Even as Israel launched retaliatory strikes against Iran on Saturday morning, the administration of US President Joe Biden has been making a last-ditch effort to secure a ceasefire in Gaza. Its primary goal is to bring respite to the Middle East, which could in turn bolster Vice President Kamala Harris’s chances in next month’s presidential election.
Meanwhile Mr Harris’s opponent, former president Donald Trump, has also been courting key Middle Eastern powers in an attempt to present himself as a champion of lasting peace rather than temporary ceasefires.
For the first time, the significance of the Arab-American vote in key swing states such as Michigan has emerged, prompting the Biden-Harris team to make a last-minute attempt at securing peace, by balancing diplomacy and military escalation amid a crisis of trust between the US and Israel. Indeed, the Biden administration has shifted between endorsing some Israeli actions and expressing dissatisfaction with its leadership over other decisions.
The administration seemingly feels it has no choice but to push for a preliminary agreement for a temporary ceasefire now. This isn’t surprising, given that success could secure Mr Biden’s legacy, but also because the President believes that the killing of Hamas leader Yahya Sinwar presents an opportunity to be seized.
During his most recent visit to the Middle East, US Secretary of State Antony Blinken took his modest proposals to Qatar and Egypt, aiming to convince Hamas to accept a ceasefire proposal accompanied by transitional arrangements that would pave the way for a “day after” vision for Gaza.
During his most recent visit to the Middle East, Blinken took his modest proposals to Qatar and Egypt
This vision involves details such as the administration of Gaza, including who will take on the task from a Palestinian perspective, and who will participate in gradually rehabilitating Palestinians as they return to their homes. It also involves contributors to reconstruction efforts. However, all of this would come later, as it requires time and difficult commitments from all parties.
Speaking to reporters in Qatar, which has served as a mediator between Israel and Hamas, Mr Blinken said negotiators would return to Doha to renew the talks.
America’s top diplomat, meanwhile, addressed Israel with the need to “climb down the ladder”. He said it had achieved most of its war objectives in Gaza, and it that it is time to turn these successes into lasting gains. This particular comment appears to be a hint that Washington gave Israel moral, political and military support to achieve its goals in Gaza and in Lebanon, where it is fighting Hezbollah, and now it’s time to end its war.
But for Israel to lay the groundwork for a qualitative shift in its relationships with key regional powers, particularly Saudi Arabia, it needs to declare its intent to not remain in Gaza as an occupying force, nor to plant settlers there. It also requires acknowledging the principle of a two-state solution and ensuring that the enclave is handed back to its people, contributing to the security of areas from which it withdraws and allowing a Palestinian-led authority to take charge of matters ranging from security to improving living conditions and building state institutions.
In other words, for this to happen, it needs to shift from the tactical to the strategic in the way it is thinking about the crisis.
The Trump team will surely be watching the Biden administration’s moves with interest. With the conflict having begun under his opponent’s watch, and with Jewish and Arab voters – especially the younger generation – angry, the former president knows he won’t be taking the blame for it.
Ms Harris, on the other hand, knows that the optics of an Israeli multi-front war being fought with US-supplied weapons, leaving trails of destruction and civilian casualties, are terrible for her. It is why her team presumably believes that securing the release of Israeli hostages from Hamas custody and reaching a ceasefire in Gaza are preferred to a continued war.
The key question, however, is whether Iran responds to Israel’s strikes on some of its military assets that killed four soldiers.
The Biden-Harris team had previously hinted to the Iranian leadership that delaying, easing, or potentially cancelling Israeli strikes on its country would require it to seriously pressure Hezbollah to withdraw from southern Lebanon and impose a halt to its operations against Israel, effectively a ceasefire from both sides.
But the repercussions of Israel’s actions, on the prospects for peace in the region and on the result of the US election, remain to be seen.
Iran’s strategic dilemma today is whether to continue supporting its proxies in the Middle East – no matter the cost in destruction to the countries in which they operate – or to abandon this strategy in its bid to end international sanctions against itself and improve relations with the US. Tehran’s government sometimes pretends to be ready to adapt to the needs of the desired relationship with the West, but at other times appears unwilling to walk away from a doctrine that is central to its existence.
If Iran ends up opting for the former and pressures Hezbollah to withdraw from southern Lebanon and implement UN Security Council Resolution 1701, it may contribute to Ms Harris’s presidential bid, but more importantly, make tangible gains for itself. Such a step might even serve to diminish the rationale for some of Israel’s own destructive actions in Lebanon and elsewhere.
2020 Oscars winners: in numbers
- Parasite – 4
- 1917– 3
- Ford v Ferrari – 2
- Joker – 2
- Once Upon a Time ... in Hollywood – 2
- American Factory – 1
- Bombshell – 1
- Hair Love – 1
- Jojo Rabbit – 1
- Judy – 1
- Little Women – 1
- Learning to Skateboard in a Warzone (If You're a Girl) – 1
- Marriage Story – 1
- Rocketman – 1
- The Neighbors' Window – 1
- Toy Story 4 – 1
Fresh faces in UAE side
Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.
Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.
Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.
Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.
Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.
Shooting Ghosts: A U.S. Marine, a Combat Photographer, and Their Journey Back from War by Thomas J. Brennan and Finbarr O’Reilly
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The%20specs
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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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The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”