People march near the US Capitol during a pro-Palestinian march calling for a ceasefire in Gaza, on October 21, in Washington. AP
People march near the US Capitol during a pro-Palestinian march calling for a ceasefire in Gaza, on October 21, in Washington. AP
People march near the US Capitol during a pro-Palestinian march calling for a ceasefire in Gaza, on October 21, in Washington. AP
People march near the US Capitol during a pro-Palestinian march calling for a ceasefire in Gaza, on October 21, in Washington. AP


Instability in the Middle East brought on by the Israel-Gaza war is a test for America


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October 24, 2023

The American response to the Israel-Gaza war is being shaped by serious anxieties that it could devolve into an all-out assault on the American-dominated order in the Middle East and even international stability writ large. Everything is in place for a potential outcome that represents the victory of revisionist powers over Washington and its partners in the Middle East. Progressive Middle East countries could also be facing a near-term future in which they confront a gravely destabilised regional and, by extension, global order, if the worst-case scenarios are met.

Egypt is most directly threatened by the Gaza-Israel war. Ever since the Camp David peace treaty with Israel in 1979, Cairo has been determined, as a matter of core national security and foreign policy, not to get sucked back into a leadership role in Gaza, under any circumstances.

Egypt knew that Israel was hoping to displace the Palestinians of Gaza into the Sinai Peninsula, and Egypt said absolutely not. So, Egypt has also made it clear that as a core national security and domestic policy it would not allow the problems facing the Palestinians in Gaza to be exported to Egypt. In short, there is no way that Egypt is going to open its borders to allow a flood of Palestinian refugees from Gaza into Egyptian territory and bail the Israelis, and Hamas, out. In fact, no Arab country is willing to help Israel, and Hamas, out of this incredible crisis that both have created for themselves, especially Israel, in Gaza.

A wounded Palestinian woman holds the hand of her dead relative outside her home following Israeli airstrikes that targeted their neighbourhood in Gaza City, on October 23. AP
A wounded Palestinian woman holds the hand of her dead relative outside her home following Israeli airstrikes that targeted their neighbourhood in Gaza City, on October 23. AP

Jordan will definitely not allow Palestinians who become displaced from the West Bank, under whatever circumstances, by Israel, under the cover of conflict, to enter into Jordanian territory yet again. Jordan has taken the largest group of Palestinian refugees twice: in 1948 and in 1967. This cannot be repeated, from a Jordanian point of view, because as a consequence of those earlier displacements, and Israel's adamant refusal to allow any of the Palestinian refugees to ever go home without being gunned down in the process, Jordan has developed a plurality or even a majority of Palestinian citizens.

But annexation-minded and racist Israeli leaders have long insisted that "Jordan is Palestine," meaning that they ultimately intend to displace the Palestinians in the West Bank and, possibly, Gaza as well, into Jordan, or possibly into Egypt, in order to alleviate Israel from this intolerable burden of non-Jewish indigenous persons living on their own land and in their own homes.

But none of that will do anything significant to alter the fundamental strategic, demographic and political landscape between the two peoples in the area in which they fight for land and power: British Mandatory Palestine.

Instead, such calculations reflect the most visceral and potent aspects of the conflict, the narratives that allowed Hamas to massacre hundreds of Israelis and Israel to so brutally attack the innocent Palestinian population of Gaza.

Hamas sought to provoke an emotional overreaction from Israel, and there is every indication that not only have they succeeded, but they will also succeed beyond their wildest imaginations. Israel appears to be preparing to invade the interior of Gaza with 300,000 conscripts, mostly untrained and unprepared for the requisite house-to-house urban combat, which so greatly favours guerrilla groups over regular militaries. Moreover, Israel is talking about a long-term conflict, with some military leaders using the framework of no less than 10 years, which must be music to the ears of everyone involved in the Hamas leadership and their Iranian sponsors.

Washington is confronting a situation that could spiral out of control and severely damage, if not destroy, the enduring but battered Pax Americana in the Middle East and, above all, the strategically imperative Gulf region. Already there is significant unrest in the West Bank and occupied East Jerusalem. If that spreads to holy places, above all the Al Aqsa Mosque compound, then it will be much more difficult for Hezbollah and other Iranian clients to sit by and do nothing, and their hesitant calculations may well change.

Both Hezbollah and Iran want Hezbollah to stay out of the fray, and instead remain a crucial deterrent against Israeli strikes on Iranian nuclear facilities, but if smaller groups in Lebanon keep attacking Israel and raising the stakes, a vicious cycle could spiral out of control, forcing either Israel or Hezbollah to act against each other when both would prefer to avoid a widening conflict.

There are also the Houthis in Yemen, capable of hitting the Israeli port city of Eilat, plus a range of pro-Iranian Shiite militia groups in Iraq who are already operating inside Syria and near the border with Israel, ready to strike. Other groups may be gathering around the occupied Golan Heights and elsewhere, prepared to fire at Israel as well.

If Israel finds itself bogged down in a debilitating multi-front conflict, there is every reason to suspect that it will not be satisfied leaving Iran, which it will correctly insist is effectively the ringmaster, unscathed. If that happens, you can expect direct Israeli strikes on Iran, especially its nuclear facilities. That could unleash a Middle Eastern Pandora's box.

Washington has deployed two major aircraft carrier groups, a vast amount of additional naval and air force power beyond huge numbers already stationed in the Gulf. That's because the Americans know they are being tested with the possibility of an all-out war that will destroy their strategic interests and balance of power in the region once and for all.

The good news is that Tehran appears strongly inclined to restrain its regional proxies from going too far and, especially, preventing Hezbollah from being dragged into this conflict. Iran is not going to want to waste its ultimate deterrent against Israel on Gaza, which it regards as strategically, culturally and even religiously of marginal interest. The even better news is that the Biden administration is not going to stand by and let a regional disaster unfold.

Live updates: Follow the latest news on Israel-Gaza

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Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

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SECRET%20INVASION
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The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

Price: Dh136,814

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.”

Wallabies

Updated team: 15-Israel Folau, 14-Dane Haylett-Petty, 13-Reece Hodge, 12-Matt Toomua, 11-Marika Koroibete, 10-Kurtley Beale, 9-Will Genia, 8-Pete Samu, 7-Michael Hooper (captain), 6-Lukhan Tui, 5-Adam Coleman, 4-Rory Arnold, 3-Allan Alaalatoa, 2-Tatafu Polota-Nau, 1-Scott Sio.

Replacements: 16-Folau Faingaa, 17-Tom Robertson, 18-Taniela Tupou, 19-Izack Rodda, 20-Ned Hanigan, 21-Joe Powell, 22-Bernard Foley, 23-Jack Maddocks.

RESULTS
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Key products and UAE prices

iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229

iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649

iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179

Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.

Gender pay parity on track in the UAE

The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.

"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."

Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.

"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.

As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general. 

SUZUME
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While you're here
Who has lived at The Bishops Avenue?
  • George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
  • Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
  • Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
  • Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills. 
Hunting park to luxury living
  • Land was originally the Bishop of London's hunting park, hence the name
  • The road was laid out in the mid 19th Century, meandering through woodland and farmland
  • Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds

 

Dunki
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The Indoor Cricket World Cup

When: September 16-23

Where: Insportz, Dubai

Indoor cricket World Cup:
Insportz, Dubai, September 16-23

UAE fixtures:
Men

Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final

Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final

Profile Box

Company/date started: 2015

Founder/CEO: Mohammed Toraif

Based: Manama, Bahrain

Sector: Sales, Technology, Conservation

Size: (employees/revenue) 4/ 5,000 downloads

Stage: 1 ($100,000)

Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)

Babumoshai Bandookbaaz

Director: Kushan Nandy

Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami

Three stars

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The specs

Engine: 4.0-litre V8

Power: 503hp at 6,000rpm

Torque: 685Nm at 2,000rpm

Transmission: 8-speed auto

Price: from Dh850,000

On sale: now

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If you go…

Emirates launched a new daily service to Mexico City this week, flying via Barcelona from Dh3,995.

Emirati citizens are among 67 nationalities who do not require a visa to Mexico. Entry is granted on arrival for stays of up to 180 days. 

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

Match info

Wolves 0

Arsenal 2 (Saka 43', Lacazette 85')

Man of the match: Shkodran Mustafi (Arsenal)

Updated: October 24, 2023, 5:27 AM