It's important to note that almost 70 per cent of the population in today’s US were either not alive or were not living in the US during Martin Luther King, Jr’s lifetime. They either hadn’t been born yet or had not yet immigrated to the US.
The majority of Americans have no personal recollection of segregated lunch counters, water fountains and bathrooms, of the dogs and fire hoses that were unleashed on black children simply because they were protesting for equality. And they don't remember the disgusting racist rhetoric used by elected officials – senators, governors and others – seeking to maintain the old, segregated order that King and his colleagues sought to tear down.
Nor do they recall the horrors of the lives wasted in an unwinnable war in Vietnam and the trauma of a nation torn asunder by that conflict. And they do not remember the crisis of wretched poverty that plagued inner cities and rural regions – problems that then president Lyndon B Johnson sought to address with his Great Society programmes, which were tragically stymied by the political, economic and social costs of the war. All of this needs to be remembered in order to understand King in the context of his time.
Last week, the US celebrated Martin Luther King Day – a national holiday dedicated to the life and legacy of that greatest of champions in the 20th century’s struggle for equality and justice. The effort to gain national recognition for MLK Day took 14 years, from when it was first proposed in 1970, until it was finally passed by Congress and signed into law in 1983.
It has long been troubling to many of us who fought to have this day recognised that, instead of remembering King as he really was, the meaning of the day and his memory have been hollowed out. He has been transformed into a fuzzy, feel-good figure, and the struggles for which he gave his life have been largely ignored.
Getting the holiday established was controversial because King himself was controversial. He was a true transformational historical figure who fought against racial discrimination, militarism and economic injustice. During his lifetime, even many of those who supported his struggle to end racial segregation in the southern US and to secure voting rights for black Americans could not accept the broader vision King projected. When he moved the focus of his movement from protesting segregation in the South to confronting discriminatory policies in housing and education in the North, or when he spoke out against the evils inherent in the US war in Vietnam, or when he embraced the cause of economic justice for those who were denied opportunity in the wealthiest nation on Earth by supporting striking workers or mobilising the poor people’s campaign – he was rebuked by some who said he should stay in his lane, or that he was getting involved in issues that distracted from his central message.
The controversies were to be expected precisely because the moral challenges he presented were so deeply upsetting to those who embraced and benefited from the status quo.
As it is with humankind, with the passage of time we tend to forget the past. We gloss over and romanticise it. It was precisely this process of historical amnesia that we sought to upend by establishing a day honouring King. Our hope in securing the recognition of MLK Day was not only that he would be remembered as a leader and a man who devoted his life to the fight against injustice, but also that the realities he confronted and the injustices he opposed would never be forgotten.
What those of us who supported him had hoped when we fought to commemorate his birthday was that King's holiday would be one on which we would recall this history and the sacrifices he and so many others made in their efforts to bring needed change, and would then recommit ourselves to using, if necessary, the tools he had used to fight injustice, poverty and war.
Given this background, with the economic and social challenges confronted by King still present, it is deeply distressing that four decades later the political and moral challenges he posed to the established order have been diluted or erased from historical memory. Today, America is still torn apart by deep and abiding racial inequities, extreme income and wealth disparity, challenges to voting rights and government budgets that prioritise militarism and waging unwinnable wars at the expense of the social well-being of citizens. In the face of these problems, it is an insult for us to have celebrated Martin Luther King Day without the message of King and the empowering tactics he used being foremost in our minds. Americans need him today as much as they needed him during his lifetime.
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
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.”
Friday's schedule in Madrid
Men's quarter-finals
Novak Djokivic (1) v Marin Cilic (9) from 2pm UAE time
Roger Federer (4) v Dominic Thiem (5) from 7pm
Stefanos Tsitsipas (8) v Alexander Zverev (3) from 9.30pm
Stan Wawrinka v Rafael Nadal (2) from 11.30pm
Women's semi-finals
Belinda Bencic v Simona Halep (3) from 4.30pm
Sloane Stephens (8) v Kiki Bertens (7) from 10pm
How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Tori Amos
Native Invader
Decca
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
Take Me Apart
Kelela
(Warp)
The%20new%20Turing%20Test
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
UAE currency: the story behind the money in your pockets
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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
Favourite things
Luxury: Enjoys window shopping for high-end bags and jewellery
Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount
University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
Masters: Studying part-time for a master’s degree in international business marketing in Dubai
Vacation: Heads back home to see family in China
Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
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