Raghida Dergham is the founder and executive chairwoman of the Beirut Institute, and a columnist for The National
September 26, 2021
The tone of the speeches delivered by world leaders at the UN General Assembly last week and on its sidelines, during inter-ministerial meetings, suggests preparations to revive the nuclear deal between Iran and the global powers have gathered speed.
Amid reports that talks could resume in Vienna in two weeks, a process is on to clear any obstacles to the nuclear issue, including to eventually lift all meaningful sanctions against Iran. Ideas to address Tehran’s contentious ballistic missile programme are under discussion, too. An agreement is being sought to limit Iran’s long-range missile programme while allowing it to maintain short and medium-range missiles crucial to its regional projects.
With the Europeans and Americans seemingly willing to allow Iran to pursue these projects, the countries in the region are beginning to reposition themselves accordingly.
The Assad regime in Syria may be among the biggest beneficiaries, due in large part to efforts from Russia, the US, Europe and key Arab states to end the decade-long civil war there. Only Turkey appears to be singing a different tune, for reasons related to Russian insistence on Ankara’s exit from Syria.
Iraqi President Barham Salih’s recent remarks to the Council on Foreign Relations in New York are instructive.
He said the US and Russia are speaking of collaboration in Syria. Alluding to years-long efforts by the West and its regional allies to remove the Assad regime from power, Mr Salih said the international community "must have the courage to admit that the present policy has totally, utterly failed". "The government is still there and you have thousands and thousands of militants [who are] well-armed [belonging to] Al Qaeda, ISIS, you name it, all kind of manifestations and variants of this virus.”
Thereafter, Mr Salih called for the region to “embrace this dynamic in Syria”. He added: “We in Iraq are opening up to the Syrian government and trying to open channels and encourage help and relief to the Syrian people. We want to focus on dealing with the extremist issue in some of these areas of Syria, which pose a direct security threat to Iraq and to the neighbourhood.”
Russia – an ally of the Syrian regime – will, no doubt, be pleased with these developments and statements, as it tries to mobilise political and financial support for reconstruction and fighting extremism there.
King Salman of Saudi Arabia delivers a pre-recorded message at the 76th UN General Assembly last week. AFP
Saudi Arabia's King Salman, meanwhile, raised hopes for a serious dialogue with Iran, especially with a new president in power in Tehran and the revival of the nuclear deal increasingly likely. King Salman expressed a desire for reconciliation, but on the condition that it amounts to a roadmap for positive Saudi-Iranian relations, while reserving the right to question Tehran’s objectives and policies inside Arab countries such as Yemen, Iraq, Syria, and Lebanon, where it has planted proxy militias and engaged in subterfuge.
For his part, Iranian President Ebrahim Raisi lectured Washington at the UN, while professing innocence over its nuclear, missile and expansionist activities. He questioned the Biden administration's intentions, setting a tough line but only half-seriously, given that Iran is preparing to return to the Vienna talks and rowing back from its conditions for the complete lifting of sanctions first.
The regime knows that its interests require the lifting of economic sanctions as a matter of priority and is heeding to advice from Russia and China while capitalising on Europe’s eagerness to change the nature of its relations with Tehran. Indeed, the Europeans, led by the Germans, Italians, and French, have told the Iranians they want a new approach to their relationship based on peaceful coexistence.
Our cartoonist's take on Iranian fuel being transported to Lebanon by Hezbollah
In other words, Europe wants a relationship of affinity based on mutual economic interests and European tolerance of Iran’s regional policies, in return for Tehran refraining from extreme measures that would embarrass Europe – for example, by supporting terrorism or acting in ways that lead to refugee waves towards Europe. In return for all of this, Iran will get European backing for lifting what is left of the sanctions on Iran, and the latter's political rehabilitation in the international community.
The Europeans, it seems, want to play a key role on Iranian issues, which they believe can help shape regional equations. But as a consequence, smaller nations in the region are likely to suffer – particularly Lebanon.
Judging by Europe’s intentions, it seems that its member states will not interfere with Hezbollah’s complete domination over the Lebanese state. In Syria, Europe is endorsing the rehabilitation of the Assad regime and is working with the US towards this end.
How will this be reflected in Lebanon, and could it lead to the return of Syria's domination of the country's politics, either directly or through Hezbollah? Well, all that matters to the Europeans is that Lebanon does not collapse, even if much-needed political reforms are not carried out in the country. In fact, France and Europe’s policies have led to the consolidation of the Lebanese political class, despite its corruption and assault on accountability.
Rafael Mariano Grossi, director general of the International Atomic Energy Agency, talks about nuclear verification in Iran in Vienna last week. AP Photo
The Europeans and Americans have paid little attention to personal attacks against Tarek Bitar, the Lebanese judge investigating last year's Beirut Port blast. They have effectively endorsed impunity for what is a crime against humanity, and the political, sectarian and partisan attacks on a man doing his duty to reveal the identity of those responsible for blast.
In his speech at the UN, US President Joe Biden put diplomacy above confrontation. Yet, despite his electoral promises to protect human rights and justice everywhere, he now stands idly by as Hezbollah issues audacious threats against Mr Bitar and similar such attempts to undermine the rule of law.
Mr Biden’s promises are vanishing into thin air, possibly due to his concern that any move on his part to pressurise Beirut to end impunities of all kinds will risk thwarting a deal with Hezbollah's patrons in Iran.
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples. Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts. Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Key facilities
Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Engine: twin-turbocharged 3.5-liter V6
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Info
What: 11th edition of the Mubadala World Tennis Championship
When: December 27-29, 2018
Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams
Tickets: www.ticketmaster.ae, Virgin megastores or call 800 86 823
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
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 biog
Family: Parents and four sisters
Education: Bachelor’s degree in business management and marketing at American University of Sharjah
A self-confessed foodie, she enjoys trying out new cuisines, her current favourite is the poke superfood bowls
Likes reading: autobiographies and fiction
Favourite holiday destination: Italy
Posts information about challenges, events, runs in other emirates on the group's Instagram account @Anagowrunning
Has created a database of Emirati and GCC sportspeople on Instagram @abeermk, highlight: Athletes
Apart from training, also talks to women about nutrition, healthy lifestyle, diabetes, cholesterol, blood pressure
UAE currency: the story behind the money in your pockets
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid When: April 25, 10.45pm kick-off (UAE) Where: Allianz Arena, Munich Live: BeIN Sports HD Second leg: May 1, Santiago Bernabeu, Madrid
Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."