The US elections are upon us again. Regardless of whether Joe Biden or Donald Trump wins, there is a looming danger. This ideological monster is precipitated by the rise of far-left politicians and activists in the West, many of whom come from Muslim backgrounds and exploit that identity for their leftist cause. These individuals and the movement they have helped build seek radical changes in Washington DC, London and Middle Eastern capitals, too.
I have nothing personal against the mainstream left. I was a member of the UK Labour Party, and for three years I was an adviser to former Labour prime minister Tony Blair. I believe societies need a robust political centre-left and centre-right in order to produce the creative friction that propels us forward.
On the left and right, there are examples of political actors who have leveraged their Muslim backgrounds constructively to foster peaceful co-operation. Former US secretary of state Hillary Clinton’s adviser, Huma Abedeen, a Democrat, was one such person. On the conservative side, American activist Suhail A Khan was a staffer in Republican president George W Bush’s White House. He was instrumental in organising Mr Bush’s visit to a mosque right after the 9/11 attacks. But that centrist, sensible influence is giving way to a new idea of Muslim political engagement, from university campuses to Congressional caucuses.
In the November 2000 US presidential elections, 70 per cent of American Muslims surveyed voted for President George W Bush. Muslim support for President Trump has doubled in 2020 compared with a year ago, but still only 30 per cent of Muslims are willing to vote for him. With 3.5 million Muslims in America, concentrated in swing states of Florida, Pennsylvania, Michigan, Ohio and Texas, they can swing the election result. Little wonder, then, that Mr Biden has been busy campaigning among Muslim Americans.
Prominent Muslim Congresswoman Ilhan Omar has endorsed Joe Biden. That Mr Biden said “inshallah” in a televised debate had some activist Muslims in outbreaks of joy online. But he knows that Ms Omar’s support, as a supposed role model for young American Muslims, is not unconditional.
Ms Omar is part of the "Squad” – a group of Congresswomen that also includes Palestinian-American Rashida Tlaib, African-American Ayanna Pressley and Latin-American Alexandria Ocasio-Cortez (popularly known as “AOC”).
What unites the Squad? These American lawmakers represent three trends.
First, they are an intersection of interests and opinions that seeks to undo the intellectual scaffolding of the modern West and the civilisational alliances it has with its allies in the Middle East.
America is an idea. It is about the free individual, powered by human reason, and citizenship based on the content of one’s character, and not the colour of one’s skin, as Martin Luther King, Jr beautifully encapsulated it. No religion or collectivist interest is paramount above the nation state and its laws.
This settlement that makes America so special is being slowly uprooted by poisonous identity politics, some of which the Squad represent. When they are under fire for their policy positions on the economy or immigration, rather than engage in reasoned debate, they will often hide behind protest politics of being “women of colour”. To question Ilhan Omar is to be accused of “Islamophobia”. Labels trump logic.
Second, the Squad are the tip of an iceberg that has been building among the far left on campuses and communities across America and Europe since 9/11. A strategic alliance between supporters of political Islam has found common cause with the political far left. This intersection has put aside their deep divergences on God, religion, family, homosexuality and the role of women and united their activist base on campuses and community hubs in their shared hatred for Western history and capitalism.
This counterintuitive union, which I have called the “Red-Green Alliance”, is similar to the revolutionary mindset that saw Iranian left-Islamists come together before 1979 with the encouragement of the French philosopher Michel Foucault. In Britain, Jeremy Corbyn, the former Labour party leader, had a similar Red-Green alliance last year with a view to winning the general election with 30 Muslim-influenced constituencies – only to lose disastrously.
But when push comes to shove, Islamism and “wokeness” do not mix. Iran’s Islamists killed thousands and exiled leftists. In Gaza, Hamas hanged leftists from tall buildings. Ask Egyptian feminists how the Islamists in Egypt treated them after the 2011 uprisings. Islamists debated in Parliament to reduce the age of consent for marriage for women from 18 to nine.
When push comes to shove, Islamism and 'wokeness' do not mix
Third, the Red-Green Alliance wants to tear down the alliances of safety and stability that America and the West have supported in the Middle East. Ms Omar has repeatedly attacked Egypt and the Gulf states. Yet the real risks of a Muslim Brotherhood-led sexist, homophobic and anti-Semitic government in Libya or Sudan have not seemed to trouble her and her allies.
Occasionally, however, the mask slips. Ms Omar has been forced to apologise by Nancy Pelosi for using anti-Semitic references in comments about the pro-Israel lobby. Her laughter at Americans’ fears of Al Qaeda caused outrage. Ms Tlaib, for her part, has been an outspoken proponent of boycotts and sanctions against Israel.
No country is perfect, of course. But for a movement that appears to have such a deep interest in the Middle East, why is the Red-Green Alliance silent on Iran’s fascist government? Where is its condemnation of Tehran’s support for terrorism in Syria, Bahrain, Yemen, Lebanon and Saudi Arabia? What has it said of assassination attempts by the Iranian regime in Europe and Washington? Not a word.
This strategy of putting community before country and ideology before national interests will cause a furious backlash. The Red-Green Alliance will continue to agitate in Washington and to grow on campuses. They will take over the Democratic party as their British comrades did Labour.
Ultimately, they will lose because, as Margaret Thatcher warned, “the facts of life are conservative”. But in the process of their defeat, this movement for identity-based communal politics will do immense damage.
The far right is rising, at least in part, in reaction to the far left. With this comes a higher risk of reactionary Islamophobia, and new challenges for Arab leaders looking to engage with the West. In its revolutionary fervour, the Red-Green Alliance will help the cause of regressive Islamist revolutionaries in the Middle East.
Will Joe Biden and his running mate Kamala Harris confront this psychosis? Former president Barack Obama, concerned by this new political culture, lashed out at the new activism in comments at his foundation’s annual summit last October. “That's enough,” he said. “If all you're doing is casting stones, you are probably not going to get that far.”
Ed Husain is author of The House of Islam: a Global History and a columnist at The National
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
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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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Italy
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Atletico Madrid, Barcelona, Real Madrid
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The biog
Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
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THE BIO: Mohammed Ashiq Ali
Proudest achievement: “I came to a new country and started this shop”
Favourite TV programme: the news
Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”
Family: six sons in Dubai and a daughter in Faisalabad
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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.”
Notable cricketers and political careers
- India: Kirti Azad, Navjot Sidhu and Gautam Gambhir (rumoured)
- Pakistan: Imran Khan and Shahid Afridi (rumoured)
- Sri Lanka: Arjuna Ranatunga, Sanath Jayasuriya, Tillakaratne Dilshan (rumoured)
- Bangladesh (Mashrafe Mortaza)
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47