time to swim in the sea: When there is enough light to see beneath the surface

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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Recent winners

2002 Giselle Khoury (Colombia)

2004 Nathalie Nasralla (France)

2005 Catherine Abboud (Oceania)

2007 Grace Bijjani  (Mexico)

2008 Carina El-Keddissi (Brazil)

2009 Sara Mansour (Brazil)

2010 Daniella Rahme (Australia)

2011 Maria Farah (Canada)

2012 Cynthia Moukarzel (Kuwait)

2013 Layla Yarak (Australia)              

2014 Lia Saad  (UAE)

2015 Cynthia Farah (Australia)

2016 Yosmely Massaad (Venezuela)

2017 Dima Safi (Ivory Coast)

2018 Rachel Younan (Australia)

Going grey? A stylist's advice

If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”

UAE currency: the story behind the money in your pockets
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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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.