A bit like the 2008 US presidential election, this one is becoming a meta-exercise, one in which the world beyond America feels heavily and personally invested.
In 2008, it was about hope. The world was entranced by the idea that a mixed-race man named Barack Hussein Obama could become America's 44th president after 200 years of white men called Washington, Jefferson, Clinton and Bush. Asia felt kinship with Mr Obama for his Indonesian childhood, Africa for his Kenyan father, and the Middle East for his middle name. His candidature seemed to smite America’s original sins – slavery, racial segregation and discrimination in all its forms – and offer a hopeful template to the wider world.
But in 2016, global interest in the American election is fraught with fear and worry. Around the world, there’s been acute anxiety about what the rise of Donald Trump might possibly mean, even if he doesn’t get to the White House.
Mr Trump has been a serious force in the Republican presidential campaign for seven months, leading, according to RealClearPolitics, national polling averages every day since July 20 last year, with one exception (November 5). And from Cairo to Delhi, Tunis to London, Paris to Berlin, the world wants to know what to make of the domestic delirium that has consistently greeted Mr Trump’s most outrageous suggestions. These include banning Muslims from entering the US, closing mosques and entering all Muslims already in the country on a government database.
Mr Trump’s other proposals have run a similarly inflammatory course. America, he has suggested, should kill the family members of terrorists, something that is barred by the Geneva Conventions. “Torture works,” he has bayed. Recently, he told a little-known and untrue story about American soldiers shooting Muslim rebels in the Philippines a hundred years ago, using bullets dipped in pigs’ blood.
Russia, he has posited, should be allowed to whack radicals in the Middle East and America must just let it get on with the task. He has mocked women and disabled people, and egged on his supporters to manhandle protesters at his rallies.
On Friday, he suggested the “opening up” of libel laws to make it easier to sue people who write “negative” things. Finally, he has declared that America can become great again by hiding behind huge and hastily erected trade barriers. All of this paranoia and crudeness has consistently been cheered by millions of Americans registered as Republican Party voters.
Is fascism on the rise in America, everyone is asking. It is a pertinent question but not the right one. Donald Trump is not a fascist. He is a populist demagogue. It’s coming up to a century since fascism was fashioned, first in Italy and then in Germany, as a violent reaction against a perceived excess of individualism. Both Hitler and Mussolini wanted to regiment their followers’ thoughts and actions. Mr Trump appears to want to do the opposite – to set Americans free of all constraints, all social norms, principles, right-thinking values, legal conventions and international treaties.
He has admittedly taken on some of what we recognise as fascism’s characteristics, namely acute xenophobia, racial prejudice, fear of national decline, aggressive foreign policy positions and a chilling readiness to suspend the domestic rule of law to deal with supposed emergencies. His themes play to white nationalists. He has attacked immigrants in general and Mexicans and Muslims in particular. His campaign suggests that it was white voters who once made America great and that now, they will be enabled to do so again. At the weekend he retweeted a quote attributed to Mussolini and then seemed to exult in the resulting consternation about what that might portend.
This is potentially frightening for everyone wherever in the world they live. For all the talk of China’s rising might, America is still the world’s only superpower, dominating the world’s economic and political systems and with an unrivalled military. The US currently has 12 aircraft carriers; China and Russia have just one each.
America has economic and military control of the Pacific and Atlantic oceans, the most used trade routes in the world, and its massive navy means it has the ability to effectively blockade other nations. It is entrenched in a position of authority in major international banking institutions such as the World Bank and the International Monetary Fund, thus ensuring its crucial importance in the modern-day economic system. Its cultural dominance – and influence – remains unquestionable.
If a sizeable number of Americans – though just a proportion of the Republican Party – root for a man who seems to recognise no moral order, it appears to signal a move towards a dark, ruthless and brutal nationalism that speaks from the gut. Whatever the outcome of Mr Trump’s campaign to be president, the fervour of his fans has revealed an unsettling sense of viciousness and victimisation among a significant number of Americans.
In his 2004 novel, The Plot Against America, Philip Roth wrote an alternative history of the 1940 US presidential election, in which Franklin D Roosevelt was defeated by the allegedly fascist-sympathising aviation pioneer Charles Lindbergh. After that, thuggish violence became more accepted in America.
It may seem as if Roth were uncannily prescient; that he had seen the future, albeit in a slightly different key.
Except that the Trump tale is not about fascism. It’s populism but it could unleash the same violent forces.
No matter what you call it, it’s dangerous.
Rashmee Roshan Lall is a writer on world affairs
On Twitter: @rashmeerl
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.”
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
COMPANY%20PROFILE
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Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The specs
Engine: 4.0-litre, six-cylinder
Transmission: six-speed manual
Power: 395bhp
Torque: 420Nm
Price: from Dh321,200
On sale: now
NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
ICC T20 Team of 2021
Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia