Last week's US-Russia summit in Geneva proceeded exactly as it had been planned by the two governments.
There were no surprises. There were no confrontations between US President Joe Biden and his Russian counterpart, Vladimir Putin, either. Both leaders showed tact: they were firm on some matters and flexible on others. And hours later, they left the summit without compromising on their redlines.
Other notable achievements included a freeze on the long-running diplomatic spat between the two countries by reopening consulates and restoring ambassadors. They also agreed, in principle, on the need to reach an accord in the future to resolve disagreements.
Mr Biden left the summit being able to boast that he told Mr Putin to respect the rules. Mr Putin left the summit being able to showcase Russia as a heavyweight – a great power reminiscent of the erstwhile Soviet Union. He also portrayed himself as a key international player who meets the president of the United States on an equal footing.
In form, the summit brought together the leaders of two great powers. In practice, it was just an introductory meeting that achieved no radical shift in relations.
The leaders did not negotiate with each other – that will be the work of officials representing the two countries' ministries, if it happens – and perhaps this is the most important breakthrough at the summit. Both leaders identified each other's red lines and issues ranging from security to climate change for future working groups to negotiate on.
In short, they agreed that their conversation is to be continued. Indeed, with US Secretary of State Antony Blinken and Russian Foreign Minister Sergey Lavrov in the room, the two leaders spent three hours working on delineating what is negotiable and what is not.
From the Russian point of view, Mr Biden had gone too far in criticising Russia's human rights issues, in particular the case of the jailed dissident Alexei Navalny in the run-up to the summit. However, the US delegation had made it clear that human rights were a much more important issue for Mr Biden than nuclear warheads.
US President Joe Biden holds a press conference after the US-Russia summit in Geneva, Switzerland, on June 16, 2021. AFP
Journalists watch live at a nearby media centre as Mr Biden speaks. Getty Images
The presidential seal is attached to the lectern ahead of Mr Biden's address. Reuters
Russian President Vladimir Putin speaks to journalists after his meeting with Mr Biden. Reuters
Journalists watch a live broadcast of Mr Putin's address. Getty Images
Swiss President Guy Parmelin, right, looks on as Mr Putin shakes hands with Mr Biden. AP
The leaders issued a rare joint statement saying "a nuclear war cannot be won and must never be fought". AP
The US and Russia will continue diplomatic discussions that will build on the Geneva meeting, officials said. AFP
US Secretary of State Antony Blinken, US President Joe Biden, Russian President Vladimir Putin and Russian Foreign Minister Sergei Lavrov pose for the press before the US-Russia summit. AFP
Mr Biden and Mr Putin shake hands. Reuters
President Parmelin with the US and Russian leaders before their meeting. AFP
Mr Putin steps down from his plane at Geneva Airport. AFP
An armoured police vehicle sits outside Villa La Grange in Geneva, where Mr Biden and Mr Putin met. Bloomberg
Journalists throng the media tent across the street from where the leaders met. AP
A worker cleans the red carpet at the summit venue. AP
A man takes a picture of Russian and US flags on the Mont-Blanc bridge in Geneva. AFP
A news crew at work before the summit. AFP
A Swiss policeman patrols the grounds of the summit venue. AFP
Soviet Leader Mikhail Gorbachev and US President Ronald Reagan meet at the Geneva Summit in 1985. Getty Images
It was clear from the get-go that, to prevent Mr Putin from seizing the initiative, the Biden administration had brilliantly choreographed the summit. It had refused to set an agenda, opposed a joint news conference and ended the meeting after only four hours, even though Moscow had sought an additional hour.
But tact is one thing and trust is another, and the summit proved the Biden administration does not trust the Kremlin. It continues to blame Moscow for what it sees as Russian meddling in the 2016 presidential election that helped put Donald Trump, a Republican, in the White House by beating Mr Biden's fellow Democrat, Hillary Clinton. Nevertheless, the Biden team is keen to prevent confrontation and explore areas of mutual understanding, both bilaterally and on international issues.
The two presidents did not discuss the issue of China in depth, particularly as the Nato summit and the EU-US summit, held just days before the Geneva meeting, had already made clear the West’s position vis-a-vis the rising Asian power.
They did talk about Iran and Syria, however.
Mr Biden suggested that a return to the JCPOA nuclear deal with Iran was possible – but that a deliberate ignorance of its regional behaviour was not. Mr Biden told Mr Putin the US would not lift all sanctions on Tehran until it changed its expansionist foreign policy in the Middle East.
The Biden administration is willing to lift more sanctions on Iran, especially on its oil sector, but is unwilling to lift the military embargo that would enable Iran to sign arms deals – as long as Tehran continues what the Biden administration terms as “malign” regional activities. It is worth noting, of course, that Moscow’s interests are better served if Washington lifts the military sanctions first, given the huge arms deals it hopes to conclude with Tehran.
Mr Biden, meanwhile, has made it clear that the US has no plan to relinquish its interests in Syria. He added his administration is ready to discuss the war-torn country's future on this basis. This is important, although it is yet unclear where the two sides meet on the issue.
Joey Hood, the Acting US Assistant Secretary of State for Near Eastern Affairs, has told me that the US could strike a deal with Russia over the delivery of humanitarian aid to Syria. He added that it could be the way in for the Biden administration to assert itself over the issue of that country’s political future.
“If we come together on the humanitarian aspect, maybe we may progress on the political aspect as well,” Mr Hood said. “President Putin has been very clear many times over the years that he’s not particularly dedicated to [Syrian President] Bashar [Al Assad] himself as a person, but he doesn’t want to see more chaos in Syria. I think we share that goal of not wanting to see further chaos and suffering.”
The point, according to Mr Hood, is to establish a new constitution and a new government that is truly representative of the Syrian people and then “maybe we can see ways in which Russia and American interests in Syria are both advanced through this political process”.
However, Fyodor Lukyanov, chairman of the Russian Presidium of the Council on Foreign and Defence Policy, has a different view. Russia, according to him, will seek the recognition of Mr Al Assad as the legitimate leader of post-war Syria – something the US is likely to oppose.
Mr Lukyanov struck a more positive note about US-Russia relations being a matter of priority for Moscow – ahead of the Iran nuclear deal. Russia and Iran, he said, have “extensively different interests even in Syria, where they are allies”. For US-Russia relations to improve, he said, the two governments need to form working groups to review a range of issues.
I have to point out, though, that fundamental differences between the two sides stem from divergences in doctrines and systems of government. Mr Biden, it seems, seeks to be an advocate for human rights and democracy with a view to weaken theocratic and fundamentalist regimes, such as Iran’s.
How the US and Russia work around their ideological differences remains to be seen in the years to come. But the Geneva summit represents a promising resumption in their relations.
Raghida Dergham is the founder and executive chairwoman of the Beirut Institute and a columnist for The National
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
Results
2.15pm: Handicap Dh80,000 1,950m
Winner: Hello, Tadhg O’Shea (jockey), Ali Rashid Al Raihi (trainer).
2.45pm: Handicap Dh90,000 1,800m
Winner: Right Flank, Pat Dobbs, Doug Watson.
3.15pm: Handicap Dh115,000 1,000m
Winner: Leading Spirit, Richard Mullen, Satish Seemar.
3.45pm: Jebel Ali Mile Group 3 Dh575,000 1,600m
Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer.
4.15pm: Handicap Dh105,000 1,400m
Winner: Ode To Autumn, Patrick Cosgrave, Satish Seemar.
4.45pm: Shadwell Farm Conditions Dh125,000 1,200m
Winner: Last Surprise, James Doyle, Simon Crisford.
5.15pm: Handicap Dh85,000 1,200m
Winner: Daltrey, Sandro Paiva, Ali Rashid Al Raihi.
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.
Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.
Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.
Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.
I Care A Lot
Directed by: J Blakeson
Starring: Rosamund Pike, Peter Dinklage
3/5 stars
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,000mm, Winners: Mumayaza, Fabrice Veron (jockey), Eric Lemartinel (trainer)
5.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m, Winners: Sharkh, Pat Cosgrave, Helal Al Alawi
6pm: The President’s Cup Prep - Conditions (PA) Dh100,000 (T) 2,200m, Winner: Somoud, Richard Mullen, Jean de Roualle
6.30pm: Handicap (PA) Dh90,000 (T) 1,600m, Winner: Harrab, Ryan Curatolo, Jean de Roualle
7pm: Abu Dhabi Equestrian Gold Cup - Prestige (PA) Dh125,000 (T) 1,600m, Winner: Hameem, Adrie de Vries, Abdallah Al Hammadi
7.30pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m, Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
8pm: Maiden (TB) Dh80,000 (T) 1,400m, Winner: Nibras Passion, Bernardo Pinheiro, Ismail Mohammed
RESULTS
5pm Wathba Stallions Cup Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner Munfared, Fernando Jara (jockey), Ahmed Al Mehairbi (trainer)
5.30pm Handicap (PA) Dh70,000 (D) 1,600m
Winner Sawt Assalam, Szczepan Mazur, Ibrahim Al Hadhrami
6pm Maiden (PA) Dh70,000 (D) 1,800m
Winner Dergham Athbah, Pat Dobbs, Mohamed Daggash
6.30pm Handicap (PA) Dh70,000 (D) 1,800m
Winner Rajee, Fernando Jara, Majed Al Jahouri
7pm Conditions (PA) Dh80,000 (D) 1,800m
Winner Kerless Del Roc, Fernando Jara, Ahmed Al Mehairbi
7.30pm Handicap (TB) Dh70,000 (D) 2,000m
Winner Pharoah King, Pat Dobbs, Doug Watson
8pm Conditions (PA) Dh85,000 (D) 2,000m
Winner Sauternes Al Maury, Dane O’Neill, Doug Watson
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.”
5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)
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Key findings of Jenkins report
Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Company: Instabug
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The entire coronation ceremony extends over three days from May 4-6, but Saturday is the one to watch. At the time of 10:09am the royal purification ceremony begins. Wearing a white robe, the king will enter a pavilion at the Grand Palace, where he will be doused in sacred water from five rivers and four ponds in Thailand. In the distant past water was collected from specific rivers in India, reflecting the influential blend of Hindu and Buddhist cosmology on the coronation. Hindu Brahmins and the country's most senior Buddhist monks will be present. Coronation practices can be traced back thousands of years to ancient India.
The crown
Not long after royal purification rites, the king proceeds to the Baisal Daksin Throne Hall where he receives sacred water from eight directions. Symbolically that means he has received legitimacy from all directions of the kingdom. He ascends the Bhadrapitha Throne, where in regal robes he sits under a Nine-Tiered Umbrella of State. Brahmins will hand the monarch the royal regalia, including a wooden sceptre inlaid with gold, a precious stone-encrusted sword believed to have been found in a lake in northern Cambodia, slippers, and a whisk made from yak's hair.
The Great Crown of Victory is the centrepiece. Tiered, gold and weighing 7.3 kilograms, it has a diamond from India at the top. Vajiralongkorn will personally place the crown on his own head and then issues his first royal command.
The audience
On Saturday afternoon, the newly-crowned king is set to grant a "grand audience" to members of the royal family, the privy council, the cabinet and senior officials. Two hours later the king will visit the Temple of the Emerald Buddha, the most sacred space in Thailand, which on normal days is thronged with tourists. He then symbolically moves into the Royal Residence.
The procession
The main element of Sunday's ceremonies, streets across Bangkok's historic heart have been blocked off in preparation for this moment. The king will sit on a royal palanquin carried by soldiers dressed in colourful traditional garb. A 21-gun salute will start the procession. Some 200,000 people are expected to line the seven-kilometre route around the city.
Meet the people
On the last day of the ceremony Rama X will appear on the balcony of Suddhaisavarya Prasad Hall in the Grand Palace at 4:30pm "to receive the good wishes of the people". An hour later, diplomats will be given an audience at the Grand Palace. This is the only time during the ceremony that representatives of foreign governments will greet the king.
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.