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
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More than 2.2 million Indian tourists arrived in UAE in 2023 More than 3.5 million Indians reside in UAE Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
The emirate’s public education system has been in a constant state of change since the New School Model was launched in 2010 by the Abu Dhabi Education Council. The NSM, which is also known as the Abu Dhabi School Model, transformed the public school curriculum by introducing bilingual education starting with students from grades one to five. Under this new curriculum, the children spend half the day learning in Arabic and half in English – being taught maths, science and English language by mostly Western educated, native English speakers. The NSM curriculum also moved away from rote learning and required teachers to develop a “child-centered learning environment” that promoted critical thinking and independent learning. The NSM expanded by one grade each year and by the 2017-2018 academic year, it will have reached the high school level. Major reforms to the high school curriculum were announced in 2015. The two-stream curriculum, which allowed pupils to elect to follow a science or humanities course of study, was eliminated. In its place was a singular curriculum in which stem -- science, technology, engineering and maths – accounted for at least 50 per cent of all subjects. In 2016, Adec announced additional changes, including the introduction of two levels of maths and physics – advanced or general – to pupils in Grade 10, and a new core subject, career guidance, for grades 10 to 12; and a digital technology and innovation course for Grade 9. Next year, the focus will be on launching a new moral education subject to teach pupils from grades 1 to 9 character and morality, civic studies, cultural studies and the individual and the community.
Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga
Rating: 3.5/5 stars
UAE tour of Zimbabwe
All matches in Bulawayo Friday, Sept 26 – UAE won by 36 runs Sunday, Sept 28 – Second ODI Tuesday, Sept 30 – Third ODI Thursday, Oct 2 – Fourth ODI Sunday, Oct 5 – First T20I Monday, Oct 6 – Second T20I
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
Last 10 winners of African Footballer of the Year
2006: Didier Drogba (Chelsea and Ivory Coast)
2007: Frederic Kanoute (Sevilla and Mali)
2008: Emmanuel Adebayor (Arsenal and Togo)
2009: Didier Drogba (Chelsea and Ivory Coast)
2010: Samuel Eto’o (Inter Milan and Cameroon)
2011: Yaya Toure (Manchester City and Ivory Coast)
2012: Yaya Toure (Manchester City and Ivory Coast)
2013: Yaya Toure (Manchester City and Ivory Coast)
2014: Yaya Toure (Manchester City and Ivory Coast)
2015: Pierre-Emerick Aubameyang (Borussia Dortmund and Gabon)
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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.”
Referees: Chris Broad, David Boon, Jeff Crowe, Andy Pycroft, Ranjan Madugalle and Richie Richardson.
Umpires: Aleem Dar, Kumara Dharmasena, Marais Erasmus, Chris Gaffaney, Ian Gould, Richard Illingworth, Richard Kettleborough, Nigel Llong, Bruce Oxenford, Ruchira Palliyaguruge, Sundaram Ravi, Paul Reiffel, Rod Tucker, Michael Gough, Joel Wilson and Paul Wilson.
