From Bush to Obama, US policy on Middle East could not help to foster any real progress
Although the Middle East would have been better off if George W Bush had never made it to the White House, President Barack Obama's tenure did not bring any cheer to the region, according to Khaled Al Dakheel, a Saudi contributor to the London-based newspaper Al Hayat.
In a column yesterday, the writer said that even though Mr Obama was the "complete opposite" of Mr Bush, his time in office so far has not proven more positive for the Middle East, with Washington still dawdling on pressing issues such as the Syrian conflict and Iran's nuclear programme.
"Bush was hotheaded, convinced that American values must rule the world, and was deluding himself that his decisions and policies were dictated by divine intelligence," the writer said. "Obama is more down to earth, believing in American values but leaning more towards restraint in matters of foreign policy … Yet, despite this clear difference in character and political style, the results of Obama's foreign policy in the Middle East are practically as poor as those of his predecessor."
Take Iran for instance, the author went on, where Mr Obama "did not make any progress" during his entire first tenure, while Iran's enrichment capability has reached over 20 per cent and more nuclear reactors are on the way.
"Obama is opting for a political solution to his issue, although some compromise with the Russians. He has spent more than four years pushing for a diplomatic solution, backing it up with sanctions, but achieved absolutely nothing."
The end result is a long wait, the author said, which seems to be the same strategy President Obama is adopting in Syria.
Although Mr Obama once described the potential use of chemical weapons by the regime of Bashar Al Assad in the ongoing civil war in Syria as "a red line" and "a game-changer", he softened the tone when the weapons were, indeed, used.
At a joint press conference with King Abdullah II of Jordan at the Oval Office on Friday, Mr Obama said: "But I think all of us, not just in the United States but around the world, recognise how we cannot stand by and permit the systematic use of weapons like chemical weapons on civilian populations."
What is the word "systematic" doing there?
"It means one thing," Al Dakheel, said, "which is that the 'unsystematic', 'intermittent' use of chemical weapons does not amount to crossing the red line."
When one considers Iran and Syria, a complete lack of movement on the Palestinian front and a poor post-withdrawal planning in Iraq, one realises how little Mr Obama achieved in the Middle East and how low the his track record in the region really is, he concluded.
Sectarian conflict worries Gulf states
The growing sectarian conflicts in the region have started to affect the Gulf states, noted Shamlan Youssef Al Issa, a Kuwaiti writer, in an article in the Abu Dhabi-based newspaper Al Ittihad.
With sectarian strife taking its toll on many people in Iraq, Lebanon and Syria, and the growing interference in Arab affairs of the regional powers, namely Iran and Turkey, Gulf states are becoming increasingly concerned, the writer said.
Islamist organisations have supported the Syrian revolution, and raised money from the local community to back the Free Army. For their part, the Gulf governments raised funds to help Syrian refugees in Turkey, Jordan and Lebanon.
But the novelty is the trend of Salafists taking a religious stance on the Syrian regime, especially after Iran and Hizbollah have interfered in the sectarian strife, he went on.
Some youngsters from the Gulf region have engaged in jihadist activities in Syria.
Gulf countries fear the sectarian rhetoric some hard-line Islamist organisations are adopting, amid Iran's support for the Syrian regime and its influence reaching Iraq, Lebanon and Yemen.
Hardliners who disseminate such sectarian rhetoric over the conflict in Syria ignore the fact that it is about a battle for freedom and democracy and against dictatorship.
Egyptian drama to face 'Turkish invasion'
Egypt's cultural organisations fear what they call "invasion of the Turkish drama" across all Arabic channels, remarked the film critic Tarek El Shenawi in the Cairo-based paper Al Tahrir.
"I hope cultural authorities in Egypt won't go ahead with a plan against Turkish drama," the writer said. After all, it is a matter of business. Turkish TV series are much cheaper, perhaps 10 per cent less than the price of Egyptian series, plus Egyptian viewers have developed a liking for them.
A cheaper price is a key factor for sealing deals. But a television channel does not present a serial drama just to cover empty hours. It does so when it is sure about the appetite of viewers for it.
Attempts are underway in Egypt to undermine the popular Turkish television productions. But this is no easy task. The drama market is open, and one cannot tell a television channel not to buy a Turkish series which it deems aesthetically and financially good, the critic wrote.
Even if cultural organisations enforced a law banning sale of Turkish series, viewers would search for them in other Arabic channels.
Instead, high-quality Egyptian dramas which are not solely dedicated to Ramadan can help restore the Egyptian viewership.
* Digest compiled by The Translation Desk
translation@thenational.ae
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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.”
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