Raghida Dergham is the founder and executive chairwoman of the Beirut Institute, and a columnist for The National
August 15, 2021
The intensive preparation for a new nuclear deal with Iran continues, and it is sure to be a key part of CIA Chief William Burns's visit to Tel Aviv this week. Arab states, from the Gulf to Iraq and Lebanon, are unlikely to obtain more than verbal reassurances that a revival of the 2015 nuclear deal would not harm their interests, and that the end of oil and trade sanctions on Tehran would not give a boost to Iran's Islamic Revolutionary Guard Corps to continue its expansionist projects.
Israel, however, may get more. If it consents to the decisions of the administration of US President Joe Biden on Iran, it may be rewarded with strategic concessions. Those could include a commitment to enhancing Israel’s military edge in the whole of the Middle East, and allowing Israel to shape some red lines and boundaries for the new deal.
The UN Security Council five permanent member states – the US, China, Russia, Britain and France – plus Germany are eager to cut a deal with the Iranians and seem less concerned than they should be with the implications, including unlocking huge sums of money, which could be used for boosting Iran’s regional policies in Iraq, Lebanon, Syria and Yemen. Their chief concern, rather, is to prevent a massive military confrontation between Iran and Israel, directly or through Iran's proxy Hezbollah in Lebanon.
Skirmishes, however, appear more acceptable to them, even if they lead to the destruction of the political, economic and social fabric of Lebanon, and all the inhumane atrocities this entails. Such skirmishes may be viewed in a grand geopolitical context as a way to vent tension.
But that is morally bankrupt thinking. The international community ought to instead build on the mediation efforts of the Vatican and Pope Francis to save Lebanon, to put serious pressure on the European states and the Biden administration to end the disintegration of Lebanon’s sovereignty. There is also a dire need for a similar role to be undertaken by Ayatollah Ali Sistani in Iraq, who wields influence over the country's Popular Mobilisation Forces, another Iranian proxy. Today, the PMF has become an Iranian operator working against Iraqi sovereignty, and it is time to revoke that support before it is too late.
One Security Council permanent member, Russia, appears fully committed to a strong relationship with Iran, and sees this as vital for its national interests. Indeed, for Moscow, Iran is an indispensable ally in Syria, Iraq, Lebanon and elsewhere in the Middle East. The Kremlin sees in any US-Iranian accord and the revival of the nuclear deal immense benefits for Russia, from the lifting of the US arms embargo against Tehran, which will bring in huge financial rewards for Moscow, to various trade deals ready for immediate activation, as well as Iran's potential accession to trade blocs such as the Eurasian Economic Union. Countries like Tajikistan, for example, which has close ties to Iran, are deeply invested in marketing Iranian membership to the Shanghai Cooperation Organisation, while Russia is keen to help Iran join various other economic and security groupings.
Tehran has made it known to Moscow its readiness to join any meeting called by the latter to discuss the Russian proposal to create a new security partnership that might include it and Gulf states. Moscow is eager to see through its project to bring the Gulf states and Iran to the negotiating table to discuss such mutual security arrangements. Here, the Kremlin sees a different proposal by French President Macon to bring together Iraq and its neighbours for a regional security summit as an encroachment on its own plans.
On another note, Russia understands well Israel’s security needs and its distrust of Iran, especially in light of the hostile statements made by Iran’s top brass against Israel. The US, Russia, European powers and China all agree on collective and individual efforts to prevent any such confrontation, but this excludes skirmishes through proxies in other countries such as Syria and Lebanon, perhaps, again, because they help to relieve building tensions.
Global powers are, of course, relying on the new Iranian President, Ebrahim Raisi, to take steps proving Iran does not intend to destroy Lebanon. In Moscow's eyes, especially, Iran could still play a role in stewarding Lebanon's economy, political life and security, given its enormous influence and interests there.
Pope Francis has made great efforts to support mediation in Lebanon's political crisis. AP
Of course, this would still be hugely damaging for the social fabric in Lebanon. The Kremlin’s priorities there are most likely to align with those of Iran, and that whatever collapse may occur in Lebanon will not impact Syria. For Russia, Lebanon’s collapse must not be allowed to strangle Syria. But ultimately it appears that, for Russia, Lebanon is a small matter.
But for the Vatican, Lebanon is no small matter. Last month, Pope Francis invited the heads of Middle Eastern and Lebanese churches to Rome and delivered a clear message: Stop using Lebanon to advance foreign agendas and the personal interests of the country’s ruling bunch.
The Vatican deployed its diplomatic machinery to help Lebanon and support the initiative of Patriarch Bishara Al Rai calling for neutrality in Lebanon, which was met by accusations of "treason" from Hezbollah’s camp, especially after the Patriarch spoke about an armistice agreement between Lebanon and Israel. Indeed, Hezbollah’s camp fear most losing the pretext that they say prevents them from handing over their weapons to the Lebanese state, namely, the continued conflict with Israel that gives them the justification of "resistance".
In the end, as the hour of Lebanon’s total implosion draws near – collapsing the rest of its financial system, sovereignty and societal coexistence – it is crucial for the international community to get behind the Vatican's diplomatic aims to achieve neutrality in Lebanon. This goes back to the negotiations for the Iranian nuclear deal, which, again, is seen from Tehran as an opportunity to unlock funds for expansionism throughout the region. Taking Lebanon off the table means narrowing the field of this expansionism, and the window to do so is closing, before Lebanon is handed over completely to the IRGC.
Kopa Trophy (Best player under 21 – Men’s) Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s) Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year Sarina Wiegman (England)
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
How to protect yourself when air quality drops
Install an air filter in your home.
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Shower or bath after being outside.
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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.”
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
LA LIGA FIXTURES
Saturday (All UAE kick-off times)
Valencia v Atletico Madrid (midnight)
Mallorca v Alaves (4pm)
Barcelona v Getafe (7pm)
Villarreal v Levante (9.30pm)
Sunday
Granada v Real Volladolid (midnight)
Sevilla v Espanyol (3pm)
Leganes v Real Betis (5pm)
Eibar v Real Sociedad (7pm)
Athletic Bilbao v Osasuna (9.30pm)
Monday
Real Madrid v Celta Vigo (midnight)
UAE currency: the story behind the money in your pockets
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
COMPANY PROFILE
Name: ARDH Collective
Based:Dubai
Founders:Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector:Sustainability
Total funding: Self funded
Number of employees:4
The Written World: How Literature Shaped History
Martin Puchner
Granta
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.