This weekend marks US President Joe Biden’s first month in the Oval Office, which means it is still early days for any concrete foreign policy decisions to have been taken. Thus far, Mr Biden has limited himself to feel-good postures on complex global issues. On February 19, he will deliver a virtual address at the Munich Security Conference on the “importance of our transatlantic ties and the need for the United States and Europe to take on global challenges”. For the moment, such posturing does the job of soothing frayed nerves.
All too soon though, a harder metric will be employed. Mr Biden's performance will be measured against his promises, not least the bold pledge that America has returned to the world stage as a values-driven leader. But will the world and Europe, in particular, buy it?
Is the world even willing to follow America’s marching orders?
Much will depend on what sort of leadership Mr Biden proposes. The usual term for American presidents is "leader of the free world". But that is a relic of the Cold War era and a categorisation ripe for retirement. Which phrase, if any, could Mr Biden replace it with?
Not too long ago, former US President Barack Obama, an evocative writer, suggested that America reinvent its engagement with the world because “what was lost during the Trump presidency” was the US administration’s ability to “set the agenda” at summits and so on. Now, in this multipolar world, said Mr Obama, the US can’t walk into a room and demand everyone fall into line. Instead, it has to understand the interests of the key players, lead by example, and play the roles of “convener … persuader”.
US President Joe Biden (R) and US Vice President Kamala Harris meet with governors and mayors in the Oval Office in Washington, DC, US, on 12 February. EPA
But even to serve as convener of the free world, Mr Biden would have to keep in mind three cold, hard facts.
First, while Europe is relieved to have a more dependable partner in the White House, the experience of the Trump years has shifted strategic thinking towards a new vision of "European sovereignty".
Second, the so-called “Washington Consensus” – the international institutions and alliances that helped shape global politics for much of the 20th century – needs to be reimagined.
There is a welcome sense of realism in official briefings about Mr Biden's hopes and plans
Third, part of the reinvention must include the retooling of the global economy. Much will depend on the outcome of ongoing efforts to agree on the efficient taxation of multinational companies, digital services taxes (DST) and international trade rules that return to their original purpose of raising living standards across the board. This is where Mr Biden could play a crucial role. American involvement in shaping viable proposals would reassure the hesitant and nudge the recalcitrant. Its support for a global consensus would help set the tone for collaboration rather than conflict. As Mr Obama noted in his pitch for America to take up the role of world-convener: “if we didn’t set the agenda, nobody else had the combination of technical skill, bandwidth, diplomatic experience, relationships, trust and power to be able to stitch together various interests to arrive at something like a Paris accord.”
One month into the Biden administration, is there any sign it will take up the somewhat humbler task of convener – not leader – of the world? Will Mr Biden’s America lead, as he has promised, “not by the example of our power, but by the power of our example”?
There are some encouraging developments. Days ago, Mr Biden's administration reversed Mr Trump's block on the appointment of Nigerian-born US national Ngozi Okonjo-Iweala as director-general of the World Trade Organisation (WTO). The seven-month leadership void at the 164-country global trade body was finally filled on February 15.
There are welcome indications too that the US and the EU want to collaborate on getting the WTO’s dispute settlement system back in business, particularly on the issue of state subsidies. In December 2019, the Trump administration crippled the WTO with a two-year effort to block judicial appointments to its trades-disputes court. Meanwhile, Brussels, Washington and Tokyo are said to be open to working on a joint proposal to tighten subsidy rules.
The US has also signalled interest in negotiating taxation of multinational companies with Mr Biden’s treasury secretary Janet Yellen telling the US Senate at her January 19 confirmation hearing that it is better to “avoid a race to the bottom in corporate taxation”. She also indicated a willingness to consult on digital taxes. The Biden treasury department also recently appointed three scholars of international tax policy, which suggests a new seriousness about dealing with US tax rules for multinational corporations and negotiating international tax policy changes at the Organisation for Economic Co-operation and Development (OECD). That said, it’s thought the complexity and controversial nature of the DST issue means it is unlikely to be resolved by multilateral consensus by mid-2021, the point at which several OECD countries are set to enforce the charges.
Finally, there is a welcome sense of realism in official briefings about Mr Biden's hopes and plans. For instance, before his first phone call as president with his Chinese counterpart Xi Jinping, an unnamed American official confessed that Mr Biden's strategy would be driven by awareness that "the lion's share of the history of the 21st century is going to be written in the Asia-Pacific".
Despite it all, there are occasional flashes of scepticism bordering on cynicism overseas about Mr Biden’s intentions. In The Netherlands, some are calling Mr Biden “Trump with manners” simply because he toughened “Buy American” procurement rules and seems to be overwhelmingly focused on the domestic crises that beset the US right now.
But this is a precipitate judgment. It’s just too soon to tell.
Rashmee Roshan Lall is a columnist for The National
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024. It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine. Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages]. The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts. With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians. Following the single’s success, the idea to stage a rock concert evolved. Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world. The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Moment of the day Not much was expected – on Sunday or ever – of Hasan Ali as a batsman. And yet he lit up the late overs of the Pakistan innings with a happy cameo of 29 from 25 balls. The highlight was when he launched a six right on top of the netting above the Pakistan players’ viewing area. He was out next ball.
Stat of the day – 1,358 There were 1,358 days between Haris Sohail’s previous first-class match and his Test debut for Pakistan. The lack of practice in the multi-day format did not show, though, as the left-hander made an assured half-century to guide his side through a potentially damaging collapse.
The verdict As is the fashion of Test matches in this country, the draw feels like a dead-cert, before a clatter of wickets on the fourth afternoon puts either side on red alert. With Yasir Shah finding prodigious turn now, Pakistan will be confident of bowling Sri Lanka out. Whether they have enough time to do so and chase the runs required remains to be seen.
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Best North & Central American Player: DJ Jackson (United States)
Best African Player: Walter Dos Santos (Angola)
Best Oceanian Player: Lee Ting (Australia)
Best South American Player: Gabriel De Sousa (Brazil)
Best Asian Federation: Saudi Jiu-Jitsu Federation
Name: Colm McLoughlin
Country: Galway, Ireland
Job: Executive vice chairman and chief executive of Dubai Duty Free
Favourite golf course: Dubai Creek Golf and Yacht Club
Favourite part of Dubai: Palm Jumeirah
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Know your camel milk: Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste. Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk. Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate. Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Results:
6.30pm: Al Maktoum Challenge Round-2 (PA) | Group 1 US$75,000 (Dirt) | 2,200 metres
Winner: Goshawke, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer)
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.
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
