US President Donald Trump confirmed on Thursday that he was removing his national security adviser Mike Waltz and nominating him for US ambassador to the UN.
The decision came after it emerged that Mr Waltz and his deputy, Alex Wong, were leaving the administration. The shake-up follows revelations that Mr Waltz added a journalist to a Signal chat group where military plans to bomb the Houthis in Yemen were being discussed.
Mr Trump's decision to appoint Mr Waltz to the UN follows his withdrawal of Elise Stefanik of New York, his initial nominee for the position, weeks earlier.
Although Ms Stefanik had undergone a confirmation hearing, her nomination was rescinded in March as her vote in support of Mr Trump’s agenda remains crucial to House Republicans.
Mr Waltz's transition from national security adviser to nominee for UN ambassador will now require him to undergo Senate confirmation, a process he avoided in January.
If confirmed by the Senate, Mr Waltz would replace former president Joe Biden’s UN envoy, Linda Thomas-Greenfield, who faced backlash for vetoes of humanitarian resolutions for Gaza.
“It looks like Trump is using the UN as a safe place to exile Waltz,” Richard Gowan, UN director for the International Crisis Group, told The National.
“But I think other diplomats will at least be glad that there is finally a US ambassador on the way to New York, and optimistic UN officials point out that he knows how Trump thinks.”
Republicans have long been sceptical of the UN and frequently attacked the institution, claiming it has an anti-Israel bias.
The Trump administration is considering a proposal to slash the State Department’s budget by nearly half, a move that would gut international aid and strip the UN of critical funding.
Since resuming office on January 20, the President has ceased US participation in the UN Human Rights Council, continued the suspension of funding for the Palestinian relief agency UNRWA, and initiated a review of the UN cultural agency Unesco.
He has also declared US intentions to withdraw from the Paris climate agreement and the World Health Organisation.
Karen Hult, professor of political science at Virginia Tech's Centre for Public Administration and Policy, said Mr Waltz's appointment solves two problems: it fills the gap left after Ms Stefanik's name was removed; and takes away a source of criticism over the Signal incident.
"Meanwhile, as long as Secretary Rubio remains the Secretary of State and serves as the 'acting' national security adviser, it technically is not a demotion but rather an increase in access to the President," she told The National. "'Acting' officials are frequently more responsive to presidential directions and demands, in part in order to keep their positions."
Who is Mike Waltz?
Mr Waltz, a colonel in the National Guard and a three-term Republican congressman from Florida, is a long-time Trump loyalist who supported the president-elect's claims that the 2020 election was rigged.
He is a China hawk and has been a vocal critic of the chaotic US withdrawal from Afghanistan. He was the first Green Beret to be elected to Congress, after several combat tours in Afghanistan, the Middle East and Africa, according to his biography.
Mr Waltz worked as an adviser to defence secretaries Donald Rumsfeld and Robert Gates, and he advised former vice president Dick Cheney on counter-terrorism.
He has credited the temporary Gaza ceasefire and hostage release agreement to the “Trump effect” and has said that the US would continue to support Israel.
“I want the people of Israel to be very clear and to hear me loud and clear: you're dealing with President Trump … who fully supports Israel,” Mr Waltz told Fox News in January. “No one has done more for Israel than President Trump. We will have their back to make sure Hamas never exists as a terrorist state and certainly does not govern Gaza.”
Israeli ambassador to the UN, Danny Danon, congratulated Mr Waltz on his nomination.
“Waltz is a true friend of the state of Israel and of the Jewish people, and we will stand together against the forces of lies and hatred at the UN,” Mr Danon said.
"Our alliance is stronger than ever – especially in the face of the hypocrisy and moral decay that characterises several UN institutions.”
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
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England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
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%3Cp%3EDungeons%20%26amp%3B%20Dragons%20began%20as%20an%20interactive%20game%20which%20would%20be%20set%20up%20on%20a%20table%20in%201974.%20One%20player%20takes%20on%20the%20role%20of%20dungeon%20master%2C%20who%20directs%20the%20game%2C%20while%20the%20other%20players%20each%20portray%20a%20character%2C%20determining%20its%20species%2C%20occupation%20and%20moral%20and%20ethical%20outlook.%20They%20can%20choose%20the%20character%E2%80%99s%20abilities%2C%20such%20as%20strength%2C%20constitution%2C%20dexterity%2C%20intelligence%2C%20wisdom%20and%20charisma.%20In%20layman%E2%80%99s%20terms%2C%20the%20winner%20is%20the%20one%20who%20amasses%20the%20highest%20score.%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Despacito's dominance in numbers
Released: 2017
Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon
Views: 5.3 billion on YouTube
Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification
Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.
Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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.”
Christopher Robin
Starring: Ewan McGregor, Haley Atwell, Jim Cummings, Peter Capaldi
Three stars