Republican U.S. presidential nominee Donald Trump shakes hands with Democratic U.S. presidential nominee Hillary Clinton at the conclusion of their first presidential debate at Hofstra University in Hempstead, New York, U.S., September 26, 2016. REUTERS/Mike Segar/File Photo
Republican U.S. presidential nominee Donald Trump shakes hands with Democratic U.S. presidential nominee Hillary Clinton at the conclusion of their first presidential debate at Hofstra University in HShow more

Americans have never faced an election worse than this



With Americans all set to elect their new president, Arabic-language commentators are offering their take on the contestants.

According to the columnist Ahmed Al Faraj, Hillary Clinton and Donald Trump are the worst candidates in America’s election history.

Writing in Al Jazeera, he expressed surprise at how Republican nominee Donald Trump’s racist comments have appealed to such a massive number of voters.

“He has launched his campaign by attacking and insulting Muslims and Latin Americans and suggesting that a wall be built along the US-Mexican border,” Al Faraj noted, saying that he never expected such comments to be accepted in a bastion of freedom and democracy.

“Mr Trump’s campaigns have attracted right-wing Republicans, including extremist groups, gun-rights advocates and those disgruntled about the federal government ever since the enactment of the Civil Rights Act in 1968.”

And things were no less exciting for the Democratic nominee.

“Mrs Clinton was confident that she would win her party’s presidential primaries, especially after notable Democrats did not seek the nomination. But much to her surprise and that of her party, Vermont senator Bernie Sanders ran as an independent and appealed to the youth, thanks to his ambitious programme.

“Were it not for the totally unfair votes of the superdelegates in favour of Mrs Clinton, Mr Sanders would have won the Democratic party nomination,” the writer noted.

“Mrs Clinton and Mr Trump carry on with their personal attacks with the former facing accusations of irresponsibly handling confidential files, while the latter is dogged by sexual, racism and tax evasion scandals.”

Regardless of who wins the election, Americans will surely not be celebrating today, Al Faraj said.

Writing in the London-based pan-Arab daily Asharq Al Awsat, columnist Amir Taheri wondered which candidate would be better, or for that matter worse, for the Middle East.

The answer, according to the writer, depends on what the candidates have to offer for their country, because if the United States is incapable of sorting out its internal affairs, then it cannot do much for other countries.

“President Barack Obama will stand down in a few days leaving behind a divided government, a divided society and a divided institution, which leads to the real question: which candidate is less likely to deepen the schism?

“If we consider their words, Mr Trump is more likely to cause a crack by attacking Mexicans, Muslims and even senior Democratic Party members. But if we look into their deeds, Mrs Clinton gets the upper hand,” he said.

But while Mr Trump is a great talker, the writer noted that he is still an unknown person and might turn out to be a less divisive public figure if he allows the government structures to absorb the shock caused by the actions of Mr Obama and restores balance.

“When it comes to the Middle East, Mr Trump has the advantage of being a little known figure on the political scene. In spite of all the nonsense he has spouted about his country’s foreign policy, he has highlighted a key point time and again – the inefficiency of US foreign policy.

“This might convince him to look for something different, or maybe to create a new opportunity to rectify some of the damage caused by Mr Obama’s misleading policy in relation to the peace and stability of the Middle East,” he wrote.

“On the other hand, Mrs Clinton has well-known antecedents, not the least is her support of the Muslim Brotherhood in Egypt before Mr Obama decided to give up on them, her participation in formulating Mr Obama’s catastrophic policy in Libya and her fruitless negotiations on the Arab-Israeli conflict.”

That said, Taheri concluded that American voters should have one main concern, namely which candidate is able to bridge the rift in the fabric of the American nation. That's because "it is the only power capable of making a significant difference, for better or for worse".

* Translated by Carla Mirza

cmirza@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.”

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Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

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Vara will cater to three categories of companies in Dubai (except the DIFC):

Category A: Minimum viable product (MVP) applicants that are currently in the process of securing an MVP licence: This is a three-stage process starting with [1] a provisional permit, graduating to [2] preparatory licence and concluding with [3] operational licence. Applicants that are already in the MVP process will be advised by Vara to either continue within the MVP framework or be transitioned to the full market product licensing process.

Category B: Existing legacy virtual asset service providers prior to February 7, 2023, which are required to come under Vara supervision. All operating service proviers in Dubai (excluding the DIFC) fall under Vara’s supervision.

Category C: New applicants seeking a Vara licence or existing applicants adding new activities. All applicants that do not fall under Category A or B can begin the application process through their current or prospective commercial licensor — the DET or Free Zone Authority — or directly through Vara in the instance that they have yet to determine the commercial operating zone in Dubai. 

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Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
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Number of employees: 8
Industry: Sustainability & Environment
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Investors: Venture capital and government

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1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

3) People must be over 21. Emiratis and residents can register. 

4) The campaign uses the hashtag  #donate_hope

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Stamp duty timeline

December 2014: Former UK chancellor of the Exchequer George Osborne reforms stamp duty land tax (SDLT), replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:

Up to £125,000 – 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; More than £1.5m – 12%

April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.

July 2020: Chancellor Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.

March 2021: Mr Sunak extends the SDLT holiday at his March 3 budget until the end of June.

April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.

June 2021: SDLT holiday on transactions up to £500,000 expires on June 30.

July 2021: Tax break on transactions between £125,000 to £250,000 starts on July 1 and runs until September 30.