King's tour signals Morocco's return to Arab Orient



Moroccan king's tour of Gulf nations signals his nation's return to Arab Orient

The Gulf nations tour by Morocco's monarch has come as a prelude to a diplomatic return of the North African country to the Arab orient, commented Taoufik Bouachrine in an article in the Sunday edition of the Moroccan newspaper Akhbar Al Youm.

"King Mohammed VI is the first head of state in the world to have set foot in the Zaatari refugee camp in Jordan near the border with Syria - a master stroke and a strong message to Syria's Assad and the international community that Morocco stands by the Syrian people in its revolution against dictatorship", the writer noted.

The visit also came to highlight that what is unfolding in Syria is not simply about regional powers fighting a turf war, but is also about a 19-month revolution where many people have been killed, wounded or rendered homeless, he wrote.

To be sure, it is only natural that the economic crunch hitting Morocco be the catalyst for looking towards the Gulf countries. which are economically healthier thanks to high oil and gas prices.

"The Gulf nations have always been open to Morocco," he wrote. "The reasons for this are the similarities they share in many aspects: the monarchy, Sunni Islam, the 'Axis of moderation' [Arab countries on good terms with the US and the West], and the type of economic system."

Yet, Morocco has not utilised these common denominators - in diplomacy, culture and politics - to serve the country's economy. This is due, the writer explained, to inefficient diplomacy that has completely turned to Europe, particularly France, and the bureaucratic, corrupt investment climate, which has repelled investments worth billions towards other Arab countries that offer more favourable environments.

Unfortunately, Morocco is still ruled by elites, administrative and economic, that are extremely besotted with France and Europe, as if these are equivalent to the entire world.

"France and Europe are just giving us lip service on a daily basis; and while their companies are winning billions in our country every year, all that comes to us from their treasuries is scraps, even before the economic crisis hit," the writer said.

The diversification of Morocco's business partners has been promoted for diplomatic purposes, but, on the ground, Europe has been "Mecca" when it comes to the economy.

The writer said that the kingdom has signed free-trade agreements without careful study of repercussions, and the outcome has been a huge foreign deficit of 184 billion Moroccan dirhams (Dh79.3 billion) over the first 10 months of the year.

This is due to the fact that diplomacy in Morocco is not a matter of public debate and due to a significant shortage in foreign policy think tanks, causing the country to "navigate a complex world without a road map", he concluded.

Kuwait needs order more than reforms

A heated, sometimes violent, debate is taking place in Kuwait over controversial government decisions and the way the opposition is reacting to them, wrote Mohammed Al Sabti in the Kuwaiti newspaper Al Rai, yesterday.

It was reported on Sunday that Kuwaiti authorities used tear gas and stun grenades to disperse protesters rallying against changes to Kuwait's election law. The opposition maintains that the new amendments, decreed by the country's royal family, favour pro-government candidates.

The columnist argued that however serious the differences between the rulers and the opposition may be, maintaining stability in Kuwait is "more important than the constitution and fighting corruption".

"Reason, common sense and experience all point in this direction," he said.

"Don't get me wrong here, the Kuwaiti government's poor performance and failure to sort out issues is a given; this is a constant no sensible person can deny," the columnist added.

"Indeed, we believe that the application of the constitution and proper, transparent and even-handed law enforcement - in addition to keeping up the fight against corruption - is the way to stability for any nation.

"Chaos means the destruction of everything, including the national values and the concord that protect a society from civil war."

Can Arab cinema compete globally?

The naming of winners at the Abu Dhabi Film Festival raises a question, Egyptian movie critic Tarek El Shenawi wrote in the Cairo paper Al Tahrir: Is Arab cinema able to compete with international filmmaking and win main-competition awards?

At the annual Abu Dhabi festival there is a separate competition for Arabic movies, within the main one. So if an Arabic film fails to earn any of the main awards against all films, it has a second chance for a best movie award. The same goes for the best director award, the writer noted.

But this measure is double-edged. It protects Arab filmmakers, in that the sum that comes with an award is a direct encouragement. But it also involves an avowal that Arab cineastes cannot compete with their international counterparts, and so must be presented a "geographically-protected prize", he remarked.

And yet, the jury declined to award the prize for overall best Arabic film. None of the competing movies: Harraga Blues (Moussa Haddad, Algeria), Perfumes of Algeria (Rachid Ben Haj, Algeria), and Manmoutsh or Hidden Beauties (Nouri Bouzid, Tunisia), was deemed to deserve the prize.

But giving Bouzid the best Arab director prize indicates that there was something wrong with the assessment, because the director equals the film.

* Digest compiled by Abdelhafid Ezzouitni

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Dr Afridi's warning signs of digital addiction

Spending an excessive amount of time on the phone.

Neglecting personal, social, or academic responsibilities.

Losing interest in other activities or hobbies that were once enjoyed.

Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.

Experiencing sleep disturbances or changes in sleep patterns.

What are the guidelines?

Under 18 months: Avoid screen time altogether, except for video chatting with family.

Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.

Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.

Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.

Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.

Source: American Paediatric Association

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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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
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The specs

AT4 Ultimate, as tested

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THE BIO:

Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.

Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.

Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.

Personal motto: Believe it and you can achieve it.

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
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Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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
A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5