Political heroism is typically framed in terms of the acquisition and retention of power. But the US has a long tradition of celebrating, even venerating, those who have voluntarily given up power to promote the general welfare.
President Joe Biden – who announced on Sunday that, in the interests of the party and the country, he is surrendering the Democratic presidential nomination, which he has earned in the primaries and fully controls – is the latest heir to that noble tradition.
From the founding of the Republic, stepping aside and knowing when to say goodbye has been the quintessence of American political virtue.
Towards the end of the American rebellion, King George III reportedly asked a royal artist who was painting him what George Washington would do if the colonists achieved independence. The artist, a subject from the American colonies, replied that, upon victory, Washington would probably retire to a private situation. His Majesty replied: “If he does that, he will be the greatest man in the world.”
On December 23, 1783, Washington did just that. He resigned his commission to the Continental Congress and returned to his plantation (and slaves) at Mount Vernon.
He repeated this gesture in 1796, when he declined to run for president a third time, establishing the two-term, eight-year, norm that was later written into the Constitution. In 1800, his successor, John Adams, fully routinised and normalised the peaceful transfer of power by accepting his defeat at the hands of Thomas Jefferson and stepping aside.
These ethic-establishing acts drew heavily on the almost-entirely classical education of the American founders, with Roman general Cincinnatus (who, legend holds, gave up power to return to his farm) regarded as one of the greatest exemplars of political virtue.
Mr Biden’s genuinely grand gesture of stepping back from power resonates with many aspects of the founding and central tropes of American politics and civic religion. Both Mr Biden and the Democrats have salvaged their reputations, and even carved out a monumental set of distinctions with former US president and convicted felon Donald Trump and his cult-like Republican Party.
It will be said that Mr Biden was hounded off the ticket by Democratic elites, but that’s false. Many party leaders told him bluntly that he probably couldn’t win and might even do damage to Democratic chances for the House and Senate. Still, they could do nothing but try to convince him to go willingly.
Not easy. The President had earned his delegates through the primaries, and he was not going to simply relinquish them because other people at that moment thought he should.
If he cared only about himself, Mr Biden would have remained the Democratic nominee. Instead, he was rationally convinced by his friends, and possibly family, that no matter how painful stepping aside might be, it was essential to maximise the chances of beating Mr Trump in November.
They might as well have asked him to chop off his left hand with a dull and rusty cleaver.
For a scrappy fighter like Mr Biden, who has been counted out throughout his career only to bounce back with unexpected potency – eventually leading to a historically significant first presidential term – stepping aside is anathema. But his intermittent frailty is deteriorating too quickly and publicly to sustain electoral viability at this exceptional, historically significant political crossroads.
It’s extremely unlikely that Mr Biden was mainly seeking to proactively defend his own legacy and reputation, although that would be a typical argument for embracing acts of courageous political virtue. It’s much more likely that he primarily responded to patriotism and arguments that the last, best and most imperative opportunity to defeat Mr Trump and everything he represents cannot be the subject of an experiment regarding ageing during presidential campaigns.
Over the past few weeks, Mr Biden was no doubt reassuring himself that, of course, there was no reason to think he was going to lose badly to Mr Trump. The Democrats had many advantages. He been written off before and generally bounced back. Stepping down went against everything else he believes in, but polling and anecdotal data ultimately painted a grim enough picture that he was willing to swallow his pride, ambitions, ego, hopes and dreams in the national interest.
What a staggering contrast to Mr Trump. Rather than accepting his decisive defeat in the superbly run and entirely clean 2020 election, he sought by numerous extra-constitutional and allegedly unlawful schemes to overturn the result. When none of that worked, he incited and unleashed an angry, violent mob on the Capitol building in an effort to stop ratification of the election results and intimidate members of Congress and, especially, the vice president.
Mr Biden’s position starkly contrasts with Mr Trump’s remarks to his then-chief of staff, Gen John Kelly, that fallen US soldiers were “suckers and losers”. “I don’t understand it,” he reportedly muttered, shaking his head, “what was in it for them?”
Similarly, the Democratic Party has, after a few alarming weeks, re-established itself as firmly rooted in objective reality and disinclined, ultimately, to attempt a colossal gaslighting campaign to obscure and deny the established and objectively verified flaws of their candidate.
In short, Mr Biden did what Mr Trump never would: put others – the party and country – above his own interests. And the Democratic Party did what the Republican Party has organised itself to passionately avoid and reject: acknowledge the flaws of their beloved presumptive nominee, prevail upon him to act with the utmost selflessness and not run for president, and just tell the truth.
Whoever the Democrats nominate, this election will be about more than traditional American democracy versus populist illiberalism. It will also be between a politics based on the real world versus last week’s Republican national convention.
Far beyond the most extreme precedent, the RNC was steeped in phoniness, humbug and an undisguised, unabashed spectacle of simulacra – including a “professional wrestler” pretending in detail to be a champion of legitimate sporting contests.
Mr Biden overwhelmingly won the Democratic primaries. The nomination legitimately belongs to him. But he’s stepping aside because it’s the right thing to do. That is among the most noble and patriotic acts in American history.
Mr Biden will be remembered as a truly great president and great American.
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.”
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
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The specs: 2018 Mazda CX-5
Price, base / as tested: Dh89,000 / Dh130,000
Engine: 2.5-litre four-cylinder
Power: 188hp @ 6,000rpm
Torque: 251Nm @ 4,000rpm
Transmission: Six-speed automatic
Fuel consumption, combined: 7.1L / 100km
The specs
Price: From Dh529,000
Engine: 5-litre V8
Transmission: Eight-speed auto
Power: 520hp
Torque: 625Nm
Fuel economy, combined: 12.8L/100km
McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
On sale: now
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UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
Results:
6.30pm: Handicap | US$135,000 (Dirt) | 1,400 metres
Winner: Rodaini, Connor Beasley (jockey), Ahmad bin Harmash (trainer)
7.05pm: Handicap | $135,000 (Turf) | 1,200m
Winner: Ekhtiyaar, Jim Crowley, Doug Watson
7.40pm: Dubai Millennium Stakes | Group 3 | $200,000 (T) | 2,000m
Winner: Spotify, James Doyle, Charlie Appleby
8.15pm: UAE Oakes | Group 3 | $250,000 (D) | 1,900m
Winner: Divine Image, William Buick, Charlie Appleby
8.50pm: Zabeel Mile | Group 2 | $250,000 (T) | 1,600m
Winner: Mythical Image, William Buick, Charlie Appleby
9.20pm: Handicap | $135,000 (T) | 1,600m
Winner: Major Partnership, Kevin Stott, Saeed bin Suroor
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Who's who in Yemen conflict
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
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
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
Anxiety and work stress major factors
Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.
A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.
Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.
One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.
It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."
Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.
“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi.
“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."
Daniel Bardsley
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Secret Pigeon Service: Operation Colomba, Resistance and the Struggle to Liberate Europe
Gordon Corera, Harper Collins
MATCH INFO
Manchester City 4 (Gundogan 8' (P), Bernardo Silva 19', Jesus 72', 75')
Fulham 0
Red cards: Tim Ream (Fulham)
Man of the Match: Gabriel Jesus (Manchester City)