Raghida Dergham is the founder and executive chairwoman of the Beirut Institute, and a columnist for The National
August 07, 2022
A key reason for Nancy Pelosi, Speaker of the US House of Representatives, to visit Taiwan last week (and before that Ukraine) is her determination to expand the contours of her legacy to include dealing with America's major foreign policy rivals, Russia and China. Her primary motivation, however, is linked to her loyalty to the governing Democratic Party and her determination to prop up Joe Biden's presidency.
We may, thus, soon see Ms Pelosi land in Tehran to pave the way for a grand deal between her country and Iran. But in that case, she will need to avoid boasting about "democracy standing up to autocracy". After all, an agreement with Tehran would be a deal with the ultimate autocratic regime.
Ms Pelosi’s incentive isn't just challenging what the US deems to be autocracies running Russia and China. Sure, landing in Taiwan angered Beijing and raised concerns of military escalation. And sure, American strategic interests were key considerations for the Speaker. But was her trip really to pre-empt China's feared invasion of the island, or to draw Beijing into a trap?
Neither reason seems compelling. Rather, the visit had the flavour of political manoeuvring.
The obsessive media and public attention given to the trip had caused a stir in the financial markets, but the fundamental misreading of the situation may have been the main reason for this. From the outset, there have been no indications of a strategic US decision to begin a standoff with China. Logic also suggests the visit would not have taken place had there not been a minimum level of understanding about it between Mr Biden and Chinese President Xi Jinping, with the two leaders having spoken on the phone for nearly two hours on July 28 – less than a week before Ms Pelosi's trip.
A screen displays images of Chinese President Xi Jinping and US President Joe Biden, while broadcasting news about their recent call at a shopping mall in Hong Kong last month. Reuters
The ideological battle is hugely influential, but it is not the basis of the US-China rivalry
So far, the visit appears to have served both leaders' agendas, for it has allowed them to reassert their traditional positions in an expedient political dress rehearsal. It can be seen as a step to shore up Mr Biden's credibility as well as that of the Democratic Party on foreign policy issues, without paying a high cost in the short term. It certainly enabled Mr Xi to reassert Beijing’s "red lines" on Taiwan, including its categorical rejection of the island's independence as part of its One China principle, yet without being dragged into a military confrontation that Beijing wants to avoid. Certain sections of China's elite are pushing for a confrontation with the US, and they see Ms Pelosi’s visit as a provocation requiring a response beyond military exercises. But Mr Xi is resisting these voices, opting for a restrained approach.
That doesn’t mean accidents or missteps can be ruled out. The cross-Strait issue is now bigger than both countries' leaderships. In the Chinese political system, moreover, the Communist Party collectively makes decisions.
So far, the co-existence between democracies and autocracies – as subjective as both terms are – has trumped the ideological struggle between them.
The West’s battle with Russia, for instance, is not a confrontation between two political systems, despite Ms Pelosi and others framing it as such. It is essentially a battle between the Nato military alliance and Moscow. Likewise, in its supposed ideological battle with China, the US is actually more worried about the Asian power’s rise, which Washington sees as a threat to its global primacy. Successive US administrations have, thus, resolved to contain this rise. No doubt, the ideological battle is hugely influential, but it is not the basis of their rivalry.
Iran is another example of the duplicity in America's "democracy versus autocracy" articulation.
Iran's chief nuclear negotiator Ali Bagheri Kani, right, is leaving the Coburg Palais, the venue of the JCPOA in Vienna last week. AFP
Even though it is run by an autocratic regime (and an ideologically expansionist one), neither Mr Biden nor Ms Pelosi would have any problem securing a nuclear agreement with Iran without challenging the regime on its regional record or ideology. Indeed, there is little room for Ms Pelosi to raise the "defence of democracy against autocracy" banner in this context, for the Democratic administration would be doing the opposite: empowering an autocratic regime.
The party will insist that a deal with Tehran serves US interests, defuses a potential nuclear standoff, and avoids military confrontation that the American people do not want. However, it is just as duty-bound to acknowledge that lifting economic sanctions – a condition set by the Iranian regime in the nuclear negotiations – would provide Tehran with the resources it needs to spread its autocratic ideology across the Middle East.
The Iranian regime recently indicated that it is willing to give up its demand that the US remove the Islamic Revolutionary Guard Corps (IRGC) from its terror list. This suggests it is seeking a formula to conclude a nuclear deal. It has determined that there are creative ways to untie the knot around the IRGC, which is indispensable to the regime’s domestic and foreign policies, for it has no qualms about outsmarting western democracies while benefiting from their capitalist features.
Immaterial of how the talks pan out, the time has probably come for US administrations to stop claiming that the wars they have waged in their recent history have been primarily to serve their ideological purposes. Such duplicity has and will continue to cost America, no matter the benefits to its military-industrial complex.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
UAE results Lost to Oman by eight runs Beat Namibia by three wickets Lost to Oman by 12 runs Beat Namibia by 43 runs
UAE fixtures Free admission. All fixtures broadcast live on icc.tv
Tuesday March 15, v PNG at Sharjah Cricket Stadium Friday March 18, v Nepal at Dubai International Stadium Saturday March 19, v PNG at Dubai International Stadium Monday March 21, v Nepal at Dubai International Stadium
Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim Started: established in 2016 and launched in July 2017 Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand Sector: FinTech, wealth management Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021 Current staff: more than 160 employees Stage: series D Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India
How to avoid crypto fraud
Use unique usernames and passwords while enabling multi-factor authentication.
Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
Avoid suspicious social media ads promoting fraudulent schemes.
Only invest in crypto projects that you fully understand.
Critically assess whether a project’s promises or returns seem too good to be true.
Only use reputable platforms that have a track record of strong regulatory compliance.
Store funds in hardware wallets as opposed to online exchanges.
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
Abramovich London
A Kensington Palace Gardens house with 15 bedrooms is valued at more than £150 million.
A three-storey penthouse at Chelsea Waterfront bought for £22 million.
Steel company Evraz drops more than 10 per cent in trading after UK officials said it was potentially supplying the Russian military.
17,000 square metres is the length of the stainless steel facade
14 kilometres is the length of LED lights used on the facade
1,024 individual pieces make up the exterior
7 floors in all, with one for administrative offices
2,400 diagonally intersecting steel members frame the torus shape
100 species of trees and plants dot the gardens
Dh145 is the price of a ticket
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities. Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids. Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
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.”
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
UAE currency: the story behind the money in your pockets