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.
1. Pascal Ackermann (GER) Bora-Hansgrohe, in 3:29.09
2. Caleb Ewan (AUS) Lotto-Soudal
3. Rudy Barbier (FRA) Israel Start-Up Nation
4. Dylan Groenewegen (NED) Jumbo-Visma
5. Luka Mezgec (SLO) Mitchelton-Scott
6. Alberto Dainese (ITA) Sunweb
7. Jakub Mareczko (ITA) CCC
8. Max Walscheid (GER) NTT
9. José Rojas (ESP) Movistar
10. Andrea Vendrame (ITA) Ag2r La Mondiale, all at same time
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023 More than 3.5 million Indians reside in UAE Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
TICKETS
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
The biog
Age: 59
From: Giza Governorate, Egypt
Family: A daughter, two sons and wife
Favourite tree: Ghaf
Runner up favourite tree: Frankincense
Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”
Factfile on Garbine Muguruza:
Name: Garbine Muguruza (ESP)
World ranking: 15 (will rise to 5 on Monday)
Date of birth: October 8, 1993
Place of birth: Caracas, Venezuela
Place of residence: Geneva, Switzerland
Height: 6ft (1.82m)
Career singles titles: 4
Grand Slam titles: 2 (French Open 2016, Wimbledon 2017)
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), EsekaiaDranibota (Harlequins), Matt Mills (Exiles), JaenBotes (Exiles), KristianStinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), EmosiVacanau (Harlequins), NikoVolavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), ThinusSteyn (Exiles)
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.
The car
Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.
Parks and accommodation
For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm. Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.
Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.
The stay
Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.
Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com
'Dark Waters'
Directed by: Todd Haynes
Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper
Rating: ****
Getting there Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
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 specs
Engine: 3.9-litre twin-turbo V8
Power: 640hp
Torque: 760nm
On sale: 2026
Price: Not announced yet
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem