A deep cultural conundrum



The moral stance of Arab intellectuals on the Syrian revolution is indeed perplexing, wrote the Lebanese novelist Elias Khoury in the pan-Arab newspaper Al Quds Al Arabi.

"It is a grave mistake to discuss this baffling stance in light of the Syrian people taking up arms in the face of the regime's military machine," he said. "For months, the people were unarmed in defying guns and killing … and amid the pictures of the regime's troops and thugs trampling on captives, dubious and critical shouts would rise nevertheless."

It was the Syrian poet Adonis who made known the first excuse against the uprising when he rejected that the demonstrations were departing from mosques, the writer remarked.

But this cultural and political phenomenon is deeply rooted in a leftist discourse, of which the only relic is the "banner of anti-imperialism" that has become a stalking horse to hide their political subordination and voluntary support of dictatorship.

This attitude stems from an intellectual conundrum, not just individual attitudes. Some of these are a bit innocent - a case in point is the stance of Iraqi poet Saadi Yousuf - and some are furious and pathetic, but they all converge in backing the tyrannical regime because the Arab revolution is, according to them, a US conspiracy aimed at extending hegemony on the Arab region, he observed.

"Just like that, the US turned against its allies, Mubarak and Ben Ali, and its tameable friend Muammar Qaddafi, to reach the resistance stronghold of Syria's Assad," he wrote.

"Weird logic, but it draws on a set of ideas that backed … genocide in Chechnya and mourned the collapse of dictatorships in Eastern Europe," he noted. "Because these ideas are enslaved by the mindset of the Cold War, under which peoples and nations are treated only as pawns on an international chessboard."

But this complicated cultural reality has given a boost to the rationale behind the brutality of the regime that is given further excuses on a daily basis, he went on.

The issue, which on the surface seems to be indicative of different political orientations, reflects, in the writer's view, an intellectual paradigm that finds its roots in what can be labelled as "intellectual superiority" - where the thoughts are too preoccupied with results and do not give a hoot about details.

The problem of the Arab revolt with such intellectuals was that it was quite surprising, lacking all the features they are used to reading about in books. It was just a revolt by the people who could no longer put up with dictatorship and took to the streets to break the fear, he wrote.

The intelligentsia were supposed to follow suit, but many were too terrified to do so, electing to let down people's sentiments, thinking that oppression is only a culturalist matter about banning a book or a movie.

Unborn kids pay for US-UK war in Iraq

A recently published UK report shows that the number of cases of Iraqi children born with deformities has risen dramatically since the US-led invasion in 2003, wrote columnist Amjad Arar in yesterday's edition of the Sharjah-based newspaper Al Khaleej.

"The study which appeared in Britain - and should really have been carried out by Arab states - talks about toxic levels of lead and mercury pollution, causing congenital deformities in a significant number of newborns," the columnist said.

The responsibility of the US in this "catastrophic reality" is evidenced in the fact that a concentration of these congenital defects has been recorded in the city of Fallujah, where US forces carried out two virulent assaults eight years ago, killing large numbers of Iraqis and leaving many others injured or with disabilities. Never mind the destruction of the city's infrastructure.

"Fallujah is today known not only for its high rate of newborns with deformities, but also for large numbers of patients dying of cancer as a result of the heavy use of depleted-uranium ammunition and white phosphorus bombs," the columnist said.

Medical reports have revealed uncommon types of cancer in Basra following the occupation, that saw an unprecedented increase from 70 cases per annum in the 1990s up to more than 300 currently, he added.

These figures lead one to almost lose hope over a recovered Iraq.

Urgent development is answer in Sinai

Following the success of Egyptian forces in the recent antiterrorist Operation Eagle in Sinai, news reports revealed that authorities in Cairo have received intelligence about plans by jihadist groups to execute large-scale assaults on security centres in the area using car bombings, said the Dubai-based daily Al Bayan in its lead editorial.

"This raises questions about what is really happening in Sinai," added the paper.

Since the beginning of Operation Eagle, there have been various interpretations of the situation coupled with increased security fears of retaliation actions.

"There is talk of 3,000 to 5,000 militants and militiamen operating in the middle of Sinai and controlling large expanses, as well as Al Qaeda affiliated groups that use state-of-the-art weaponry," said the paper.

Some analysts suspect an Israeli implication in the unrest that aims at distracting Egypt through a war of attrition. The suggestion isn't far-fetched, since Israel has always tried to weaken its neighbours to guarantee its own predominance in the region.

Amid this ambiguity, the one truth is that the development of Sinai would be the right solution for the situation - otherwise Sinai will be a constant bleeding wound that exhausts Egypt's capabilities, suggested Al Bayan.

* Digest compiled by The Translation Desk

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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.”

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