Many protests, but no common inspiration



"We cannot assume that what is happening in Libya is linked solely to the uprising in Tunisia, which in turn, has led to further upheavals across the region. In fact, the opposition in Libya has always sought to depose the regime of Colonel Muammar Qaddafi, but it was suppressed each time," wrote Abdul Rahman al Rashed in a commentary for the pan-Arab newspaper Asharq al Awsat.

The Libyan opposition together with the popular revolt in the eastern provinces is a larger action to overthrow the long-lasting political system, as the army stands fast by the regime. The latter categorically rejects all the demands of the protesters, making Libya an open war more than popular demonstrations.

In Yemen, the opposition demands are different, because the president Ali Abullah Saleh bowed to the first set of demands. He pledged not to stand for a new term, and he would prevent his son from doing the same. Meanwhile, opposition forces  push for more without determining a clear ceiling for their requests.

In Bahrain, the issue is more than sectarian, as some would argue. It is, in fact, both social and economic. Bahrain is a poor country in comparison with its gulf neigbours,  a situation that may persuade  the government to expand the participation of  Bahrainis in the decision-making process.

For Israelis, Egypt sparks uncertainty

"Israel has followed with great concern the decision of Egypt to allow the passage of two Iranian warships through the Suez Canal on their way to Syrian port of Latakia," wrote Mazen Hammad in an opinion article carried by the Qatar-based daily Al Watan.

Although described as an act of provocation, Israelis admitted the fact that Egyptians have to grant permission to the two Iranian warships in accordance to the Suez Canal Treaty that requires Cairo to ensure safe passage to vessels.

Yet, during the reign of Hosni Mubarak, Iranians would not dare to take this step because they knew in advance that any permission would be denied. Now, there are growing fears among Israelis that Egypt will become a front against Israel after Mr Mubarak stepped down.

About two years ago, an Israeli warship crossed the Suez Canal to the Red Sea, where it conducted military exercises and later returned to the port of Haifa. That unusual move showed the extent of the strategic cooperation between Egypt and Israel. It was also significant in the sense that the Israeli navy can easily deploy its units through the Egyptian passageway to reach Iranian shores.

According to some Israeli newspapers, Egypt acts as if it is no longer bound by a strategic alliance with Israel against Iran, while some commentators warned that the two countries may be interested in opening doors for mutual cooperation.

Iran is to blame for the unrest in Bahrain

"It is truly a serious matter what Bahrain is facing today, because many have brandished the motto of reform while they seek to destroy the stability of the state," observed Saleh al Qallab in an opinion article for the Kuwaiti newspaper Al Jareeda.

Causes of concerns in the Gulf will not come from poverty, as was the case in Egypt and Tunisia, or from corruption as in other Arab countries, but from sectarian considerations due to the the increasing number of Asian expatriates. It goes without saying that Iran would have thought of exporting its internal problems to the western Arabian Gulf shores, even before the uprisings took place in Tunisia and Egypt. And this is what is happening now in Bahrain.

"It is hard to believe that Iranians are not involved in the latest incidents. Their aim is to warn the US that interference in Iran's internal affairs may prompt Tehran to target Washington's interests in the Gulf by dumping the region into chaos. To achieve this purpose, Iran may use Shiites by pushing them to revolt."

It is not in Iran's interest to sow sectarian strife in the Arabian Gulf region. Iran itself has ethnographic and demographic gaps that can cause it immense internal political and security crises.

Tehran should end this game, while Shiites in the region should be aware of the challenges of being "turned into Iranian communities in their countries".

Reforms cause more economic problems

In an opinion article for the Jordanian newspaper Al Rai, Dr Fahd al Fanek argued that economic growth and political reform, which to many ensure social stability, usually come at a price.

Generally, economic prosperity exacerbates inequality and a high-level of corruption. As a result, it causes frustration among people, especially the youth, who tend to hold high expectations. This brings into being new demands and instigates social unrest.

The problems of traditional authoritarian rule begin when it opens the door for reform at a time when it is not ready for it. A prototypical example of this situation is the former Soviet Union, when president Mikail Gorbachev introduced reforms to the communist system by restructuring the government and economy. It turned into a mess.

"This kind of thinking is appropriate to systems which face popular revolutions. Governments tend to present themselves as victims of their own wish for reform and openness to the world, while they consider any rebellion a counterweight to the progressive regime in place."

A counter argument to this is the economic prosperity achieved in South-east Asia, thanks to political stability ensured by a margin of freedom and democracy.

* Digest compiled by Mostapha El Mouloudi

Specs
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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.”

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press

The Bio

Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity

Sanju

Produced: Vidhu Vinod Chopra, Rajkumar Hirani

Director: Rajkumar Hirani

Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani

Rating: 3.5 stars

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 specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

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'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

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If you go

The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.

The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.

Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.

I Care A Lot

Directed by: J Blakeson

Starring: Rosamund Pike, Peter Dinklage

3/5 stars

Selected fixtures

All times UAE

Wednesday
Poland v Portugal 10.45pm
Russia v Sweden 10.45pm

Friday
Belgium v Switzerland 10.45pm
Croatia v England 10.45pm

Saturday
Netherlands v Germany 10.45pm
Rep of Ireland v Denmark 10.45pm

Sunday
Poland v Italy 10.45pm

Monday
Spain v England 10.45pm

Tuesday
France v Germany 10.45pm
Rep of Ireland v Wales 10.45pm

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