Situation in Syria may have limited impact
"The Syrian revolution is evolving," observed Satea Noureddine in a leader article in the Lebanese newspaper Assafir. "Day after day, it is growing larger. It has gradually written off the myth that it is a byproduct of external conspiracies."
Many analysts previously argued that any popular movement in Syria could send shockwaves through the region, and eventually alter its geopolitical map.
Increasingly, the popular protest has taken a form that is reminiscent of the Tunisian and Egyptian uprisings, prompting angry people to organise themselves to counter a violent regime seeking to quell their revolt.
While the revolution is gaining more support, the regime is losing credibility, a situation that is likely to lead the conflict to an abrupt tipping point. Fearing that incidents in Syria will have a wider impact, neighbouring countries have grown concerned, yet there is no sign that they need to declare an alert on the borders.
In the meantime, countries such as Lebanon, Iraq, Jordan, Palestine and Turkey are trying to handle their own problems, which cannot be attributed to events in Syria. However, Lebanon might, in the long term, be affected by any major political changes in Syria.
Lebanese sects are closely monitoring the situation in Syria, which will possibly change the political landscape and may also produce a new pact among different Lebanese political forces.
A step before the final exit in Yemen
"Last week I wrote an article entitled The Yemeni president before the audiotape," wrote Tareq Alhomayed, editor-in-chief of the pan-Arab newspaper Asharq al Awsat. "Today we entered a further phase marked by an attempt to assassinate him. He survived and left for Saudi Arabia for treatment. So is this his final exit?"
This matter is open to all possibilities. His departure for treatment can either be the beginning of a breakthrough in Yemen's crisis or the start of worse scenarios after the situation slid to bloody clashes in Sanaa.
Practically, the rule of Mr Saleh became over as soon as the palace came under attack and many government buildings were occupied. This raises the question of whether the regime has any more legitimacy. Moreover, Mr Saleh's departure to Saudi Arabia may mean Yemen has entered a new but critical phase.
It is expected that the presidential palace will fall into the hands of the protesters, and so mark an end of Mr Saleh's regime, especially since there are divisions among his aides. Violent fighting is expected continue over power. This is the worst that can happen.
The third possibility is that Mr Saleh's departure can be a first step for him before stepping down for health reasons and handing over power to a government figure close to him.
Moment of truth may turn to one of remorse
In a leader article in the UAE newspaper Emarat Al Youm, the editor-in-chief Sami al Ryami criticised Arabs for a lack of innovation in producing television programmes.
"Arabs' failure in innovation is nothing new or strange. But what is most strange is that we are unable to imitate famous shows, because we fail to understand what can be suitable to our communities."
There are significant differences in values between East and West. "In the West, for example, money is the foundation of other values. This is the way it goes. In the West, the game show The Moment of Truth is successful because there are no restrictions on the questions or answers. There is no issue with social values and ethics as long as the money is there to win."
Every answer means more dollars in cash. So it is natural for a participant to acknowledge that she has betrayed her husband to win $1,000. And it is more natural to answer how many times she has done it, because every answer accounts for more thousands.
Trying to copy a version of that show in the Arab world would backfire. What is the added value of revealing to the wider public that a son wishes he had a different kind of father, or a husband confides he has regretted marrying his wife?
"That is not a moment of truth, but one of vulnerability to the lure of money,to be followed by a moment of deep remorse."
Arab reforms turned out to be deadly
"Cucumbers look attractive due to their aerodynamic shape and brilliant green colour," remarked Abdullah Iskandar in a commentary for the London-based newspaper Al Hayat.
But cucumbers are now accused of carrying deadly strains of a bacteria that is hard to treat. It was confirmed that the type bacteria has been discovered for the first time.
In the Arab world, a similar discovery dated back to some decades. It was a sort of "cucumber" which, like the real one, has proved harmful.
We are talking about a project that once made the headlines: the Arab reform that came followed the defeat of 1967, the Naksa.
In many Arab countries, governments undertook reforms to overcome the bitterness of the loss in war, but they remained only decorative ones. In the name of reform, many regimes sought to legitimise themselves before their people. This happened in Egypt, Syria, Libya, Tunisia and Yemen.
Like the cucumber strains, the Arab reform was employed as a cover to proceed with unpopular policies that oppressed basic freedoms and sent off thousands to jail.
* Digest compiled by Mostapha El Mouloudi
melmouloudi@thenational.ae
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 Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Meydan race card
6pm Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
6.35Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
1,800m
7.10pm Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m ,400m
7.45pm Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
8.20pm Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
8.55pm Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
9.30pm Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
Poland Statement
All people fleeing from Ukraine before the armed conflict are allowed to enter Poland. Our country shelters every person whose life is in danger - regardless of their nationality.
The dominant group of refugees in Poland are citizens of Ukraine, but among the people checked by the Border Guard are also citizens of the USA, Nigeria, India, Georgia and other countries.
All persons admitted to Poland are verified by the Border Guard. In relation to those who are in doubt, e.g. do not have documents, Border Guard officers apply appropriate checking procedures.
No person who has received refuge in Poland will be sent back to a country torn by war.
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Raha%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Kuwait%2FSaudi%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Tech%20Logistics%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2414%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Soor%20Capital%2C%20eWTP%20Arabia%20Capital%2C%20Aujan%20Enterprises%2C%20Nox%20Management%2C%20Cedar%20Mundi%20Ventures%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20166%3C%2Fp%3E%0A
RESULTS
Cagliari 5-2 Fiorentina
Udinese 0-0 SPAL
Sampdoria 0-0 Atalanta
Lazio 4-2 Lecce
Parma 2-0 Roma
Juventus 1-0 AC Milan
British Grand Prix free practice times in the third and final session at Silverstone on Saturday (top five):
1. Lewis Hamilton (GBR/Mercedes) 1:28.063 (18 laps)
2. Sebastian Vettel (GER/Ferrari) 1:28.095 (14)
3. Valtteri Bottas (FIN/Mercedes) 1:28.137 (20)
4. Kimi Raikkonen (FIN/Ferrari) 1:28.732 (15)
5. Nico Hulkenberg (GER/Renault) 1:29.480 (14)
Five expert hiking tips
- Always check the weather forecast before setting off
- Make sure you have plenty of water
- Set off early to avoid sudden weather changes in the afternoon
- Wear appropriate clothing and footwear
- Take your litter home with you
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Bharatanatyam
A ancient classical dance from the southern Indian state of Tamil Nadu. Intricate footwork and expressions are used to denote spiritual stories and ideas.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Getting%20there%20and%20where%20to%20stay
%3Cp%3EEtihad%20Airways%20operates%20seasonal%20flights%20from%20Abu%20Dhabi%20to%20Nice%20C%C3%B4te%20d'Azur%20Airport.%20Services%20depart%20the%20UAE%20on%20Wednesdays%20and%20Sundays%20with%20outbound%20flights%20stopping%20briefly%20in%20Rome%2C%20return%20flights%20are%20non-stop.%20Fares%20start%20from%20Dh3%2C315%2C%20flights%20operate%20until%20September%2018%2C%202022.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20Radisson%20Blu%20Hotel%20Nice%20offers%20a%20western%20location%20right%20on%20Promenade%20des%20Anglais%20with%20rooms%20overlooking%20the%20Bay%20of%20Angels.%20Stays%20are%20priced%20from%20%E2%82%AC101%20(%24114)%2C%20including%20taxes.%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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