US President Joe Biden meets virtually with Chinese President Xi Jinping from the Roosevelt Room of the White House in Washington on Monday. AP Photo
US President Joe Biden meets virtually with Chinese President Xi Jinping from the Roosevelt Room of the White House in Washington on Monday. AP Photo
US President Joe Biden meets virtually with Chinese President Xi Jinping from the Roosevelt Room of the White House in Washington on Monday. AP Photo
US President Joe Biden meets virtually with Chinese President Xi Jinping from the Roosevelt Room of the White House in Washington on Monday. AP Photo


What the Biden-Xi summit can show the world


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November 17, 2021

We live in a time not only of increasing contestation but of looming confrontation. Next month, US President Joe Biden will host the first of two Summits for Democracy, which aim to rejuvenate democratic systems and also combat "authoritarian leaders… reaching across borders to undermine democracies", according to the White House. It doesn't have to be mentioned that China and Russia are the targets.

Tensions are rising. Countless western politicians and top military brass have been warning over the past few months about the likelihood of war over Taiwan. A full-blown conflagration in Ukraine can now not be ruled out. "The sabre-rattling has to be taken seriously," cautions the Carnegie Endowment for International Peace in a paper this week. Ethiopia is on the brink of all-out civil war. Nigeria is said to be threatened by insurgency and possible secessionism. Commentators, including my colleague Hussein Ibish, have raised the possibility of a coup in Washington after the next presidential election.

Amidst all these rising tensions, the spirit of compromise is woefully absent. Perhaps that is partly because for many these disputes are said to be about principles – of territorial integrity, or of systems of government – which cannot be eroded. To do otherwise, goes the accusation, smacks of appeasement. That is a tough smear to shrug off, as no one wishes to be placed alongside the company of – to give a historical example – inter-war leaders who are deemed to have accommodated Germany before the Second World War broke out. That is how pejorative the term has become.

But compromise is not appeasement. It is compromise that has kept the peace over Taiwan, as the Harvard professor Graham Allison wrote recently in The National Interest. "When the United States and China established formal relations under presidents Richard Nixon and Jimmy Carter, statesmen recognised that the issue of Taiwan was irresolvable – but not unmanageable. The diplomatic framework they created wrapped irreconcilable differences in strategic ambiguity that has given all parties five decades of peace in which individuals on both sides of the strait have seen greater increases in their well-being than in any equivalent period in their history."

It is compromise that – recent border clashes aside – has stopped China and India going to war again over a large area of disputed territories, and compromise is the only workable solution to the several competing claims in the South China Sea.

Compromise is not weakness. However, it does, perhaps, necessarily involve understanding the motivations and principles of others, even if you disagree with their validity. For decades, this allowed for bipartisanship in the US Senate. Party did not always come first, and personal friendships flourished across the aisles. Similarly, in the UK during the 1960s, the Conservative right-winger Enoch Powell and the socialist Michael Foot allied to torpedo what they both saw as a flawed attempt to reform the House of Lords.

  • Participants dance at a gathering to watch the announcement of the 2022 Winter Olympics. Mark Schiefelbein / AP Photo
    Participants dance at a gathering to watch the announcement of the 2022 Winter Olympics. Mark Schiefelbein / AP Photo
  • Fireworks explode behind a skiing sculpture to celebrate Beijing being chosen to host the 2022 Winter Olympic. Jason Lee / Reuters
    Fireworks explode behind a skiing sculpture to celebrate Beijing being chosen to host the 2022 Winter Olympic. Jason Lee / Reuters
  • A young boy in a dragon costume parades among volunteers in Beijing after the announcement that Beijing had been named to host the 2022 Winter Olympic Games. Fred Dufour / AFP
    A young boy in a dragon costume parades among volunteers in Beijing after the announcement that Beijing had been named to host the 2022 Winter Olympic Games. Fred Dufour / AFP
  • Members of the delegation from Beijing 2022 Winter Olympics candidate city react after the city was elected to host the 2022 Olympic Winter Games. Vincent Thian / AP Photo
    Members of the delegation from Beijing 2022 Winter Olympics candidate city react after the city was elected to host the 2022 Olympic Winter Games. Vincent Thian / AP Photo
  • People cheer as they watch on a screen the IOC announcing Beijing as the winner city for the 2022 Winter Olympics bid. Stringer / Reuters
    People cheer as they watch on a screen the IOC announcing Beijing as the winner city for the 2022 Winter Olympics bid. Stringer / Reuters
  • People celebrate after Beijing was chosen to host the 2022 Winter Olympics. Damir Sagolj / Reuters
    People celebrate after Beijing was chosen to host the 2022 Winter Olympics. Damir Sagolj / Reuters
  • A message of congratulation is projected onto the Bird’s Nest Olympic Stadium as people gather after Beijing was chosen to host the 2022 Winter Olympics. Damir Sagolj / Reuters
    A message of congratulation is projected onto the Bird’s Nest Olympic Stadium as people gather after Beijing was chosen to host the 2022 Winter Olympics. Damir Sagolj / Reuters
  • People gather to celebrate as Beijing is announced as the host city for the 2022 Winter Olympic Games. AFP
    People gather to celebrate as Beijing is announced as the host city for the 2022 Winter Olympic Games. AFP
  • Policewomen wave a Chinese national flag to celebrate as Beijing is announced as the host city for the 2022 Winter Olympics. Ng Han Guan / AP Photo
    Policewomen wave a Chinese national flag to celebrate as Beijing is announced as the host city for the 2022 Winter Olympics. Ng Han Guan / AP Photo
  • People celebrate after Beijing was chosen to host the 2022 Winter Olympics. Damir Sagolj / Reuters
    People celebrate after Beijing was chosen to host the 2022 Winter Olympics. Damir Sagolj / Reuters
Ukrainian servicemen take part in the joint Rapid Trident military exercises with the US and other Nato countries nor far from Lviv in September. AFP
Ukrainian servicemen take part in the joint Rapid Trident military exercises with the US and other Nato countries nor far from Lviv in September. AFP

To understand is not to condone. But to take the case of China, a failure to appreciate how the "century of humiliation" has contributed to a perfectly natural sense of nationalism, and that the country should not be denied its rightful place as a great power, places blinders over western critics who see only aggression. If I had grown up in China, for instance, I would not necessarily be a communist but I would certainly be angry at the thought that the old colonial powers were once again ganging up to contain the country. Compromise was one of the results of Monday night's virtual meeting between Mr Biden and Chinese President Xi Jinping, with the two leaders agreeing to ensure that their "simple, straightforward competition" does not veer into conflict.

Compromise dials down confrontation and reduces the risk of hard clashes

Likewise with Ukraine, if the West persists in trying to embrace Kiev within the arms of both the EU and Nato, it would betray a foolish and dangerous disregard of how Russian President Vladimir Putin views his neighbour and former Soviet Socialist Republic. In 2008, Mr Putin told then US president George W Bush: "You have to understand, George, that Ukraine is not even a country. Part of its territory is in Eastern Europe and the greater part was given to us." His words were taken by the West to be a nationalist eccentricity. But Mr Putin showed he truly meant it in an essay he published this summer, in which he wrote that Russians and Ukrainians were "one people" and that "the wall that has emerged in recent years between Russia and Ukraine, between the parts of what is essentially the same historical and spiritual space, to my mind is our great common misfortune and tragedy".

Being sensible does not mean giving in to Moscow's ambitions – whatever they may be. But a suitable compromise might involve western powers simultaneously guaranteeing Ukraine's independence and giving an unbreakable commitment that it would never be allowed to join either the EU or Nato.

Compromise is what allows Spain to continue to claim the Rock of Gibraltar and the Philippines part of Sabah on the island of Borneo; and for the UK and Malaysia, respectively, to deny both claims and maintain the status quo. Compromise long allowed (until a constitutional amendment in 1999) the Republic of Ireland to claim the whole island as its "national territory", while accepting that Northern Ireland was de facto part of the UK.

Compromise dials down confrontation and reduces the risk of hard clashes. Its absence leads to hyper-partisanship and the disappearance of any common ground. We could do with a lot more of it today, and no, it is not an admission of defeat. Far better to see it as the 18th-century British statesman Edmund Burke did: "All government, indeed every human benefit and enjoyment, every virtue, and every prudent act, is founded on compromise and barter."

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The specs

Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder

Power: 220 and 280 horsepower

Torque: 350 and 360Nm

Transmission: eight-speed automatic

Price: from Dh136,521 VAT and Dh166,464 VAT 

On sale: now

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A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.

The bio

Favourite book: The Alchemist by Paulo Coelho

Favourite travel destination: Maldives and south of France

Favourite pastime: Family and friends, meditation, discovering new cuisines

Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.

Favourite Author: My father for sure

Favourite Artist: Damien Hurst

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%3Cp%3E%3Cstrong%3EDeveloper%3A%20%3C%2Fstrong%3EMax%20Inferno%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20Mac%2C%20Nintendo%20Switch%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%26nbsp%3B%3C%2Fp%3E%0A
Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

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5 of the most-popular Airbnb locations in Dubai

Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:

• Dubai Marina

The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.

Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739 
Two bedroom: Dh627 to Dh960 
Three bedroom: Dh721 to Dh1,104

• Downtown

Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure.  “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."

Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154

• City Walk

The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena.  “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”

Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809 
Two bedroom: Dh682 to Dh1,052 
Three bedroom: Dh784 to Dh1,210 

• Jumeirah Lake Towers

Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.

Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629 
Two bedroom: Dh549 to Dh818 
Three bedroom: Dh631 to Dh941

• Palm Jumeirah

Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.

Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770 
Two bedroom: Dh654 to Dh1,002 
Three bedroom: Dh752 to Dh1,152 

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

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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.”

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

Checks continue

A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.

Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.

Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
Biog

Age: 50

Known as the UAE’s strongest man

Favourite dish: “Everything and sea food”

Hobbies: Drawing, basketball and poetry

Favourite car: Any classic car

Favourite superhero: The Hulk original

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Updated: November 17, 2021, 4:00 AM