Humayun's Tomb in Delhi. The Indian capital hosted the Raisina Dialogue this week. Vanessa Ghanem / The National
Humayun's Tomb in Delhi. The Indian capital hosted the Raisina Dialogue this week. Vanessa Ghanem / The National
Humayun's Tomb in Delhi. The Indian capital hosted the Raisina Dialogue this week. Vanessa Ghanem / The National
Humayun's Tomb in Delhi. The Indian capital hosted the Raisina Dialogue this week. Vanessa Ghanem / The National

The view from Delhi: New world order emerging from ruins of the old


Vanessa Ghanem
  • English
  • Arabic

Policymakers, industry leaders and think tanks from around the world convened in India this week for the Raisina Dialogue 2025, engaging in discussions to navigate a rapidly evolving world.

At a time when old power structures are increasingly being challenged, a key question frequently came up: What will the emerging world order look like, and who will shape it?

The consensus was clear – the old order is fading, and a new one is taking shape, one that is more fragmented, competitive and formed by forces beyond the traditional centres of power, in a shift that requires abandoning old assumptions and embracing a more adaptive, inclusive approach.

“We do need an international order just like we need a domestic order,” said Dr S Jaishankar, India's Minister of External Affairs. “And it’s not just big countries that will benefit from this new order. I would argue that any country willing to take risks … will actually use this order to its advantage.”

With the inward-focused US pursuing unilateral strategies, Europe faces a pivotal moment in redefining its global role. The shifting security landscape and uncertainty surrounding Washington’s long-term commitments have compelled European nations to invest more in defence, military capabilities, technology and infrastructure to strengthen their influence.

European officials stressed that while the continent remains resilient, greater efforts are needed to bolster security and defence, reinforcing that Ukraine’s stability is central to European security.

“There will be no compromises on Ukraine’s territory and sovereignty. There will be no revisions to our military capabilities. No third country has the right to block our participation in any union or bloc. We will never recognise any territories occupied by Russia,” said Ukrainian Foreign Minister Andrii Sybiha.

Meanwhile, the view from Washington is one of commitment to a pragmatic and realistic foreign policy, said US Director of National Intelligence Tulsi Gabbard, emphasising the need for stable alliances. Yet there was a sense that US unilateralism has fuelled frustration among allies.

As these discussions unfolded, Russian President Vladimir Putin agreed to temporarily halt attacks on Ukrainian energy centres but refused to support a full 30-day ceasefire, which US President Donald Trump had hoped would be the first step towards a lasting peace deal. Ukraine accused Russia of effectively rejecting the ceasefire proposal, and both countries blamed each other on Wednesday for launching air strikes that caused fires and damaged infrastructure.

From Europe to the Middle East, the conflicts shaping the new world order seem more interconnected than ever, a point illustrated during the Raisina Dialogue, held under the theme People, Peace and Planet.

A narrative emerged of a shifting balance of power. While Iran, an ally of Russia, remains a major regional actor, analysts suggested it had been significantly weakened following the October 7, 2023 attacks. Meanwhile, Israel is emerging as the dominant force, frequently altering the rules of engagement and crossing previously defined red lines.

One notable statement came from Anwar Gargash, diplomatic adviser to President Sheikh Mohamed, who emphasised that the UAE and other Arab states should prioritise finding common ground with Iran rather than focusing on disagreements.

While Mr Trump has reinstated his “maximum pressure” policy on Iran, India continues to maintain cordial relations with both Israel and Tehran, carefully balancing its interests.

“India has not been and continues to be a non-interventionist part,” said Manish Tewari, Indian member of parliament. “We would be more than happy to be catalysts, but we have historically not been mediators or facilitators.

“The world survives in hope, and we do hope that there is peace and stability in the Middle East. I think the important thing to remember is that except for the military-industrial complexes, there's nobody else who benefits from wars. They are the ones who make the money out of the killing machines,” added Mr Tewari.

Anwar Gargash at the Raisina Conference in New Delhi. Photo: Anwar Gargash / X
Anwar Gargash at the Raisina Conference in New Delhi. Photo: Anwar Gargash / X

With peace remaining an aspiration, traditional assumptions about diplomacy, deterrence and regional stability are being upended. The pathways towards peace now demand complex compromises and strategic recalibrations.

What became evident from the dialogue discussions is that the world order is no longer dictated by a single superpower or a singular ideology. Instead, power is diffused across several poles, forcing states to navigate a competitive international system. Whether this transition leads to stability or deepens geopolitical divides remains uncertain. One thing is clear – the age of unchallenged western dominance is over, and a new, multipolar world is taking shape.

WORLD CUP SEMI-FINALS

England v New Zealand

(Saturday, 12pm UAE)

Wales v South Africa

(Sunday, 12pm, UAE)

 

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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.
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  • Option 3: 30% across five years 
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  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
Maestro
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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.”

The biog

Name: Marie Byrne

Nationality: Irish

Favourite film: The Shawshank Redemption

Book: Seagull by Jonathan Livingston

Life lesson: A person is not old until regret takes the place of their dreams

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
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Updated: March 20, 2025, 2:23 PM