People take part in a US presidential election campaign event in Madison, Wisconsin on Friday. While the American public will focus on domestic bread-and-butter issues, foreign policy has already inserted itself into the dynamics of the contest. Bloomberg
People take part in a US presidential election campaign event in Madison, Wisconsin on Friday. While the American public will focus on domestic bread-and-butter issues, foreign policy has already inserted itself into the dynamics of the contest. Bloomberg
People take part in a US presidential election campaign event in Madison, Wisconsin on Friday. While the American public will focus on domestic bread-and-butter issues, foreign policy has already inse
Raghida Dergham is the founder and executive chairwoman of the Beirut Institute, and a columnist for The National
July 07, 2024
The chaos within the Democratic Party after US President Joe Biden’s frailties came to light during his debate with former president Donald Trump has been alarming. The absence of a Plan B, given Mr Biden’s age and declining physical and cognitive abilities, is baffling and worrisome – especially with the US being the only truly global superpower.
However, even as Mr Biden doubles down on his candidacy, there are a number of alternatives in the field, such as Michigan Governor Gretchen Whitmer, California Governor Gavin Newsom, Pennsylvania Governor Josh Shapiro, Illinois Governor JB Pritzker and US Transportation Secretary Pete Buttigieg. The figure who tops the list of contenders, however, is Vice President Kamala Harris.
But Ms Harris has certain limitations. Traditionally, except for a few exceptions, the US vice president does not engage in direct governance. Ms Harris, in particular, has been on the outside looking in. Indeed, she has few friends in Mr Biden’s inner circle and has been sidelined.
She has been publicly mocked for having little administrative experience; for being ignorant of global politics; and for not having enough leadership skills. But those who are more sympathetic towards her have accused the Biden team of not adequately preparing her for the top job.
Popular support for Ms Harris has increased in recent days. But if the disarray among Democrats continues, it will no doubt benefit the Republican Party. And while the American public will focus on domestic bread-and-butter issues, foreign policy has already inserted itself into the dynamics of the presidential election, particularly the war in Ukraine, Israel’s war on Gaza and a looming war in Lebanon.
It’s frightening that discussions about nuclear weapons no longer invoke the same sense of dread and terror.
If Russia, for example, were to use tactical nuclear weapons against Ukraine, there will no doubt be outcry and anger, but it won’t instil fear in millions worldwide. However, if Moscow were to resort to tactical nuclear weapons against targets within Nato member countries, it could escalate into a terrifying thermonuclear war, possibly transitioning from tactical to strategic nuclear warfare.
If Mr Biden’s initiative to end the Gaza conflict and prevent war between Israel and Hezbollah fails, the Middle East should brace itself
This week, there has been increased talk about a change in Iran’s nuclear doctrine by officials testing the seriousness of the threat if a major war between Israel and Hezbollah breaks out in Lebanon. But Iranian leaders appear not to be concerned about Israel destroying Lebanese infrastructure. Their priority is Hezbollah and its weapons stockpile. Even this is secondary to their priority concern, that Israel’s war with Hezbollah doesn’t affect Iran’s nuclear facilities.
The Biden administration effectively saved Iran’s nuclear weapons programme two months ago, when the so-far only direct confrontation between Iran and Israel occurred. At the time, Washington warned Israel that it would be alone, without US support, if it ventured to strike Iran’s nuclear facilities.
As to why the Biden administration did so, some theories suggest strategic collusion. Others claim that Mr Biden – like former president Barack Obama, under whom he served as vice president – believes that striking Iran’s nuclear reactors will only strengthen Tehran’s resolve to acquire nuclear weapons.
Newly elected Iranian President Masoud Pezeshkian speaks during a visit to the shrine of the country's founder Ayatollah Ruhollah Khomeini on Friday. Iran's nuclear ambitions are another concern for US security. Getty
But the regime that came to power in Tehran in 1979 is a theocratic system, which combines clerical figures and the Islamic Revolutionary Guard Corps, that is willing to endure crippling sanctions forthe sake of making their country a nuclear state and for the sake of developing regional militias to dominate and control Arab countries such as Lebanon, Iraq, Syria and Yemen.
All the rhetoric from Democratic Party leaders about not allowing Iran to become a nuclear state appears to be just hollow talk and equivocation. There appears to be a deal in place between Tehran and Washington that prevents the Americans from allowing Israel to strike Iran’s nuclear weapons programme and prevents serious opposition from Democrats against Iran’s regional militias, from Hezbollah to Hamas to the Popular Mobilisation Forces to the Houthis.
Yet a notable shift has occurred in the past two years, since China helped to mediate a reconciliation accord between Saudi Arabia and Iran, in part prompting the Biden administration to mend ties with Riyadh. Traditionally, there have been suspicions among Democrats towards key Arab powers. This has significantly changed over the past year.
And yet any surprises on this count from the Democratic Party during the presidential campaigns cannot be discounted.
If Mr Biden’s initiative to end the Gaza conflict and prevent an all-out war between Israel and Hezbollah succeeds, he or his successor will benefit from such an achievement. But if it fails, the Middle East should brace for a new kind of war and rules of engagement.
It is conceivable for Tehran’s leaders to want the Democratic Party to retain power, especially given their bitter experience dealing with the erstwhile Trump administration. So keen they might be on Mr Biden’s re-election, or the election of another Democratic leader, that they may even temporarily restrain their militias until after the US election.
Additionally, the Iranian regime will be preoccupied with internal political battles after the election of a moderate figure like Dr Masoud Pezeshkian as president over the weekend, as well as with the future of their nuclear weapons programme. These concerns are also likely to force the regime to de-escalate until further notice.
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
RESULTS
2.15pm Maiden (PA) Dh40,000 (Dirt) 1,200m
Winner Shawall, Abdul Aziz Al Balushi (jockey), Majed Al Jahouri (trainer)
2.45pm Handicap (PA) Dh40,000 (D) 1,200m
Winner Anna Bella Aa, Fabrice Veron, Abdelkhir Adam
3.15pm Handicap (PA) Dh40,000 (D) 1,200m
Winner AF Thayer, Tadhg O’Shea, Ernst Oertel
3.45pm Handicap (PA) Dh40,000 (D) 1,700m
Winner Taajer, Fabrice Veron, Eric Lemartinel
4.15pm The Ruler of Sharjah Cup – Prestige (PA) Dh250,000 (D) 1,700m
Winner Jawaal, Jim Crowley, Majed Al Jahouri
4.45pm Handicap (TB) Dh40,000 (D) 2,000m
Winner Maqaadeer, Jim Crowley, Doug Watson
UAE SQUAD
Omar Abdulrahman (Al Hilal), Ali Khaseif, Ali Mabkhout, Salem Rashed, Khalifa Al Hammadi, Khalfan Mubarak, Zayed Al Ameri, Mohammed Al Attas (Al Jazira), Khalid Essa, Ahmed Barman, Ryan Yaslam, Bandar Al Ahbabi (Al Ain), Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmin (Al Wasl), Adel Al Hosani, Ali Hassan Saleh, Majed Suroor (Sharjah), Ahmed Khalil, Walid Abbas, Majed Hassan, Ismail Al Hammadi (Shabab Al Ahli), Hassan Al Muharrami, Fahad Al Dhahani (Bani Yas), Mohammed Al Shaker (Ajman)
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
RESULT
Liverpool 4 Southampton 0 Jota (2', 32') Thiago (37') Van Dijk (52')
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
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.”
Tickets range from Dh110 for an advance single-day pass to Dh300 for a weekend pass at the door. VIP tickets have sold out. Visit www.mefcc.com to purchase tickets in advance.
Kat Wightman's tips on how to create zones in large spaces
Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
Use a considered collection of prints and artworks that work together to form a cohesive journey.
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid When: April 25, 10.45pm kick-off (UAE) Where: Allianz Arena, Munich Live: BeIN Sports HD Second leg: May 1, Santiago Bernabeu, Madrid
8 UAE companies helping families reduce their carbon footprint
Greenheart Organic Farms
This Dubai company was one of the country’s first organic farms, set up in 2012, and it now delivers a wide array of fruits and vegetables grown regionally or in the UAE, as well as other grocery items, to both Dubai and Abu Dhabi doorsteps.
Founded in Australia, Modibodi is now in the UAE with waste-free, reusable underwear that eliminates the litter created by a woman’s monthly cycle, which adds up to approximately 136kgs of sanitary waste over a lifetime.
From brushes made of plant fibres to eco-friendly storage solutions, this company has planet-friendly alternatives to almost everything we need, including tin foil and toothbrushes.
One Dubai boutique, Re:told, is taking second-hand garments and selling them on at a fraction of the price, helping to cut back on the hundreds of thousands of tonnes of clothes thrown into landfills each year.
Offering filtered, still and sparkling water on tap, Bubble Bro is attempting to ensure we don’t produce plastic or glass waste. Founded in 2017 by Adel Abu-Aysha, the company is on track to exceeding its target of saving one million bottles by the end of the year.
This company offers refillable, eco-friendly home cleaning and hygiene products that are all biodegradable, free of chemicals and certifiably not tested on animals.
This bricks-and-mortar shop and e-store, founded by a Dubai mum-of-four, is the place to go for all manner of family products – from reusable cloth diapers to organic skincare and sustainable toys.
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
UAE group fixtures
Sunday Feb 23, 9.30am, v Iran
Monday Feb 25, 1pm, v Kuwait
Tuesday Feb 26, 9.30am, v Saudi
UAE squad
Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed
Referees: Chris Broad, David Boon, Jeff Crowe, Andy Pycroft, Ranjan Madugalle and Richie Richardson.
Umpires: Aleem Dar, Kumara Dharmasena, Marais Erasmus, Chris Gaffaney, Ian Gould, Richard Illingworth, Richard Kettleborough, Nigel Llong, Bruce Oxenford, Ruchira Palliyaguruge, Sundaram Ravi, Paul Reiffel, Rod Tucker, Michael Gough, Joel Wilson and Paul Wilson.