The brilliant and incisive Palestinian-American professor, Ibrahim Abu Lughod, was a mentor who taught me some invaluable lessons about politics and history. While he was a profoundly political being, he was at heart a historian and social scientist. He, therefore, cautioned me not to be unduly influenced by each day’s headlines or the reactions of commentators to daily events.
History, he would say, is like the ocean. And daily events are like the waves or the tides that repeat, over and over again. In judging the significance of events, one should not be swayed by the ebbs and flows. It is more important to look below the surface at the deep currents that are shaping these events and play a role in determining their significance and meaning.
I often think of this lesson when I read some of the opinion pieces in the daily press or listen to a number of television pundits commenting on matters ranging from domestic politics to war and peace in various parts of the globe. Like reeds blowing in the wind, they make snap and often uninformed judgements based on what just happened that day. Because they speak with authority, they are believed and are echoed by others. As a result, they help to create an “accepted wisdom” about the meaning of events that, despite being wrong, can shape broad public understanding and even policy. Policymakers, for example, often find it difficult to go against what has come to be believed by a majority of voters. And those who disagree with this “wisdom” are scoffed at and dismissed.
With Dr Ibrahim’s lesson in mind, I’ve tried to avoid this and, as a result, often found myself on the outside of this “accepted wisdom". Examples abound.
Being informed sometimes doesn’t appear to be important for commentators
In the lead-up to the 2003 US invasion of Iraq, I tried to get the Democratic Party to oppose sending our troops into a battle, the costs, terms of engagement, and long-term consequences of which are unknown. The party leaders wouldn’t allow it to be put to a vote because, said one: “We need to show strength and we don’t want to be on the wrong side of this one.”
I was on a network TV programme during the huge March 8, 2005 demonstrations that demanded the removal of Syrian forces from Lebanon. A respected journalist, who was on the show with me, spoke about the size of the demonstrations and said his “sources” in Lebanon told him that “all segments of Lebanese society were united in this goal". I countered that as much as I too wanted Syria out, we had just finished a poll in Lebanon and found that public opinion in the country was divided right down the middle as to whether the Syrians should stay or leave.
Much the same happened in 2011, when the Obama administration was preparing to bomb Libya. The host of the show on which I was appearing wanted me to agree that removing Muammar Qaddafi was a good thing. I said Qaddafi was an erratic and brutal dictator, but that if we had learned any lesson from Iraq it was that we must beware of unforeseen consequences. In this instance, the tribal fissures in the country were so deep that there was the danger of Libya falling apart and entering a period of prolonged strife. That had to be considered before any rash action was taken. He countered “that wasn’t the answer I was looking for” before moving on to the next guest who gave him the agreement he sought.
It wasn’t just that these commentators were wrong in each of these instances – and, as my mother would say, “wrong at the top of their voices". It was that they were largely uninformed about history, culture and opinion – or, as Dr Ibrahim might have put it, “the deep currents at work in each country". But being informed sometimes doesn’t appear to be important for commentators because if there are any constants in punditry, it’s that lessons are never learned and being mesmerised by the authoritative sound of your own voice is enough to pass for wisdom.
Recall the near euphoria with which the TV commentators greeted George W Bush’s grossly premature “Mission Accomplished” speech. Or the uncritical acceptance that accompanied Donald Trump’s decision to recognise Jerusalem as Israel’s capital. Or, more recently, the certainty expressed that Ukraine had turned the corner and Vladimir Putin’s days were numbered. Or the predictions that there was certain to be a “red wave” that would give Republicans decisive control over both houses of the US Congress.
Imagine if political pundits were scored in the same way we rate the performance of professional athletes. The records of several of them would be so poor that they would be dropped from TV and print and never heard from again.
Once again, it’s not just that the commentators are wrong. It’s that they project such certainty that they are believed, by the public and policymakers alike. And the reason they make the mistakes they do is precisely because they never had Dr Ibrahim as a mentor. They allow themselves to be swayed by a combination of conventional wisdom and the ebb and flow of events and speak lacking an understanding of history or the deeper currents at work in society. That is a recipe for error.
The%20specs
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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.”
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Charlotte Gainsbourg
Rest
(Because Music)
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
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The specs: 2019 BMW X4
Price, base / as tested: Dh276,675 / Dh346,800
Engine: 3.0-litre turbocharged in-line six-cylinder
Transmission: Eight-speed automatic
Power: 354hp @ 5,500rpm
Torque: 500Nm @ 1,550rpm
Fuel economy, combined: 9.0L / 100km
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
First Person
Richard Flanagan
Chatto & Windus
Super 30
Produced: Sajid Nadiadwala and Phantom Productions
Directed: Vikas Bahl
Cast: Hrithik Roshan, Pankaj Tripathi, Aditya Srivastav, Mrinal Thakur
Rating: 3.5 /5
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
Rocketman
Director: Dexter Fletcher
Starring: Taron Egerton, Richard Madden, Jamie Bell
Rating: 3 out of 5 stars
Brief scores:
Scotland 371-5, 50 overs (C MacLeod 140 no, K Coetzer 58, G Munsey 55)
England 365 all out, 48.5 overs (J Bairstow 105, A Hales 52; M Watt 3-55)
Result: Scotland won by six runs
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
About Seez
Company name/date started: Seez, set up in September 2015 and the app was released in August 2017
Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer
Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon
Sector: Search engine for car buying, selling and leasing
Size: (employees/revenue): 11; undisclosed
Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A
Investors: Wamda Capital, B&Y and Phoenician Funds