Over the years, I have spent much time in the US and had some memorable encounters with illustrious Americans.
I met Robert Downey Jr in a Santa Monica music studio, and interviewed him on the roof, at his insistence. The former Saturday Night Live star and Democratic senator Al Franken was so captivated by my questions that he kept falling asleep during our conversation. The conservative pundit Ann Coulter got so infuriated by me over lunch in New York that I thought she was about to skewer me with her fork. The late Al Jarreau sang to me.
And to this day, I have kept to myself something USAID administrator Samantha Power said to me about the Middle East – words that would have had Republicans calling for her dismissal when she served as the Obama administration’s ambassador to the UN.
They and others all had one thing in common: I took them seriously, and in return I felt they were being straight with me. Alas, the word of the US government cannot be relied on with such certainty today, which is why not everyone is completely convinced by American officials’ insistence that it was ISIS alone that was responsible for the terrorist attack in Russia last Friday.
Take some of the statements made by US President Joe Biden and Secretary of State Antony Blinken over the past few months, for instance.
The history of CIA cover-ups, including allegations of lying to the US Congress, is well known
Now Mr Biden and Mr Blinken are both honourable men, I am sure. But it is hard to square what Mr Blinken said about Israel last November with the facts on the ground. By then, about 15,000 people had been killed in Gaza and most of the population was homeless, yet he said: “Israel understands the imperative of protecting civilians, the imperative of the humanitarian assistance.” Today, the death toll has doubled, with famine imminent, and yet food trucks are blocked from entering the territory.
In January, Mr Blinken declared: “We want this war to end as soon as possible.” Again, I am sure Mr Blinken is an honourable man, but some may be forgiven for doubting that he truly meant what he said.
After all, in 1982 then-US president Ronald Reagan was able to call then-Israeli prime minister Menachem Begin about the Israeli bombing of Beirut and say: “I want it to stop and stop now.” Couldn’t Mr Blinken’s boss have done the same to Israeli Prime Minister Benjamin Netanyahu if they really wanted the war to end “as soon as possible”? Or, as the EU’s foreign policy chief, Josep Borrell, pointed out in February: “If you believe that too many people are being killed, maybe you should provide less arms in order to prevent so many people being killed.”
Why did Mr Biden say last November, “I never really thought that I would see and have confirmed pictures of terrorists beheading children”, only for his officials to deny that same day that he had done any such thing?
To take another issue: the blowing up of several sections of the Nord Stream gas pipelines in the Baltic Sea in September 2022.
A few months previously, Mr Biden had stated that if Russia invaded Ukraine, “then there will no longer be Nord Stream 2. We will bring an end to it”. In the immediate aftermath, in a posting he then deleted, Polish Foreign Minister Radek Sikorski wrote: “Thank you USA!” And a few days after the explosions, Mr Blinken described them as “a tremendous opportunity to once and for all remove the dependence on Russian energy and thus to take away from Vladimir Putin the weaponisation of energy as a means of advancing his imperial designs”.
Mr Blinken denounced as “absurd” the suggestion that the US or its partners were in any way responsible for the incident, but he said, “we will get to the bottom of what happened” and share the information “as soon as we have it”. It’s now 18 months on, and yet supposedly no one knows who was responsible. Is it even vaguely credible that the CIA or US State Department have no inkling about who committed this undoubtedly illegal act?
Going further back, we all remember the misleading statements – to put it politely – by US officials about WMDs and Saddam Hussein’s supposed connections with Al Qaeda that led to the catastrophic war in Iraq.
The history of CIA cover-ups, including allegations of lying to the US Congress, is well known. It hasn’t quite got to the point that then-UK chancellor Gordon Brown had with then-prime minister Tony Blair in 2004, when Mr Brown supposedly told him: “There is nothing that you could say to me now that I could ever believe.” But it would be fair to conclude that you’d have to be exceptionally credulous to assume that something was true just because a US official said that it was.
Who would I trust? I believe the word of my colleagues at this newspaper, I believe my old friends at Al Jazeera English, I believe clear-sighted analysts such as Kishore Mahbubani, Shashi Tharoor and Christiane Amanpour, I believe in the statements of UN officials, and I believe peace-seekers such as the Israeli activist Ami Dar, who’s been truly inspiring on X throughout all this time.
There is a prominent American I would also believe: former president Jimmy Carter, whom I also had the honour of once interviewing. Mr Biden and Mr Blinken may indeed be honourable men, but their credibility does not match that of the great patriarch of the Democratic Party.
It is America’s and the world’s loss that we cannot be one hundred per cent certain that what they tell us is true.
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 most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
|
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
|
45
|
$131,596
|
$263,191
|
$526,382
|
|
55
|
$44,351
|
$88,702
|
$177,403
|
The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
South Africa v India schedule
Tests: 1st Test Jan 5-9, Cape Town; 2nd Test Jan 13-17, Centurion; 3rd Test Jan 24-28, Johannesburg
ODIs: 1st ODI Feb 1, Durban; 2nd ODI Feb 4, Centurion; 3rd ODI Feb 7, Cape Town; 4th ODI Feb 10, Johannesburg; 5th ODI Feb 13, Port Elizabeth; 6th ODI Feb 16, Centurion
T20Is: 1st T20I Feb 18, Johannesburg; 2nd T20I Feb 21, Centurion; 3rd T20I Feb 24, Cape Town
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