The effects of Lebanon's failure to establish a new electoral law are exacerbated by escalated armed conflicts within the country and across the border in Syria, observed the Lebanese columnist Sleiman Takieddine in the Sharjah-based daily Al Khaleej.
Numerous were the justifications for Lebanese factions' interference in confrontations outside the Lebanese territory, but the truth is they are the direct result of allegiance to regional interests that are now overshadowing the entire Arab Middle eastern scene from Lebanon, to Iraq and Syria.
From a strategic point of view, the military participation doesn't do much to substantially alter the overall power balance in Syria. It can't fully protect the regime from collapse or cause it to collapse. However, it certainly contributes to tightening control over certain geographical areas in Syria sufficiently to disable any of the warring factions from imposing total control.
"This type of interference has become an element of the ever-growing sectarian instigation. The present map of alliances suggests the region is heading towards a long-trudging conflict or at least to a period of un-containable mutual violence."
In Iraq, and despite political arrangements to restructure power and authority, the situation is far from calm and attempts of power grabbing continue, he said.
In Lebanon, political agreements that had managed to stop armed conflicts in the past are no longer capable of bridling the sectarian fight for power.
In Syria too, the overwhelming brutality of civil strife, which gave way to all sorts of sectarian fanaticisms, dissipate any possibility for a political settlement that could satisfy all parties.
"Talks of a battle between regional axes of power are now a reality. It is a battle that goes hand in hand with the spreading sectarian divisions," he added.
The promised solution, through an international conference, only shows the volume of complexities and the interlocking of various issues in the Middle East. It sheds light on the number of active powers that have a stake in the conflict on the ground.
Mere talk about a US-Russia-led international conference gives way to discussions over issues that stretch from Iran to Israel, from Iran's regional power to Turkey and its Kurdish issue.
In addition, the agenda of an international conference focuses on economic and security issues: oil, gas, weapons market, armed equilibrium, security bases as well as ways to deal with the phenomenon of political Islam and the trans-border radical groups.
"An agenda such as this one requires a long series of negotiations that must take into account several delicate international and regional balances. It is almost certain that no tangible results would be seen anytime soon on the ground," the writer concluded.
Abu Dhabi needs a real souk, not a mall
It was good news when the Abu Dhabi Municipality announced that it had plans to build a large traditional souk right at the entrance of the city, near Al Maqta Bridge. However, reading into the details of that announcement, it appears that the project is really about another shopping centre, with a façade of Emirati heritage, commented Adel Al Rashed in the Dubai-based newspaper Al Emarat Al Youm.
"For a traditional souk to live up to its name, it has to have traditional shops, traditional prices, traditional goods and traditional smells, and none of that can be had in global brand boutiques," he wrote.
"These brands can be found in every other mall, commercial centre and airport free zone, so implanting them in the new souk will take away its traditional character."
There are several examples of souks in the Gulf and the UAE that have proven to be popular not just with the locals, but with tourists and residents as well, Al Rashed noted.
In Kuwait, you have the authentic, "brand-free" Souk Al Mubarakiya; Souk Waqif in Doha; Bab Al Bahrain in Manama, not to mention the numerous traditional markets in Oman and Dubai, the writer went on. They are all amazing places of culture and heritage.
"We really hope that the souq in Abu Dhabi would be the city's gateway to its ancient heritage," the writer said.
Conference signals Egypt's return to Arabs
After a 15 year-ban imposed by the former regime, the Pan-Arab Conference is reconvening in Cairo, wrote Fahmi Huwaidi in the Qatar-based newspaper Al Sharq.
Founded by a group of Arab intellectuals in 1990 in Beirut, the first and last time the conference convened in Egypt was in 1998, the writer said, adding "I was among the attendees, and the conference received a lukewarm response, with intelligence services tracking its activities".
"I remember that Mr Rachid Ghannouchi, founder of Tunisia's Ennahda party, was among the participants; but the security forces demanded that he leaves the country, because he was a persona non-grata."
When the idea of holding the 24th edition of the conference was put forward in the post-revolution Egypt, there was no doubt that the new Egypt would welcome it politically, but the problem organisers had faced was that most pan-Arab activists were banned from entering the country. However, the issue was sorted out and about 200 pan-Arab figures attended.
No one expect the conference to be a game-changer, but pan-Arab intellectuals meeting in Cairo sends a message that after Egypt "has returned to Egyptians, the Ummah is looking forward to Egypt returning to Arabs".
* Digest compiled by The Translation Desk
translation@thenational.ae
TO%20CATCH%20A%20KILLER
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EDamian%20Szifron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shailene%20Woodley%2C%20Ben%20Mendelsohn%2C%20Ralph%20Ineson%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
MATCH INFO
Southampton 0
Manchester City 1 (Sterling 16')
Man of the match: Kevin de Bruyne (Manchester City)
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Zayed Sustainability Prize
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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.”
Five films to watch
Castle in the Sky (1986)
Grave of the Fireflies (1988)
Only Yesterday (1991)
Pom Poki (1994)
The Tale of Princess Kaguya (2013)
Mohammed bin Zayed Majlis
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Zayed Sustainability Prize
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE