US President Joe Biden announced that Israel has offered a "roadmap" to a full ceasefire in the Middle East ally's military campaign against Hamas in Gaza, including a troop withdrawal and release of hostages. AFP
US President Joe Biden announced that Israel has offered a "roadmap" to a full ceasefire in the Middle East ally's military campaign against Hamas in Gaza, including a troop withdrawal and release of hostages. AFP
US President Joe Biden announced that Israel has offered a "roadmap" to a full ceasefire in the Middle East ally's military campaign against Hamas in Gaza, including a troop withdrawal and release of
Raghida Dergham is the founder and executive chairwoman of the Beirut Institute, and a columnist for The National
June 09, 2024
Over the past several months, it has become increasingly clear that US President Joe Biden lacks a decisive Middle East policy.
While his administration should undoubtedly be credited for trying to prevent the Gaza war from expanding fully into Lebanon and other arenas, its proposals have tended to be like a hastily cooked dish lacking flavour, and hence inviting scepticism and opposition.
For example, the US hurriedly presented a draft resolution to the UN Security Council supporting Mr Biden’s proposal for a ceasefire in Gaza without properly co-ordinating its positions with any of the other members, including Algeria, the only Arab state currently in the Security Council.
The Biden team appeared to be in a rush to win international support for its three-phase ceasefire initiative, not waiting for Hamas or Israel to agree to the proposals – which they didn’t anyway. And yet the US delegation presented a draft resolution welcoming the ceasefire proposal, describing it as “acceptable” to Israel, and calling on Hamas to accept it as well, urging both parties to fully implement its provisions without delay or condition.
The provisions themselves remain vague, with some still secret. The draft language is oddly worded, calling for a “complete and comprehensive ceasefire” in Gaza in the first phase, and a “permanent cessation of hostilities” in the second phase. The likes of Algeria, Russia and China expressed their reservations over the draft.
An Israeli soldier directs a tank near Israel's border with southern Gaza. Getty Images
An Israeli soldier stands on a tank in southern Israel. Getty Images
People flee the eastern parts of Rafah ahead of a threatened Israeli incursion. Reuters
Palestinians leave ahead of a threatened assault on Rafah. Reuters
Palestinians search for casualties in the rubble of a house destroyed in an Israeli strike in Rafah. AFP
Palestinians carry an injured man who was pulled from the rubble of a house destroyed in an Israeli strike in Rafah. AFP
Mourners next to the bodies of Palestinians killed in an Israeli strike in southern Gaza. Reuters
Mourners at Abu Yousef El-Najjar Hospital in Rafah. Reuters
It is puzzling that the US proposal does not involve the PA, even though the latter has an observer status in the UN
It is odd that Washington has been trying to persuade Hamas, which it considers to be a “terrorist” organisation, to agree to its initiative. It is just as puzzling that its proposal does not involve the Palestinian Authority, even though it has an observer status in the UN and is considered the sole legitimate representative of the Palestinian people. Indeed, while Washington has leant on Egypt and Qatar to act as intermediaries, the PA has been excluded from negotiations over Gaza’s future.
Hamas leaders, who seek survival by any means – even if that involves dealing with the US and Israel – must be feeling a mix of terror and euphoria. Terror, due to Israel’s operation in Rafah, which could result in the destruction of the group’s infrastructure. Euphoria, because implicit in Mr Biden’s recent moves is some sort of recognition of Hamas.
One can go on endlessly about the Biden administration’s strategic and tactical mistakes – as well as its duplicity – over dealing with Israel. It has simultaneously put pressure on Prime Minister Benjamin Netanyahu and his war cabinet over their prosecution of the Gaza war and showered them with advanced weaponry and aircraft.
Just as contentious has been the US’s engagement with Iran, with whom it has adversarial relations. In this case, it is at least fair to say that Washington’s secret talks with Tehran have led to the containment of the Gaza war.
Of course, it is also true that Iranian officials are busy preparing for an election to replace Ebrahim Raisi, who was killed in a helicopter crash last month. With preparations under way to pick a new president – with an eye on identifying an eventual successor to the ageing supreme leader, Ayatollah Ali Khamenei – the manoeuvring space for Tehran has become wider and narrower simultaneously.
A banner depicting Israeli Prime Minister Benjamin Netanyahu is held up as activists rally during an anti-government demonstration in Tel Aviv on Saturday. AFP
It is fair to say, then, that for both Iran and the US (also in an election year), strategic and tactical policies have become subject to electoral outcomes. And an arena where these outcomes could have an impact is Lebanon.
Before October 7, it appeared that Lebanon and Israel were making progress on some of the outstanding issues plaguing relations between the neighbours. With the help of the US, they demarcated their maritime border, with an expectation that the land boundaries would be resolved next.
After the Hamas attacks, however, Hezbollah entered into a “supportive” war for the group without a mandate from the Lebanese state or its people. A low-intensity conflict between Hezbollah and Israel ensues today, with the pendulum constantly shifting between a commitment to the rules of engagement to a possible escalation from either side.
Panic over the Gaza war expanding into Lebanon has set in the hearts of the majority of its people, as well as in the Biden administration and the EU. The government in Beirut, meanwhile, has chosen to abscond, having effectively left it to Tehran to decide the country’s fate through Hezbollah.
It is unclear whether all this confusion and panic is strategic, tactical or genuinely the result of poor policymaking. The discussion is not solely about Lebanon or the US or Europe, but also about Iran, Israel, Hamas and Hezbollah. Nothing about the series of conflicts in the Middle East is reassuring, but one still clings to hopes in the diplomatic process, even if it appears powerless and scattershot right now.
A part of the powerlessness stems from the incoherence in Mr Biden’s approach to the region. The message to the US President, therefore, is loud and clear: be firm and avoid appeasement.
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Sole survivors
Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
UAE rugby in numbers
5 - Year sponsorship deal between Hesco and Jebel Ali Dragons
700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams
Dh1.8m - Dubai Hurricanes' overall budget for next season
Dh2.8m - Dubai Exiles’ overall budget for next season
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Courtesy: Crystal Intelligence
Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
More than 2.2 million Indian tourists arrived in UAE in 2023 More than 3.5 million Indians reside in UAE Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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France 4
Griezmann (13' pen), Pavard (57'), Mbappe (64', 68')
Argentina 3
Di Maria (41'), Mercado (48'), Aguero (90 3')
The biog
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The first female investigator in Hatta.
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Install an air filter in your home.
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Rating: 4/5
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.”
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
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Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
MATCH INFO
Chelsea 1
Alonso (62')
Huddersfield Town 1
Depoitre (50')
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