The British have an idiom – “It is an ill wind that blows nobody any good” – which is our way of describing a not-unfamiliar universal circumstance, when a benefit can be discerned in even the very worst of circumstances.
October 7, 2023, and the aftermath that is still being lived through, is an unlikely candidate for the idiom. After 12 months of misery, violence and death on a medieval scale, it is hard for any positive analysis to surface. But, as I wrote in The National a year ago, I still believe there is one to which to cling – that this is the Arab moment, the regional moment, to ensure that what we are witnessing must be the last time that victims suffer the consequences of the failures of the past.
The year has fulfilled the fears that many were expressing within hours of the shocking and brutal Hamas attacks. A reprisal from Israel was certain, and history suggested it would be unconstrained. So it has been. Gaza has been levelled, and Hamas severely reduced, but not extinguished.
Israeli military targets have been hit, but the consequential damage to the innocent as well has been high, with the reported deaths of almost 42,000 and plenty of evidence to suggest that, once the rubble is cleared, there could be double that number. Hostages remain – the only ones to emerge were mostly recovered through negotiation, or their bodies were released, some after cruel recent murder.
This is the Arab moment to ensure that this is the last time we witness victims suffer the consequences of the failures of the past
As most predicted, there was no military victory to conclude the agony, no clear pathway to peace or the restoration of anything like normal life for all who have been displaced in Gaza and Israel. And now the feared escalation is upon us. Israel’s identification of Hezbollah facilities, rocket bases and strongholds in southern Lebanon may have been anticipated. So perhaps also the strikes on the Beirut suburbs, but the assassination of Hassan Nasrallah and the pager attacks not at all.
That one day Iran would also become a focus – through a combination of its support for those physically engaged with Israel, and its response to direct Israeli attacks upon it and its military leaders – is now upon us. The next stage in the dangerous scenes we are seeing unfold is the response of each to the attacks upon each other. We are all prisoners of those over whom most of us have no say.
While blood is hot, the cooling balm of diplomacy has little chance to begin the healing process. No one has been listening to the pleas from the UN for a “sustained ceasefire” in Gaza, or to US President Joe Biden’s “three-stage plan” for deconfliction and moving forward.
Rarely have so many dire predictions come to pass. But there were others.
Within a week of October 7 last year, I wrote the following in this paper: “But the new Middle East depends on peace and stability. Without finally resolving the cause of conflict at its heart, we must know that sooner or later violence will engulf us. The recent regional diplomacy [of reaching out from Arab states to Iran, and of the Abraham Accords] was designed to prevent that cataclysmic possibility. Now is surely time for the final step.
“To escape the failures of the past, such efforts must be led by the region itself, supported by the international community – not the other way around. There can be no more patch-ups, until the next round of violent exchanges. This is the moment for Arab and the Gulf leadership, and it must be seized.”
The formation of the Global Alliance to Implement a Two-State Solution, announced by Saudi Foreign Minister Prince Faisal bin Farhan at the UN last month, might just be that change in the wind that the crisis demands.
Supported by an alliance of Arab and Islamic states, and by the EU and the UN, Prince Faisal made clear his belief that a permanent resolution to the current conflict, and preventing the repeated re-kindling of it, was only through the establishment of a Palestinian state. Coupled with the recent declaration by UAE Deputy Prime Minister and Foreign Minister Sheikh Abdullah bin Zayed, whose country has ties with Israel through the Abraham Accords – that the UAE will not support post-war efforts in Gaza without the establishment of a Palestinian state – they demonstrate unmistakably that the time for the marginalisation of the issue by too many is over.
One of the fears of the past year was that the cause for self-determination for the Palestinian people, propagated not by violence but by diplomacy and advocacy, would be a victim of the conflict, squeezed between terror and reprisal, unable to voice itself because of the acute polarisation the situation had produced.
The leadership of the new alliance also seems to indicate that the failures of the past, a dependency for advancement on those outside the region, should now be overcome by the region asserting its primary position. The consequences of failure have fallen most heavily upon their people.
After so much, this must not fail. The safety and security of their people, the primary responsibility of a state, has been jeopardised by decades of failure to resolve this issue, as Jordanian Foreign Minister Ayman Safadi forcefully expressed. Attempts to resolve it physically, or by denying fundamentals such as Israel’s existence and Palestinian statehood have brought us to where we are. Everyone involved knows what has failed in the past, and the points at which people turned away from each other and gave up. And every grieving family counts the cost of that turning away.
If there is to be an alternative to the catastrophe we are witnessing, it must start with people talking above the clamour of war and must include all. We should look forward to the progress of the new alliance and the inclusion of all whose decisions can create the region its people deserve.
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Griselda
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ARGENTINA SQUAD
Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez
SPECS
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PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
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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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
UAE currency: the story behind the money in your pockets
Boulder shooting victims
• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
• Eric Talley, 51
• Kevin Mahoney, 61
• Lynn Murray, 62
• Jody Waters, 65
More from Neighbourhood Watch:
The five pillars of Islam
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
Other IPL batting records
Most sixes: 292 – Chris Gayle
Most fours: 491 – Gautam Gambhir
Highest individual score: 175 not out – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)
Highest strike-rate: 177.29 – Andre Russell
Highest strike-rate in an innings: 422.22 – Chris Morris (for Delhi Daredevils against Rising Pune Supergiant in 2017)
Highest average: 52.16 – Vijay Shankar
Most centuries: 6 – Chris Gayle
Most fifties: 36 – Gautam Gambhir
Fastest hundred (balls faced): 30 – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)
Fastest fifty (balls faced): 14 – Lokesh Rahul (for Kings XI Punjab against Delhi Daredevils in 2018)
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km