The Biden administration has, quite naturally, prioritised resolving some of America’s greatest domestic challenges, particularly the Covid-19 pandemic and the bitter partisan divide that has led to deep social fissures across the country. In fact, President Joe Biden will be dedicating a significant portion of his first many days in office sorting out matters at home, leaving his foreign policy team to deal with the pressing issues beyond its borders.
Secretary of State nominee Antony Blinken and Secretary of Defence Lloyd Austin will have their work cut out, as they go about the difficult task of re-engaging with an international community less trusting of the US following four chaotic years under the preceding Trump administration. Moves have already been made to assuage concerns among fellow members of the Nato security alliance, as well as treaty allies in East Asia, regarding American commitment towards their security. There is promise of a five-year extension to the New START arms control treaty with Russia, and the US State Department is already reviewing its North Korea policy.
There is also good news with regard to the Middle East.
Curiously, the Biden administration seems to have cooled on the one talking point its key personnel harped on during the political transition over the past couple of months: the revival of the 2015 Iran nuclear deal, which Donald Trump withdrew the US from almost three years ago. Iran, in turn, went on to breach major parts of the deal. These breaches include resuming uranium enrichment at 20 per cent purity, increasing Tehran’s low-enriched uranium stockpile by 12 times the amount allowed under the accord and testing advanced centrifuges.
Mr Blinken and Mr Biden’s National Security Adviser, Jake Sullivan, had previously expressed their keenness to pursue a two-track strategy of reviving the so-called Joint Comprehensive Plan of Action – or JCPOA – and lifting sanctions against Tehran before negotiating with the regime over their ballistic missiles programme.
The Biden team has since sought to tamp down expectations. There are signs that they will, instead, build on the Trump administration’s pressure tactics against Iran with a view to curb its destabilising activities in various parts of the Middle East, as Mr Blinken himself recently put it. He said returning to JCPOA is predicated upon Tehran’s compliance, while confirming that these conditions are not being satisfied at present.
“We are a long way from there,” Mr Blinken told the US Senate Foreign Relations Committee last week. “We would then have to evaluate whether they were actually making good if they say they are coming back into compliance with their obligations, and then we would take it from there.”
Antony Blinken has slowed down talk of rushing into talks with Iran. Reuters
Avril Haines, Director of National Intelligence, also said that a decision to return to the pact is not imminent. “[Mr Biden] has indicated that if Iran were to come back into compliance, he would direct that we do so as well. And I think, frankly, that we are a long ways from that,” she said.
Perhaps the new administration has other foreign policy priorities, particularly collective security in East Asia amid what it perceives to be the rising threat of China. Perhaps the Biden team listened to concerns expressed by voices in the Middle East about the dangers of returning to talks with an Iranian regime that has made ideological expansion across the region its ultimate goal. Indeed, it should be clear by now the damage being done by the Iranian regime, which includes the creation and sustenance of armed proxies in countries with weak governments, such as Iraq, Syria and Lebanon. Many politicians in these countries are little more than puppets being controlled by Tehran.
Perhaps the escalating tensions between the Trump administration and the regime in recent months have led to the pause, at least for the time being.
Leaders of the GCC countries in the Saudi city of Al Ula this month. AFP
Yet, despite the shift in mood in Washington, the Gulf countries will be watchful and the Biden administration should look to the Gulf Co-operation Council to play a vital role in keeping the peace.
It is clear that the GCC is determined to put its concerns and interests on the table if the Biden team were to begin renegotiation of the nuclear deal in the future. Amid the uncertainty, the six-nation grouping has sought to remind the administration of its unique understanding of Iran’s behaviour. As neighbours, the Gulf countries are all too aware of the consequences of Tehran’s actions in the Strait of Hormuz. “Whatever you [Washington] know about the region, we know more,” Nayef Al Hajraf, the GCC Secretary General, told me recently. “We are trusted partners and we have a strategic relationship.”
Indeed, the Biden administration must understand the GCC’s role as a responsible stakeholder in a region that is otherwise riddled with a range of issues. Even as other countries struggle to deal with the economic fall-out of the pandemic, the Gulf nations are already focused on diversifying their economies and empowering their youth. And for what it's worth, they have always been advocates for constructive dialogue with all their neighbours – including Iran.
As the former US Special Representative for Syria, James Jeffrey, said, the Biden administration will do well to “listen” to the region. “They will look to the people of the region to explain three things: one, why the region remains very important to Americans; two, what the region is doing to deal with these problems itself and can be counted on by the United States to do; and thirdly, what the region needs the United States to do.”
One of the truisms about an overstretched America, as Mr Jeffrey pointed out, is that there is only so much this administration can do – as there was only so much the previous administration could do. It must therefore rely on its partners on the ground. The dangers of not doing so are real.
“The last thing the new administrations wants," according to Mr Al Hajraf, "is to have a destabilised region that will affect the supply of the energy, which will further destabilise economic reform in the region and create tensions – fuelled and fed by Iranian behaviour."
Raghida Dergham is the founder and executive chairwoman of the Beirut Institute and a columnist for The National
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
MATCH INFO
What: 2006 World Cup quarter-final When: July 1 Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
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
Results
ATP Dubai Championships on Monday (x indicates seed):
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Sector: Sales, Technology, Conservation
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The design
The protective shell is covered in solar panels to make use of light and produce energy. This will drastically reduce energy loss.
More than 80 per cent of the energy consumed by the French pavilion will be produced by the sun.
The architecture will control light sources to provide a highly insulated and airtight building.
The forecourt is protected from the sun and the plants will refresh the inner spaces.
A micro water treatment plant will recycle used water to supply the irrigation for the plants and to flush the toilets. This will reduce the pavilion’s need for fresh water by 30 per cent.
Energy-saving equipment will be used for all lighting and projections.
Beyond its use for the expo, the pavilion will be easy to dismantle and reuse the material.
Some elements of the metal frame can be prefabricated in a factory.
From architects to sound technicians and construction companies, a group of experts from 10 companies have created the pavilion.
Work will begin in May; the first stone will be laid in Dubai in the second quarter of 2019.
Construction of the pavilion will take 17 months from May 2019 to September 2020.
6.30pm: Shahm, 7.05pm: Well Of Wisdom, 7.40pm: Lucius Tiberius, 8.15pm: Captain Von Trapp, 8.50pm: Secret Advisor, 9.25pm: George Villiers, 10pm: American Graffiti, 10.35pm: On The Warpath
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.
What does it cost?
Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.
What will the interest rate be?
The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts
What about security?
The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.
Is it easy to use?
Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
Starring Dean-Charles Chapman, George MacKay, Daniel Mays
4.5/5
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally • Only about 160,000 have been officially described leaving around 90% undiscovered • Fungi account for roughly 90% of Earth's unknown biodiversity • Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Day 2, stumps
Pakistan 482
Australia 30/0 (13 ov)
Australia trail by 452 runs with 10 wickets remaining in the innings