US President Joe Biden signs documents in the President's Room at the Capitol following the inauguration in Washington, January 20, 2020. EPA/Bloomberg
US President Joe Biden signs documents in the President's Room at the Capitol following the inauguration in Washington, January 20, 2020. EPA/Bloomberg
US President Joe Biden signs documents in the President's Room at the Capitol following the inauguration in Washington, January 20, 2020. EPA/Bloomberg
US President Joe Biden signs documents in the President's Room at the Capitol following the inauguration in Washington, January 20, 2020. EPA/Bloomberg

‘Hope in hard times’ was central message of Biden’s inauguration


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The names, policies and priorities keep changing, but the choreography of a US presidential inauguration remains the same.

There is music, singing and prayers, then the new president swears a 35-word oath and makes a speech. Washington has a big party – and then the hard work begins. Sometimes the inaugural speech is short – George Washington’s was shortest, at 135 words. Sometimes it is long – William Henry Harrison was the longest at 10,000 words, but in the winter weather, he caught a chill and died of pneumonia after only 31 days in office, the shortest presidency in history.

The Biden inauguration will go down in history, too; yes, for the profound challenges he faces, but also for one big positive reason: hope in hard times. This was the first socially distanced inauguration, held during a pandemic while the centre of America’s capital resembled the highest security zone you can imagine. Armed National Guardsmen stood on alert, protecting against any repeat of the storming of the Capitol last week by supporters of Mr Biden’s predecessor.

Like Lord Voldemort, Donald Trump’s name was never mentioned. He had chosen to make his way to Florida rather than attend his nation’s greatest healing ceremony.

But with Mr Trump gone and hope in abundance, there was diversity and history, too. After performances from Lady Gaga and Jennifer Lopez came the swearing in of the first woman US vice president in history, Kamala Harris, by the first Latina on the US Supreme Court.

Republicans including George W Bush and departing vice president Mike Pence stood shoulder to shoulder with Democrats including Barack Obama and Bill Clinton. With repeated calls for unity and civility, Joe Biden captured the mood of a nation that desperately needs to heal.

“We must end this uncivil war,” he said. “Disagreement must not lead to disunion.”

As president, he aims to heal a “broken land” and despite the violence of the mob that opposes him, “this is democracy’s day. Democracy has prevailed”.

Yet Mr Biden faces four “overlapping and compounding crises”, according to his incoming chief of staff Ron Klain – Covid-19, the ensuing economic crisis, the climate crisis and “a racial equity crisis”. Mr Biden promised to tackle all of these, and to US allies he said, “we will repair our alliances” damaged in the Trump years.

The challenges are immense, but hope was hardened by determination to always be honest with the American people. After a period where falsehoods were part of policy, Mr Biden said that “there is truth and there are lies” and he would not tolerate a culture “in which facts are manipulated and are manufactured”.

While Mr Trump slides into history as the first president to be impeached twice, this was not a day for reflecting on the failures of the past, but a day of hope of change for the future. Mr Biden often quotes the Irish poet Seamus Heaney.

“History says

Don’t hope on this side of the grave

But then, once in a lifetime

The longed-for tidal wave

Of justice can rise up

And hope and history rhyme.”

That time is now.

Gavin Esler is a broadcaster and UK columnist for The National

Lampedusa: Gateway to Europe
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Quercus

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There are 139,018 global trace requests that have not been resolved yet, 55,672 of these are in the Middle East region.

 

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The total figure for the entire world was 654,000 in 2018.

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Dubai works towards better air quality by 2021

Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

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“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

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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.”

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Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

World Cup warm up matches

May 24 Pakistan v Afghanistan, Bristol; Sri Lanka v South Africa, Cardiff

May 25 England v Australia, Southampton; India v New Zealand, The Oval

May 26 South Africa v West Indies, Bristol; Pakistan v Bangladesh, Cardiff

May 27 Australia v Sri Lanka, Southampton; England v Afghanistan, The Oval

May 28 West Indies v New Zealand, Bristol; Bangladesh v India, Cardiff

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Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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Wins: 117
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Ovo's tips to find extra heat
  • Open your curtains when it’s sunny 
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Directors: Anthony Russo, Joe Russo

Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin

4/5 stars 

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Us

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Starring: Lupita Nyong'o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss

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Sreesanth's India bowling career

Tests 27, Wickets 87, Average 37.59, Best 5-40

ODIs 53, Wickets 75, Average 33.44, Best 6-55

T20Is 10, Wickets 7, Average 41.14, Best 2-12

What are the influencer academy modules?
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