The dramatic news about Osama bin Laden's death, especially when taken in combination with the ongoing "Arab spring", offers a remarkable window of opportunity for US policymakers seeking to encourage what President Barack Obama has called an "alternative narrative" for a disaffected generation in the Islamic world.
For years after September 11, military and counterterrorism efforts dominated the US response to the atrocities in New York City and Washington, DC. Major successes were achieved, including the unseating of the Taliban regime in Afghanistan. However, the overwhelming US emphasis on "hard power" has fuelled controversy, and ultimately US unpopularity, across much of the world in the subsequent decade.
According to the 2010 Pew Global Attitudes Survey, in nine out of 15 countries for which relevant time series data is available, public favourability towards the United States lagged behind that recorded at the end of the Clinton administration. This phenomenon, which developed most intensely during the administration of George W Bush, comes despite the decline of anti-Americanism across much of the world since the election of Mr Obama in 2008.
As the Pew data indicates, nowhere has US unpopularity been more evident than in the Islamic world. While countries such as Lebanon buck the trend, the general fall-off in the last decade is stark. In Turkey, for instance, favourability of the domestic population towards the United States has fallen from some 30 per cent in 2002 to a very low 17 per cent in 2010. Equally, in Egypt, favourability has declined from 30 per cent in 2006 to 17 per cent in 2010.
The decline in these numbers is so serious because of the concomitant erosion of US "soft power" - the ability to influence preferences of others derived from the attractiveness of a state's values, ideals and government policies, especially in foreign affairs. History underlines the key role that soft power has played as a means of obtaining desirable outcomes in world politics.
For example, Washington used soft power resources quite skilfully after the Second World War to encourage other countries into a system of alliances and institutions such as NATO, the IMF, the World Bank and the United Nations. The Cold War was subsequently won by a strategy of containment and cultural vigour which combined both soft and hard power.
Almost 10 years after the September 11 attacks, the challenges posed by the US-led "campaign against terrorism", as with those of the Cold War, cannot be met by hard assets alone. This is especially so as the anti-terrorism battle is a contest whose outcome is related, in significant part, to a battle between moderates and extremists within Islamic nations. Despite bin Laden's death, the United States and its allies will only secure greater success in meeting their goals if they demonstrate a capacity to win moderate Muslim support.
It is in this context of a battle for "hearts and minds" that the significance of the Arab Spring lies. It remains unclear whether forces of freedom and democracy will ultimately consolidate their initial influence, or whether extremist groups such as al Qa'eda might profit from the vacuum of power.
Bin Laden's death will, at least in the short term, demoralise some al Qa'eda operatives at the same time that the network's ideology is challenged by the largely peaceful and non-religious agenda of the remarkable events that have unfolded in North Africa and the Middle East.
Now that bin Laden is dead, one of the shrewdest moves that the Obama administration could make is relaunching the campaign against terrorism, and also prompt a "new beginning" in ties with the Islamic world that the president initially promised in his Cairo speech in June 2009. At a minimum, this would necessitate kick-starting the machinery of US public diplomacy to "re-energise the [US] dialogue with the Muslim world" that Mr Obama has also pledged.
In such a scenario, of course, US policy would continue to include a significant element of military and counterterrorism operations. However, barring a new attack on the US homeland, these elements could now be at least partially de-emphasised, particularly in Washington's planned drawdown of troops in Afghanistan within the next several years.
Andrew Hammond is an Associate Partner at Reputation Inc. He was formerly a Special Adviser in the government of Tony Blair
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
THE BIO:
Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.
Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.
Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.
Personal motto: Believe it and you can achieve it.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
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- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
T10 Cricket League
Sharjah Cricket Stadium
December 14- 17
6pm, Opening ceremony, followed by:
Bengal Tigers v Kerala Kings
Maratha Arabians v Pakhtoons
Tickets available online at q-tickets.com/t10
360Vuz PROFILE
Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin
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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 Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5