Raghida Dergham is the founder and executive chairwoman of the Beirut Institute, and a columnist for The National
May 01, 2022
The international community continues to be driven into rival blocs, driven by conflict, one-upmanship, and sheer audacity. This has left many states trying to navigate a path outside the growing polarisation. Major powers are attempting to shape an era with little room for non-alignment, but in all cases, countries are taking sides, or not, according to the preservation of national interests, rather than pure ideology.
The pressures from the major powers have a huge impact on the decisions of states outside of the US-led Western alliance. The administration of US President Joe Biden appears confident that its doctrine and policies will shape history and rise to the level of greatness required to lead a new alliance to contain China and Russia. However, it faces entrenched resistance to its efforts for global mobilisation because its position appears too confused, caught between professing a doctrine and improvising without a clear reference framework for its international relations and objectives.
But Russia has made up its mind, choosing a clear vision and national identity, with direct opposition to Nato's projects. China, for its part, continues to build a multilateral economic bloc through the Belt and Road Initiative, while consolidating strategic-military ties with key regional powers such as Iran.
It will be difficult for the US to win this battle of influence, particularly as it tries to lead fragmented and distant blocs around the world without a uniting agenda that caters to disparate national interests. The Biden administration is manoeuvring, for example, between the issues of Iran and Ukraine. For the former, it has tried to break apart the tight alliance between China, Iran, and Russia in order to secure a nuclear deal. But the polarisation over Ukraine has only pushed those countries closer together.
This makes the Biden administration's justifications for its determination to surrender to Iran’s conditions for reviving the nuclear deal even more problematic. Such a deal would rehabilitate and indirectly finance Iran's Islamic Revolutionary Guard Corps, the same entity that enforces Tehran's strategic pact with China, and any possible future pact with Russia, and which projects Iran’s regional expansionist policies against US allies in the Middle East.
US Secretary of State Antony Blinken has said that a revived Iranian nuclear deal would benefit the entire Middle East. Tom Brenner
It will be difficult for the US to win this battle of influence
Instead of adopting a more deft diplomatic approach, the Biden administration continues to blame former president Donald Trump’s withdrawal from the nuclear deal for having accelerated Tehran’s sprint towards a nuclear bomb. There is not enough evidence to say this with any certainty. We cannot know whether Mr Trump's maximum pressure policy would have eventually forced Iran to change its doctrine and nuclear expansionist policy, because maximum pressure stopped when Mr Trump lost the election. What we do know is that an indirect cash injection from the Biden administration to the IRGC by accepting Iran’s demand to delist it as a terror organisation would empower it further inside the Iranian regime, allowing it to then oversee its pivot from nuclear activities to exporting its model to the Arab world based on entrenching loyalist militias in sovereign countries such as Iraq, Syria, Lebanon and Yemen. US Secretary of State Antony Blinken and Envoy Robert Malley must recognise that the region is not convinced by their claims that their deal with the IRGC is meant to save the Middle East and humanity from an Iranian atom bomb, given those implications.
There is plenty of suspicion among some in the Middle East that the US is seeking to leverage its accommodating approach towards Iran in the negotiations to pressure its regional allies. The US is incensed that these allies have not automatically accepted its orders and priorities on issues like oil production and the need to align with it against Russia and China.
In the view of the Biden administration, a renewed nuclear deal with Iran could help convince the Iranians not to provoke or attack Israel. For this reason, the administration is selling a nuclear deal as something that serves Israeli interests.
But the war in Ukraine has also left doors open for Iran in the Middle East. Knowing that the US is preoccupied trying to balance Ukraine's terms of engagement against Moscow, Iran is freer to provoke more conflict in the Middle East. It could, for instance, heat up the already-escalating conflict between Israel and the Palestinians, by making use of its allies in Gaza and proxies in Syria and Lebanon. Tehran would also be comfortable knowing that its alliance with Russia and China would be affected very little by this in the long term, because it would only help demonstrate America's weakness. At the same time, all of this would have negative ramifications for other countries in the region with whom Russia and China have valued relationships.
The Middle East remains prone to detonation at the hands of outside players, and so clear alignments are never so easy, whatever major powers would like to think. Making alliances work in a way that navigates this tapestry of unprecedented complexity requires diplomacy that operates across more dimensions and with greater nuance.
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
Results
2.15pm: Handicap Dh80,000 1,950m
Winner: Hello, Tadhg O’Shea (jockey), Ali Rashid Al Raihi (trainer).
2.45pm: Handicap Dh90,000 1,800m
Winner: Right Flank, Pat Dobbs, Doug Watson.
3.15pm: Handicap Dh115,000 1,000m
Winner: Leading Spirit, Richard Mullen, Satish Seemar.
3.45pm: Jebel Ali Mile Group 3 Dh575,000 1,600m
Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer.
4.15pm: Handicap Dh105,000 1,400m
Winner: Ode To Autumn, Patrick Cosgrave, Satish Seemar.
4.45pm: Shadwell Farm Conditions Dh125,000 1,200m
Winner: Last Surprise, James Doyle, Simon Crisford.
5.15pm: Handicap Dh85,000 1,200m
Winner: Daltrey, Sandro Paiva, Ali Rashid Al Raihi.
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.
Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.
Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.
Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.
I Care A Lot
Directed by: J Blakeson
Starring: Rosamund Pike, Peter Dinklage
3/5 stars
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,000mm, Winners: Mumayaza, Fabrice Veron (jockey), Eric Lemartinel (trainer)
5.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m, Winners: Sharkh, Pat Cosgrave, Helal Al Alawi
6pm: The President’s Cup Prep - Conditions (PA) Dh100,000 (T) 2,200m, Winner: Somoud, Richard Mullen, Jean de Roualle
6.30pm: Handicap (PA) Dh90,000 (T) 1,600m, Winner: Harrab, Ryan Curatolo, Jean de Roualle
7pm: Abu Dhabi Equestrian Gold Cup - Prestige (PA) Dh125,000 (T) 1,600m, Winner: Hameem, Adrie de Vries, Abdallah Al Hammadi
7.30pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m, Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
8pm: Maiden (TB) Dh80,000 (T) 1,400m, Winner: Nibras Passion, Bernardo Pinheiro, Ismail Mohammed
RESULTS
5pm Wathba Stallions Cup Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner Munfared, Fernando Jara (jockey), Ahmed Al Mehairbi (trainer)
5.30pm Handicap (PA) Dh70,000 (D) 1,600m
Winner Sawt Assalam, Szczepan Mazur, Ibrahim Al Hadhrami
6pm Maiden (PA) Dh70,000 (D) 1,800m
Winner Dergham Athbah, Pat Dobbs, Mohamed Daggash
6.30pm Handicap (PA) Dh70,000 (D) 1,800m
Winner Rajee, Fernando Jara, Majed Al Jahouri
7pm Conditions (PA) Dh80,000 (D) 1,800m
Winner Kerless Del Roc, Fernando Jara, Ahmed Al Mehairbi
7.30pm Handicap (TB) Dh70,000 (D) 2,000m
Winner Pharoah King, Pat Dobbs, Doug Watson
8pm Conditions (PA) Dh85,000 (D) 2,000m
Winner Sauternes Al Maury, Dane O’Neill, Doug Watson
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.”
5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
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Key findings of Jenkins report
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."
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
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