A branch of Türkiye Is Bankasi, also known as Isbank, in the financial district of Istanbul. Bloomberg
A branch of Türkiye Is Bankasi, also known as Isbank, in the financial district of Istanbul. Bloomberg
A branch of Türkiye Is Bankasi, also known as Isbank, in the financial district of Istanbul. Bloomberg
A branch of Türkiye Is Bankasi, also known as Isbank, in the financial district of Istanbul. Bloomberg


Turkey wants to be called Türkiye, but will the world listen?


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June 07, 2022

As a young boy of five or six, I remember climbing into a friend’s car and seeing on the speedometer two parallel rows of numbers increasing at different rates and wondering which applied to the legal speed limit.

Following the passage of the Metric Conversion Act in 1975, US car makers led the switch by introducing kilometres per hour alongside miles per hour, apparently thinking that if drivers could get their heads around it, so too could America.

This reasonable yet ultimately futile US conversion popped into my head last week after Turkish Foreign Minister Mevlut Cavusoglu sent a letter to the UN requesting that the international body and all member states use “Türkiye as the new official name in English".

Unlike the American change, Turkey’s shift has nothing to do with its own people, who have called their homeland Türkiye since its 1923 founding. Instead, Ankara is attempting to alter the world’s view. It’s a bold move. Never before has a non-English-speaking country told the English-speaking world to say its name using characters with which that world is unfamiliar.

On the streets of Chicago, London, Mumbai, or Melbourne – global cities where English is an official language – only a vanishingly small number of locals would be able to explain what those two dots above the “u” in Türkiye mean or verbalise the sound they create. This will surely be an issue in terms of writing and printing the name. Already last week, a newspaper in New Zealand ran a story asserting that Turkey's new name was "Trkiye" – possibly because its printing press lacked an umlaut.

It’s also worth noting that Turkey is prone to taking linguistic liberties with other countries’ names. Did you know that, in Turkish, Greece is Yunanistan, Hungary is Macaristan, and Morocco is Fas?

Of course, the shift is far from unprecedented. In the past century, more than a dozen states have changed their names, usually as a shucking off of colonial influence: Persia to Iran; Siam to Thailand; Free Irish State to Ireland; Ceylon to Sri Lanka; Swaziland to Eswatini; Rhodesia to Zimbabwe and more.

Several states had their own unique reasons.

Macedonia became North Macedonia in 2019 to settle a dispute with its larger neighbour, Greece. In 2016, the Czech Republic shortened its name to Czechia for domestic and international usage. Even so, it hedged – Czechia is merely the shorter version; its official name remains Czech Republic.

Ukraine has not altered its country name, but since Russia annexed Crimea and initiated a conflict in the Donbas in 2014, its government has promoted the Ukrainian versions of its city names, such as Kyiv rather than Kiev, Odesa over Odessa and Lviv over Lvov. Since Russia launched a full-scale invasion in February, the world has more willingly embraced the change.

Two more recent name changes were, much like Turkey’s, about image. In early 2020, the Netherlands sought to move away from the seedy 1970s-90s Amsterdam the name Holland might evoke, and officially branded itself the Netherlands. Strangely enough, its official tourist website remains Holland.com.

A bit more dramatically, when Burma’s military junta changed the country’s name to Myanmar in 1989, it sought to wipe away the stain through which it had come to power – the brutal suppression of a pro-democracy movement – and gain international legitimacy. Much of the world has continued to use Burma.

That move, and Eswatini’s, were similar to Turkey’s in that they involved no change for native citizens. Additionally, foreigners often confused Swaziland with Switzerland. That’s one of the main things Turkey’s name change has going for it – confusion with the bird.

This is an annoyance with which Turkey watchers are all too familiar. Every November, my news updates are filled with innovations on turkey preparation, details on the wild turkey population of Pennsylvania, and which turkeys the American president plans to pardon.

In explaining the shift, Turkey’s state-run TRT cited the problem of the bird, though Turkish Airlines’ web editors apparently forgot about it when updating the mostly state-owned carrier’s online content. Last week, the description of an episode of Bob’s Burgers on THY’s in-flight entertainment had the animated family saving a country rather than a bird.

TRT also cited the Cambridge Dictionary’s definition of a turkey as “something that fails badly”, which seems another decent reason. The move, it should be noted, has not come out of the blue. It has been emerging, step by step, for some two and a half years, and dovetails with Turkey’s broader embrace of its centuries of civilisational achievement.

In January 2020, Turkish exporters announced that they would begin using “Made in Türkiye” on all their labels. Last December, Turkish President Recep Tayyip Erdogan ordered that “Türkiye” be used much more broadly, to strengthen the country’s brand and preserve the values of the Turkish nation’s deep-rooted history.

OK, but does that matter if nobody knows how to say it?

The UN embraced the change upon receipt of last week’s letter, but it’s unlikely to be so swift and simple for the rest of the world. The government of Turkey has every right to tell foreigners how it would like them to say its country name. But getting the world to actually listen and implement the suggestion is a steeper mountain to climb.

The US faced a similar problem decades ago, as a movement sprang up against its embrace of the metric system. Congressman Charles Grassley said the forced conversion “goes against our democratic principles”, while author Tom Wolfe, at an anti-metric party, vowed that US measurements not be determined by the French.

In the early 1980s, after millions of dollars had been spent on promoting the switch, the effort was quietly abandoned. Today all that remains is a desolate stretch of highway from Tucson to the Mexican border with road signs in kilometres.

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Based: Dubai, UAE

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Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

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Which honey takes your fancy?

Al Ghaf Honey

The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year

Sidr Honey

The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest

Samar Honey

The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments

South Africa squad

: Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wkt), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wkt), Keshav Maharaj, Aiden Markram, Morne Morkel, Chris Morris, Wiaan Mulder, Lungi Ngidi, Duanne Olivier, Vernon Philander and Kagiso Rabada.

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Indoor cricket in a nutshell

Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full

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.”

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UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP

Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan

Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri

Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics

 

COMPANY%20PROFILE
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Friday's schedule at the Etihad Airways Abu Dhabi Grand Prix

GP3 qualifying, 10:15am

Formula 2, practice 11:30am

Formula 1, first practice, 1pm

GP3 qualifying session, 3.10pm

Formula 1 second practice, 5pm

Formula 2 qualifying, 7pm

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The biog:

From: Wimbledon, London, UK

Education: Medical doctor

Hobbies: Travelling, meeting new people and cultures 

Favourite animals: All of them 

The biog

Favourite food: Tabbouleh, greek salad and sushi

Favourite TV show: That 70s Show

Favourite animal: Ferrets, they are smart, sensitive, playful and loving

Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can

Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big

Thor: Ragnarok

Dir: Taika Waititi

Starring: Chris Hemsworth, Tom Hiddleston, Cate Blanchett, Jeff Goldblum, Mark Ruffalo, Tessa Thompson

Four stars

COMPANY PROFILE

Company name: SimpliFi

Started: August 2021

Founder: Ali Sattar

Based: UAE

Industry: Finance, technology

Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals

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

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Name: Rain Management

Year started: 2017

Based: Bahrain

Employees: 100-120

Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund

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
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  • 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
Updated: June 07, 2022, 6:11 PM