Throughout the Middle East, pundits and public alike are wondering how the changes that the region is witnessing may affect the fragile existing balance of power and whether they can open the door, finally, for an era of peaceful co-existence and prosperity.
It is well established that the strategic weight of our region is not confined to politics or security. It also lies in its increasingly pivotal role in the global economy. Key maritime routes, including the Strait of Hormuz and the Suez Canal, serve as vital arteries of global trade and energy supplies. At the same time, many Arab Gulf states are investing heavily in emerging industries such as renewable energy and advanced technologies. It is clear that bringing peace and stability to the Middle East is no longer a regional aspiration, but a global imperative intertwined with international prosperity.
For the Arab League, a new strategic reality in the Middle East can only come about when a true vision for peace is implemented. The vision we have in mind is one based on the two-state solution: restoration of Palestinian rights for independence and dignity, followed by the implementation of the engagement of peace outlined in the Arab Peace Initiative, thus opening the door for an era of true peace and stability in the region.
But regional security has been viewed differently by various parties in the region. For the Arabs, based on Arab Summit resolutions, the notion of regional security has always been based on five major pillars: a) An end to the Arab-Israeli conflict and the emergence of an independent contiguous Palestine, b) Respect for sovereignty and non-interference in the internal affairs of states, c) The establishment of a nuclear-weapon-free zone in the region, d) Relentless combating of terrorism and the preservation of nation states, and e) Security guarantees for all and shared interests as applicable.
From an Arab perspective, while all these elements are essential for reaching a viable and sustainable formula for regional security, we view this equation as a win-win for all parties. Unfortunately, we cannot say the same about the perspective offered by other parties in our region, such as Israel.
For years, and in particular after the 1993 Oslo accords, the concept of regional security for Israel was based primarily on achieving military and security superiority while “postponing indefinitely” any viable solution for the Palestinian question and without producing any real vision for achieving just and comprehensive peace. Since October 7, 2023, it appears that “postponing indefinitely” a solution to the Palestinian question was replaced by “eliminating” it altogether.
Achieving a sustainable peace requires addressing broader geopolitical dynamics, particularly those involving Iran
Driven by its extreme right-wing forces and its advancement in the past two decades, such a vision is a considerable impediment for peace and prosperity in the region. Enabling those forces to continue on such a path is nothing but a recipe for continued conflict and instability. Such a zero-sum equation with no room for a win-win formula is no salvation for our region and certainly meets no aspiration for peaceful co-existence in it.
At the same time, achieving a sustainable peace requires addressing broader geopolitical dynamics, particularly those involving Iran. Over the past few years, several Arab countries have taken steps towards de-escalation and restoring dialogue with Tehran, aiming to establish a framework of mutual respect and non-interference. This approach must be preserved and reinforced, as it offers the potential to reduce tensions and prevent wider regional confrontation. For peace to take root, all regional actors must abandon policies of provocation and ideological dominance, and instead commit to principles of co-existence and balanced co-operation.
I acknowledge that in my numerous encounters throughout the Arab world, and in particular after witnessing the horrors committed by Israel in Gaza through 21 months of genocidal war, I often reach the unhappy conclusion that many Arabs, in particular the youth, have ceased to believe that peace will be the order of the day in our region in the foreseeable future and that it is somehow condemned to perpetual instability and turmoil. The brief moments of peace of the 1990s seem like such distant memories. It’s impossible to envisage any possibility of reliving them.
All powerful players, in the region and outside it, should try and change such desperate views, if we are to seek a better and more prosperous future for the coming generations. To my understanding, a number of Arab countries who play a major role in the region have expressed readiness to engage in meaningful discussions on the matter.
However, in the absence of an Israeli willingness to engage on a viable path for peace, it can be an exercise in futility. The hope remains that an active and motivated US president may intervene to tip the balance not only for the sake of morality and law, but also for shared interests and a win-for-all formula which addresses the concerns of all parties. It is still possible. Let us not waste the opportunity.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Rajasthan Royals 153-5 (17.5 ov)
Delhi Daredevils 60-4 (6 ov)
Rajasthan won by 10 runs (D/L method)
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Killing of Qassem Suleimani
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
Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”
Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.
He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
PROFILE BOX:
Company/date started: 2015
Founder/CEO: Rami Salman, Rishav Jalan, Ayush Chordia
Based: Dubai, UAE
Sector: Technology, Sales, Voice, Artificial Intelligence
Size: (employees/revenue) 10/ 100,000 downloads
Stage: 1 ($800,000)
Investors: Eight first-round investors including, Beco Capital, 500 Startups, Dubai Silicon Oasis, Hala Fadel, Odin Financial Services, Dubai Angel Investors, Womena, Arzan VC
The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
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
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Match info:
Leicester City 1
Ghezzal (63')
Liverpool 2
Mane (10'), Firmino (45')
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
THE%20JERSEYS
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Kill%20
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MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
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WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
Takreem Awards winners 2021
Corporate Leadership: Carl Bistany (Lebanon)
Cultural Excellence: Hoor Al Qasimi (UAE)
Environmental Development and Sustainability: Bkerzay (Lebanon)
Environmental Development and Sustainability: Raya Ani (Iraq)
Humanitarian and Civic Services: Women’s Programs Association (Lebanon)
Humanitarian and Civic Services: Osamah Al Thini (Libya)
Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)
Outstanding Arab Woman: Balghis Badri (Sudan)
Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)
Young Entrepreneur: Omar Itani (Lebanon)
Lifetime Achievement: Suad Al Amiry (Palestine)
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
Rock in a Hard Place: Music and Mayhem in the Middle East
Orlando Crowcroft
Zed Books
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
The specs: 2017 Porsche 718 Cayman
Price, base / as tested Dh222,500 / Dh296,870
Engine 2.0L, flat four-cylinder
Transmission Seven-speed PDK
Power 300hp @ 6,500rpm
Torque 380hp @ 1,950rpm
Fuel economy, combined 6.9L / 100km
The%C2%A0specs%20
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Punchy appearance
Roars of support buoyed Mr Johnson in an extremely confident and combative appearance