In a week, the US will hold its most consequential election since the Civil War-era.
It pits a centrist Democratic Party led by Vice President Kamala Harris, still committed to the Constitution and rule of law, against a personalised Republican Party that serves only its leader, former president Donald Trump, who has called for entire articles in the Constitution to be “terminated” to keep him in power.
The election will either reaffirm US political norms and traditions or usher in an experiment with American tyranny modelled after that in some other states: an openly self-serving president supported by and, in turn, favouring, politicised oligarchs, as I explained in these pages last week.
Tyranny is by no means guaranteed if Mr Trump wins. He will enter the White House with experience and preparation, ready to try to replace thousands of civil servants with handpicked ideological cronies, as he himself has said he would. But the opposition will be similarly prepared, and efforts to defend the rule of law will kick into action without hesitation, because Mr Trump’s intentions are so clearly telegraphed.
This matters for the rest of the world, including Gulf countries. Ms Harris stands for US traditions at home and abroad. She represents the continuation of the post-Second World War and post-Cold War US policies that centre on robust internationalism based on alliances and long-standing friendships around the world. Mr Trump, by contrast, has viewed these alliances, even Nato, with cynicism, often seeing them as little more than a protection racket, demanding payment directly to the US from any country that benefits from its protection.
Some Gulf countries have been seeking “ironclad” mutual defence agreements. This has yet to be achieved, but considerable progress has been made in this direction with the administration of President Joe Biden. Further progress under Ms Harris appears entirely plausible. But given his attitudes towards international relations, there seems little chance of any such agreements under Mr Trump.
If the Biden administration played any role in prompting the October 7, 2023 attack in Israel that produced a series of interwoven crises rocking the Middle East, it wasn’t through neglect, weakness or any egregious error. On the contrary, insofar as Hamas paid any attention to Washington regarding this attack, it was seeking to thwart the Biden administration’s progress in talks with Saudi Arabia for a triangular agreement involving normalisation with Israel.
Some Arab countries have adopted a policy of strategic diversification as a consequence of uncertainty about the nature of the US security commitments and Washington’s willingness to act in their defence. Yet they remain fundamentally committed to keeping the US as the centrepiece of their diplomatic architecture and primary partner of choice in key national security strategies.
The unpredictability and arbitrary nature of the personalised presidency promised by Mr Trump is not in the interest of America’s allies and partners. Unpredictability has been Washington’s biggest failing in recent decades, and Mr Trump is the last person to correct that fault.
Dark clouds are looming over Washington even before a possible Trump victory.
Two major newspapers – The Washington Post and the Los Angeles Times – declined for the first time in decades to endorse a presidential candidate, allegedly to curry favour with Mr Trump. Owner Jeff Bezos denied there was any connection between the Post’s decision and his space company’s meeting with Mr Trump last week.
Like the Silicon Valley elites I described last week, some of these media-owning would-be oligarchs are breaking the first rule of resisting tyranny proposed by historian Timothy Snyder: “Do not obey in advance.”
Tellingly, all the distortions to American traditions coming from the wealthy and powerful find them adapting to Mr Trump, not Ms Harris. No one is self-censoring in fear of a crackdown by Democrats. And Republican voters are relatively blase about the outcome, knowing that everything will go on as usual even if they lose. Democrats are gripped with huge alarm, because they have every reason to believe that if they lose, the constitutional system may be upended.
As its closing argument, the racism of the Trump campaign has hit a deafening crescendo.
Today in Dearborn, Michigan, home of the largest Arab-American community in the country, I was immediately confronted by a huge billboard featuring a blue Star of David and slogans about how Ms Harris can be relied upon to “protect Israel” and “our Jewish communities”. It was widely reportedly to be the handiwork of a shadowy Republican-linked group.
At an intensely racist Trump rally in New York City’s Madison Square Garden on Sunday, one speaker referred to Puerto Rico as a “floating pile of garbage”. Another referred to Ms Harris as “the Antichrist”. Then one of Mr Trump’s closest aides, Stephen Miller, thundered that “America is for Americans and Americans only”.
It’s the perfect coda to the campaign that promises Mr Trump will be “a dictator” but only on “day one”. He has threatened to use the military and police against political opponents, to crush and deport pro-Palestinian campus protesters and “set that movement back 25 or 30 years”, to instigate “bloody” mass deportations of up to 15 million migrants, and to wage an all-out war against “the enemy from within”.
Mr Trump is overtly offering a wild experiment in authoritarianism. US allies should readily understand that American fascism would offer nothing useful.
There is a growing sense that, after the hate-filled Madison Square Garden rally, the tide may be turning decisively against Mr Trump. Arab countries, and all friends of the US, should be deeply relieved when Ms Harris wins.
Predictions
Predicted winners for final round of games before play-offs:
- Friday: Delhi v Chennai - Chennai
- Saturday: Rajasthan v Bangalore - Bangalore
- Saturday: Hyderabad v Kolkata - Hyderabad
- Sunday: Delhi v Mumbai - Mumbai
- Sunday - Chennai v Punjab - Chennai
Final top-four (who will make play-offs): Chennai, Hyderabad, Mumbai and Bangalore
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Asia Cup 2018 final
Who: India v Bangladesh
When: Friday, 3.30pm, Dubai International Stadium
Watch: Live on OSN Cricket HD
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%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EGuillermo%20del%20Toro%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Tim%20Blake%20Nelson%2C%20Sebastian%20Roche%2C%20Elpidia%20Carrillo%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
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Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
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%3Cp%3E1%20Esha%20Oza%2C%20age%2026%2C%2079%20matches%0D%3Cbr%3E%0D%3Cbr%3E2%20Theertha%20Satish%2C%20age%2020%2C%2066%20matches%0D%3Cbr%3E%0D%3Cbr%3E3%20Khushi%20Sharma%2C%20age%2021%2C%2065%20matches%0D%3Cbr%3E%0D%3Cbr%3E4%20Kavisha%20Kumari%2C%20age%2021%2C%2079%20matches%0D%3Cbr%3E%0D%3Cbr%3E5%20Heena%20Hotchandani%2C%20age%2023%2C%2016%20matches%0D%3Cbr%3E%0D%3Cbr%3E6%20Rinitha%20Rajith%2C%20age%2018%2C%2034%20matches%0D%3Cbr%3E%0D%3Cbr%3E7%20Samaira%20Dharnidharka%2C%20age%2017%2C%2053%20matches%0D%3Cbr%3E%0D%3Cbr%3E8%20Vaishnave%20Mahesh%2C%20age%2017%2C%2068%20matches%0D%3Cbr%3E%0D%3Cbr%3E9%20Lavanya%20Keny%2C%20age%2017%2C%2033%20matches%0D%3Cbr%3E%0D%3Cbr%3E10%20Siya%20Gokhale%2C%20age%2018%2C%2033%20matches%0D%3Cbr%3E%0D%3Cbr%3E11%20Indhuja%20Nandakumar%2C%20age%2018%2C%2046%20matches%3C%2Fp%3E%0A
%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fislamic-economy-consumer-spending-to-increase-45-to-3-2tn-by-2024-1.936583%22%20target%3D%22_self%22%3EGlobal%20Islamic%20economy%20to%20grow%203.1%25%20to%20touch%20%242.4%20trillion%20by%202024%3C%2Fa%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fuk-economy-plunges-into-worst-ever-recession-after-record-20-4-contraction-1.1062560%22%20target%3D%22_self%22%3EUK%20economy%20plunges%20into%20worst-ever%20recession%20after%20record%2020.4%25%20contraction%3C%2Fa%3E%3C%2Fp%3E%0A%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fislamic-economy-consumer-spending-to-increase-45-to-3-2tn-by-2024-1.936583%22%20target%3D%22_self%22%3EIslamic%20economy%20consumer%20spending%20to%20increase%2045%25%20to%20%243.2tn%20by%202024%3C%2Fa%3E%3C%2Fp%3E%0A
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.”
More on Quran memorisation:
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
THE SPECS
Aston Martin Rapide AMR
Engine: 6.0-litre V12
Transmission: Touchtronic III eight-speed automatic
Power: 595bhp
Torque: 630Nm
Price: Dh999,563
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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