Raghida Dergham is the founder and executive chairwoman of the Beirut Institute, and a columnist for The National
March 31, 2024
Senior Republican Party leaders have criticised the Biden administration’s decision to host Iraqi Prime Minister Mohammed Shia Al Sudani in Washington in the coming weeks.
Leaders such as Senator Tom Cotton have deemed the visit untimely, suggesting that hosting Mr Al Sudani sends a message of appeasement to Iraq’s neighbour Iran at a time when the Biden administration should be squarely behind Israel in its war on Gaza. The White House has clarified that discussions with Mr Al Sudani will cover the US military’s role in Iraq and their shared commitment to defeat ISIS.
The Biden administration fully realises the extent of Iranian influence in Iraq and Tehran’s use of Iraqi militias, as well as militias elsewhere, to strike at American interests in the Middle East. It also understands that Mr Al Sudani is trying to balance Baghdad’s relations with the US, Iran and Turkey.
The recent Moscow terror attack, claimed by ISIS-K, has prompted the Biden administration to emphasise the continuing threat that terror poses in Iraq. US ambassador to Iraq Alina Romanowski said in a statement that the Moscow attack underscores the need for Washington to continue its “military alliance” with Baghdad.
Iraq officially says that ISIS no longer poses a threat to it. But while Iranian-backed factions within the so-called Co-ordination Framework did not initially comment on Ms Romanowski’s statement, some leaders adopted striking and contrasting positions. They departed from the escalation rhetoric, echoing what former prime minister Nouri Al Maliki said about Iraq’s need for continued US intelligence co-operation as well as training and support.
There is speculation that Mr Al Sudani’s visit to Washington will set the context for members of the Framework to press for sanctions relief on Iraqi individuals and banks, in exchange for a truce with US interests in the country.
US Secretary of State Antony Blinken with US Marine Corps members in Baghdad last November. AP
The recent Moscow terror attack has prompted the Biden administration to emphasise the continuing threat that terror poses in Iraq
Some Republicans have voiced objections to the Biden administration’s willingness to engage with both Iraq and Iran, viewing this as a form of appeasement towards Tehran. They are worried about the implications for Iran’s nuclear ambitions, the Iran-Israel relationship, and the consequences of US rapprochement with Iran amid a notable rift between the Biden administration and the Israeli government.
However, these concerns don’t diminish the seriousness of the threat that ISIS poses.
There are mounting fears particularly regarding the terror group’s technological advancements and its ability to launch cyberattacks. And as organisations such as ISIS-K might attempt to exploit the tragedy in Gaza to reassert themselves on the global stage, they could draw inspiration from the Houthis’ success in disrupting navigation in the Red Sea.
Of course, the Houthis are backed by Iranian technology and intelligence even though Tehran denies playing a role in the Yemeni group’s attacks. This isn’t surprising as ambiguity is a part of the Iranian regime’s strategy, especially as it prefers to maintain channels of communication with the Biden administration.
Tehran, it needs mentioning, would most likely prefer a second term for US President Joe Biden than the return of his predecessor, Donald Trump, next year. With just seven months left before the US presidential election, Tehran is wary of provoking Washington into military action against it or falling into an Israeli trap of provocation, which could lead it into war through Hezbollah in Lebanon.
For now, the regime aims to maintain its influence in Iraq without resorting to overt bargaining, but through implicit understandings. While it claims to prioritise the Palestinian cause in its calculations, it has made it clear that it isn’t prepared to align with Hamas’s agenda. It awaits the outcome of ongoing negotiations mediated by Arab powers with the group, refraining from direct intervention to either support or hinder them. It is also closely monitoring the shifting US-Israeli dynamic.
US President Joe Biden and Israeli Prime Minister Benjamin Netanyahu are said to have serious disagreements. AFP
The Biden administration is focused on ending the Gaza war, particularly as it has become a detrimental factor in its electoral considerations. The Democratic Party’s rank and file is incensed by Israeli Prime Minister Benjamin Netanyahu’s open defiance towards Mr Biden as well as his determination to invade Rafah regardless of the human cost. The Gaza war also opens the door for Republicans to accuse Mr Biden of showing weakness against groups such as Hamas, Hezbollah and the Houthis – and, by extension, the Iranian regime.
The possibility of Mr Biden’s first term ending with two open-ended conflicts in Gaza and Ukraine will provide ammunition for Mr Trump’s presidential campaign. Additionally, Mr Netanyahu will not hesitate to crush Hamas and its military infrastructure if the Biden administration fails to provide viable alternatives to his government’s Rafah invasion plan, which is advocated by Israel’s military establishment and enjoys popular support in that country.
As the US presidential election campaigns progresses, the Iranian regime will seek to maintain an air of mystery even as it figures more prominently as a regional actor. Mr Al Sudani’s visit to Washington, and all that the Iraqi Prime Minister’s negotiations with the Biden White House entail, are likely then to shed even greater light on Tehran’s intentions across the region.
Likewise, if the conflict in Gaza escalates, Iran will be in the spotlight. It has, therefore, worked hard to persuade Hezbollah to scale back its military activities, which could invite Israeli retaliations that would not only be costly for Lebanon but also for Hezbollah and Tehran itself.
The resurgence of ISIS is not merely a passing concern. However, the group is not the sole actor currently asserting itself on the international stage and influencing US policies. The Iranian leadership and its various proxies remain significant players, too.
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
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
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')
Southampton 0
Dust and sand storms compared
Sand storm
Particle size: Larger, heavier sand grains
Visibility: Often dramatic with thick "walls" of sand
Duration: Short-lived, typically localised
Travel distance: Limited
Source: Open desert areas with strong winds
Dust storm
Particle size: Much finer, lightweight particles
Visibility: Hazy skies but less intense
Duration: Can linger for days
Travel distance: Long-range, up to thousands of kilometres
Source: Can be carried from distant regions
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.”
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills
Tips to stay safe during hot weather
Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
T10 Cricket League
Sharjah Cricket Stadium
December 14- 17
6pm, Opening ceremony, followed by:
Bengal Tigers v Kerala Kings
Maratha Arabians v Pakhtoons
Tickets available online at q-tickets.com/t10
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Living in...
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.
In 2016, the Shaded Dome was awarded with the 'De Vernufteling' people's choice award, an annual prize by the Dutch Association of Consulting Engineers and the Royal Netherlands Society of Engineers for the most innovative project by a Dutch engineering firm.
It was assigned by the Dutch Ministry of Defence to modify the Shaded Dome to make it suitable for ballistic protection. Royal HaskoningDHV, one of the companies which designed the dome, is an independent international engineering and project management consultancy, leading the way in sustainable development and innovation.
It is driving positive change through innovation and technology, helping use resources more efficiently.
It aims to minimise the impact on the environment by leading by example in its projects in sustainable development and innovation, to become part of the solution to a more sustainable society now and into the future.
