The second session to the Arab economic summit in Sharm el Sheikh was unlike any other; not in view of its achievements, but in view of what it feared, observed the columnist Saad Mehio in Sharjah-based daily Al Khaleej.
"In light of the Jasmine Revolution in Tunisia, summit participants practically reshuffled their agenda from discussing delusive projects that would never materialise to a collective admission that stumbling development and inequality have serious security repercussions."
The clearest confession to this effect was by the secretary-general of the Arab League, Mr Amr Moussa, who said: "The Arab soul is broken by poverty, unemployment and general recession. This is in addition to political problems that have not been resolved." For such rhetoric to be voiced by the chief of the Arab League reveals a big change in "official" Arab political life.
It is unfortunate that Arab ruling elites are waking up to the necessity of reform only by fear of a fate similar to that of the Tunisian ex-president Zine el Abidine Ben Ali. What is more unfortunate is that these elites see their citizens' acts of self-immolation as a threat to their national security rather than a message from the bottom of human suffering.
The summit's outcome reveals that the fear would soon be translated into specific reforms. The hope remains that such reforms would be permanent.
Turkey is asked to lay off Arab affairs
In a comment on the Turkish-Qatari failure to reach concessions with conflicting Lebanese factions, the columnist Satea Noureddin in an article for the Lebanese daily Assafir observed: "It is a diplomatic setback for Turkey which has been treading Arab quicksand rather carefully."
When the Turkish prime minister Recep Tayyip Erdogan decided to delegate his foreign affairs minister to Beirut along with the Qatari prime minister, he knew the mission would be impossible and the Lebanese terrain is laden with many pitfalls. However, he believed that the Lebanese are aware that they are at an extremely crucial moment and need a helping hand. He also thought that Ankara has become a reference and a refuge for all Arabs, which allows him to assist them in managing their difficult internal affairs.
But the Turkish delegation in Beirut encountered fierce campaigns from Syria, Iran and Saudi Arabia. The Egyptian foreign minister stressed that the Lebanese crisis must remain within an Arab framework.
After his stormy pro-Palestinian position in Davos two years ago, Mr Erdogan grew in popularity among Arab public opinion. But his popularity couldn't camouflage the flawed Arab-Turkish relationships that were revealed through the Lebanese dilemma.
"Turkey received blows from all four sides to lay off Lebanon."
The so-called French first lady's faux pas
She was the first woman to become France's defence minister, the first woman to become minister of interior and the first woman to become minister of foreign affairs. Above all that, Michele Alliot-Marie is also deputy prime minister of France.
"Despite all these positions, her intelligence betrayed her when she made remarks unbefitting a public figure so distinguished that she is often described as France's real first lady," wrote the columnist Mazen Hammad in the Qatari daily Al Watan.
Therefore, it wasn't at all strange that her convoy was so angrily received in Gaza after she reportedly said during a visit to Israel that the capture by Hamas of the Israeli soldier Gilad Shalit is a war crime.
The French diplomat didn't mention the 8,000 Palestinian prisoners of war in Israeli prisons, and it didn't occur to her that they are victims of Israel's war crimes.
It is true that Mr Shalit also holds a French passport, but France has no right to claim his freedom without an exchange. Thousands of Palestinians lay neglected in Israeli prisons. Their only hope is an exchange deal that would result in the liberation of many against Mr Shalit's freedom.
Ms Alliot-Marie's statements represent full support for Israeli policies, which explains why Mr Obama recently described France as the US strongest ally in the world.
US credibility now hangs in the balance
US credibility has never hung in the balance as it does today, as the world, and especially the Arab world, focuses on the UN Security Council awaiting a resolution condemning Israeli settlement, declared the Jordanian daily Addustour in its editorial.
The Palestinian Authority and the Arab Committee have demanded that Washington vote for the resolution and not veto it, especially since all other Security Council member states are in agreement on condemning Israel's transgressions against international laws.
Washington's unrelenting support for Israel for more than six decades has been the main reason for Israel's disrespect for international laws. Washington has used its veto right more than 50 times to rescue its ally from international condemnations.
Washington is capable of coercing its ally into abiding by the law as did former US president Dwight D Eisenhower when he forced the Israeli prime minister David Ben Gurion to withdraw from Gaza after the tripartite aggression in 1956.
The United States, being the sole patron of the peace process, is required to practice its role with the utmost integrity and transparency by insisting on the implementation of relevant international resolutions, in a bid to reach peace and stability in this region.
* Digest compiled by Racha Makarem
rmakarem@thenational.ae
The Energy Research Centre
Founded 50 years ago as a nuclear research institute, scientists at the centre believed nuclear would be the “solution for everything”.
Although they still do, they discovered in 1955 that the Netherlands had a lot of natural gas. “We still had the idea that, by 2000, it would all be nuclear,” said Harm Jeeninga, director of business and programme development at the centre.
"In the 1990s, we found out about global warming so we focused on energy savings and tackling the greenhouse gas effect.”
The energy centre’s research focuses on biomass, energy efficiency, the environment, wind and solar, as well as energy engineering and socio-economic research.
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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
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The biog
Age: 32
Qualifications: Diploma in engineering from TSI Technical Institute, bachelor’s degree in accounting from Dubai’s Al Ghurair University, master’s degree in human resources from Abu Dhabi University, currently third years PHD in strategy of human resources.
Favourite mountain range: The Himalayas
Favourite experience: Two months trekking in Alaska
Second ODI
England 322-7 (50 ovs)
India 236 (50 ovs)
England win by 86 runs
Next match: Tuesday, July 17, Headingley
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.”
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
The specs
Engine: 1.5-litre, 4-cylinder turbo
Transmission: CVT
Power: 170bhp
Torque: 220Nm
Price: Dh98,900
Surianah's top five jazz artists
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.
SPEC SHEET
Display: 10.4-inch IPS LCD, 400 nits, toughened glass
CPU: Unisoc T610; Mali G52 GPU
Memory: 4GB
Storage: 64GB, up to 512GB microSD
Camera: 8MP rear, 5MP front
Connectivity: Wi-Fi, Bluetooth 5.0, USB-C, 3.5mm audio
Battery: 8200mAh, up to 10 hours video
Platform: Android 11
Audio: Stereo speakers, 2 mics
Durability: IP52
Biometrics: Face unlock
Price: Dh849
