Don't despair of the Arab revolutions


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Still in its infancy, the Arab Spring is undergoing ups and downs along the road to democracy

Was the Arab Spring just a "false pregnancy"? Have fundamentalists turned the spring into a dismal autumn? Were change-enthusiasts, who sought to bring down Arab dictatorships, rather naive when they believed that societies could give birth to a wave of democratisation, along the lines of Eastern Europe in the early 1990s?

"All these questions are legitimate," wrote Taoufik Bouachrine, managing editor of the Morocco-based newspaper Akhbra Al Youm. "What is not legitimate is to believe that Arab authoritarianism could stay in power until the end of time, ruling impoverished, scared and marginalised peoples."

The Arab Spring is still in its infancy. Democracy could not be installed the day after Zine Al Abidine Ben Ali fled Tunisia, Hosni Mubarak was ejected, Muammar Qaddafi killed, and Ali Abdullah Saleh weakened.

The road to the rule-of-law state is a thorny and long one, with ups and downs, steps forwards and steps backwards, he wrote.

Arab societies have been plagued by tribalism, sectarianism and tyranny. For decades they have coexisted with such ills, so much so that the Arab nation has become resistant to change, according to the writer.

Take a look at United Nations human development reports on Arab states over the past ten years, and you will realise how bad the situation in every sphere had been in this lagging-behind region. And so the collapse - or feebleness - of dictatorial regimes, which have caused this situation, was predictable. They had it coming.

Islamists who are now ruling many Arab countries did not lead the youth revolution. They just cashed in on it. Without the youth, Arab regimes would have stayed in power for more years.

Islamists are part of this region. They rose to power through the fairest elections ever - and elections will send them back to opposition status in the future.

From rushing into taking office to lacking a "renaissance" platform, Islamists have made numerous mistakes. All their legacy of opposition, Islamists now realise, does not qualify them to run a single ministry, let alone a state, which is why they have sought aid and loans from several quarters, including the US.

Islamists' opponents are no better. In fact Islamists, despite all their shortcomings, are rooted in the common people, while liberals, leftists, and secularists are not.

Yet there is a silver lining to this cloudy picture. Freedom in Egypt, Tunisia, Libya, Yemen and Morocco is now greater than before. That is not because Islamists have come to respect this blessing; it is because societies have become less afraid of authorities.

This, Bouachrine concluded, is the major feat of the Arab Spring. The rest will come over time, through ups and downs.

All signs point to war over Syria and Iran

Political solutions to the Syrian and Iranian crises have evaporated in favour of military options, said Abdel Al Bari Atwan, editor-in chief of the London-based pan-Arab newspaper Al Quds Al Arabi.

Hassan Nasrallah, the leader of Hizbollah, said that the Syrian regime has supporters who will not let it fall. Lakhdar Brahimi, the UN League envoy for Syria, has announced that he intends to resign in the coming weeks due to his disappointment about finding a political way out. And the US has announced drills in Gulf waters to practice mine countermeasures and prevent Iran from closing the Strait of Hormuz - a route for 20 per cent of global oil.

This is evidence that military solutions are rapidly gathering momentum. The "council of war" held recently in Washington, with Arab and Turkish leaders in attendance, apparently made a decision to go to war, the writer argued.

Hence the US statement that it is rethinking its opposition to supplying advanced weaponry to Syrian rebel forces.

"The region stands at the threshold of war," Atwan suggested. "The US arming of the opposition … is one sign." Others include US underwater exercises involving 40 nations this month, the bunker-buster bomb upgraded by the US to strike Iran's nuclear plant, the US providing Israel with jet fuel and leaked reports of Jordan allowing Israeli jets to fly in its airspace.

Does the Gulf need films, or festivals?

With every Gulf film festival, the million-dollar question is repeated: should money be allocated to making movies or to holding more festivals?, Egyptian film critic Tarek El Shenawi asked in the Cairo-based paper Al Tahrir.

Instead of wasting money on a festival that has short-term influence, shouldn't there be enough films before festivals are set up to feature these films?

A new model has emerged which could provide a practical answer: films co-produced by Gulf-based festivals, including in Abu Dhabi, Dubai and Doha.

The critic added that making movies is the ultimate goal. And festivals and film need not be exclusive. But festivals have produced more festivals, instead of producing films.

The Abu Dhabi Environmental Film Festival is the last one to emerge, the oldest being the Dubai International Film Festival (DIFF), which will mark its tenth anniversary in December.

The DIFF, launched in 2004, has proven a success. This spurred Abu Dhabi to establish its festival with a different dimension. Then came the Doha Festival two years after, while the low-budget Muscat festival still struggles.

Cinema festivals should be about films in which the public can see their hopes and suffering on screen.

* Digest compiled by Abdelhafid Ezzouitni

Wonka
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Three trading apps to try

Sharad Nair recommends three investment apps for UAE residents:

  • For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
  • If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
  • Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
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

NBA Finals results

Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)

Company%20profile
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Titanium Escrow profile

Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue  
Stage: Early stage
Investors: Founder's friends and Family

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

CRICKET%20WORLD%20CUP%20LEAGUE%202
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INFO

Schools can register for the Abu Dhabi Schools Championships at www.champions.adsc.ae

MATCH INFO

Watford 1 (Deulofeu 80' p)

Chelsea 2 (Abraham 5', Pulisic 55')

BRAZIL SQUAD

Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).

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Day 2, Dubai Test: At a glance

Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.

Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.

The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.

FINAL SCORES

Fujairah 130 for 8 in 20 overs

(Sandy Sandeep 29, Hamdan Tahir 26 no, Umair Ali 2-15)

Sharjah 131 for 8 in 19.3 overs

(Kashif Daud 51, Umair Ali 20, Rohan Mustafa 2-17, Sabir Rao 2-26)

UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
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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.”

Manchester United v Club America

When: Thursday, 9pm Arizona time (Friday UAE, 8am)

SPEC%20SHEET%3A%20APPLE%20IPHONE%2014%20PRO%20MAX
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