When the tectonic plates shift in geopolitics, sometimes it’s rapid and noticeable: think how swiftly the communist regimes in Eastern Europe fell in 1989 and 1990 with the ending of the Cold War. At other times, it’s slower but still inexorable.
We are seeing another, equally dramatic, shift occurring now – the decline of the old world order, and the emergence of the new – illustrated by a series of recent events.
The joint communique issued at the end of the Ukraine peace conference in Switzerland last weekend was signed by 78 countries, but just as much attention was paid to those attending that didn’t do so. Those “key global powers” included Brazil, India, Indonesia, Mexico, Saudi Arabia, South Africa, Thailand and the UAE.
I discussed why Ukrainian President Volodymyr Zelenskyy has failed to gain greater traction with many Global South countries with one of South-East Asia’s top security officials last week. “The West thinks its problems are the world’s, but the world’s problems are not theirs,” he told me.
The official also pointed to the answer a former Indonesian foreign minister had given at a private meeting recently, when asked why Jakarta wasn’t more supportive of Ukraine. “Well,” he began, “it’s a long way away.”
It’s not that people in the region don’t care; but they don’t see any reason to give in to American or European pressure to take sides in a dispute in another continent that they view as none of their business.
A majority of countries in South-East Asia are more interested in the prospect of joining the Brics group – named after Brazil, Russia, India, China and South Africa – which now has nine members, including the UAE and Egypt, and which aims to promote a more multipolar world order.
Is this the way US hegemony ends, to paraphrase TS Eliot, not with a bang, but a long drawn-out whimper?
The latest to announce their intention to join was Malaysian Prime Minister Anwar Ibrahim. “We have made our policy clear and we have made our decision. We will start the formal procedures soon. As far as the Global South is concerned, we are fully supportive,” he said in an interview on Sunday. About 40 countries want to follow suit, according to officials in Russia, the current Brics chair.
Robert O’Brien, who served as former US president Donald Trump’s national security adviser, has just published an essay in which he recommends that the US decouple from China and consider sending the entire Marine Corps to the Asia-Pacific. But Australian Prime Minister Anthony Albanese and his New Zealand counterpart, Christopher Luxon, appear not to have read it – going by the friendly smiles they displayed during Chinese Premier Li Qiang’s visits to their countries in the past few days.
New agreements on trade and the environment were signed in New Zealand, while Mr Li said relations with Australia were “back on track” and Mr Albanese hailed “constructive” talks and a “revitalised” bilateral engagement.
Contrast this with the recent G7 summit in Italy, where all the leaders – bar one – of what are supposed to be the developed world’s most important countries are facing mammoth challenges domestically.
The host, Giorgia Meloni, was the only western leader present riding high, after her party topped Italy’s polls in the European Parliament elections this month. Ms Meloni’s Brothers of Italy are variously described as “far right”, or more politely, “arch-conservative”. Are theirs the values that the West now regards as universal and wishes to export to the rest of the world?
This was presumably not what US President Joe Biden had in mind when he convened his “Summits for Democracy”. But we haven’t heard much about them recently, which is unsurprising considering how US support for Israel in Gaza has polarised world opinion and the chorus of those declaring an end to American exceptionalism continues to swell.
From now on, whoever wins the next US presidential election, wrote one Bloomberg contributor this week, America will “behave as just another Great Power using its awe-inspiring might to serve a narrow self-interest”.
This is a highly significant change in itself. Still more remarkable was an essay published on Tuesday by the highly respected Scottish-American historian Niall Ferguson. Mr Ferguson has been describing the relationship between America and China as “Cold War II” since 2018. Naturally, he wants the US to triumph, just as it did over the Soviet Union in 1989.
“But it only recently struck me that in this new Cold War, we – and not the Chinese – might be the Soviets,” he wrote.
He singles out what he sees as an excessive budget deficit, too much government intervention in the economy, “a military that is simultaneously expensive and unequal to the tasks it confronts”, “gerontocratic leadership”, which he says was one of the “hallmarks of late Soviet leadership”, “total public cynicism about nearly all institutions”, mass deaths from addiction and a healthcare system that has become bloated and dysfunctional “even as the political and cultural elite double down on a bizarre ideology that no one really believes in”, and “a population that no longer regards patriotism, religion, having children, or community involvement as important”.
“Are we the Soviets?” he concludes. “Look around you.”
Is this the way US hegemony ends, to paraphrase TS Eliot, not with a bang, but a long drawn-out whimper? It’s interesting to note that Mr Ferguson, a conservative, uses the term “degenerate” to diagnose America’s condition, a word just as likely to spring from the lips of former Russian president Dmitry Medvedev as an accusation against the West in general.
I’m not going to make any moral judgement. But if Mr Ferguson and his allies don’t want the US – or the West more broadly – to lose “Cold War II”, they should reflect that there’s still time to chart a new course.
They could reject that very framing, and instead of railing at their loss of influence they could work with Brics and the Global South. Just because the old order they dominated is palpably fading, as recent events show, that doesn’t mean they can’t be part of the new emerging one.
The world lost a chance to unite after the disintegration of the Eastern Bloc. As the tectonic plates shift once more, let’s try not to lose another.
Sholto Byrnes on Myanmar politics
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Company%20profile
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Director: Jason Reitman
Starring: Paul Rudd, Carrie Coon, Finn Wolfhard, Mckenna Grace
Rating: 2/5
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Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
UAE currency: the story behind the money in your pockets
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UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
Pakistan World Cup squad
Sarfraz Ahmed (c), Fakhar Zaman, Imam-ul-Haq, Abid Ali, Babar Azam, Haris Sohail, Shoaib Malik, Mohammad Hafeez(subject to fitness), Imad Wasim, Shadab Khan, Hasan Ali, Faheem Ashraf, Junaid Khan, Shaheen Shah Afridi, Mohammad Hasnain
Two additions for England ODIs: Mohammad Amir and Asif Ali
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars
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.”
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
The%20specs
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Key facilities
- 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
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
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UAE currency: the story behind the money in your pockets
Andor
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11 cabbie-recommended restaurants and dishes to try in Abu Dhabi
Iqbal Restaurant behind Wendy’s on Hamdan Street for the chicken karahi (Dh14)
Pathemari in Navy Gate for prawn biryani (from Dh12 to Dh35)
Abu Al Nasar near Abu Dhabi Mall, for biryani (from Dh12 to Dh20)
Bonna Annee at Navy Gate for Ethiopian food (the Bonna Annee special costs Dh42 and comes with a mix of six house stews – key wet, minchet abesh, kekel, meser be sega, tibs fir fir and shiro).
Al Habasha in Tanker Mai for Ethiopian food (tibs, a hearty stew with meat, is a popular dish; here it costs Dh36.75 for lamb and beef versions)
Himalayan Restaurant in Mussaffa for Nepalese (the momos and chowmein noodles are best-selling items, and go for between Dh14 and Dh20)
Makalu in Mussaffa for Nepalese (get the chicken curry or chicken fry for Dh11)
Al Shaheen Cafeteria near Guardian Towers for a quick morning bite, especially the egg sandwich in paratha (Dh3.50)
Pinky Food Restaurant in Tanker Mai for tilapia
Tasty Zone for Nepalese-style noodles (Dh15)
Ibrahimi for Pakistani food (a quarter chicken tikka with roti costs Dh16)
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Mohammed bin Zayed Majlis
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