Villagers celebrate the US election results at a temple in Vadluru, the ancestral village of Usha Vance's parents, wife of vice presidential candidate J. D. Vance, in India's Andhra Pradesh. AFP
Villagers celebrate the US election results at a temple in Vadluru, the ancestral village of Usha Vance's parents, wife of vice presidential candidate J. D. Vance, in India's Andhra Pradesh. AFP
Villagers celebrate the US election results at a temple in Vadluru, the ancestral village of Usha Vance's parents, wife of vice presidential candidate J. D. Vance, in India's Andhra Pradesh. AFP
Villagers celebrate the US election results at a temple in Vadluru, the ancestral village of Usha Vance's parents, wife of vice presidential candidate J. D. Vance, in India's Andhra Pradesh. AFP


Donald Trump's victory in the US election should be celebrated around the world


  • English
  • Arabic

November 06, 2024

Latest updates: Follow our full coverage on the US election

I’ve been an avid follower of US presidential elections for 40 years, and ever since I was a 12-year-old in Jeddah eagerly devouring the coverage of the 1984 contest between Ronald Reagan and Walter Mondale, I’ve rooted for the Democratic candidate. But not this time. In fact, I could not be more delighted that Donald Trump has triumphed and the Democrats will soon be banished from the White House.

My reasons are simple. First, like many others, I believe the Joe Biden-Kamala Harris administration has been complicit in a genocidal campaign in Gaza. They could have put a stop to Israel’s wanton killing, maiming and destruction, but instead they enabled it. As a senior regional official in South-east Asia put it to me over the weekend: “They need to be punished. That means supporting Trump.”

Second, there are plenty in East and South-east Asia who think the world could be a much safer place with Mr Trump back in office. Let me explain.

There are numerous territorial and maritime disputes in the Asia-Pacific region, some of which are potential flashpoints that could lead to armed conflict between the US and China. The future status of Taiwan, which China views as a renegade province that must reunite with the mainland at some point, is perhaps the best known.

The Democrats, said my friend the official, have been “goading” Taiwan towards declaring independence, specifically citing former speaker Nancy Pelosi’s 2022 visit, which enraged not just Beijing but ordinary netizens in China as well. “We don’t want war,” added the official.

It’s entirely plausible that unlike Biden, Trump could choose to insist on a ceasefire in Palestine-Israel and in Russia-Ukraine

I concurred, as did the Singaporean public intellectual Bilahari Kausikan when he wrote in the ThinkChina e-magazine earlier this week: “Biden’s four statements clearly supporting Taiwan in the event of a Chinese attack … have bred a sense of entitlement in Taiwan. The attitude in Taipei is ‘I am the only Chinese democracy so you must help me’.” This, Mr Kausikan added, could lead “Taiwanese politicians to push the boundaries too far”.

Compared to Mr Trump, he said Ms Harris was more likely to emphasise values in her foreign policy that might encourage Taiwan’s sense of entitlement. Ms Harris has given no signal that she would not follow in the disastrous liberal interventionist-neocon tradition that dominated both the Republican and Democratic parties until the arrival of Mr Trump.

His instincts, on the other hand, are clear: he has no desire to fight wars of choice to defend or export American-style democracy. Given that it is hard to overstate just how devastating a superpower conflict in the Asia-Pacific could be, and how easily it could escalate to threaten the lives of billions, Mr Trump’s insistence that he will “stop wars”, not start them, is extremely welcome.

A sculpture made by Indian sand artist Sudarsan Pattnaik depicting Donald Trump, after he won a sweeping victory in the US presidential election, in Puri of India's Odisha state on November 6. AFP
A sculpture made by Indian sand artist Sudarsan Pattnaik depicting Donald Trump, after he won a sweeping victory in the US presidential election, in Puri of India's Odisha state on November 6. AFP

That is not to say he is a pacifist. Mr Kausikan also wrote that “[former president Barack] Obama made prettier speeches, but Trump understood – perhaps instinctively – hard power better”. He gave the example of North Korean leader Kim Jong-un, who he said in August 2017 “got carried away and threatened Guam with his missiles. Trump responded by threatening to rain 'fire and fury' on Pyongyang. Since then, as far as I can determine, North Korea has never tested any long-range missile on a trajectory that takes it anywhere near Guam”.

Further proof of Mr Trump’s willingness to use the leverage of the Oval Office effectively comes in a recent Times of Israel report that, before the election, he told Israeli Prime Minister Benjamin Netanyahu that if he won, the war in Gaza must be over by the time he retook office. An Israeli MP told the same newspaper: “Netanyahu has managed clashes with Democratic presidents without paying a heavy price. In fact, he campaigns on his ability to stand up to them.” A fight with Mr Trump, however, “is something he’d want to avoid”.

So it’s entirely plausible that unlike Mr Biden, Mr Trump could choose to insist on a ceasefire, both in Palestine-Israel and maybe in the Russia-Ukraine conflict as well. Deciding to save, rather than expend, lives may be a novel policy for an American president, but it’s a good one in my book.

Donald Trump's understanding of hard power helped him rein in North Korea's leader Kim Jong-un. AFP
Donald Trump's understanding of hard power helped him rein in North Korea's leader Kim Jong-un. AFP

Now, you don’t have to be suffering from “Trump derangement syndrome” to concede that the President-elect has flaws, that he has tested the limits of his office (and not in a good way), and that he has given the English language new words. (Remember his 2017 tweet? “Who can figure out the true meaning of ‘covfefe’ ??? Enjoy!”) Many profess themselves appalled that a convicted felon could end up in the White House.

But these same people are curiously forgiving of presidents George W Bush, Mr Obama and Mr Biden, who between them are complicit in or responsible for the deaths of hundreds of thousands in the Middle East. They are treated as leaders in good standing, and their wars and backing of leaders such as Mr Netanyahu regarded as mere foreign policy “mistakes”. Yes, the consequences were lamentable, but the roads to Baghdad, Benghazi and Baalbek were at least paved with good intentions.

I’m sorry. Which is worse? Having a highly disruptive approach to political, linguistic and legal norms? Or pursuing policies that led to the re-establishment of slavery on the Mediterranean coast in Libya, opened space for the creation of a terrorist entity – ISIS – in Syria and Iraq, and left millions either displaced or dead? If you truly believe Mr Trump’s record was worse, you might need to go for “diversity, equity and inclusion” training to adjust your attitude to the value of non-European or North American lives.

But Mr Trump, who everyone from Bill Clinton to Oprah Winfrey used to court before he entered politics, is different. Perhaps Mr Biden believes that not just his followers but the President-elect, too, is “garbage”. Oh, the echo of Hillary Clinton’s “deplorables” – for these revealing flashes of liberal contempt for the masses, I am also glad that Mr Trump has won, and laughed out loud at his brilliant use of a garbage truck and hi-vis vest to turn the insult to his advantage.

We also saw instances during the campaign of a different Mr Trump to the caricature created by his opponents. Believe it or not, he can be charming, amusing, kind and self-deprecating. The millions of American who voted for him could evidently see through his demonisation.

For them, he needs to deliver on his promise “to help our country heal”. For the rest of us, if he can keep to his words, “I’m not going to start a war. I’m going to stop wars”, that will be more than good enough.

SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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One in nine do not have enough to eat

Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.

One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.

The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.

Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.

It is currently estimated that one in nine people globally do not have enough to eat.

On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.

Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.

 

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.

The specs: McLaren 600LT

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Engine: 3.8-litre twin-turbo V8

Transmission: Seven-speed automatic

Power: 600hp @ 7,500rpm

Torque: 620Nm @ 5,500rpm

Fuel economy 12.2.L / 100km

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

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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.”

The Year Earth Changed

Directed by:Tom Beard

Narrated by: Sir David Attenborough

Stars: 4

RESULTS

1.30pm Handicap (PA) Dh 50,000 (Dirt) 1,400m

Winner AF Almomayaz, Hugo Lebouc (jockey), Ali Rashid Al Raihe (trainer)

2pm Handicap (TB) Dh 84,000 (D) 1,400m

Winner Karaginsky, Tadhg O’Shea, Satish Seemar.

2.30pm Maiden (TB) Dh 60,000 (D) 1,200m

Winner Sadeedd, Ryan Curatolo, Nicholas Bachalard.

3pm Conditions (TB) Dh 100,000 (D) 1,950m

Winner Blue Sovereign, Clement Lecoeuvre, Erwan Charpy.

3.30pm Handicap (TB) Dh 76,000 (D) 1,800m

Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.

4pm Maiden (TB) Dh 60,000 (D) 1,600m

Winner Bladesmith, Tadhg O’Shea, Satish Seemar.

4.30pm Handicap (TB) Dh 68,000 (D) 1,000m

Winner Shanaghai City, Fabrice Veron, Rashed Bouresly.

TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

MATCH INFO

UAE Division 1

Abu Dhabi Harlequins 12-24 Abu Dhabi Saracens

FROM%20THE%20ASHES
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NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

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

PSA DUBAI WORLD SERIES FINALS LINE-UP

Men’s: 
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)

Women's: 
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)

Updated: November 07, 2024, 1:07 PM