Last week a bit of controversy erupted in Washington when it was announced that the performance of Malek Jandali, a Syrian musician, had been dropped from the annual convention of the American-Arab Anti-Discrimination Committee (ADC). It appears that Jandali had insisted on including Watani Ana (I am my homeland), a song about freedom, in his repertoire – and that some leaders at ADC had been equally insistent that the song be dropped. With no agreement, Jandali was dropped from the programme – and only reinstated late last night.
Because the ADC did not address whether the Jandali performance had been banned, and did not deal with any of the issues involved, the initial wound began to fester. Several speakers scheduled to appear at the convention (including officials from the Obama administration and leading civil rights activists from across the United States) agonised over whether or not to participate in the event. In the end, most speakers did attend out of respect for the Arab American community, but made comments about their disagreement with the decision about Jandali.
My organisation, the Arab American Institute (AAI), did not initially make a statement because we did not want to become involved in a fight within the community. We decided to speak out only after it became clear that the ADC’s leaders were being unresponsive, failing to recognise the damage they had done.
Our statement outlined our concerns, saying: “First and foremost is our concern for the dedicated staff at ADC, as well as for the organisation’s membership across the country ... The silencing of Mr Jandali has unfairly harmed and cast a pall on the hard work done by ADC’s staff to make this convention a success ... Finally, this behaviour by some of ADC’s leaders will be used to discredit the group in the public’s eye.
“We believe that the spirit of the Arab Spring across the region is something to honour and celebrate ... That is why we honoured the ‘youth of Arab Spring’ and that is why we believe Mr Jandali should have been free to perform Watani Ana.”
If there is any good news to emerge out of this messy affair, it is to be found in the reaction of ADC staff and young activists from across the country. Incensed by the questionable judgement displayed by the group’s leadership, they have begun a national discussion and campaign of their own demanding an explanation and accountability. As positive as this new energy is, there is something sad about it as well. With all the challenges that Arab Americans are facing in the United States and in addressing the US handling of crises in the Middle East, it is distressing to see so much energy focused on ourselves, when we should be advocating for community. Nevertheless, I feel confident that the effort will in the end strengthen the ADC and the Arab American community.
There is, however, one final issue that I believe must be driven home, and that is my conviction that the Arab Spring belongs to Arabs in their own countries, not Arab Americans.
The United States has always had “exile” groups whose attachments and identities have remained tied to their homelands – some for or against the many governments or political movements that exist in the Arab world. I remember the Lebanese factional fights of the 1970s, the Palestinian feuding in the 1990s, the squabbles between supporters of the Iraqi and Syrian regimes and, also in the Iraqi diaspora, the work and damage done by Ahmed Chalabi’s group.
This is the nature of exile politics, shared by every ethnic immigrant community in the US, and it is OK as far as it goes. But as the Arab American community has progressed, we have shed sectarian and factional divisions. We have defined a shared agenda to strengthen, empower and defend our community, and to advance the goal of making the United States better, stronger and smarter in the way it relates to the Arab world. That is the reason AAI has argued that “the change we need begins at home”. Our job is not to be a supporter for this or that revolt. The exile groups do that, as they have a right to, but our job is to press the United States for a foreign policy that promotes justice, human rights, peace and prosperity.
Our hope is that the lessons learnt from the mini-drama of the last week can move us forward as a community to confront the challenges we face in defending civil rights and liberties, advancing immigration reform and advocating for a more balanced American Middle East policy.
James Zogby is the president of the Arab American Institute
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.”
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GOLF’S RAHMBO
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
I Care A Lot
Directed by: J Blakeson
Starring: Rosamund Pike, Peter Dinklage
3/5 stars
The specs
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