It takes time to learn new habits



It was unrealistic to expect a quick transition to smooth-running democracy after Arab revolts

It is highly regrettable that the media must follow up these days on news of complicated crises in countries that we celebrated, only two years ago, for the ability of their youth to depose corrupt dictators and begin radical change, the London-based daily Al Quds Al Arabi said in its editorial on Thursday.

"Nearly 30 months ago, the world stood in bewilderment as it watched Arab peoples suddenly come to life and bring down dictatorships in Tunisia, Egypt, Libya and Yemen, with the promise of a similar outcome in Syria," the paper observed.

The scene today in those same revolutionary Arab states could hardly be more different. Tunisia, the birthplace of the Arab Spring, is witnessing one protest after the other, amid demands for a national relief government following the assassination of two leading opposition figures in the span of six months.

Egypt's situation is worse. More than 300 people have been killed in violent clashes between supporters and opponents of the deposed president, Mohammed Morsi. Muslim Brotherhood supporters continue to stage sit-ins and protests clamouring for the return of "legitimacy" while army chiefs, the new rulers of Egypt, press ahead with their road map for the future, which was drawn up following the overthrow of the Islamist president.

In Libya, not a day goes by without an explosion or an assassination. Security is so loose that last week, a prison break saw some 1,200 dangerous prisoners escape.

Violence seems to be the only language of dialogue nowadays in Libya. Police officers demanding pay rises break into police stations, and oilfield workers stop exports, at their own initiative, to impose their demands. Recently, radical revolutionary forces had armed militiamen besiege and attack ministries to force the parliament to exclude old-regime figures from office. Post-Qaddafi Libya is not a weak state but a failed state.

"Crises, conflicts, altercations, killings and destruction in these countries don't necessarily suggest that the revolution or claims for democracy were a mistake. The mistake was thinking that change would be immediate," the paper opined.

Democracy, pluralism, freedoms, human rights, tolerance and respect of others are essentials that require time to be learnt and integrated into society and habit.

It is unreasonable to expect that countries that lived under corrupt autocratic regimes for decades could transition smoothly to democracy within a few months.

However, getting rid of tribalism, learning to coexist with all the elements of a society and building a prosperous civil state cannot be done through Facebook and Twitter. Reaching these goals requires good administration and wise leaders, the paper concluded.

The situation in Iraq requires a united front

"For the first time in five years, fatalities soared to 1,000 last month in Iraq," noted an editorial in the Dubai-based daily Al Bayan. "The holy month of Ramadan didn't prevent terrorist organisations from committing brutal crimes and stepping up their plans to throw Iraq once again into a civil war."

No doubt sectarian practices, political isolation and liquidations, along with other regional factors, mainly the Syrian crisis, have contributed to the escalation in Iraq, the paper said.

Iraq is facing devious schemes that aim to sink it into chaos and renew the old civil strife. The situation requires solidarity among all security, government, political and religious institutions.

"The main elements that are lacking are the will and the political system to establish a state that governs all of its people with a nonsectarian mentality. Continued violence and killings of innocent civilians will surely lead to civil confrontations," Al Bayan said.

The country is entering a new phase in its democratic experience as international sanctions are lifted. This should prompt leaders to start a dialogue over constitutional options available to resolve internal issues.

"Arab peoples of all sects have the responsibility today to stand against the deviant ideas and the sectarian storm that threaten to tear apart the Arab social fabric and spark more fighting," the paper concluded.

Brotherhood picks fights in the Gulf

When the former Egyptian president, Hosni Mubarak, was pushed out two years ago, the Saudi kingdom suddenly found itself confronted with an outraged Egyptian public, due to rumours that Saudi Arabia was trying to reinstate Mr Mubarak or to get him out of Egypt. The same accusation was made in rumour against the UAE, columnist Tariq Al Homayed noted in the pan-Arab daily Asharq Al Awsat.

Incitement against Saudi Arabia escalated to the point where angry protests were staged outside the country's embassy in Cairo. The matter was then settled peacefully.

Today, following their fall from power, the Muslim Brotherhood are once again organising marches against the Saudi and UAE embassies in Cairo, on the allegation that both nations are interfering in Egypt's affairs.

Of course these claims are not true. "Saudi and the UAE are mainly concerned with Egypt's stability, which reflects on the entire region. It is the West that is interfering in Egyptian affairs at the moment in an attempt to secure gains for the Brotherhood and Morsi," the writer said.

The Brotherhood played the Saudi interference card in the past to divert the public's attention away from their plot to hijack the revolution and take over power, the paper noted.

* Digest compiled by Racha Makarem

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Mia Man’s tips for fermentation

- Start with a simple recipe such as yogurt or sauerkraut

- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.

- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.

- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.

 

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

The Africa Institute 101

Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction. 

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
The National selections

Al Ain

5pm: Bolereau
5.30pm: Rich And Famous
6pm: Duc De Faust
6.30pm: Al Thoura​​​​​​​
7pm: AF Arrab​​​​​​​
7.30pm: Al Jazi​​​​​​​
8pm: Futoon

Jebel Ali

1.45pm: AF Kal Noor​​​​​​​
2.15pm: Galaxy Road
2.45pm: Dark Thunder
3.15pm: Inverleigh​​​​​​​
3.45pm: Bawaasil​​​​​​​
4.15pm: Initial
4.45pm: Tafaakhor

COMPANY%20PROFILE
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Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
RESULTS

6.30pm: Longines Conquest Classic Dh150,000 Maiden 1,200m.
Winner: Halima Hatun, Antonio Fresu (jockey), Ismail Mohammed (trainer).

7.05pm: Longines Gents La Grande Classique Dh155,000 Handicap 1,200m.
Winner: Moosir, Dane O’Neill, Doug Watson.

7.40pm: Longines Equestrian Collection Dh150,000 Maiden 1,600m.
Winner: Mazeed, Richard Mullen, Satish Seemar.

8.15pm: Longines Gents Master Collection Dh175,000 Handicap.
Winner: Thegreatcollection, Pat Dobbs, Doug Watson.

8.50pm: Longines Ladies Master Collection Dh225,000 Conditions 1,600m.
Winner: Cosmo Charlie, Pat Dobbs, Doug Watson.

9.25pm: Longines Ladies La Grande Classique Dh155,000 Handicap 1,600m.
Winner: Secret Trade, Tadhg O’Shea, Ali Rashid Al Raihe.

10pm: Longines Moon Phase Master Collection Dh170,000 Handicap 2,000m.
Winner:

Fund-raising tips for start-ups

Develop an innovative business concept

Have the ability to differentiate yourself from competitors

Put in place a business continuity plan after Covid-19

Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.) 

Have enough cash to stay afloat for the next 12 to 18 months

Be creative and innovative to reduce expenses

Be prepared to use Covid-19 as an opportunity for your business

* Tips from Jassim Al Marzooqi and Walid Hanna

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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