Even in normal times, it is difficult to predict the result of the US presidential election. But with Donald Trump and Joe Biden – two men in their 70s – fighting a brutal battle for the right to be inaugurated in January 2021, the uncertainty has intensified. Mike Pence and Kamala Harris are receiving plenty more scrutiny from the American voters than past vice-presidential candidates – especially because it is possible that either or both could become president one day. It is no surprise, therefore, that their debate last week was watched by more people than the ones held in the previous two election cycles.
If Mr Trump wins a second term, his “America First” doctrine for how the US would operate in the world is unlikely to change a great deal. If he becomes president in four years’ time, Mr Pence would more than likely continue the policies of his boss. It is less clear what Mr Biden’s approach would be, given that the world is different place from what it was when he was vice president under Barack Obama from 2009-2017.
Most of the world is awaiting the outcome of this unusual election, including policymakers anxious about the implications of the uncertainty and the difficulty in anticipating future US policies. There is also the question of what impact the result will have on ongoing conflicts, particularly in the Middle East, and how it will affect the behaviour of various countries, notably Iran.
Supporters from both sides gather near the debate venue. AP
Democratic U.S. vice presidential nominee Kamala Harris and incumbent Mike Pence. Reuters/file
One of President Donald Trump's supporters exchanges words with a counter demonstrator outside the debate venue. Reuters
The debate takes place at the University of Utah's Kingsbury Hall in Salt Lake City. EPA
Social distancing signs on seats. Bloomberg
A mobile billboard sponsored by the Democratic National Committee criticising the adminsitration's Covid19 response. AFP
Staff members prepare the debate stage behind plexiglass shields. Bloomberg
It is, however, also true that America must get used to operating in a world that is increasingly multi-polar and chaotic. China continues to rise, but Russia is a power that is flexing its muscles around the world these days. Meanwhile, regional powers such as Turkey and Iran are playing by their own rules, thereby creating a less stable Middle East.
The trick, then, for the next US president would be to continue working with existing allies while building new partnerships. But he must also accept the reality that, in an increasingly multi-polar world, most countries will work with one another in varying capacities.
During my recent conversation with Reem Al Hashimy, the Minister of State for International Co-operation made an interesting point when she stressed that the UAE does not view other countries through an ideological prism, nor does it base its relations with them on the nature of relations between them. Rather, she said, the UAE builds its foreign policy on a spirit of dialogue and co-operation.
“We have tough conversations with everybody because we also are very keen on ensuring that our own national and strategic interests are met in a win-win set-up and win-win situation,” Ms Al Hashimy said. “You have different partners for different causes, and your ability to speak through debate and dialogue is actually a strength of your foreign policy.”
Her point is well taken, particularly when one looks at the possibility of a new cold war emerging between the US and China, and in the context of the recently strained relations between China and India. All three countries maintain excellent relations with the UAE.
Indian Army personnel carry the body of Col Santosh Babu through Suryapet, a town near the southern Indian city of Hyderabad, on Thursday. Col Babu was among the 20 Indian troops killed in Monday's clash with Chinese soldiers in the Himalayan district of Ladakh. AFP
Indian Army personnel, family members and relatives salute next to the body of Col Santosh Babu before his funeral at Suryapet. AFP
B Upender performs the final rites of his son Col Santosh Babu in Suryapet. AP Photo
Santoshi mourns after receiving her husband Col Santosh Babu's uniform and the National flag during the last rites ceremony in Suryapet. AP Photo
Santoshi performs rituals during the last rites in Suryapet. AP Photo
Santoshi and her son salute during the last rites of her husband in Suryapet. AP Photo
Activists hold photos of Chinese President Xi Jinping and shout slogans against China during a protest in the southern Indian city of Bangalore. EPA
Activists hold photos of Chinese President Xi Jinping and shouts slogans against China in Bangalore. EPA
Children take part in an anti-China demonstration in the eastern Indian city of Kolkata. AFP
Men shout slogans and call for boycott of Chinese products during a demonstration in the north-eastern Indian city of Guwahati. AP Photo
Activists throughout India hold candles as a tribute to Indian soldiers killed in clash with Chinese troops in the Himalayan district of Ladakh. EPA
Activists belonging to the Bharatiya Janata Party shout slogans while holding posters as they sit in a police van during an anti-China protest in the eastern Indian city of Siliguri. AFP
Mr Trump's mostly unilateral approach to foreign policy has been described by many thinkers as inappropriate for a world that is facing common challenges: climate change, infectious diseases, weapons proliferation and terrorism
China-India relations cannot be viewed in isolation either. They have lived next door to one another for eternity, but the world is changing and both countries wield considerably more economic and military might than in the past. China has also watched with interest the warming of the US-India equation, which may be contributing to the already existing border tensions. If China is right to be wary of America’s growing influence in South Asia, India is justified to look out for itself.
Shivshankar Menon, India’s former national security adviser, told me that his country has China to thank for improved ties with America – an important development from Delhi's perspective. “There's much more congruence here in terms of, for instance, simple things like maritime security throughout the Indo-Pacific,” he said. “We can't transform India without the US, which is an essential partner.”
However, just like Ms Al Hashimy said, it is important for countries to reach out to one another and foster positive relations. Could countries band together to form “coalitions of the willing”, as Mr Menon characterises them, and once again work in tandem for the greater good of the world?
Mr Trump's mostly unilateral approach to foreign policy has been described by many thinkers as inappropriate for a world that is facing common challenges: climate change, infectious diseases, weapons proliferation and terrorism. One such expert is Richard Haass, president of the American think tank Council on Foreign Relations, who recently told me that we live in an era where no country on its own can protect its own interests better than it can by working with others. He argued that sovereignty does not give anyone the right to carry out genocide against its people, destroy rainforests, or threaten other countries. Whether one agrees with him or not, Mr Haass seems to believe that America still has a role to play across the globe: that of the world's policeman.
“The Obama administration made a mistake with the so-called ‘red line’ and Syrian chemicals,” he said, in reference to Mr Obama’s inaction even as the Assad regime was alleged to have used chemical weapons against its own people in 2013. “The Trump administration, I would argue, made a major mistake in abandoning the Kurds [by letting Turkish-backed forces drive them out of northern Syria and occupy parts of the territory]. They were the best partner the United States had in Syria, in dealing with the challenges there.”
A return to multilateralism, then, will depend on whether Mr Biden wins, or if Trump 2.0 sheds some of Trump 1.0's "America First" policy.
Does one need to underline how important the November 3 election is?
Raghida Dergham is the founder and executive chairwoman of the Beirut Institute
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.”
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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
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.
Company Profile
Name: Thndr Started: 2019 Co-founders: Ahmad Hammouda and Seif Amr Sector: FinTech Headquarters: Egypt UAE base: Hub71, Abu Dhabi Current number of staff: More than 150 Funds raised: $22 million
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
The specs
Engine: 2.4-litre 4-cylinder
Transmission: CVT auto
Power: 181bhp
Torque: 244Nm
Price: Dh122,900
LILO & STITCH
Starring:Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
Ms Yang's top tips for parents new to the UAE
Join parent networks
Look beyond school fees
Keep an open mind
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
'Project Power'
Stars: Jamie Foxx, Joseph Gordon-Levitt, Dominique Fishback