This year's G20 meeting, which concluded over the weekend, was always going to be challenging – as is conducting any kind of summitry via video calls. If some commentators judge that not much was accomplished at the event, it would only be fair to point out that US President Donald Trump leaving early to play golf both days hardly helped or showed deep commitment to the business of the gathering.
But for all those fearful about the future of multilateralism, there are three reasons to feel reasonably cheerful.
First, another major intergovernmental forum, the Asia-Pacific Economic Co-operation (Apec) Economic Leaders' Meeting, was held just before the G20 last Friday; and it was a success. The 21-member grouping, which includes the US, China, most of South-East and East Asia, Australia, New Zealand, Canada, Mexico, Chile and Peru, managed to issue their first joint statement since 2017, calling for collaboration to combat Covid-19 and to ensure greater trade and investment.
Mr Trump attended – virtually, as did everyone – which was an unexpected plus, given that he had annoyed many participants by sending Vice President Mike Pence in his place the last time. He also managed not to get into an argument with Beijing at this year's meeting – the reason why Apec had failed to release a statement in 2018.
Not only did US President Donald Trump attend the Apec summit, he also refrained from getting into an argument with China. AP Photo
Under Malaysia’s chairmanship, the attendants launched the Apec Putrajaya Vision 2040 – a roadmap for the next 20 years to make sure that “the Asia-Pacific remains the world’s most dynamic and interconnected regional economy”, which was a significant step as the previous plan, the Bogor Goals, was formulated back in 1994.
An official from China’s Ministry of Commerce was very upbeat about the summit, hailing the meeting as “of landmark significance in Apec co-operation", and saying that “the new vision makes a long-term commitment to supporting a multilateral trading system and demonstrates the resolve to push regional integration".
Second, Chinese officials are not the only ones talking about multilateral systems. Antony Blinken, a veteran of the Obama White House whom President-elect Biden has named as his secretary of State, is a firm believer in intergovernmental institutions and shared problem-solving. He would push for the US to rejoin the Paris climate accords and the World Health Organisation, and conveyed his overview at an open dialogue at the Hudson Institute in Washington last July.
“The big problems that we face as a country and as a planet,” he said, “whether it’s climate change, whether it’s a pandemic, whether it’s the spread of bad weapons: to state the obvious, none of these have unilateral solutions, even a country as powerful as the United States can’t handle them alone. We have to figure out ways to co-operate more effectively.” Mr Blinken has served as deputy secretary of State and deputy national security adviser, and has closely collaborated with Mr Biden for nearly two decades. If the incoming president is preoccupied with America’s internal divisions, as is likely, Mr Blinken could be a very powerful secretary of State if confirmed and his appointment would be a huge shot in the arm for global multilateralism.
Antony Blinken's appointment would be a huge shot in the arm for global multilateralism. Reuters
Third, enthusiasm for multilateralism appears to be rising all around the world. At the Apec summit President Xi Jinping expressed interest in China joining the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). As this is the successor trade pact to the Trans-Pacific Partnership that President Barack Obama had led, and which was viewed as being meant to exclude China, that is quite remarkable. Mr Trump withdrew the US from the original version – hence the reformulated CPTPP – but Mr Biden has said he would look at the US signing up, subject to negotiations.
Now a new report published on Monday by Policy Exchange, a highly influential British think tank with strong connections at the top of the Conservative Party, is calling for the UK to do so as well. "A Very British Tilt: Towards a new UK strategy in the Indo-Pacific Region" was written by Policy Exchange's Indo-Pacific Commission, and lest anyone should think this is just a parochial and somewhat quixotic attempt for the UK to find a place in the world post-Brexit, it is important to note who is on the commission.
Its chair is Stephen Harper, the former prime minister of Canada. The foreword is by Japan’s outgoing premier, Shinzo Abe. The commission includes Alexander Downer, Australia’s former foreign minister, Ranil Wickremesinghe, Sri Lanka’s former prime minister, and senior current and former officials from India, the US, New Zealand, Singapore and South Korea. This is a serious statement by figures of stature that Britain should be “invested in the future of the Indo-Pacific, not only in a narrow economic sense but in a deeper strategic sense".
A member of the RCEP, China has shown an interest in joining the CPTPP one day. AFP
Multilateralism is in much better shape than is commonly supposed. There is clearly the will. Optimists must hope that a way will be found, too
The UK is entitled to seek membership of the CPTPP due to its sovereignty over the tiny Pitcairn Islands, but the report notes that it shares a head of state – in Queen Elizabeth II – with five other countries in the region. In any case, it also urges the UK to take part in what it calls “the informal Quadrilateral Security Dialogue involving Japan, India, Australia and the US”, become a Dialogue Partner with Asean (the Association of South-East Asian Nations), and join Apec whenever possible. It is a highly ambitious call for UK re-engagement east of Suez, and as Britain remains a permanent member of the UN Security Council and the world’s sixth-largest economy, it is a suggestion that would not be without consequence if put into effect.
None of the three points I’ve raised are completely unproblematic. Even without further expansion Apec and the CPTPP will still have to manage internal tensions, and not just between China and the US and its allies. Mr Blinken believes in co-operation but also a “values-based” foreign policy, which will be viewed with suspicion in many Asian capitals. Some may doubt whether the UK retains the capability to project in the manner the Policy Exchange report puts forward.
But taken together, these cases strike me as supporting the argument that multilateralism is in much better shape than is commonly supposed. There is clearly the will. Optimists must hope that a way will be found, too.
Sholto Byrnes is an East Asian affairs columnist for The National
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Brief scoreline:
Wolves 3
Neves 28', Doherty 37', Jota 45' 2
Arsenal 1
Papastathopoulos 80'
How Sputnik V works
UAE currency: the story behind the money in your pockets
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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.”
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
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
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
The annual report by the Community Security Trust, which advises the Jewish community on security , warned on Thursday that anti-Semitic incidents in Britain had reached a record high.
It found there had been 2,255 anti-Semitic incidents reported in 2021, a rise of 34 per cent from the previous year.
The report detailed the convictions of a number of people for anti-Semitic crimes, including one man who was jailed for setting up a neo-Nazi group which had encouraged “the eradication of Jewish people” and another who had posted anti-Semitic homemade videos on social media.
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine When: Saturday, May 26, 10.45pm (UAE) TV: Match on BeIN Sports