Raghida Dergham is the founder and executive chairwoman of the Beirut Institute, and a columnist for The National
November 13, 2022
At this week’s G20 summit in the Indonesian province of Bali, all eyes will be on the Joe Biden-Xi Jinping meeting and whether the US and Chinese presidents will begin a march towards reconciliation or confrontation.
The meeting will be a test especially for Mr Biden, in the wake of the midterm elections and their impact on his foreign policy. Meanwhile, according to insiders, former US president Donald Trump is set to deliver a major speech during which he could announce that he is running for president again.
There are no fundamental disagreements over the key features of America's policies towards China, Russia and Europe. Mr Trump will probably not object to the G7 members' efforts to isolate Russia at the G20 summit either. But with the start of the battle for the American presidency – and despite the fact that Republicans and Democrats usually fight on economic, social and ideological issues – battlelines will be drawn on some foreign policy issues. One such issue is Iran and whether Mr Biden will be able to resuscitate the nuclear talks.
It is not easy to predict what Mr Trump will say. His inner circle has kept the substance of his announcement under wraps. But he wants to deliver his "Make America Great Again" pledge on the world stage, and modernise this vision. According to insiders, this means adopting a policy of "maximum pragmatism" – essentially a selective foreign policy focused on a number of key nations.
On Russia, Mr Trump is unlikely to diverge from Mr Biden’s policy as long as the Ukraine war rages on. He is convinced that if he were the president in the days preceding the war, he could have convinced Moscow to back down. He blames Mr Biden for failing to spare the world the fallout of the conflict. And yet, regarding the current western policy on Russia, Mr Trump as things stand will not cross a major dividing line.
Chinese President Xi Jinping arrives at the G20 leaders summit in Osaka in 2019. AP Photo
The two men are not likely to have fundamental disagreements over the key features of America's policies towards China, Russia and Europe
On China, the answer depends on how the Taiwan question evolves. Here, too, there is no fundamental difference between Republicans and Democrats. Both oppose China’s Taiwan policy, and both fear Beijing could put the US in a predicament.
Mr Xi, now elected for a third term, feels increased confidence and enjoys the full support of both the politburo of the Chinese Communist Party and the People’s Liberation Army. Moreover, American preoccupation with the Ukraine war and the midterms might give Beijing room to take a more hardline position on Taiwan at the summit. It is possible that Mr Xi puts Mr Biden on the spot during their meeting, and even touts what China calls the "liberation" of Taiwan.
The Chinese president could demand that the US end its unofficial military presence in Taiwan. Such a crisis wouldn't be easy for Mr Biden to tackle, given the serious implications of either reconciling with China or confronting it. However, it isn't Mr Biden alone who would be in a quandary; Republicans and Democrats are on the same page on the issue.
Another issue at the G20 summit could arise from the much-expected divergence between the G7 and some G20 members over Russia's war against Ukraine. G7 leaders have reportedly decided to condemn Russia – something major states in the G20, particularly China, India and Indonesia, don’t want to do. These stances have both near- and long-term implications, and do not necessarily reflect support for the Kremlin as much as opposition to the West's approach towards Moscow.
Energy issues will be discussed as well, although they are unlikely to dominate the summit. Prices have started going down for several reasons, including decreased Chinese demand due to its zero-Covid policy and the restrictions on social activity there. In other words, China is not as thirsty for oil as it once was.
A media centre in Nusa Dua, Bali, is being prepped for the G20 summit. AP Photo
Regional crises could also be tackled at the summit, including the ongoing crisis on the Korean Peninsula. The issue of Tehran could be present somewhat too, but this will be modest because G20 leaders will not adopt a position on Iran’s domestic developments, though they might express a desire to revive the nuclear agreement.
Today, the chances of reviving the deal have dwindled. But there are questions about whether the Biden administration will send hints to Tehran suggesting the possibility of resuming negotiations if Tehran backs down. However, the regime’s involvement in the Ukraine war precludes this. Furthermore, the Republican Party, which is likely to win a slim majority in the US House of Representatives, will attempt to tie the Biden administration’s hands on Iran.
The Ukraine war currently dominates international and American policies.
US National Security Adviser Jake Sullivan visited Kyiv last week to gauge President Volodymyr Zelenskyy's willingness to agree to a ceasefire with Russia and begin peace talks, yet stressed that this decision belongs to the Ukrainians alone. Mr Zelenskyy has stated his conditions for a ceasefire and negotiations thereafter – not between him and Russian President Vladimir Putin, but at a lower level. In reality, a ceasefire is beyond reach, in light of developments on the battlefield. Neither leader views peace talks as favourable. Right now, the Biden administration and the European governments see no way out of the conflict and aren't ready to apply pressure on Mr Zelenskyy to making concessions.
Whatever the final outcome of the midterms may be and who runs for office in 2024, the broad features of US foreign policy are unlikely to change except in limited ways.
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
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.”
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
UAE group fixtures
Sunday Feb 23, 9.30am, v Iran
Monday Feb 25, 1pm, v Kuwait
Tuesday Feb 26, 9.30am, v Saudi
UAE squad
Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
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The biog
Born November 11, 1948 Education: BA, English Language and Literature, Cairo University Family: Four brothers, seven sisters, two daughters, 42 and 39, two sons, 43 and 35, and 15 grandchildren Hobbies: Reading and traveling
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase.
People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”.
Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better.
But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
Squads
Pakistan: Sarfaraz Ahmed (c), Babar Azam (vc), Abid Ali, Asif Ali, Fakhar Zaman, Haris Sohail, Mohammad Hasnain, Iftikhar Ahmed, Imad Wasim, Mohammad Amir, Mohammad Nawaz, Mohammad Rizwan, Shadab Khan, Usman Shinwari, Wahab Riaz
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.
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Credits
Produced by: Colour Yellow Productions and Eros Now Director: Mudassar Aziz Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana Star rating: 2.5/5
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The specs
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Power: 258hp from 5,000-6,500rpm
Torque: 400Nm from 1,550-4,000rpm
Transmission: Eight-speed auto
Fuel consumption: 6.1L/100km
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Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
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Thanksgiving meals to try
World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.
Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as well as festive food platters, canapes and both apple and pumpkin pies.
Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.
The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.
Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.
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