Egyptian President Abdel Fattah El Sisi and Saudi Crown Prince Mohammed bin Salman visit the Suez Canal earlier this month. Handout via Reuters
Egyptian President Abdel Fattah El Sisi and Saudi Crown Prince Mohammed bin Salman visit the Suez Canal earlier this month. Handout via Reuters
Egyptian President Abdel Fattah El Sisi and Saudi Crown Prince Mohammed bin Salman visit the Suez Canal earlier this month. Handout via Reuters
Egyptian President Abdel Fattah El Sisi and Saudi Crown Prince Mohammed bin Salman visit the Suez Canal earlier this month. Handout via Reuters

Mohammed bin Salman sends out key messages on Egypt and Lebanon


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The two main messages sent out by Mohammed bin Salman ahead of his visit to the British and US capitals were about Egypt and Lebanon. The first message assigned a special status to Egypt as Saudi Arabia's partner in confronting the challenges to the region and in economic projects, such as the Neom megacity plan. The second message reflected a decision to prevent Lebanon's collapse, as this would be neither in the Lebanese nor in the Saudi interest, replacing the erstwhile warnings and pressure issued to the country with the language of support.

The crown prince is on his first official visit in this capacity to London, Washington and New York to discuss trade options and diplomatic relations, but also to hold talks on Aramco's upcoming IPO, expected to be the largest in history, with London and New York competing to organise it.

In Cairo, Abdel Fattah El Sisi, the Egyptian president, received Prince Mohammed on the tarmac after his plane had been escorted into land by fighter jets to honour their guest and stress Egypt's appreciation for having been chosen as the first stop on this historic foreign tour. And indeed, choosing Cairo was clearly to affirm the alliance with Egypt. Both Riyadh and Abu Dhabi see Egypt as a fundamental component in the regional balance of power.

Prince Mohammed's remarks about the need to unite against the threats and challenges facing the Arab region, including terrorism and terror-supporting states, were a message addressed to Turkey, which Egypt accuses of backing the Muslim Brotherhood, and Iran, which Saudi Arabia accuses of sponsoring terrorism in Syria, Yemen, Bahrain, Iraq and Lebanon. Saudi Arabia and the UAE have provided assistance to Egypt to combat the Muslim Brotherhood. The three countries together with Bahrain are boycotting Qatar.

A project of personal significance to Prince Mohammed is Neom, a futuristic megacity project on the Red Sea. Mr El Sisi had approved an agreement granting the two islands of Tiran and Sanafir, crucial to the project, to Saudi Arabia, in a strategic maritime corridor that leads to the Israeli port of Eilat in the Gulf of Aqaba. The uninhabited islands were under Saudi sovereignty, but Riyadh asked Cairo to protect them in 1950, as the Egyptian government has acknowledged.

For this reason, Mr El Sisi vetoed a verdict by the constitutional court in Egypt regarding the agreement and removed any legal hurdles to the handover of the islands to Saudi Arabia.

Egypt is set to benefit from the joint project with Saudi Arabia on the Red Sea.

Yet there are several divergences between the two sides, including on regional issues such as Syria, Yemen, Libya and Lebanon. There are also differences concerning the levels of cooperation with major regional and international players, such as Russia, Iran, and Turkey. On the other hand, coordination continues between them on issues like Palestine and Israel. But despite the challenges, the main focus of the visit is Saudi investment in a stable Egypt.

This was the same theme of Saad Hariri's visit then return to Beirut from Riyadh. Mr Hariri confirmed Saudi Arabia would support the Lebanese Armed Forces and the country's ailing economy, through a high-level participation in the upcoming donor conferences seeking to raise funds for Lebanon. Secondly, there seems to be a new Saudi approach to Hezbollah and Mr Hariri's de facto ties to the party in the context of their coalition government. Thirdly, Saudi Arabia has once again endorsed Mr Hariri as its main partner in Lebanon. Fourthly, Saudi Arabia is coming around to the notion that allowing Lebanon to become a failing state does not serve its interests. On the contrary, it would only serve Hezbollah and its Iranian masters.

Lebanon's President Michel Aoun and Parliament Speaker Nabih Berri are further threads in the new Saudi approach to Lebanon, together with Mr Hariri.

The three leaders, who converge when it comes to safeguarding Lebanon’s stability as well as their own political interests, could drive a disengagement from Hezbollah, as the US steps up its sanctions, which it could designate as a “criminal” organisation, not only as a “terror” group as it already does.

This could entail unprecedented measures against Hezbollah’s popular base as well as its business associates.

Strategically, Saudi Arabia has not changed its position on Hezbollah. But pragmatically, it has decided to allow matters to take their course as a result of US measures and designations of the group as a narco-terrorist entity.

Therefore, the coming stage is one of containing but not confronting Hezbollah head-on, which requires investing in stabilisation rather than mobilisation.

Prince Mohammed arrived in London as a reformer and will arrive Washington as a visionary who sees eye to eye with the Trump administration. His inclusion of Iran, Turkey and terrorist organisations in the definition of the axis of evil fits squarely with Trump’s definition of “radical Islam”.

The Trump administration had widened the net to include not only terrorist organisations such as ISIL and Al Qaeda, but also the Muslim Brotherhood, which Turkey embraces, and radical groups spearheaded by Iran.

The London stop on Prince Mohammed's strategic trip abroad gave a clear hint of the UK’s readiness for a major shift in its regional alliances. Tehran is nervous.

But the Washington and New York stops are where major decisions will be made in this fascinating journey.

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

Aldar Properties Abu Dhabi T10

*November 15 to November 24

*Venue: Zayed Cricket Stadium, Abu Dhabi

*Tickets: Start at Dh10, from ttensports.com

*TV: Ten Sports

*Streaming: Jio Live

*2017 winners: Kerala Kings

*2018 winners: Northern Warriors

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

MEYDAN CARD

6.30pm Maiden Dh165,000 (Dirt) 1,600m

7.05pm Conditions Dh240,000 (D) 1,600m

7.40pm Handicap Dh190,000 (D) 2,000m

8.15pm Handicap Dh170,000 (D) 2,200m

8.50pm The Entisar Listed Dh265,000 (D) 2,000m

9.25pm The Garhoud Sprint Listed Dh265,000 (D) 1,200m

10pm Handicap Dh185,000 (D) 1,400m

 

The National selections

6.30pm Majestic Thunder

7.05pm Commanding

7.40pm Mark Of Approval

8.15pm Mulfit

8.50pm Gronkowski

9.25pm Walking Thunder

10pm Midnight Sands

VERSTAPPEN'S FIRSTS

Youngest F1 driver (17 years 3 days Japan 2014)
Youngest driver to start an F1 race (17 years 166 days – Australia 2015)
Youngest F1 driver to score points (17 years 180 days - Malaysia 2015)
Youngest driver to lead an F1 race (18 years 228 days – Spain 2016)
Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016)
Youngest on F1 podium finish (18 years 228 days – Spain 2016)
Youngest F1 winner (18 years 228 days – Spain 2016)
Youngest multiple F1 race winner (Mexico 2017/18)
Youngest F1 driver to win the same race (Mexico 2017/18)

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)
2016: Riyad Mahrez (Leicester City and Algeria)

The biog

Favourite car: Ferrari

Likes the colour: Black

Best movie: Avatar

Academic qualifications: Bachelor’s degree in media production from the Higher Colleges of Technology and diploma in production from the New York Film Academy

Mercedes V250 Avantgarde specs

Engine: 2.0-litre in-line four-cylinder turbo

Gearbox: 7-speed automatic

Power: 211hp at 5,500rpm

Torque: 350Nm

Fuel economy, combined: 6.0 l/100 km

Price: Dh235,000

INDIA SQUAD

Virat Kohli (capt), Rohit Sharma, Shikhar Dhawan, KL Rahul, Vijay Shankar, MS Dhoni (wk), Kedar Jadhav, Dinesh Karthik, Yuzvendra Chahal, Kuldeep Yadav, Bhuvneshwar Kumar, Jasprit Bumrah, Hardik Pandya, Ravindra Jadeja, Mohammed Shami

RESULTS

6.30pm: Handicap (rated 100 ) US$175,000 1,200m
Winner: Baccarat, William Buick (jockey), Charlie Appleby (trainer)

7.05pm: Handicap (78-94) $60,000 1,800m
Winner: Baroot, Christophe Soumillon, Mike de Kock

7.40pm: Firebreak Stakes Group 3 $200,000 1,600m
Winner: Heavy Metal, Mickael Barzalona, Salem bin Ghadayer

8.15pm: Handicap (95-108) $125,000 1,200m
Winner: Yalta, Mickael Barzalona, Salem bin Ghadayer

8.50pm: Balanchine Group 2 $200,000 1,800m
Winner: Promising Run, Pat Cosgrave, Saeed bin Suroor

9.25pm: Handicap (95-105) $125,000 1,800m
Winner: Blair House, James Doyle, Charlie Appleby

10pm: Handicap (95-105) $125,000 1,400m
Winner: Oh This Is Us, Tom Marquand, Richard Hannon

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How Islam's view of posthumous transplant surgery changed

Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.

Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.

The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.

One school of thought viewed the removal of organs after death as equally impermissible.

That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.

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.”

Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
MATCH INFO

Inter Milan 1 (Martinez 18' pen)

Juventus 2 (Dybala 4', Higuain 80')