Then Vice President Joe Biden dances with his wife Jill at the Commander In Chief Ball on inauguration night in Washington, in 2009. AP
Then Vice President Joe Biden dances with his wife Jill at the Commander In Chief Ball on inauguration night in Washington, in 2009. AP
Then Vice President Joe Biden dances with his wife Jill at the Commander In Chief Ball on inauguration night in Washington, in 2009. AP
Then Vice President Joe Biden dances with his wife Jill at the Commander In Chief Ball on inauguration night in Washington, in 2009. AP

Biden's America will be a more hopeful America


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Joe Biden is loved for his decency, for his moral compass. Here is a man who used the Irish poet Seamus Heaney’s words during his campaign as balm for a bruised country: “Once in a lifetime, the longed for tidal wave of justice can rise up and hope and history rhyme”. Mr Biden is a man who suffered – like many Americans in this Covid period – excruciating personal losses. He grieved, but he did not break.

Many people love that Mr Biden is a veteran politician who knows the White House and Congress. He can make bipartisan deals; he can concede – but also smooth rather than inflame. He’s a deal-maker. He will need this skill. If the Republicans keep the Senate, Mitch McConnell, the Majority leader, can and will make his life hell.

Mr Biden is a pragmatic centrist. He’s not unlike Lyndon B Johnson, the 36th US President, renowned for twisting arms with a wide smile when he wanted to get something done. He’s likable: an average guy, who one childhood friend recalled could strike up a conversation with everyone and anyone.

For the first time in four years, many Americans have hope. There are ambitious plans already being discussed in Mr Biden’s teams and a diverse Cabinet being drawn up. There’s talk of ending the Muslim travel ban imposed by Donald Trump. There’ s talk of restarting the Paris Climate Agreement.

That’s part of the euphoria we are all feeling with the win. But the flip side is this: what Mr Biden will inherit is terrifying. The total of coronavirus cases in the US surpassed 10 million on Sunday. Experts say the virus is spreading out of control and could grow worse before the President elect takes office. The magnitude of Mr Biden’s task is vast.

US President-elect Joe Biden with his wife Jill Biden, salute the crowd on stage after being declared the winner of the US presidential election. AFP
US President-elect Joe Biden with his wife Jill Biden, salute the crowd on stage after being declared the winner of the US presidential election. AFP

Then there is the damage that can be done even before he enters the White House.

To start, Mr Trump remains in control of the pandemic – which he doesn’t even believe in – for the next 72 days. He is at war with his coronavirus advisors, including Dr Anthony S Fauci. Ahead are the Thanksgiving holidays, when traditionally Americans gather their tribes, the Christmas holidays and ending of college semesters. All mean close proximity of families gatherings indoors, and a potential surge of the virus.

Dr Ashish K Jha from Brown University told National Public Radio that all Mr Biden can do during this potentially catastrophic period is wield “moral and social power”. Dr Jha predicted that by the time Mr Trump leaves office, 100,000 more people could be dead.

If he wants to, Mr Trump could use his Executive Orders to roll back regulations. He could pardon his cronies: Steve Bannon, Paul Manafort, Michael Flynn.

There is the risk of civil unrest could occur if the militias, the White Supremacists, the armed factions are so inclined. There are 71 million people who voted for Mr Trump and are disappointed by the Biden win. Mr Trump could invoke their support.

There are historical examples of past fiascos; but none seems as potentially dangerous as this one. In 1801, John Adams, the second President of the US and another sore loser, refused to hand over office to his rival, Thomas Jefferson.

Adams refused to attend the event to see Jefferson sworn in. Adams appointed dozens of last-minute judges, including a Chief Justice, before Jefferson arrived. Remember Amy Coney Barrett?

Adams refused to leave until his former White House staff literally moved the office from around him – taking his belongings away and cutting their communication with Adams.

US President-elect Joe Biden and wife Jill Biden gesture to the audience during an election event. Bloomberg
US President-elect Joe Biden and wife Jill Biden gesture to the audience during an election event. Bloomberg

In November, 1932, at the height of The Great Depression when millions of Americans were out of work and struggling to feed their families, Herbert Hoover lost to a Democrat, Franklin D. Roosevelt.

The banking system was on the verge of complete collapse. Hoover, a Republican, opposed federal assistance and refused to intervene even as the Federal Reserve begged him to declare a bank holiday. Hoover kept repeating that the economy would recover at any moment. “The Depression is over!” he said, blaming the economic crisis on FDR: a bit like Trump’s belief that the virus is “turning a corner.”

For the first time in four years, many Americans have hope

But these are all worse-case scenarios; my conjecture. One hopes there will be a peaceful transition, that Mr Trump will come to his senses. If he follows protocol, shakes Mr Biden’s hand, declares his loss, we have a chance.

If all goes well, what should happen, from now until January 20, is the standard transition: the Secret Service divides its attention between the incumbent and the incoming President, and the CIA begins briefing both. White House staff prepare to re-do the house, and by mid-day on January 20, Mr Trump’s belongings should be gone. Dr Jill Biden replaces Melania Trump. The power organs – the Pentagon, the CIA, FBI and the Attorney General – cut communication with Mr Trump. Finally, Air Force One and the Beast automobile will salute Mr Trump for the last time.

But Mr Trump’s reign in the White House was never marked by tradition. And while the euphoria of Mr Biden and Vice President-elect Kamala Harris’s rousing speeches from a Wilmington Delaware drive-in cinema calmed an anxious nation, there is still an angry man looming in the background.

And for the next 72 days, that man, Donald J Trump, is still the Commander in Chief.

Janine di Giovanni is a Senior Fellow at Yale University’s Jackson Institute for Global Affairs and a columnist for The National

Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

HAJJAN
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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

The candidates

Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

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.”

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Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Wonka
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Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

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Infiniti QX80 specs

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David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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Neil Thomson – THE BIO

Family: I am happily married to my wife Liz and we have two children together.

Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.

Favourite book: I constantly find myself reading The Bible.

Favourite film: The Greatest Showman.

Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.

Favourite food: I went to boarding school so I like any cuisine really.

Specs

Engine: 2-litre

Transmission: Eight-speed automatic

Power: 255hp

Torque: 273Nm

Price: Dh240,000