As national dialogue kicks off in Yemen, issues seem daunting, but solutions aren't impossible
Historic circumstances dictated that Yemen be like a wheel that turns in every direction, said the Saudi daily Al Riyadh in its editorial on Monday.
It is afflicted with widespread poverty, illiteracy, tribalism, successive wars and coups. It has become an attractive hub for Al Qaeda and its affiliates. Its Houthis in the north seek to take over the state with Iranian support, while its separatist movements in the south continue to clamour for independence. All the while, Yemen suffers from staggering unemployment rates and an alarming proliferation of weapons. This is all added to economic crises that mean that every issue immediately escalates into a critical mess without a solution in sight.
The UN-backed national dialogue kicked off yesterday in Yemen with the aim of reconciling the various divisive factions. It is scheduled to last six months and bring together more than 550 representatives of political groups.
The day before, on Sunday, hardliner secessionist southern factions staged protests in the city of Aden and announced their boycott of the dialogue initiative. Led by the Southern Movement, they seek independence or at least autonomy for the south.
The sector had sustained successive crises under the former Saleh regime that eventually led to calls for secession, "not our of a desire of provocation, but rather out of de facto necessity", suggested the paper.
"Southern Yemen was once a prosperous region before it witnessed a leftist transformation that drove it to financial ruin coupled with self-inflating egotistical leaderships," the paper added.
After North and South Yemen united in 1990, the south split off again in 1994. The move set off a brief civil war that ended with northern troops controlling the region. Since then, a number of opposition movements have sprouted in the south, with some of them growing more powerful and more radical over time.
The hope is that these all-encompassing talks will help in creating an atmosphere that allows for the foundation of a modern state with a new constitution, a new set of laws and creative solutions for it economic woes, all according to a well-designed plan that will ultimately put an end to tribal or sectarian allegiances.
Yemen has already tried its hand at numerous forms of government under which corruption and favouritism flourished. It is a reality that the state couldn't possibly tackle alone. Hence the dire need for a united stance and for a fresh start after a most tumultuous past.
To hope for utter agreement between all groups concerned with the national dialogue would be far-fetched, especially in such a short span. However, Yemenis have overcome many predicaments in the past and they can be trusted to overcome their differences as long as the good of the country takes precedence to narrow regional, tribal and personal interests, the editorial concluded.
Beware the projection of crisis onto Lebanon
The Arab League ought to turn its attention immediately to the growing tensions at the Lebanese-Syrian border, said columnist Emadeddin Adeeb in the pan-Arab daily Asharq Al Awsat.
It isn't merely a case of some military movements or stray bombs, the years of Syrian mandate over Lebanon have churned out a group of proponent Lebanese political leaders who demonstrate more loyalty to Damascus than Beirut.
From this atmosphere emerged an anti-Syrian national bloc that seeks to defend Lebanon's interests before anything else. This led to a sharp division across Lebanon and Syria and hence, the March 14 bloc became a genuine supporter of the opposition in Syria and the March 8 bloc took it upon itself to support the Assad regime.
"The situation resulted in new alliances and interests that are being supported with money and weapons in anticipation of the moment of confrontation that many believe is fast approaching and would expand the battlefield to involve Lebanon," the writer suggested.
"History has taught us that when totalitarian regimes find themselves besieged and pressured, they attempt to escape their own predicament by taking the crisis elsewhere."
The provocations and the sectarian incitement in recent weeks at the border are a prelude to more serious political escalation that warrants attention.
US prepares to leave as Syrian deaths continue
Since he landed in the Middle East region two weeks ago, the US secretary of state John Kerry has seemed like the ideal man to realise President Barack Obama's wish to hand the reins of the Syrian crisis over to the Russians, said columnist Rajeh Al Khouri in the Lebanese daily Annahar.
"John Kerry is the man entrusted with orchestrating the US withdrawal from the region, which culminates with Mr Obama's visit to Israel. It is clear that the Obama administration is tiptoeing its way out of our region," he suggested.
It all seems evident in light of Washington's morally suspect hesitancy vis-à-vis the Syrian massacre. In the span of two years since the war started, Washington's position has regressed from daily statements by Mr Obama himself, anticipating the fall of Bashar Al Assad "soon" and "any day now", to efforts to secure Mr Assad a place at a negotiation table under the supervision of Moscow and Tehran.
"The US could have withdrawn without causing additional damage in Syria … But Mr Kerry was able to drive a wedge between the members of the opposition national coalition over forming a temporary government and agreeing to talks with Al Assad," the writer said.
* Digest compiled by The Translation Desk
translation@thenational.ae
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
In Praise of Zayed
A thousand grains of Sand whirl in the sky
To mark the journey of one passer-by
If then a Cavalcade disturbs the scene,
Shall such grains sing before they start to fly?
What man of Honour, and to Honour bred
Will fear to go wherever Truth has led?
For though a Thousand urge him to retreat
He'll laugh, until such counsellors have fled.
Stands always One, defiant and alone
Against the Many, when all Hope has flown.
Then comes the Test; and only then the time
Of reckoning what each can call his own.
History will not forget: that one small Seed
Sufficed to tip the Scales in time of need.
More than a debt, the Emirates owe to Zayed
Their very Souls, from outside influence freed.
No praise from Roderic can increase his Fame.
Steadfastness was the Essence of his name.
The changing years grow Gardens in the Sand
And build new Roads to Sand which stays the same.
But Hearts are not rebuilt, nor Seed resown.
What was, remains, essentially Alone.
Until the Golden Messenger, all-wise,
Calls out: "Come now, my Friend!" - and All is known
- Roderic Fenwick Owen
the pledge
I pledge to uphold the duty of tolerance
I pledge to take a first stand against hate and injustice
I pledge to respect and accept people whose abilities, beliefs and culture are different from my own
I pledge to wish for others what I wish for myself
I pledge to live in harmony with my community
I pledge to always be open to dialogue and forgiveness
I pledge to do my part to create peace for all
I pledge to exercise benevolence and choose kindness in all my dealings with my community
I pledge to always stand up for these values: Zayed's values for tolerance and human fraternity
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.”
The Lowdown
Us
Director: Jordan Peele
Starring: Lupita Nyong'o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss
Rating: 4/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950