Hungarian Prime Minister Viktor Orban is due to be a featured speaker at the Conservative Political Action Conference in the US city of Dallas next month. CPAC, as it is known, is the most influential gathering of American conservatives, and Mr Orban will be speaking alongside luminaries of the US right such as former president Donald Trump, the one-time Republican vice presidential candidate Sarah Palin, and Senator Ted Cruz.
At the time of writing, it still seems likely that Mr Orban will be given a hero's welcome, even though he just gave a shocking speech in which he condemned not only the idea of non-Europeans living in the same country as Europeans but also, by implication, mixed race unions.
The West has split in two, he said. “One half is a world where European and non-European peoples live together. These countries are no longer nations: they are nothing more than a conglomeration of peoples.”
Muslim immigrants, he continued, were “flooding and occupying the West … This is why we have always fought: we are willing to mix with one another, but we do not want to become peoples of mixed-race.”
Mr Orban has a history of making provocative remarks, quarrelling with the European Commission, and for his strong anti-immigration policies. But even for him, this is extraordinary.
It is no good dismissing Orban, recently re-elected with a thumping majority, as an outlier
Now, you can try to excuse his remarks, as Rod Dreher has done in a thoughtful piece in The American Conservative magazine. “What Orban is saying is that Europeans want to live with and mix among other Europeans, because that is what keeps the peace,” Dreher wrote. “He is using the term ‘race’ as a symbol of religion and culture … He is clearly not talking about genetics.”
To be sure, Mr Orban was not taken out of context. You can read the whole speech, delivered on Saturday in Romania, which has a large ethnic Hungarian population. If you do, you will immediately see that this was not the speech of a thug. It is for the most part elegantly written. It has wit, and Mr Orban makes some valid points that foreign policy realists would have to agree with, including: “We see that rival civilisations have adopted western technology and have mastered the western financial system, but they have not adopted western values – and they have absolutely no intention of adopting them."
You can point to the special position Hungary is in. It is a small country of about 10 million where, as Mr Orban put it: “There are still far more funerals than baptisms … This is the alpha and omega of everything: if there is no turnaround, sooner or later we will be displaced from Hungary, and we will be displaced from the Carpathian Basin.” He is not alone in suffering from a form of existential fear. Similar sentiments are felt by some majority groups undergoing demographic change, from the US to Malaysia.
You can argue with justice that Mr Orban is far from being alone in playing the race card to win votes. I’ve noted before that Cambodia’s long-time opposition leader, Sam Rainsy, has been accused of stirring up prejudice against ethnic Vietnamese in his country, and the “horrors of Hindutva”, as the writer William Dalrymple once put it to me – the violence and terror inflicted by Hindu ultranationalists in India – are well known.
You can also acknowledge that Mr Orban is just one of a number of politicians scaremongering about the supposed dangers of Islam attempting to take over the West, with his citing of the Ottoman Siege of Vienna in 1683, and even the Battle of Poitiers, when the Frankish king Charles Martel defeated an invading Umayyad force – in 732.
But you are still left with the words Mr Orban said. You are still left with his evident dread at the prospect of “peoples of mixed race”. I cannot think of any leader so openly raising the spectre of that horrible word, “miscegenation”. It is no good dismissing the Hungarian Prime Minister, recently re-elected with a thumping majority, as an outlier. The far right could lead the next government in Italy, and has been gaining strength in much of Europe. Mr Orban himself has been embraced by “conservatives around the world”, as a New Yorker magazine profile put it last year, and to Dreher he is “an iconoclastic visionary of the right … a Margaret Thatcher to some emerging Ronald Reagan".
Mr Orban has been condemned by leading politicians in both Hungary and Romania. But what of those adoring conservatives? One, at least, the American Republican congressman Adam Kinzinger, has raised his voice. He tweeted: “August 4, Dallas, CPAC is having this man as a speaker. Will potential candidates boycott CPAC? Or do they support pure race ideology?”
And that is exactly the question conservatives who have cheered on Mr Orban now have to ask themselves. Is there anything he could say that is, and puts him, beyond the pale? Or have we reached such a concerning moment that it has become acceptable in mainstream conservative circles to argue for racial purity? A once-admired and, at its best, an inclusive political tradition will have sunk to an appalling low, if so.
Mr Orban has set his conservative fans on both sides of the Atlantic a test: can they, will they, distance themselves from these remarkably incendiary statements? If not, they will have lost every shred of decency they may once have possessed.
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.”
Champions League Last 16
Red Bull Salzburg (AUT) v Bayern Munich (GER)
Sporting Lisbon (POR) v Manchester City (ENG)
Benfica (POR) v Ajax (NED)
Chelsea (ENG) v Lille (FRA)
Atletico Madrid (ESP) v Manchester United (ENG)
Villarreal (ESP) v Juventus (ITA)
Inter Milan (ITA) v Liverpool (ENG)
Paris Saint-Germain v Real Madrid (ESP)
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Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
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Forced%20Deportations
%3Cp%3EWhile%20the%20Lebanese%20government%20has%20deported%20a%20number%20of%20refugees%20back%20to%20Syria%20since%202011%2C%20the%20latest%20round%20is%20the%20first%20en-mass%20campaign%20of%20its%20kind%2C%20say%20the%20Access%20Center%20for%20Human%20Rights%2C%20a%20non-governmental%20organization%20which%20monitors%20the%20conditions%20of%20Syrian%20refugees%20in%20Lebanon.%3C%2Fp%3E%0A%3Cp%3E%E2%80%9CIn%20the%20past%2C%20the%20Lebanese%20General%20Security%20was%20responsible%20for%20the%20forced%20deportation%20operations%20of%20refugees%2C%20after%20forcing%20them%20to%20sign%20papers%20stating%20that%20they%20wished%20to%20return%20to%20Syria%20of%20their%20own%20free%20will.%20Now%2C%20the%20Lebanese%20army%2C%20specifically%20military%20intelligence%2C%20is%20responsible%20for%20the%20security%20operation%2C%E2%80%9D%20said%20Mohammad%20Hasan%2C%20head%20of%20ACHR.%3Cbr%3EIn%20just%20the%20first%20four%20months%20of%202023%20the%20number%20of%20forced%20deportations%20is%20nearly%20double%20that%20of%20the%20entirety%20of%202022.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3ESince%20the%20beginning%20of%202023%2C%20ACHR%20has%20reported%20407%20forced%20deportations%20%E2%80%93%20200%20of%20which%20occurred%20in%20April%20alone.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EIn%20comparison%2C%20just%20154%20people%20were%20forcfully%20deported%20in%202022.%3C%2Fp%3E%0A
Violence%20
%3Cp%3EInstances%20of%20violence%20against%20Syrian%20refugees%20are%20not%20uncommon.%3C%2Fp%3E%0A%3Cp%3EJust%20last%20month%2C%20security%20camera%20footage%20of%20men%20violently%20attacking%20and%20stabbing%20an%20employee%20at%20a%20mini-market%20went%20viral.%20The%20store%E2%80%99s%20employees%20had%20engaged%20in%20a%20verbal%20altercation%20with%20the%20men%20who%20had%20come%20to%20enforce%20an%20order%20to%20shutter%20shops%2C%20following%20the%20announcement%20of%20a%20municipal%20curfew%20for%20Syrian%20refugees.%3Cbr%3E%E2%80%9CThey%20thought%20they%20were%20Syrian%2C%E2%80%9D%20said%20the%20mayor%20of%20the%20Nahr%20el%20Bared%20municipality%2C%20Charbel%20Bou%20Raad%2C%20of%20the%20attackers.%3Cbr%3EIt%20later%20emerged%20the%20beaten%20employees%20were%20Lebanese.%20But%20the%20video%20was%20an%20exemplary%20instance%20of%20violence%20at%20a%20time%20when%20anti-Syrian%20rhetoric%20is%20particularly%20heated%20as%20Lebanese%20politicians%20call%20for%20the%20return%20of%20Syrian%20refugees%20to%20Syria.%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends