Australia’s Prime Minister Anthony Albanese and Foreign Minister Penny Wong visit the Temple of Heaven in Beijing, China, on November 6, 2023. Reuters
Australia’s Prime Minister Anthony Albanese and Foreign Minister Penny Wong visit the Temple of Heaven in Beijing, China, on November 6, 2023. Reuters
Australia’s Prime Minister Anthony Albanese and Foreign Minister Penny Wong visit the Temple of Heaven in Beijing, China, on November 6, 2023. Reuters
Australia’s Prime Minister Anthony Albanese and Foreign Minister Penny Wong visit the Temple of Heaven in Beijing, China, on November 6, 2023. Reuters


Albanese's cheery China visit shows a sea change in Australia's Asian outlook


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November 10, 2023

In March, two Australian newspapers used their front pages to warn that the country “must prepare” for the threat of war with China – headlines that former prime minister Paul Keating called “the most egregious and provocative news presentation of any newspaper I have witnessed in over 50 years of active public life”.

This came after relations between the two countries had already plummeted during Scott Morrison’s term as prime minister from 2018-22, when his tough words on Covid-19 and enactment of laws that targeted Beijing led the latter to hit back by restricting imports of a range of Australian goods.

What a difference a few months make.

Current Prime Minister Anthony Albanese’s four-day “rapprochement” tour of China, which concluded on Tuesday, has been such a success that Chinese Premier Li Qiang referred to a video of Mr Albanese going for a run during his visit by telling him “people were saying that we have a handsome boy coming from Australia”.

Mr Li didn’t stop there. Given this was their fourth meeting, he added: “Chinese people say at the first meeting, we are new acquaintances and the second time, we’re familiar with each other, and on the third meeting, we are old friends.”

Mr Albanese and Australian Foreign Minister Penny Wong struck all the right notes with a series of cheery-faced social media posts while they were in China.

On Monday, Ms Wong posted that then prime minister Gough Whitlam’s visit in 1973 “laid the groundwork for the diplomatic ties that link the people of Australia and China together to this day. Today the Prime Minister and I retraced his steps with a visit to the Temple of Heaven in Beijing”.

Choosing the 50th anniversary of Mr Whitlam’s diplomatic trip – the first by an Australian leader – to reset the relationship was a masterstroke. For as Chinese President Xi Jinping told Mr Albanese during their hour-long meeting on Monday, “In China, we often say that when drinking water, we should not forget those who dug the well. The Chinese people will not forget Prime Minister Whitlam for digging the well for us.”

What a difference a few months make

Those early diplomatic openings for the People’s Republic are truly never forgotten. So important are they that in Malaysia, where I live, one of the first acts of every new Chinese ambassador was to pay their respects to the widow of Tun Abdul Razak, the leader who established formal relations with China in 1974 – and she outlived her husband by 44 years before her death in 2020.

So the timing was perfect. Mr Albanese was polite and warm, but no pushover either. Before meeting Mr Xi, he told reporters: “We need to co-operate with China where we can, disagree where we must, and engage in our national interest.”

According to state broadcaster CCTV, Mr Xi then told his counterpart that the two countries had “no fundamental conflict of interests” and could “become mutually trusting and mutually successful partners”. It was “a new starting point”, he said.

Given that trade between the two countries was not far off $300 billion last year, it suits both to turn the page. As Mr Albanese said: “Both Australia and China benefit from co-operation and dialogue.”

This new approach is very welcome. But it also sends two important signals.

The first is that it shows that belonging to organisations such as the Quad – the Quadrilateral Security Dialogue, with India, Japan and the US – and Aukus – the trilateral security partnership with the UK and US – does not have to mean being anti-China.

Beijing understandably views both as aiming to contain its rise in the Asia-Pacific, and if China hawks are candid, they will concede they hope that is precisely what the Quad and Aukus will do. The jolly smiles on display in Beijing, which looked genuine and unforced, make it clear, however, that “win-win co-operation” is the priority for Australia’s current leadership.

The more other countries can follow suit and resist the exhortations to “take sides” in a totally unnecessary attempt to divide the world, the better.

The second signal concerns Australia’s place in Asia.

How much the country wants to be part of the continent, and to what extent it can do so, are questions I’ve discussed with Australian diplomats and foreign policy experts. Perhaps naturally, the greatest enthusiasm comes from those most focussed on South-East and East Asia. They view the idea that their country should be the US’s “deputy sheriff” in the region as anachronistic.

In terms of engagement and deepening knowledge, there is much work to be done at home.

A recent report by four Australian university professors noted: “In 1992, there were 22 Australian universities teaching Indonesian. By 2022, this number was down to 12. There has also been a huge drop in students studying Indonesian to the end of high school.” And this is the official language of Australia’s closest neighbour in Asia.

There is also the question of how welcome a predominantly white, self-consciously western country would be. When the then Malaysian prime minister Mahathir Mohamad proposed an East Asia Economic Caucus in 1997, for instance, it was dubbed a “caucus without Caucasians” as it deliberately excluded Australia and New Zealand.

The idea never got off the ground, and times have changed. So has Australia.

Ms Wong is clearly well qualified for the job; but it doesn’t hurt her country’s image in the region that she is half Malaysian Chinese. And the public faces of Australia are likely to feature far more people of fully or partly Asian descent in the future. This is because while in 1996, the percentage of Australians who were born in Asia was 5 per cent, in the 2021 census, 17.4 per cent of the population identified as having Asian ancestry.

Demographic trends may end up answering the question of where Australia sees itself in the world.

Either way, Mr Albanese’s trip to China has been one of the rare instances of good news of late. More “friendship”, which in Beijing Mr Albanese said was “certainly something that I feel and I’m sure will continue to develop in the future”, is something we could all do with much more of right now.

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Company%20profile
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Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin

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 candidates

Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

The biog

From: Upper Egypt

Age: 78

Family: a daughter in Egypt; a son in Dubai and his wife, Nabila

Favourite Abu Dhabi activity: walking near to Emirates Palace

Favourite building in Abu Dhabi: Emirates Palace

Profile

Name: Carzaty

Founders: Marwan Chaar and Hassan Jaffar

Launched: 2017

Employees: 22

Based: Dubai and Muscat

Sector: Automobile retail

Funding to date: $5.5 million

Dates for the diary

To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:

  • September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
  • October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
  • October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
  • November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
  • December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
  • February 2, 2018 Bodytree will host its 4th annual yoga market.
Specs

Engine: 2-litre

Transmission: Eight-speed automatic

Power: 255hp

Torque: 273Nm

Price: Dh240,000

MATCH INFO

Euro 2020 qualifier

Ukraine 2 (Yaremchuk 06', Yarmolenko 27')

Portugal 1 (Ronaldo 72' pen)

Most%20polluted%20cities%20in%20the%20Middle%20East
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MOST%20POLLUTED%20COUNTRIES%20IN%20THE%20WORLD
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Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

The specs: 2018 Range Rover Velar R-Dynamic HSE

Price, base / as tested: Dh263,235 / Dh420,000

Engine: 3.0-litre supercharged V6

Power 375hp @ 6,500rpm

Torque: 450Nm @ 3,500rpm

Transmission: Eight-speed automatic

Fuel consumption, combined: 9.4L / 100kms

The Voice of Hind Rajab

Starring: Saja Kilani, Clara Khoury, Motaz Malhees

Director: Kaouther Ben Hania

Rating: 4/5

The specs: 2018 Harley-Davidson Fat Boy

Price, base / as tested Dh97,600
Engine 1,745cc Milwaukee-Eight v-twin engine
Transmission Six-speed gearbox
Power 78hp @ 5,250rpm
Torque 145Nm @ 3,000rpm
Fuel economy, combined 5.0L / 100km (estimate)

The specs: 2018 Mercedes-AMG C63 S Cabriolet

Price, base: Dh429,090

Engine 4.0-litre twin-turbo V8

Transmission Seven-speed automatic

Power 510hp @ 5,500rpm

Torque 700Nm @ 1,750rpm

Fuel economy, combined 9.2L / 100km

The bio

Job: Coder, website designer and chief executive, Trinet solutions

School: Year 8 pupil at Elite English School in Abu Hail, Deira

Role Models: Mark Zuckerberg and Elon Musk

Dream City: San Francisco

Hometown: Dubai

City of birth: Thiruvilla, Kerala

Fixtures
%3Cp%3E%3Cstrong%3EWednesday%2C%20April%203%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EArsenal%20v%20Luton%20Town%2C%2010.30pm%20(UAE)%3C%2Fp%3E%0A%3Cp%3EManchester%20City%20v%20Aston%20Villa%2C%2011.15pm%20(UAE)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EThursday%2C%20April%204%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ELiverpool%20v%20Sheffield%20United%2C%2010.30pm%20(UAE)%3C%2Fp%3E%0A
How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
LEAGUE CUP QUARTER-FINAL DRAW

Stoke City v Tottenham

Brentford v Newcastle United

Arsenal v Manchester City

Everton v Manchester United

All ties are to be played the week commencing December 21.

Command%20Z
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Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

If you go

The flights

Fly direct to London from the UAE with Etihad, Emirates, British Airways or Virgin Atlantic from about Dh2,500 return including taxes. 

The hotel

Rooms at the convenient and art-conscious Andaz London Liverpool Street cost from £167 (Dh800) per night including taxes.

The tour

The Shoreditch Street Art Tour costs from £15 (Dh73) per person for approximately three hours. 

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

COMPANY%20PROFILE
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Updated: November 10, 2023, 5:00 AM