Tony Blair tells West to embrace Middle East's desire for change

People in western countries should set aside their negative stereotypes of the Middle East and embrace its desire for modernisation, former UK prime minister Tony Blair has said.

Polling by Mr Blair's think tank found evidence of what he called "outdated misconceptions" of the region, with people in Britain, the US, France and Germany likely to see it as unstable, discriminatory and potentially hostile.

Conversely, the survey found most people in countries such as Egypt, Saudi Arabia and Iraq said they regarded western countries positively and believed in equal rights and peaceful co-existence between faiths.

They also expressed optimism about the future of science and technology in the region, contrary to the prevailing western view that the region's economy is rigid and stagnant.

Mr Blair, who ordered British troops into Iraq as part of the US-led invasion in 2003, said there were "surprisingly positive" attitudes in the region towards the UK, US and Europe.

"People across the Middle East and North Africa, especially the youth, want societies which are religiously tolerant, economically enterprising and at peace with their neighbours," he said.

"Unfortunately, western attitudes are lagging [behind]. We still think of the region as backward, intractable and irredeemably hostile to us. And whilst of course there is evidence for those attitudes in parts of the Middle East, the polling shows they do not represent the majority.

"The risk for the West is our outdated misconception of what people in the region really think leads us to disengage at the very moment where there is an opportunity for us to partner the region and its modernising elements for the benefit, not only of the region itself, but for our own security."

'Third way'

A 73-page report by the Tony Blair Institute said there was broad support in the region for Saudi Arabia's reform efforts, intended to drive diversification from oil.

The report cited the Abraham Accords between the UAE, Bahrain and Israel, and the Cop climate summits being hosted by Egypt in 2022 and the UAE in 2023 as examples of international engagement bearing fruit.

It invited US President Joe Biden, visiting the region this week, to support a "third way" between the status quo and radical governments in the region — invoking one of Mr Blair's catchphrases when he was Labour Party leader.

The report said majorities of between 67 per cent and 75 per cent of those polled in Saudi Arabia, Iraq, Lebanon, Egypt and Tunisia believed that women should have the same rights as men at all levels of business and government.

However, only 9 per cent to 15 per cent of people in Britain, the US, France and Germany believed women's rights were making progress in the Middle East.

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Between 41 per cent and 49 per cent of western respondents thought countries in the region were "hostile or generally unfriendly" towards the West, while most thought it likely that there would always be conflict in the Middle East.

By contrast, 72 per cent of those polled in the Middle East expressed a favourable view of the US, with 67 per cent regarding Britain positively and 62 per cent saying the same about France.

The report said that despite continuing conflicts in Syria, Yemen and Palestine, there had been "significant progress towards ending war in the region, as Middle Eastern leaders have taken steps to build a co-operative and peaceful future".

"However, the prevailing view among western publics is that the Middle East is more often a source of problems than solutions," it said. "In spite of this, people in the Middle East and much of its leadership desire regional peace and partnerships with western nations."

The polling in the Middle East was carried out by Zogby Research Services, with 4,856 people interviewed face to face. There were 6,268 respondents to YouGov surveys in Europe and America.

THE BIO: Mohammed Ashiq Ali

Proudest achievement: “I came to a new country and started this shop”

Favourite TV programme: the news

Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”

Family: six sons in Dubai and a daughter in Faisalabad

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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Dates for the diary

To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:

September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
February 2, 2018 Bodytree will host its 4th annual yoga market.