Joe Biden (left), the then US Vice President with Turkish President Recep Tayyip Erdogan at Beylerbeyi Palace on November 22, 2014 in Istanbul. AFP
Joe Biden (left), the then US Vice President with Turkish President Recep Tayyip Erdogan at Beylerbeyi Palace on November 22, 2014 in Istanbul. AFP
Joe Biden (left), the then US Vice President with Turkish President Recep Tayyip Erdogan at Beylerbeyi Palace on November 22, 2014 in Istanbul. AFP
Joe Biden (left), the then US Vice President with Turkish President Recep Tayyip Erdogan at Beylerbeyi Palace on November 22, 2014 in Istanbul. AFP

What happens when Biden and Erdogan meet next week?


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Joe Biden will depart on Thursday for Europe on his first foreign trip as US president, headed for an anxiously anticipated inaugural summit with Turkish President Recep Tayyip Erdogan.

The last time the leaders of these two states met, in November 2019, feels like a lifetime ago. A few weeks prior, Ankara had launched a military assault on a mainly Kurdish area of northeast Syria days after the former US president Donald Trump vowed to destroy Turkey’s economy if Mr Erdogan went ahead with the invasion.

In light of his partial withdrawal of US troops, Mr Trump hoped to protect the Kurdish-led Syrian Democratic Forces (SDF), the lead fighting force in the US-led coalition to defeat ISIS. Ankara views the SDF as a branch of the Kurdistan Workers’ Party (PKK), which is labelled a terrorist group by Turkey, the US and EU and has waged an insurgency in Turkey since the 1980s.

The Turkish assault went forward, pushing back the SDF while drawing international condemnation and accusations of war crimes on the part of Turkey-backed Syrian rebels. But Ankara’s most troubling move had come a few months before, when Turkey began receiving the S-400 missile systems it purchased from Russia despite repeated protestations from Nato allies and threats of sanctions from the US.

A group of lawmakers even urged Mr Trump to rescind his invitation, but Mr Erdogan was in the end welcomed to the White House. The US president left little doubt about his affection for the Turkish leader, as when he talked of the US’ strong ties to the Kurds. “By the way,” he added, gesturing towards Mr Erdogan. “I think the president has a great relationship with the Kurds. Many Kurds live currently in Turkey, and they’re happy and they’re taken care of.”

One pandemic and 19 months later, the Turkish president vowed last week to take care of the 12,000 mostly Kurdish residents of Iraq's Makhmour refugee camp. Most fled there from Turkey in the 1990s, when violence with the PKK was at its peak. Ankara views the camp as a PKK incubator – an allegation that holds some truth – and Mr Erdogan threatened to extend Turkey's ongoing military incursion deeper into Iraq and "cleanse" the camp.

A woman lifts a placard as Iraqi Kurds demonstrate in the northeastern city of Sulaimaniyah on June 5, protesting a Turkish offensive in northern Iraq. AFP
A woman lifts a placard as Iraqi Kurds demonstrate in the northeastern city of Sulaimaniyah on June 5, protesting a Turkish offensive in northern Iraq. AFP

Enter Joe Biden, who in a late 2019 interview with the New York Times called Turkey's leader an "autocrat" and talked of emboldening Turkey's opposition to force him out of office. Mr Erdogan adviser Ibrahim Kalin later said this analysis of Mr Biden's stemmed from "pure ignorance, arrogance and hypocrisy."

Things have improved little in the interim. Days after taking office, the Biden administration criticised Turkey's imprisonment of political foes like Kurdish politician Selahattin Demirtas and philanthropist Osman Kavala. In April, Mr Biden became the first US president in 40 years to recognise the Armenian genocide, upsetting Turkey, which refuses that label. He also waited three months after taking office to speak with Mr Erdogan on the phone, which many viewed as an intentional slight.

There are other roadblocks to friendly relations, such as the potentially massive fine against Turkey's state-owned Halkbank for violating Iran sanctions and the US' refusal to extradite Fethullah Gulen, a Turkish preacher Ankara blames for a failed 2016 coup. As previously detailed, Turkey-US ties are now largely defined by disagreements, yet few fear this constantly bickering couple will divorce.

Some expect the Biden-Erdogan talks to be the mirror image of the Trump-Erdogan bromance

Looking to lay the groundwork for a positive summit, US Ambassador to the UN Linda Thomas-Greenfield visited Turkey last week, met with Mr Kalin and reiterated Turkey’s standing as a reliable strategic partner and Nato ally before announcing nearly $240 million in new humanitarian aid for Syrians.

Mr Biden and Mr Erdogan will meet on the sidelines of the Nato summit in Brussels, and it is within the alliance, and on aiding Syrians, where they are likely to find common ground. Ankara thumbed its nose at the alliance last month, pushing Nato to mute its condemnation of Belarus and refrain from levying sanctions against Minsk for forcing the diversion of a Ryanair flight to detain a leading dissident.

Days later Mr Erdogan’s government offered a fig leaf, announcing it would send home the Russian missile experts overseeing S-400 installation in Turkey. The message is that Turkey has no plans to flip the switch on the Russian missile system, though it hopes to keep them on hand.

This may not be enough to appease the US, which sanctioned Turkey in December for its S-400 purchase, as required by its new National Defense Authorisation Act. “The updated NDAA language is ‘do not possess’,” Aaron Stein, research director of the Foreign Policy Research Institute, said in a tweet last week, referring to Turkey’s possession of S-400s. “This is the US position now. It’s not ‘We’ll talk in a working group’. Things look grim.”

This may mean Mr Biden will accept nothing less than Turkey destroying or dispatching the S-400s to a common ally, eliminating fears of Nato’s security apparatus operating alongside Russian-made systems. But however the S-400 situation plays out, Turkey and Nato have shown a willingness in recent days to join forces against common foes.

Last week, Turkey agreed to a $130 million deal with Nato to handle security at Kabul's international airport following the upcoming departure of Western forces. The Taliban has never attacked Turkish targets, which underscores for Nato the value of a Muslim-majority member.

Also last week, Mr Kalin and Ms Thomas-Greenfield brokered a deal for the two countries to work together to ensure the uninterrupted delivery of aid to northern Syria. This is a clear stand against Russia, which has threatened to veto the UN Security Council's expected reauthorisation of Idlib's Bab Al Hawa border crossing next month.

Mr Biden is expected to raise the issue of Syrian aid and Bab Al Hawa when he meets Russian President Vladimir Putin on June 15, the day after his summit with Mr Erdogan. Ankara and Moscow have been on less than ideal terms of late, as seen by Mr Putin barring commercial flights to Turkey for six weeks in response to Turkish weapons sales to Ukraine.

There is room for greater Nato co-operation when it comes to Syria, and Syrians. Mr Biden has moved to prioritise humanitarian concerns in Syria, while the EU has for years relied on Turkey to provide aid and sanctuary to Syrian refugees and displaced people to keep them from streaming toward the EU border. Europe wants increasing stability in northern Syria, which can only be achieved via co-operation with the US, which maintains a military presence in the northeast and close ties to the SDF, and Turkey, with its occupied areas. Turkey’s incursions into Afrin and northeast Syria drew accusations of ethnic cleansing, as has its plan to resettle up to 2 million Syrian refugees in areas it controls.

Yet this is all the more reason for the Nato-member trio to work together militarily and diplomatically to ensure humanitarian aid and housing for refugees and the displaced, as well as strengthen security in Idlib and quell a potential ISIS resurgence. “We will continue to closely work with Nato member-state Turkey to stabilise our southern quarters,” Nato secretary-general Jens Stoltenberg said last week.

Some expect the Biden-Erdogan talks to be the mirror image of the Trump-Erdogan bromance. But the momentum seems to favour co-operation rather than conflict: right now Mr Erdogan is facing his lowest-ever poll numbers and record low values for the Turkish lira, which may make him more open to compromise.

Besides, the current presidents have known each other for years and mostly been on friendly terms. The last time the two met was five summers ago in Ankara, just weeks after the failed coup. The Turkish president and then-US vice president under Barack Obama discussed issues still relevant today – Syrian refugees, ISIS, the SDF and the extradition of Mr Gulen.

In a 2014 visit to Istanbul, Mr Biden had a private conversation with Mr Erdogan that lasted for four hours. “I have great respect for the president,” Mr Biden said afterwards. “We have always had a direct, frank and open discussion on every issue because that's what friends do.”

David Lepeska is a Turkish and Eastern Mediterranean affairs columnist for The National

Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

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.”

Five films to watch

Castle in the Sky (1986)

Grave of the Fireflies (1988)

Only Yesterday (1991)

Pom Poki (1994)

The Tale of Princess Kaguya (2013)

How Beautiful this world is!
Real estate tokenisation project

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.

Paltan

Producer: JP Films, Zee Studios
Director: JP Dutta
Cast: Jackie Shroff, Sonu Sood, Arjun Rampal, Siddhanth Kapoor, Luv Sinha and Harshvardhan Rane
Rating: 2/5

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The President's Cake

Director: Hasan Hadi

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

Rating: 4/5

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Messi at the Copa America

2007 – lost 3-0 to Brazil in the final

2011 – lost to Uruguay on penalties in the quarter-finals

2015 – lost to Chile on penalties in the final

2016 – lost to Chile on penalties in the final

%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

How green is the expo nursery?

Some 400,000 shrubs and 13,000 trees in the on-site nursery

An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo

Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery

Approximately 340 species of shrubs and trees selected for diverse landscape

The nursery team works exclusively with organic fertilisers and pesticides

All shrubs and trees supplied by Dubai Municipality

Most sourced from farms, nurseries across the country

Plants and trees are re-potted when they arrive at nursery to give them room to grow

Some mature trees are in open areas or planted within the expo site

Green waste is recycled as compost

Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs

Construction workforce peaked at 40,000 workers

About 65,000 people have signed up to volunteer

Main themes of expo is  ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.

Expo 2020 Dubai to open in October 2020 and run for six months

Top investing tips for UAE residents in 2021

Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.

Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.

Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.

Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.

Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.

Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.

Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”

Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI. 

Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

Women's Prize for Fiction shortlist

The Silence of the Girls by Pat Barker

My Sister, the Serial Killer by Oyinkan Braithwaite

Milkman by Anna Burns

Ordinary People by Diana Evans

An American Marriage by Tayari Jones

Circe by Madeline Miller

UFC Fight Night 2

1am – Early prelims

2am – Prelims

4am-7am – Main card

7:30am-9am – press cons