There is no embracing term for the countries of the European Union and North America (although “the West” is sometimes used). There is certainly no collective term for Europe, North America and the Middle East. Increasingly, however, the politics of these three regions are linked, particularly as the effect of the Syrian refugee crisis has spilled across borders and seas.
What these three regions have in common today is broad resentment among certain sections of the population, resentment that is manifesting itself in political outcomes that affect everyone.
There are, to simplify, important parallels between the angry men of America and the angry Sunnis of the Arab world. Both want to be great again.
And it is a two-way street. The popular anger that drove large sections of working-class American voters into the arms of Donald Trump will inevitably affect the Middle East, through Mr Trump’s policy. And the popular anger that drove large sections of Iraq’s Sunni Arabs into the protection of ISIL has already had consequences on the streets of America. In such a world, popular discontent in one part of the globe inevitably finds its way to another.
Start with the United States and the United Kingdom. Both had important votes this year and in both the results were decided by mobilising the rising anger, particularly among working-class communities.
Intriguingly, in both cases, politicians responded to questions of security and prosperity by promising to take people back to an imagined past.
This applies to both the political left and the right: for the left, this is an imagined past when globalisation was controlled, when banks were firmly in their place and when national governments made national laws. For the right, their past is a place without immigration, without foreign competition, when national governments made national laws. Seen in this context, both “Make America Great Again” and “Take Back Control” are slogans that promise a return to an imagined – and largely imaginary – past.
The same is true of parts of the Sunni Arab world. In Iraq, in particular, the Sunnis feel their dominant position has been reversed by a US invasion that handed power to the Shia community. Their resentment, based on real grievances, manifested itself as nostalgia for the Saddam era, and then as tacit and overt support for ISIL, who have styled themselves as the defenders of Sunni Islam.
In all cases, the imagined past to which the population wishes to return may not be based entirely in reality – but it feels very real.
So real, in fact, that communities were willing to tolerate people they found distasteful and claims they accepted were fanciful, merely to gain the rewards of this imagined past.
Understood like this, the belief among American workers that Mr Trump would bring back the coal mines or among Iraq's Sunnis that ISIL would restore them to power were simultaneously unbelievable and believed.
But this isn’t only about an imagined past. It is also about security. Across the Arab world, as across America, people are seeking security: in the US from immigration and terrorism; in Iraq from the threat of Shia militias; in Syria, from either the Assad regime or the rebel armies.
In all cases, this desire for security manifests itself in a retrenchment, in a closing-off from other communities, in the retreat to familiar spaces. So in Iraq, some Sunnis desire a “homeland” in the west, separate from Shia and Kurdish Iraqis. In Yemen, southerners want to separate from the north. In Syria, previously mixed towns and villages have separated along sectarian lines. In America and Europe, the borders must be closed. In each case, there is an “other” who is the source of the problems and separation is best.
In all cases, too, the only answer is political. Coexistence and living together is extraordinarily hard: like a bubble, it glistens with the colours of the rainbow and pops suddenly and completely.
The social settlement between different communities in the Arab world, the United States and Europe is always under strain, but for long periods it somehow works. Under extraordinary stress – a financial crisis, a war – it collapses and can take a long time to put together again.
Left alone, these grievances fester and mutate, giving rise to groups and individuals who promise what they can't deliver and use the popular anger as vehicles for their own power.
The only way back is to listen to those grievances and offer an alternative. In the US and Europe, this will mean hearing the pain of these communities and offering them a share in the prosperity of the nations.
In the Arab world, too, it will mean political changes. In Iraq, after Mosul falls, Sunnis must feel they have a stake in the economic prosperity and security of the country. In Yemen, after the war ends, southerners must have their grievances addressed. In Syria, the most complicated of all, however the civil war ends, there cannot be any victor or vanquished, or the cycle of resentment will start again.
Seeking security, prosperity and dignity in an imagined past is a common response to difficult times. It is up to politicians, whether Iraqi, Yemeni, Syrian or American to chart a course to a possible future.
falyafai@thenational.ae
On Twitter: @FaisalAlYafai
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 five pillars of Islam
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%203S%20Money%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20London%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ivan%20Zhiznevsky%2C%20Eugene%20Dugaev%20and%20Andrei%20Dikouchine%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%245.6%20million%20raised%20in%20total%3C%2Fp%3E%0A
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Zayed Sustainability Prize
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
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
Small%20Things%20Like%20These
%3Cp%3EDirector%3A%20Tim%20Mielants%3Cbr%3ECast%3A%20Cillian%20Murphy%2C%20Emily%20Watson%2C%20Eileen%20Walsh%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
WWE Super ShowDown results
Seth Rollins beat Baron Corbin to retain his WWE Universal title
Finn Balor defeated Andrade to stay WWE Intercontinental Championship
Shane McMahon defeated Roman Reigns
Lars Sullivan won by disqualification against Lucha House Party
Randy Orton beats Triple H
Braun Strowman beats Bobby Lashley
Kofi Kingston wins against Dolph Zigggler to retain the WWE World Heavyweight Championship
Mansoor Al Shehail won the 50-man Battle Royal
The Undertaker beat Goldberg
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
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Zayed Sustainability Prize
More from Neighbourhood Watch:
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars