In a comment that splashed across Turkey’s front pages and raised eyebrows in western capitals, Turkish Foreign Minister Hakan Fidan recently asserted that US-led humanitarian efforts for Gaza based in the Republic of Cyprus were a cover for military operations.
“There is serious militarisation there,” he warned in an interview, echoing recent comments from Hezbollah leader Hassan Nasrallah. “When you become part of the ongoing wars in the Middle East, this fire will come and find you, too.”
Strong accusations have long been the preserve of Turkish President Recep Tayyip Erdogan, but a year after taking office Mr Fidan seems to have shed his usual reserve for a bolder stance. Washington has been increasing its military co-operation with Cyprus and Greece, so his charge seemed a clear dig at Turkey’s Nato allies. And it came shortly after Mr Fidan visited China’s Xinjiang region and spoke of “ancient Turkic and Islamic cultures”, countering Beijing’s view that Uighurs are a non-Turkic people with deep Chinese roots.
Turkey’s foreign minister presents a wealth of contradictions. He’s hawkish, but more bibliophile than others. He’s no wistful artist like his successor at Turkey’s intelligence agency (MIT), Ibrahim Kalin, who occasionally releases music videos singing about Islamic love. Avoiding the brusqueness of his predecessor, Mevlut Cavusoglu, Mr Fidan gives off an aura of polite implacability, grinning benignly as his eyes make clear he will not be swayed.
Since the collapse of peace talks in 2015, Ankara has been more aggressive on the Kurdish issue, renewing conflict with Kurdish militias in the south-east as well as northern Iraq and north-east Syria. Yet Mr Fidan is Kurdish on his father’s side and played a key role in secret talks between Ankara and the Kurdistan Workers’ Party in 2009-10.
Mr Fidan is one of the few Turkish cabinet members who is fluent in English and able to debate the finer points of policy with western counterparts. He attended university in the US, earning his bachelor’s in political science in Maryland and studying under the Scottish historian Norman Stone. In his master’s thesis, on intelligence’s impact on foreign policy, he pointed to the CIA and MI6 as models for Turkey.
Fidan is is fluent in English and able to debate the finer points of policy with western counterparts
Yet one could argue that as MIT chief from 2010 to mid-2023, he was part of Turkey’s turn away from the West and its allies. Under his leadership, MIT co-operated with rebels fighting Syrian President Bashar Al Assad, including some reportedly aligned with extremists. Under his watch, Ankara pivoted away from military co-operation with the US and Israel and developed stronger ties with Iran.
Over 13 years, Mr Fidan transformed MIT into a competent, reliable and even flexible institution, a rarity in Turkey’s government. Over the past year, he has endeavoured to do the same within the foreign ministry, aiming to better position Turkey as a power player in a multipolar world.
Mr Fidan reportedly urged diplomats to stop marrying foreign nationals, arguing that it posed a security threat. He moved to strengthen and refine the ministry spokesperson and communications arm and brought all of Turkey’s various strands of foreign policy, including the military and domestic defence, under the ministry’s umbrella. He nationalised privately run Turkish visa services around the world to boost ministry revenue. Finally, he created a new security and intelligence department and appointed a Central Asia and Turkic affairs ambassador, underscoring Ankara’s efforts to expand its influence in Turkic states.
Abroad, his two signal accomplishments are swapping Turkish approval for Sweden’s entry into Nato for a US deal on F-16s and concessions from Stockholm, and continuing to balance ties with Russia and Ukraine even as Ankara found a way to allow for the continued shipping of crucial Ukrainian grain.
Those worried about a more confident Turkey might consider the alternative.
Many western officials hoped main opposition candidate Kemal Kilicdaroglu would emerge victorious in last year’s presidential election. But there’s little question Turkey’s foreign policy would be more troublesome, if not a mess, had far-right leader Umit Ozdag been named Mr Kilicdaroglu’s foreign minister, as the latter had reportedly promised.
But Mr Erdogan won and handed Mr Fidan the plum post. In recent months, the idea that Mr Fidan might succeed his boss has quietly gained ground. He could probably handle the job, his compatriots seem to agree he has performed well as foreign minister, and he is likely to be pivotal in any AKP government.
But Mr Fidan is no politician. His lone run for public office, in early 2015, lasted less than a month: he ended his parliamentary campaign after Mr Erdogan made clear he was still needed at MIT. He’s been more outgoing in the past year, however, and continuing on that path might make him another sort of public figure by the next vote in 2028.
For now, this could be a big month for Turkey’s place in the world. After last week’s Shanghai Co-operation Organisation summit in Kazakhstan, Mr Erdogan and Mr Fidan are set to arrive in Washington on Tuesday for the first Nato summit since Sweden joined the bloc. Next week, top Turkish and Greek officials plan to gather separately in Cyprus to mark 50 years since the island’s division.
Might we expect another controversial assertion about western backers of Israel’s war in Gaza? Or perhaps firmer talk of permanently dividing the island? Turkey’s leader is set to make a big speech to mark the occasion. But it would come as little surprise if the foreign minister also made his presence felt.
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.”
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
MATCH INFO
Uefa Champions League last-16, second leg:
Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')
Ajax win 5-3 on aggregate
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
COMPANY%20PROFILE
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Brief scoreline:
Crystal Palace 2
Milivojevic 76' (pen), Van Aanholt 88'
Huddersfield Town 0
The studios taking part (so far)
- Punch
- Vogue Fitness
- Sweat
- Bodytree Studio
- The Hot House
- The Room
- Inspire Sports (Ladies Only)
- Cryo
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Neil Thomson – THE BIO
Family: I am happily married to my wife Liz and we have two children together.
Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.
Favourite book: I constantly find myself reading The Bible.
Favourite film: The Greatest Showman.
Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.
Favourite food: I went to boarding school so I like any cuisine really.
Scoreline:
Barcelona 2
Suarez 85', Messi 86'
Atletico Madrid 0
Red card: Diego Costa 28' (Atletico)
Results
ATP Dubai Championships on Monday (x indicates seed):
First round
Roger Federer (SUI x2) bt Philipp Kohlschreiber (GER) 6-4, 3-6, 6-1
Fernando Verdasco (ESP) bt Thomas Fabbiano (ITA) 3-6, 6-3, 6-2
Marton Fucsovics (HUN) bt Damir Dzumhur (BIH) 6-1, 7-6 (7/5)
Nikoloz Basilashvili (GEO) bt Karen Khachanov (RUS x4) 6-4, 6-1
Jan-Lennard Struff (GER) bt Milos Raonic (CAN x7) 6-4, 5-7, 6-4
UAE currency: the story behind the money in your pockets
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
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The years Ramadan fell in May
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.