Until not too long ago, those of us who subscribed to a dominant western narrative lived in the illusion of a unipolar world. We wanted to believe that we had arrived at the “end of history” where, with just a bit more time and innovation, we would enjoy peace and prosperity forever. War, terrorism, discrimination, autocracy, nationalism, intolerance as well as other forms of social, economic and political divide were the unfortunate legacies of an undesirable past, a small bump on our road towards global enlightenment.
As a result of such thinking, we may have become self-righteous and closed our minds. Many of us believed that the world was moving towards a single objective, as if history was pre-ordained. We trusted that our mission was so holy that any detractor would eventually see the light. Even as we embraced volatility, uncertainty, complexity and ambiguity (Vuca), it was mostly applied to short-term challenges framed within a single and stable narrative that, while not linear, was based on inviolable rules of right and wrong.
And yet, for a couple of decades now, we have seen the emergence of those who challenge that narrative. After all, narratives are often self-serving; they shape our thinking in ways that benefit us more than others.
In a not-so-subtle way, we resurrected the distinction between civilised and “savage” people rampant in the 18th and 19th centuries. Those who were not yet like us, we reckoned, would eventually be edified and assimilated, or weeded out by evolutionary imperatives that we had mastered.
From our vantage point, the international world order was stable, the EU project would only move forward, China would eventually become a liberal democracy and accept the leadership of the US. We had little doubt that terrorism and religious extremism would be eradicated once the superiority of secular democratic principles was recognised. Russia would eventually accept a much reduced international role as a commodity provider. And should a pandemic break out, our unified world would quickly co-ordinate to defeat it.
In a multipolar world, respect and tolerance are a prerequisite
We were also confident that hunger and poverty would end within a couple of decades. Political consensus and scientific innovation would save us from global warming. Big internet giants could remain completely unregulated as they had vowed to do no evil. The list goes on.
Then the surprises started to emerge.
Britain said no to the EU. People began to turn their back on globalisation. Covid-19 shows how we still stick to our flags before reaching out to others, and how quickly we distrust science and democracy. Big Tech became the latest exhibit of the constant trade-off between unrestrained corporate profit-seeking and social priorities.
Military budgets everywhere are growing. Millions of refugees are denied refuge in other countries. The US exit from Afghanistan shows that years of fighting and investment are no panacea for extremism, nor are they a shortcut to democracy. France is arguing that it needs to become energy-independent and that French industries should move their overseas facilities home to boost the country’s resilience to supply chain shocks and bolster its independence in international disputes. Most recently Russia, as we all know, started its “special operation” in Ukraine.
How did those of us who sign up to this western narrative fail to anticipate this?
For one thing, we just did not want to see it. Maybe we were afraid that our narrative was wrong or not the only good option. Because we have a comfortable life and do not want to risk it. Because we do not want to sacrifice money today for money tomorrow.
The multipolar dynamics of power has implications for the way we think about leadership and governance. In a multipolar world, a functional use of power requires a way of thinking beyond the unipolar. Rational behaviour does not just accomplish goals; it also leads to unintended and interdependent consequences. Multipolar leaders acknowledge that each actor is anchored in a set of values and contexts and thus have their own, often different, purposes.
In a multipolar world, respect and tolerance are a prerequisite. Accepting others’ values and ways of thinking without necessarily agreeing with them is a sign of strength rather than weakness. We need that strength to be able to hold conflicting ideas without succumbing to the comfort of an easy answer. We are not advocating for moral relativism but what we call multipolar morality.
In a multipolar world, embracing diversity means being open to opposing or different views, genuinely accepting and learning from them, and facilitating efforts to arrive at mutually acceptable outcomes. We need to let go of unipolar thinking or risk the world passing us by, or worse, risk believing that we are entitled to use power or violence to bend others to our will. Companies must also take this reality into account.
Fear is the biggest emotional obstacle to a multipolar leader. To be a leader is to have the courage to go first and show the way, in spite of fears.
There is enough space inside ourselves to choose our perspective freely. Exploration forces us to mature our emotional reactions and develop the courage to be ourselves while aiding others to contain their own fears. It allows us to be even sharper in our decisions because we take them in full conscience.
We can learn to be grateful and humble about our imperfections. We can learn to express our point of view without expecting others to change theirs. We can also learn to apologise. In so doing, we become better at identifying right and wrong in more nuanced and accurate ways. The more risks we face, the more we ought to engage in collective multipolar processes that embrace our inevitable shortcomings.
The dominant western narrative owes its success to its emphasis on individual freedom, fair process and tolerance of beliefs. It is founded on secular representative government that protects citizens from religious or political persecution, ensures equal opportunities (not results) and upholds rules to protect those who think or act differently than the majority. This narrative is based on an evolutionary and self-correcting process that constantly scans for weaknesses or different ideas and then attempts to improve on them.
The problem is not the western narrative but its current unipolar leadership. Every narrative, organisation or person can fall into this trap. We can reduce the distance between polarities by facilitating dialogue and giving everyone a voice. In a multipolar world, multipolar leadership may help to bring about peace and prosperity, for one and for all.
A version of this article first appeared in Insead Knowledge
Marc Le Menestrel is Affiliate Professor of Decision Sciences at Insead
Horacio Falcao is Professor of Management Practice at Insead
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2018 ICC World Twenty20 Asian Western Sub Regional Qualifier
Event info: The tournament in Kuwait is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.
Teams: UAE, Bahrain, Saudi Arabia, Kuwait, Maldives, Qatar
Friday fixtures: 9.30am (UAE time) - Kuwait v Maldives, Qatar v UAE; 3pm - Saudi Arabia v Bahrain
The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
MATCH INFO
Europa League semi-final, second leg
Atletico Madrid (1) v Arsenal (1)
Where: Wanda Metropolitano
When: Thursday, kick-off 10.45pm
Live: On BeIN Sports HD
VERSTAPPEN'S FIRSTS
Youngest F1 driver (17 years 3 days Japan 2014)
Youngest driver to start an F1 race (17 years 166 days – Australia 2015)
Youngest F1 driver to score points (17 years 180 days - Malaysia 2015)
Youngest driver to lead an F1 race (18 years 228 days – Spain 2016)
Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016)
Youngest on F1 podium finish (18 years 228 days – Spain 2016)
Youngest F1 winner (18 years 228 days – Spain 2016)
Youngest multiple F1 race winner (Mexico 2017/18)
Youngest F1 driver to win the same race (Mexico 2017/18)
ARABIAN GULF LEAGUE FIXTURES
Thursday, September 21
Al Dahfra v Sharjah (kick-off 5.35pm)
Al Wasl v Emirates (8.30pm)
Friday, September 22
Dibba v Al Jazira (5.25pm)
Al Nasr v Al Wahda (8.30pm)
Saturday, September 23
Hatta v Al Ain (5.25pm)
Ajman v Shabab Al Ahli (8.30pm)
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
UAE currency: the story behind the money in your pockets
McIlroy's recent struggles
Last six stroke-play events (First round score in brackets)
Arnold Palmer Invitational Tied for 4th (74)
The US Masters Tied for 7th (72)
The Players Championship Tied for 35th (73)
US Open Missed the cut (78)
Travellers Championship Tied for 17th (67)
Irish Open Missed the cut (72)
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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SERIE A FIXTURES
Saturday (All UAE kick-off times)
Cagliari v AC Milan (6pm)
Lazio v Napoli (9pm)
Inter Milan v Atalanta (11.45pm)
Sunday
Udinese v Sassuolo (3.30pm)
Sampdoria v Brescia (6pm)
Fiorentina v SPAL (6pm)
Torino v Bologna (6pm)
Verona v Genoa (9pm)
Roma V Juventus (11.45pm)
Parma v Lecce (11.45pm)
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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.”
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Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5