Over the past year, there has been a lot of talk about democracy being in “danger”. The joint US-German Bertelsmann Foundation warns that “democratic decline in the US and Europe is weakening the transatlantic relationship and undermining its influence around the world”. The International Institute for Democracy and Electoral Assistance in Sweden concurs, stating that “the bedrocks of democracy are weakening across the globe, with half of countries suffering democratic declines”.
I disagree. I think the facts suggest that democracy is actually in pretty good health around the world. Let’s start with Mr Trump.
A clear majority of American voters expressed their preference for him, and he was duly elected. Last month, Mikheil Kavelashvili became Georgia’s President, after being endorsed by the country’s 300-member College of Electors, despite all the foreign pressure against him and the departing, pro-western president Salome Zourabichvili’s insistence that she was the “only legitimate president”.
South Korea has survived an attempt to impose martial law, and President Yoon Suk Yeol has just been arrested to face charges of insurrection. In Indonesia, at the beginning of last year, Prabowo Subianto won the presidency on his third attempt. As he had also stood once for the vice presidency, no one can suggest that the country’s people did not know what they were going to get; he won nearly 60 per cent of the vote.
Indian Prime Minister Narendra Modi remained in power after last June’s election, but with a reduced majority. And in Canada, Prime Minister Justin Trudeau’s Liberals are deeply unpopular, and look likely to be voted out at the next election, which must be held by October.
This is democracy working as it’s supposed to. The will of the people is expressed through the ballot box and is reflected in the results. Processes hold and the constitution prevails, as happened in both Georgia and South Korea.
There may well be a threat to democracy, and indeed to public order and governments of all kinds, from misinformation. But that’s not what those wringing their hands about “democratic backsliding” are talking about. What they mean is: people are voting for parties they don’t like.
They may well be right that a certain form of liberal democratic politics, consisting of parties nominally of the centre-left – but which have often given up on anything historically recognisable as socialism or social democracy – and the mainstream right, is in trouble in large parts of the world. That isn’t surprising given their records in government over the past quarter century.
What have they bequeathed to their peoples? Devastating drops in purchasing power for the middle and working classes. Disastrous wars of choice. Banks unpunished for catastrophic failure during the global financial crisis of 2007-2008. Their leaders celebrate disruption, but that translates to the death of job security for the ordinary people who are told to look forward to the excitement of changing careers in their lifetime; in reality, they may be holding down several jobs just to get by.
The term “populist” is often used as an insult, but it may be that so-called populists of the genuine left and genuine right are just more in tune with what a lot of ordinary people want. Part of that is a feeling that many of the mainstream political parties have lost touch with what used to be considered common sense and have an odd sense of priorities.
For me there is one example that stands for much of this. The UK is still the world’s sixth-largest economy, yet over the past 15 years more and more people have had to go to food banks. According to former prime minister Gordon Brown, the Trussell Trust provided 35 of them in 2010. “With the addition of independent food banks, today’s 2,800 food banks and emergency food suppliers are now as recognisable a feature of the British landscape as the local secondary school,” he wrote last June. “Food banks are opening as fast as high street banks have been closing down.”
I find that absolutely scandalous. The “established” UK political class evidently can tolerate that, however – otherwise they would have made it an urgent priority. But a huge swathe of them can't tolerate anyone not signing up to a gender ideology that old-fashioned feminists decry.
Take that as representative of the disconnect, and it’s clear that when people vote for Mr Trump, or Reform UK’s Nigel Farage, or Georgian Dream, or the left-wing alliance that topped the poll in France’s legislative election last summer, or Indonesia’s Mr Prabowo, they are choosing politicians who they believe are more aligned with their real interests and values. And who is to say they are wrong when, in power, they start a programme to provide free meals to nearly a third of the population that might otherwise go hungry, as Mr Prabowo has done, or attempted an audit of the US Defence Department (for the first time ever), to ensure taxpayers dollars aren’t wasted, as Mr Trump did?
If that constitutes a rejection of an established elite class of politicians who often seem to be enamoured by weird ideologies, are out of touch with the challenges ordinary people face, and whose dismal record does not deserve renewal at the ballot box, then so be it. But that is not democracy in danger. That’s democracy in action.
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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.”
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
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The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars
PREMIER LEAGUE STATS
Romelu Lukaku's goalscoring statistics in the Premier League
Season/club/appearances (substitute)/goals
2011/12 Chelsea: 8(7) - 0
2012/13 West Brom (loan): 35(15) - 17
2013/14 Chelsea: 2(2) - 0
2013/14 Everton (loan): 31(2) - 15
2014/15 Everton: 36(4) - 10
2015/16 Everton: 37(1) - 18
2016/17 Everton: 37(1) - 25
DUBAI SEVENS 2018 DRAW
Gulf Men’s League
Pool A – Dubai Exiles, Dubai Hurricanes, Bahrain, Dubai Sports City Eagles
Pool B – Jebel Ali Dragons, Abu Dhabi Saracens, Abu Dhabi Harlequins, Al Ain Amblers
Gulf Men’s Open
Pool A – Bahrain Firbolgs, Arabian Knights, Yalla Rugby, Muscat
Pool B – Amman Citadel, APB Dubai Sharks, Jebel Ali Dragons 2, Saudi Rugby
Pool C – Abu Dhabi Harlequins 2, Roberts Construction, Dubai Exiles 2
Pool D – Dubai Tigers, UAE Shaheen, Sharjah Wanderers, Amman Citadel 2
Gulf U19 Boys
Pool A – Deira International School, Dubai Hurricanes, British School Al Khubairat, Jumeirah English Speaking School B
Pool B – Dubai English Speaking College 2, Jumeirah College, Dubai College A, Abu Dhabi Harlequins 2
Pool C – Bahrain Colts, Al Yasmina School, DESC, DC B
Pool D – Al Ain Amblers, Repton Royals, Dubai Exiles, Gems World Academy Dubai
Pool E – JESS A, Abu Dhabi Sharks, Abu Dhabi Harlequins 1, EC
Gulf Women
Pool A – Kuwait Scorpions, Black Ruggers, Dubai Sports City Eagles, Dubai Hurricanes 2
Pool B – Emirates Firebirds, Sharjah Wanderers, RAK Rides, Beirut Aconites
Pool C – Dubai Hurricanes, Emirates Firebirds 2, Abu Dhabi Saracens, Transforma Panthers
Pool D – AUC Wolves, Dubai Hawks, Abu Dhabi Harlequins, Al Ain Amblers
Gulf U19 Girls
Pool A – Dubai Exiles, BSAK, DESC, Al Maha
Pool B – Arabian Knights, Dubai Hurricanes, Al Ain Amblers, Abu Dhabi Harlequins
The Intruder
Director: Deon Taylor
Starring: Dennis Quaid, Michael Ealy, Meagan Good
One star
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UAE v Indonesia, Thursday, 8pm
Venue: Al Maktoum Stadium, Dubai
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Uefa Champions League, Group C
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Anfield, Liverpool
Wednesday, 11pm (UAE)
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10