People mark Victory Day at a Second World War memorial in Almaty, Kazakhstan in 2022. The country and its neighbours are becoming a significant economic and political force. Reuters
People mark Victory Day at a Second World War memorial in Almaty, Kazakhstan in 2022. The country and its neighbours are becoming a significant economic and political force. Reuters
People mark Victory Day at a Second World War memorial in Almaty, Kazakhstan in 2022. The country and its neighbours are becoming a significant economic and political force. Reuters
People mark Victory Day at a Second World War memorial in Almaty, Kazakhstan in 2022. The country and its neighbours are becoming a significant economic and political force. Reuters


'Borat' jokes fall flat in the face of Central Asia's growing importance


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November 28, 2024

During the US election campaign, the actor and comedian Sacha Baron Cohen was cajoled into “interviewing” the two (absent) presidential contenders on a US talk show, in the personae of his two most famous creations, Ali G and then Borat, a fictional journalist from Kazakhstan.

It seems that some Kazakh officials have been able to lean into Mr Baron Cohen’s humour – the country’s tourist board adopted the character’s phrase "very nice" in 2020 – but the Borat movie was banned for its offensiveness when it came out in 2006 in many parts of Asia and the Middle East. And it struck me, while watching the actor revive the role, that no one would come up with such a character today, for two reasons.

First, it’s an undeniably racist caricature. But second, Central Asia is becoming ever more important, and if audiences far away could not reasonably have been expected to know much about the region’s five countries nearly 20 years ago, they would be wise to sharpen up very soon.

Kazakhstan President Kassym-Jomart Tokayev proposed a roadmap for regional integration and closer co-operation in defence and security for the C5 nations – Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan. EPA
Kazakhstan President Kassym-Jomart Tokayev proposed a roadmap for regional integration and closer co-operation in defence and security for the C5 nations – Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan. EPA

Consider how many leaders have visited the “C5”, as Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan are known together, in the past year or so. China’s President Xi Jinping made a Central Asia trip in July, having convened the first China-Central Asia summit last year. Both Mr Xi and Russia’s President Vladimir Putin were at the meeting of the Shanghai Co-operation Organisation held in Kazakhstan’s capital, Astana, that same month. German Chancellor Olaf Scholz had a three-day visit to the region culminating in a summit with all the C5 leaders in September.

Others who have been courting the region recently include France’s Emmanuel Macron, the Netherlands’ then prime minister Mark Rutte, Hungary’s leader Viktor Orban, the President of the European Council, Charles Michel, and South Korean President Yoon Suk-yeol, while the first-ever “C5+1 Presidential Summit” was held with US President Joe Biden during the UN General Assembly in New York in September 2023. Pipping the US to the post by several months, the first Gulf Co-operation Council-Central Asia summit took place the previous July in Jeddah.

It’s not hard to understand why the region is an increasing focus of attention. It is home to vast deposits of minerals including rare earth elements and rare metals. It has 38.6 per cent of the world’s manganese ore and 30.07 per cent of its chromium – both used for a variety of industrial purposes – and Kazakhstan is already the global leader in uranium production. To underline how important these deposits are, last month Australia’s Lowy Institute described Central Asia as an “emerging battlefield for strategic minerals”.

Something akin to a new middle power may be on the cusp of appearing at the heart of the Eurasian landmass

The region is also key to the “middle corridor” – the shortest route between western China and Europe, as opposed to “northern corridor” through Russia and the sea routes through the Indian Ocean and the Suez canal. The EU and international partners have pledged $10 billion to develop this route, also known as the Trans-Caspian International Transport Route, which is more a collection of different sections that can fit together in various ways, rather than a unitary line. This should bring journey times from one end to the other down to 15 days, compared to 19 days through the northern corridor, and up to 37 days by sea. Beijing is even more invested in this modern day iteration of the ancient Silk Road (it follows a similar path), which it calls the China–Central Asia–West Asia Economic Corridor of the Belt and Road Initiative. Over 260 projects with Chinese participation are already being implemented in the C5 countries.

Lastly, although food security is an issue in Central Asia as a whole, Kazakhstan is expected to be a be a leading producer of food surpluses over the next decade, according to a recent report by the Eurasian Development Bank. It is no coincidence that the secretariat and director general of the Islamic Organisation for Food Security, a partner of the Global Food Security Summit which just took place in Abu Dhabi, are permanently based in the Kazakh capital.

There is also a growing confidence in the region. Anyone thinking of them only as five countries that used to be part of the Soviet Union needs to refresh their lens. As a Carnegie Endowment analysis put it: “The region is no longer a backdrop for the new Great Game, nor is it anyone’s backyard.”

Kyrgyz police march in Bishkek, Kyrgyzstan, on November 1, 2024. A Carnegie Endowment analysis has stated that Central Asia is 'no longer a backdrop for the new Great Game, nor is it anyone’s backyard'. EPA
Kyrgyz police march in Bishkek, Kyrgyzstan, on November 1, 2024. A Carnegie Endowment analysis has stated that Central Asia is 'no longer a backdrop for the new Great Game, nor is it anyone’s backyard'. EPA

The C5 have been far from supportive of Russia’s position in the Ukraine war, with Kazakh President Kassym-Jomart Tokayev actually declaring right in front of Mr Putin in St Petersburg in 2022 that his country did not recognise pro-Russian “quasi-state territories” in Ukraine or elsewhere. That was bold, considering Russian forces had come to his aid and helped quell unrest in Kazakhstan as fellow members of the Moscow-led Collective Security Treaty Organisation only five months before.

But then Mr Tokayev, who appears to be emerging as a de facto first-among-equals of the C5, has ambitions for the five to work ever closer, “to shape the modern identity of Central Asia”, as he wrote in an article last August, and proposed a roadmap for regional integration and closer cooperation in defence and security at a C5 summit the same month.

Could a nascent Central Asian Union be far off? Either way, I believe this region to be one which the wise will watch closely. Something akin to a new middle power may be on the cusp of appearing at the heart of the Eurasian landmass. Baron Cohen’s comments about a country “no one had ever heard anything about” will then seem as quaint – and patronising – as perhaps they always were.

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Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

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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.”

UAE currency: the story behind the money in your pockets
The specs

Engine 60kwh FWD

Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry

Power 204hp Torque 360Nm

Price, base / as tested Dh174,500 

AUSTRALIA SQUAD

Steve Smith (capt), David Warner, Cameron Bancroft, Jackson Bird, Pat Cummins, Peter Handscomb, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Shaun Marsh, Tim Paine, Chadd Sayers, Mitchell Starc.

The Gandhi Murder
  • 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
  • 34 - Nationalities featured in the film The Gandhi Murder
  • 7 - million dollars, the film's budget 
The specs

Engine: 5.0-litre supercharged V8

Transmission: Eight-speed auto

Power: 575bhp

Torque: 700Nm

Price: Dh554,000

On sale: now

The specs: 2019 Lincoln MKC

Price, base / as tested: Dh169,995 / Dh192,045

Engine: Turbocharged, 2.0-litre, in-line four-cylinder

Transmission: Six-speed automatic

Power: 253hp @ 5,500rpm

Torque: 389Nm @ 2,500rpm

Fuel economy, combined: 10.7L / 100km

Dubai World Cup nominations

UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer

USA: Seeking The Soul/Dallas Stewart, Imperial Hunt/Luis Carvajal Jr, Audible/Todd Pletcher, Roy H/Peter Miller, Yoshida/William Mott, Promises Fulfilled/Dale Romans, Gunnevera/Antonio Sano, XY Jet/Jorge Navarro, Pavel/Doug O’Neill, Switzerland/Steve Asmussen.

Japan: Matera Sky/Hideyuki Mori, KT Brace/Haruki Sugiyama. Bahrain: Nine Below Zero/Fawzi Nass. Ireland: Tato Key/David Marnane. Hong Kong: Fight Hero/Me Tsui. South Korea: Dolkong/Simon Foster.

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Fixtures:

Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final

Dubai World Cup factbox

Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)

Most wins by a jockey: Jerry Bailey(4)

Most wins by an owner: Godolphin(9)

Most wins by a horse: Godolphin’s Thunder Snow(2)

Farasan Boat: 128km Away from Anchorage

Director: Mowaffaq Alobaid 

Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani

Rating: 4/5

Bio:

Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour

Favourite Hobby: Serving poor people 

Favourite Book: The Alchemist by Paulo Coelho

Favourite food: Fish and vegetables

Favourite place to visit: London

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

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
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Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

UAE tour of Zimbabwe

All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I

PREMIER LEAGUE FIXTURES

All kick-off times UAE ( 4 GMT)

Saturday
Liverpool v Manchester United - 3.30pm
Burnley v West Ham United - 6pm
Crystal Palace v Chelsea - 6pm
Manchester City v Stoke City - 6pm
Swansea City v Huddersfield Town - 6pm
Tottenham Hotspur v Bournemouth - 6pm
Watford v Arsenal - 8.30pm

Sunday
Brighton and Hove Albion v Everton - 4.30pm
Southampton v Newcastle United - 7pm

Monday
Leicester City v West Bromwich Albion - 11pm

It’ll be summer in the city as car show tries to move with the times

If 2008 was the year that rocked Detroit, 2019 will be when Motor City gives its annual car extravaganza a revamp that aims to move with the times.

A major change is that this week's North American International Auto Show will be the last to be held in January, after which the event will switch to June.

The new date, organisers said, will allow exhibitors to move vehicles and activities outside the Cobo Center's halls and into other city venues, unencumbered by cold January weather, exemplified this week by snow and ice.

In a market in which trends can easily be outpaced beyond one event, the need to do so was probably exacerbated by the decision of Germany's big three carmakers – BMW, Mercedes-Benz and Audi – to skip the auto show this year.

The show has long allowed car enthusiasts to sit behind the wheel of the latest models at the start of the calendar year but a more fluid car market in an online world has made sales less seasonal.

Similarly, everyday technology seems to be catching up on those whose job it is to get behind microphones and try and tempt the visiting public into making a purchase.

Although sparkly announcers clasp iPads and outline the technical gadgetry hidden beneath bonnets, people's obsession with their own smartphones often appeared to offer a more tempting distraction.

“It's maddening,” said one such worker at Nissan's stand.

The absence of some pizzazz, as well as top marques, was also noted by patrons.

“It looks like there are a few less cars this year,” one annual attendee said of this year's exhibitors.

“I can't help but think it's easier to stay at home than to brave the snow and come here.”

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%206.4-litre%20V8%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E470bhp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E637Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh375%2C900%20(estimate)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20now%3C%2Fp%3E%0A
The specs: 2019 GMC Yukon Denali

Price, base: Dh306,500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp @ 5,600rpm
Torque: 621Nm @ 4,100rpm​​​​​​​
​​​​​​​Fuel economy, combined: 12.9L / 100km

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2-litre%204-cylinder%20petrol%20(V%20Class)%3B%20electric%20motor%20with%2060kW%20or%2090kW%20powerpack%20(EQV)%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20233hp%20(V%20Class%2C%20best%20option)%3B%20204hp%20(EQV%2C%20best%20option)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20350Nm%20(V%20Class%2C%20best%20option)%3B%20TBA%20(EQV)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EMid-2024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3ETBA%0D%3C%2Fp%3E%0A
Venom

Director: Ruben Fleischer

Cast: Tom Hardy, Michelle Williams, Riz Ahmed

Rating: 1.5/5

Updated: November 28, 2024, 7:00 AM