Alarmed by the unchecked global dominance of Washington in the late 1990s, France's then-foreign minister Hubert Vedrine described the US as a "hyperpower" whose influence needed to be checked for the greater good. This would be achieved, he suggested, by the construction of a "multipolar" world order, in which US influence would be balanced by the emergence of a number of different power centres.
As 2011 draws to a close, there can be no doubt that "multipolarity" is upon us, and then some: Washington has found its abilities limited to influence the dramatic political events unfolding across the wider Middle East and beyond. The US in 2012 faces a wave of crises that could have profound consequences for America's well-being, yet with dramatically weakened levers of influence to shape the outcomes to those crises.
Today, decisions made in Ankara, Beijing, Paris, Berlin, Tehran, Riyadh and even Doha are having an effect on international affairs that might have been unthinkable just a few years ago. A quick glance at a few of the crises currently on the boil suggests the "multipolar" world may be a more unpredictable place than Mr Vedrine imagined.
President Barack Obama pulled the last US troops out of Iraq saying that it could become a "model for the entire region", but the bloodbath visited on Baghdad by car bombers in the final weeks of 2011 was a grim reminder that Iraq may still be headed down the abyss of sectarian bloodshed. The attacks come against a backdrop of sharply rising sectarian tensions as the Shiite-dominated government of Prime Minister Nouri Al Maliki appears to be systematically removing leading Sunnis from the political scene, raising fears of a renewed insurgency.
But there's precious little the US can do to shape Mr Al Maliki's behaviour - that much was obvious even when there were 140,000 American troops in Iraq. He may be Iraq's single strongest leader, by virtue of controlling the security forces, but Mr Al Maliki is no Saddam: he's unable to rule on his own and depended on Iran to broker the intra-Shiite deal that got him re-elected.
If Iraq descends into chaos in 2012, Republicans will blame Mr Obama. Ironically, his best hope for avoiding disaster there may be if Iran decides to rein in Mr Al Maliki, recognising that his antagonisation of the Sunnis threatens the gains Tehran has made in Baghdad since the fall of Saddam.
The US is also caught in a bind on Iran policy: its sanctions appears unlikely to change Tehran's behaviour, and the Pentagon is clearly opposed to starting a potentially catastrophic war to prevent Iran from attaining the means to make nuclear weapons. But negotiation and compromise appear politically untenable in Washington and in Tehran, both of which are starting election seasons that militate against diplomacy.
But the Israeli government and its backers in Washington insist that a moment of crisis is approaching, and the latter berate Mr Obama for failing to be more confrontational. The Israelis also threaten to take matters into their own hands, while the likes of China, Russia and Turkey push back against new sanctions and demand dialogue.
Libya was also hailed as a model of limited intervention by the US, but the mounting chaos as rival regional warlords stake out turf against a weak national army suggests trouble ahead - trouble that Washington may need the likes of Qatar, Turkey and the Europeans to sort out.
In Egypt, the US may find itself thrust back into the quandary it faced in February, caught between backing the generals it has supported for years who may be reluctant to cede power, and a civilian government dominated by the Muslim Brotherhood, which the US has traditionally viewed with hostility.
As hopes dim for a peaceful transition in Syria, western powers that have urged the opposition to avoid violence face a dilemma: the more the regime can force the opposition onto the military terrain, and the more sectarian the terms of battle, the easier it becomes to portray President Bashar Al Assad to Allawite and Christian communities as the alternative to chaos, while outside powers hesitate to intervene. More may depend on the choices made in Ankara than those made in Washington in shaping Syria's outcome.
And while the US would prefer to ignore the Israeli-Palestinian file in an election year, and after it has become clear that there's no chance of voluntary agreement for a two-state solution, Palestinians on the ground - and the radical Israeli settlers who live among them - may not be content to wait. Israeli-Palestinian conflict is increasingly likely now that the peace process is unmistakably dead.
Mr Obama's prospects for avoiding a high-stakes North Korean provocation may depend on China's willingness to rein in the new leadership in Pyongyang, but the administration has made strategic competition with China a focus of its national strategy.
In Afghanistan, the US finds itself more at odds than ever with Pakistan, which appears to hold some of the key cards and is pursuing its own agenda, increasingly challenging the US on its war effort, and expressing its displeasure by choking off Nato supply lines to Afghanistan.
And the economic turmoil in Europe, which threatens cataclysmic consequences that could once again rock the US banking system, is beyond Mr Obama's control - instead, his fate is in the hands of squabbling European politicians unable to agree on the basic steps to address the crisis. Economic and financial interdependence and the globalisation of risk have not been accompanied by the equivalent globalisation of economic governance. We may all be in the same boat, but nobody seems to have the wheel.
Increasingly, the same may be true on the geopolitical stage. Ladies and gentlemen, thank you for flying Multipolarity. Please fasten your seat belts, we're expecting turbulence ...
Tony Karon is an analyst based in New York.
Follow on Twitter @TonyKaron
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.”
Sholto Byrnes on Myanmar politics
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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”.
UAE currency: the story behind the money in your pockets
Specs
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Range: 400km
Power: 134bhp
Torque: 175Nm
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500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
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'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
Qosty Byogaani
Starring: Hani Razmzi, Maya Nasir and Hassan Hosny
Four stars
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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Mercedes-AMG GT 63 S E Performance: the specs
Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor
Power: 843hp at N/A rpm
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Transmission: 9-speed auto
Fuel consumption: 8.6L/100km
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Price: From Dh875,000 (estimate)
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MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The specs: 2018 Mercedes-AMG C63 S Cabriolet
Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Married Malala
Malala Yousafzai is enjoying married life, her father said.
The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.
Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.
UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
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- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
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Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster with a decades-long career in TV. He has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others. Karam is also the founder of Takreem.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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Six tips to secure your smart home
Most smart home devices are controlled via the owner's smartphone. Therefore, if you are using public wi-fi on your phone, always use a VPN (virtual private network) that offers strong security features and anonymises your internet connection.
Keep your smart home devices’ software up-to-date. Device makers often send regular updates - follow them without fail as they could provide protection from a new security risk.
Use two-factor authentication so that in addition to a password, your identity is authenticated by a second sign-in step like a code sent to your mobile number.
Set up a separate guest network for acquaintances and visitors to ensure the privacy of your IoT devices’ network.
Change the default privacy and security settings of your IoT devices to take extra steps to secure yourself and your home.
Always give your router a unique name, replacing the one generated by the manufacturer, to ensure a hacker cannot ascertain its make or model number.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
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Bayern Munich 5 Eintrracht Frankfurt 2
Bayern: Goretzka (17'), Müller (41'), Lewandowski (46'), Davies (61'), Hinteregger (74' og)
Frankfurt: Hinteregger (52', 55')
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Wayne Rooney's career
Everton (2002-2004)
- Appearances: 48
- Goals: 17
Manchester United (2004-2017)
- Appearances: 496
- Goals: 253
England (2003-)
- Appearances: 119
- Goals: 53
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Starring: Alaa Meqdad
Rating: 4/5
TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
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