US President Donald Trump poses for pictures with Turkish President Recep Tayyip Erdogan at the Nato summit in London in 2019. AFP
US President Donald Trump poses for pictures with Turkish President Recep Tayyip Erdogan at the Nato summit in London in 2019. AFP
US President Donald Trump poses for pictures with Turkish President Recep Tayyip Erdogan at the Nato summit in London in 2019. AFP
US President Donald Trump poses for pictures with Turkish President Recep Tayyip Erdogan at the Nato summit in London in 2019. AFP

Tired of Iran and Turkey, western powers are getting ready to push back


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Expect the US to impose more sanctions on both Iran and Turkey.

On Iran, these could include a snapback of international sanctions after Britain, France and Germany – the three European signatories of the 2015 nuclear deal – accused Tehran of developing missiles in violation of a United Nations Security Council resolution. They have also been impatient with the regime over its aggressive behaviour in the Middle East, including the targeting of oil tankers and Saudi Aramco facilities, and its attempts to suppress the protests in Iran, Iraq, and Lebanon.

Even Russia, one of Iran’s allies, has started backing away from its perception that the regime is key to preventing Lebanon from sliding into further instability, due to Iran’s role in suppressing protests in Iraq while completely disregarding its sovereignty. It has also become clear that the problems in Lebanon could affect its interests in neighbouring Syria. While this is not a complete reversal of its position relative to Iran, this is an important adjustment on Russia’s part, which coincides with the sharp European response to Iran’s policies.

Meanwhile, the Americans and the Europeans are just as concerned about Turkey’s schemes as they are regarding those of Iran. The main bone of contention has been Ankara’s acquisition of the Russian-made S-400 anti-aircraft system, a deal that Turkish president Recep Tayyip Erdogan has stuck with despite condemnation from allies within the Nato umbrella. However, there are other issues that have left the alliance exasperated, including Turkey’s expansion into Syria and the operation against the Kurds there.

Mr Erdogan’s friendship with Donald Trump, the US president, has sometimes saved Turkey from punishment but soon, the former will find himself having feelings of resentment if and when the latter does nothing to stop tough sanctions the US Congress intends to impose on Ankara. Indeed, Mr Trump is no mood to battle Congress for the sake of Mr Erdogan. The US president wants to avoid a showdown with the legislature over foreign policy matters, be it over Iran or Turkey, but is concerned that Tehran could target US bases and troops in Iraq or Syria, because then he would have to take military action – and not just rely on punitive measures.

Ahead of last week’s Nato summit in London, tensions had escalated within the transatlantic alliance after Emmanuel Macron, the French president, made controversial statements declaring Nato to be in the throes of “brain death” and called for a review of its strategy and a resumption of dialogue with Russia. Mr Macron also dismissed talk of an agreement with Turkey regarding the definition of terrorism and accused Ankara of working with ISIS-linked fighters. Mr Erdogan protested and even threatened to send Syrian refugees currently housed in Turkey into Europe. Mr Trump also lashed out at Mr Macron, calling his remarks about Nato disrespectful and despicable.

Mr Trump and Mr Erdogan, meanwhile, had friendly exchanges during the summit – in stark contrast to leaked footage showing the leaders of France, Britain, Canada and the Netherlands making jokes about Mr Trump, which prompted the US president to call Justin Trudeau, the Canadian prime minister, “two-faced”. However, Mr Trump’s personal relationship with Mr Erdogan helped convince the Turkish leader to back down on his threat to veto Nato defence plans if the alliance did not designate Kurdish fighters in Syria – sworn enemies of Mr Erdogan – as terrorists.

The Europeans are no doubt angered by Mr Erdogan’s arrogance vis-a-vis Nato – as well as the presence of Russian weapons systems in the backyard of an alliance that was created by the West as a bulwark against the erstwhile Soviet Union. Worst of all is the Turkish president’s brazen exploitation of the refugee issue, which he openly uses as a sharp instrument against the so-called allies in Nato.

Pushed against the wall by Turkish and Iranian policies, however, the Europeans are now fighting back.

Iraqis take part in an anti-government demonstration in Baghdad. Many have called for an end to excessive Iranian meddling in their country's affairs. AFP
Iraqis take part in an anti-government demonstration in Baghdad. Many have called for an end to excessive Iranian meddling in their country's affairs. AFP

The complaint lodged by Britain, France and Germany against Iran at the UN is important because this could pave the way for the re-imposition of international sanctions on Tehran – which could either prompt the regime to readjust its hawkish policy or further escalate tensions in the region. For his part, Mr Trump has even warned Iran of a strong US response if it crosses the undeclared red lines, which presumably include attacks on US bases in the region and the deployment of ballistic missiles in Iraq.

His remarks come on the back of worrying developments in the Middle East this week.

US officials have revealed that Iran is seeking to build a ballistic missile arsenal in Iraq and published pictures that appear to show Iran moving missiles into Syria amid talk of “retaliatory” attacks. John Rood, the US under secretary of defence for policy, expressed concern about a looming Iranian attack without providing any details, while US intelligence officials warned of Iranian threats to US forces in the region. There are reports of Iranian incursions into the Hasakah province in Syria, not far from where US allied forces are situated, with 7,500 fighters having been recruited by the regime in the country’s north-east and south.

Iran, meanwhile, is besieging itself as it scrambles to contain uprisings at home and elsewhere in the region, with Qassem Soleimani, commander of Iran’s Quds Force, bragging publicly about his interventions in Iraq.

According to reports, however, other powers are ready to push back.

Raghida Dergham is the founder and executive chairwoman of the Beirut Institute

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Starring: Mila Kunis, Kathryn Hahn, Kristen Bell, Susan Sarandon, Christine Baranski, Cheryl Hines
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Key facilities
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  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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South Africa 66 (Tries: De Allende, Nkosi, Reinach (3), Gelant, Steyn, Brits, Willemse; Cons: Jantjies 8) 

Canada 7 (Tries: Heaton; Cons: Nelson)

Five expert hiking tips
    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you
Tips for taking the metro

- set out well ahead of time

- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines

- enter the right cabin. The train may be too busy to move between carriages once you're on

- don't carry too much luggage and tuck it under a seat to make room for fellow passengers

Last-16 Europa League fixtures

Wednesday (Kick-offs UAE)

FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm

Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm

Inter Milan v Getafe (one leg only) 11pm

Manchester United (5) v LASK (0) 11pm 

Thursday

Bayer Leverkusen (3) v Rangers (1) 8.55pm

Sevilla v Roma  (one leg only)  8.55pm

FC Basel (3) v Eintracht Frankfurt (0) 11pm 

Wolves (1) Olympiakos (1) 11pm 

FOOTBALL TEST

Team X 1 Team Y 0

Scorers

Red card

Man of the Match

 

Rajasthan Royals 153-5 (17.5 ov)
Delhi Daredevils 60-4 (6 ov)

Rajasthan won by 10 runs (D/L method)

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Emirate: Sharjah – Khor Fakkan

Education: Master’s degree in special education, preparing for a PhD in philosophy.

Favourite activities: Bungee jumping

Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.

MATCH INFO

Quarter-finals

Saturday (all times UAE)

England v Australia, 11.15am 
New Zealand v Ireland, 2.15pm

Sunday

Wales v France, 11.15am
Japan v South Africa, 2.15pm

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

COMPANY PROFILE

Name: Grubtech

Founders: Mohamed Al Fayed and Mohammed Hammedi

Launched: October 2019

Employees: 50

Financing stage: Seed round (raised $2 million)

 

Other ways to buy used products in the UAE

UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.

Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.

Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.

For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.

Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.

At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.

Company profile

Name: Thndr

Started: October 2020

Founders: Ahmad Hammouda and Seif Amr

Based: Cairo, Egypt

Sector: FinTech

Initial investment: pre-seed of $800,000

Funding stage: series A; $20 million

Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC,  Rabacap and MSA Capital

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

A Long Way Home by Peter Carey
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Kashima Antlers 3 (Nagaki 49’, Serginho 69’, Abe 84’)
Guadalajara 2 (Zaldivar 03’, Pulido 90')

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Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

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.”