Supporters at a campaign event with US Vice President Kamala Harris in Milwaukee, Wisconsin, on July 23. Bloomberg
Supporters at a campaign event with US Vice President Kamala Harris in Milwaukee, Wisconsin, on July 23. Bloomberg
Supporters at a campaign event with US Vice President Kamala Harris in Milwaukee, Wisconsin, on July 23. Bloomberg
Supporters at a campaign event with US Vice President Kamala Harris in Milwaukee, Wisconsin, on July 23. Bloomberg


The energy of the Harris campaign has reframed the US election


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July 31, 2024

In just a week, US Vice President Kamala Harris has transformed both the 2024 presidential election and the entire American political scene. President Joe Biden's withdrawal was no surprise, but her ability to secure the nomination in days, unite the party and inspire a new political and cultural atmosphere was stunning.

She grasped the nomination unchallenged, almost immediately gaining the support of thousands of convention delegates and all leading Democrats, seemingly effortlessly.

When Mr Biden stepped aside, Democrats proved every bit the suddenly-unleashed coiled spring I described in these pages a few weeks ago. Ms Harris raised an amazing $100 million in small donations, many from first-time donors, in the first 24 hours of her campaign. Within a week, she passed the $200 million mark. She has also evidently inspired a wave of new voter registrations around the country. In a few days, she reversed Mr Biden's collapse and drew even with the Republican nominee, Donald Trump, in the polls.

A Republican campaign rally featuring Donald Trump and JD Vance in St Cloud, Minnesota, last weekend. Vance previously described Trump as potentially 'America's Hitler'. AP
A Republican campaign rally featuring Donald Trump and JD Vance in St Cloud, Minnesota, last weekend. Vance previously described Trump as potentially 'America's Hitler'. AP
A Republican campaign rally in Reno, Nevada, on Tuesday. AFP
A Republican campaign rally in Reno, Nevada, on Tuesday. AFP

More importantly, her display of unexpected political skill, including several devastating speeches against Mr Trump, has clearly shocked him and other leading Republicans.

Mr Trump's running mate, Ohio Senator JD Vance, privately acknowledged Ms Harris's striking political skills and described the switch at the top of the Democratic ticket as a "sucker punch", that has created huge problems for Mr Trump. That's putting it mildly.

Not only is Mr Trump now facing a completely different opponent than the ageing and declining Mr Biden, Ms Harris's sudden emergence as an American cultural symbol has, arguably for the first time in the former president's political career, sidelined him on the popular cultural, rather than political, stage he is used to dominating. Moreover, the prospect of losing to an African-American woman may be more than he can emotionally tolerate.

At the very least, the campaign is already back to a 50-50 proposition with the Democratic convention, vice presidential nomination and second debate all yet to come.

A whole range of states that seemed totally unattainable for Democrats are again in play

Mr Trump doesn't seem to know what to say in this new context, but Ms Harris has already unveiled several damaging contrasts.

First, she is running as the tough, seasoned prosecutor facing a convicted felon she wants to paint as a habitual violator of the law. She boasted that she had taken on "perpetrators of all types", including “predators who abused women, fraudsters who ripped off consumers, cheaters who broke the rules for their own gain. So, hear me when I say I know Donald Trump's type".

Second, and in contrast to Mr Biden, she is running as a symbol of the uplifting future, contrasting the nostalgic message of return in Mr Trump's "make America great again" rhetoric with her own "we are never going back" insistence.

Moreover, the age issue suddenly belongs to Democrats, because while his decline is not as dramatic as Mr Biden's, the 78-year-old Mr Trump is showing unmistakable signs of ageing badly. He, too, lapses into incoherence, forgets and confuses names and frequently makes no intelligible sense in his rally speeches.

Third, she is running as a “normal" candidate against a Republican ticket that Democrats are now systematically calling "weird", and sometimes even "creepy". It may prove surprisingly easy to paint both Mr Trump and Mr Vance as extremist oddballs.

A Trump supporter in Wisconsin, on July 23. EPA
A Trump supporter in Wisconsin, on July 23. EPA

Mr Trump may now be regretting his selection of Mr Vance, who was the one option strikingly to his political right. Mr Vance's week was as devastatingly disastrous as Ms Harris's was breathtakingly successful.

He got into particular trouble when he stuck to his inexplicable and deeply misogynistic assertion that because of Democratic and corporate leaders, the country was being run by "childless cat ladies". He insists this is substantially true, and that Republicans are pro-children and pro-family, whereas it is Democrats who have been pushing for legislation to help parents and aid children that has been largely blocked by Republicans, including Mr Vance.

Mr Trump's own proclivity to extremism was on full display when he told evangelical Christians that they would never have to vote again if they help him win in November. It was one of his typically vague but unmistakably sinister comments that, in the context of his extensive and unlawful efforts to overturn the 2020 election and remain in power despite losing, appears to threaten the abolition of the electoral system if he returns to the presidency.

Moreover, Mr Vance has previously described his running mate as potentially "America's Hitler", and even referred to Mr Trump as "demonic". Now, however, Mr Vance is one of the biggest proponents of Mr Trump's populist demagoguery he once referred to as "political heroin". Along with his political extremism, this 180-degree transformation may prove hard to defend.

It's probably too late for Mr Trump to change his mind, while Ms Harris has numerous potentially effective running mates. The extraordinary honeymoon she's experiencing with anti-Trump voters will undoubtedly end, but perhaps not soon enough to save Mr Trump from defeat.

A whole range of states that seemed totally unattainable for Democrats are again in play. Ms Harris has already proven highly effective in painting Mr Trump as a dangerous criminal but Republicans have not yet figured out how to effectively malign her. Dismissing her candidacy as a "DEI hire", suggesting she is only their opponent because of her race and gender, doesn't square with her impressive resume and is blatantly racist and misogynistic.

Their best bet is to cast her as an extreme "California leftist", but she is already tacking decisively to the political centre on issues such as fracking and support for law enforcement, which may render that, too, ineffective with swing voters. And her long-established leadership on abortion and reproductive rights could prove a trump card against Mr Trump, who is trying to disentangle himself from the near-absolute prohibitionist stance Republicans adopted under his leadership.

The reframed campaign is now a sprint to the November election. It's once again anyone's to win, and Ms Harris has all the political and even cultural momentum. She also has an obvious and potent gameplan, while Mr Trump no longer does. Anything can happen, but Democrats are suddenly energised and inspired, and their new leader is definitely in it to win it.

Game on.

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

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It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

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The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

The biog

Family: He is the youngest of five brothers, of whom two are dentists. 

Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.

Where he works: Liberty Dental Clinic 

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

World Cup League Two

Results

Oman beat Nepal by 18 runs

Oman beat United States by six wickets

Nepal beat United States by 35 runs

Oman beat Nepal by eight wickets

 

Fixtures

Tuesday, Oman v United States

Wednesday, Nepal v United States

 

The specs: 2018 Maxus T60

Price, base / as tested: Dh48,000

Engine: 2.4-litre four-cylinder

Power: 136hp @ 1,600rpm

Torque: 360Nm @ 1,600 rpm

Transmission: Five-speed manual

Fuel consumption, combined: 9.1L / 100km

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UAE currency: the story behind the money in your pockets

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.”

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

Updated: July 31, 2024, 4:23 PM