US President Donald Trump and his Turkish counterpart Recep Tayyip Erdogan during a news conference in Washington last year. The two countries could resolve some long-standing issues in the coming days. AFP
US President Donald Trump and his Turkish counterpart Recep Tayyip Erdogan during a news conference in Washington last year. The two countries could resolve some long-standing issues in the coming days. AFP
US President Donald Trump and his Turkish counterpart Recep Tayyip Erdogan during a news conference in Washington last year. The two countries could resolve some long-standing issues in the coming day
Turkish President Recep Tayyip Erdogan is betting on a determination on the part of the US to preserve his country’s membership in Nato and to persuade it to resist Russia’s attempts to disorient the security alliance through its sale of the S-400 anti-aircraft missile system to Ankara. Mr Erdogan is making audacious moves with regard to Libya, Greece, Syria and Iraq, ignoring the European powers, challenging Arab nations on their home turf and ruling Turkey unchallenged.
In Iran, Supreme Leader Ayatollah Ali Khamenei and the Islamic Revolutionary Guard Corps are betting on support from Russia and China as strategic partners against the US, as they seek to expand their influence in the Middle East. Tehran is also relying on its proxies and allies embedded in the Arab countries to do so.
Leaders of some Arab countries, therefore, are looking for ways to secure their positions in the regional balance of power. Others, meanwhile, are using their own peoples as pawns for the regional and global powers to exploit. All this puts the Middle East and the adjoining Mediterranean Basin in a delicate and potentially dangerous situation.
President Recep Tayyip Erdogan takes part in a video conference with Turkish drilling vessel 'Fatih' before announcing the biggest natural gas discovery in history, in Istanbul, Turkey. EPA
President Recep Tayyip Erdogan takes part in a video conference with Turkish drilling vessel 'Fatih' before announcing the biggest natural gas discovery in history, in Istanbul, Turkey. EPA
Turkish Finance Minister Berat Albayrak and Energy Minister Fatih Donmez pose with members of Turkish Petroleum (TPAO) on the deck of drilling vessel Fatih in the western Black Sea, off Turkey. REUTERS
Turkish Finance Minister Berat Albayrak and Energy Minister Fatih Donmez pose on the deck of drilling vessel 'Fatih' in the western Black Sea, off Turkey. Reuters
The Turkish drilling ship, 'Fatih', had been carrying out exploration operations in the Tuna-1 sector in the western Black Sea for the past month. Reuters
President Recep Tayyip Erdogan said the natural gas reserve, at 320 billion cubic metres, is the biggest in Turkish history. EPA
Turkey's President Tayyip Erdogan addresses the nation. Reuters
Turkey aims to bring the find to use in 2023 and to become a net energy exporter, Mr Erdogan said. EPA
The announcement comes as tensions between Turkey and Greece, and EU nations, are running high over oil and gas exploration in disputed waters in the eastern Mediterranean. Reuters
Mr Erdogan listens to Finance Minister Berat Albayrak and Energy Minister Fatih Donmez on a live video feed about the find. Reuters
People watch the TV at a coffee house while Turkish President Recep Tayyip Erdogan announces the biggest natural gas discovery in history in Istanbul, Turkey. EPA
People watch the at a cafe TV while Turkish President Recep Tayyip Erdogan announces the biggest natural gas discovery in history in Istanbul, Turkey. EPA
Turkey's bittersweet relations with Russia is a subject of scrutiny in the West.
I am given to understand that talks are under way between Washington and Ankara to resolve the controversy surrounding the sale of the S-400 system. The US could offer to acquire the system from Turkey, in return for which Ankara would be readmitted into Washington's F-35 programme. Moscow has supposedly already received around $800 million in payments for the S-400 from Ankara. But despite the financial gain, Russia's loss could be a strategic one, should the US-Turkey deal come through.
It is important to remember that Nato was formed as a multinational defence alliance against the erstwhile Soviet Union. While the alliance may not wield the clout it once did, Moscow will have been eager to breach it by drawing Ankara closer. But quite the opposite seems to be happening.
Indeed, for a variety of reasons, Turkey-Russia relations have experienced headwinds in recent times, starting with the ongoing conflicts in Syria and Libya, where they support opposinggroups battling each other for primacy in the respective countries. Turkey's gas imports from Russia have been at their lowest since March, despite Moscow's heavy investment in building the Blue Stream gas pipelines.
In this context, therefore, attempts to preserve Turkey's place in Nato – despite its misgivings with France over its actions in Libya and the Eastern Mediterranean – could amount to a temporary setback for Russia while giving the US a win over its old adversary.
The Kremlin knows this, of course. And it is – as are all of Ankara’s neighbours – watching the Mediterranean stand-off over resources between Turkey and its Nato ally Greece. A military confrontation cannot be ruled out, which would almost certainly end any hopes Ankara might still have of joining the European Union. It is, therefore, for good reason that Nato is trying to de-escalate tensions.
Whatever the direct consequences of Turkey's behaviour, Russia has during this time moved Iran closer to it.
During his recent visit to Moscow, Iran's Defence Minister Amir Hatami declared that the end of the arms embargo on his country – thanks in part to Russia's influence in the UN Security Council – would herald a new chapter in defence co-operation between the two countries. General Hatami said: "We have the Russian-made S-200 and S-300 systems. We must hold talks on the S-400 to reach an agreement."
This then begs the question as to why Moscow would strike a deal with Tehran, which is adversarial towards its own allies in the Gulf. There are a few reasons.
Iranian army soldiers wearing protective face masks parade with disinfection equipment to mark National Army Day in Tehran on April 17, 2020. Iranian military via EPA, HO
Iran did not hold a main ceremony on its annual National Army Day due to the coronavirus crises in the country. Iranian military via EPA, HO
Iran is one of the most impacted countries by the pandemic with over 5,000 reported deaths. Iranian military via EPA, HO
Iran’s parliament has suggested that the true toll of the virus may in fact be double the official numbers. Iranian military via EPA, HO
The military has been deployed in the mass national sterilisation programme and to aid the domestic civilian administrations handle the crisis. Iranian military via EPA, HO
Soldiers wearing protective face masks as they parade amid the ongoing coronavirus pandemic. Iranian military via EPA, HO
Iran is one of the most effected countries by the pandemic with over 5,000 reported deaths. Iranian military via EPA, HO
Soldiers wearing protective face masks as they parade amid the ongoing coronavirus pandemic. Iranian military via EPA, HO
First, Russia is keen to flex its muscles against the US, which over the past few months had attempted to extend the arms embargo against Iran. Second, access for Russia's military-industrial complex to the Iranian market would compensate for the ongoing cooling of Moscow-Ankara relations. According to experts I have spoken to, the Iranian market might be worth between $2-4 billion annually, which could offset losses from potential US sanctions. Nonetheless, Moscow will exercise caution for fear of inviting economic sanctions from Washington.
It is, meanwhile, seeking to balance its interests between Iran and the Gulf states – although it has managed to compartmentalise them. For example, it is allied with Iran over the future of Syria and Lebanon. But it has in Egypt, which is an ally of the Gulf states, an important strategic partner in Libyan conflict.
What Washington seems to be working towards is the ending of this compartmentalisation by trying to persuade its Arab allies to join its efforts in preventing Russia and China from supplying weapons to Iran.
It was a message that US Secretary of State Mike Pompeo carried with him to the region last week. That the timing of his visit coincided with the Republican National Convention, where Mr Trump was formally anointed his party's candidate in November's US presidential election, shows the importance that the administration gives to the Iranian question. The visit also lays to rest the assumption that America is absent from the Middle East due to the Trump administration's preoccupation with the election.
While the terrifying developments in Iraq, Syria and Lebanon may suggest that Iran and its proxies have secured winning alliances with Russia and China, the US is not asleep at the wheel – as some might assume. Given its economic heft, even Moscow and Beijing will tread carefully, especially if Washington decides to impose sanctions on them all the while convincing its friends that any deal with Tehran will prove detrimental to Middle East security.
Raghida Dergham is the founder and executive chairwoman of the Beirut Institute
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Results
5.30pm: Maiden Dh165,000 (Turf) 1,600m; Winner: Al Battar, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer).
6.05pm: Maiden Dh165,000 (Dirt) 1,200m; Winner: Good Fighter, Richard Mullen, Satish Seemar.
6.40pm: Handicap Dh185,000 (T) 1,200m; Winner: Way Of Wisdom, Tadhg O’Shea, Satish Seemar.
9pm: Handicap Dh185,000 (T) 1,600m; Winner: Chiefdom, Mickael Barzalona, Salem bin Ghadayer
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.
RESULTS
2pm: Handicap (PA) Dh40,000 (Dirt) 1,000m Winner: AF Mozhell, Saif Al Balushi (jockey), Khalifa Al Neyadi (trainer)
2.30pm: Maiden (PA) Dh40,000 (D) 2,000m Winner: Majdi, Szczepan Mazur, Abdallah Al Hammadi.
3pm: Handicap (PA) Dh40,000 (D) 1,700m Winner: AF Athabeh, Tadhg O’Shea, Ernst Oertel.
3.30pm: Handicap (PA) Dh40,000 (D) 1,700m Winner: AF Eshaar, Bernardo Pinheiro, Khalifa Al Neyadi
4pm: Gulf Cup presented by Longines Prestige (PA) Dh150,000 (D) 1,700m Winner: Al Roba’a Al Khali, Al Moatasem Al Balushi, Younis Al Kalbani
4.30pm: Handicap (TB) Dh40,000 (D) 1,200m Winner: Apolo Kid, Antonio Fresu, Musabah Al Muahiri
US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.
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.
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Brief scores:
Manchester United 4
Young 13', Mata 28', Lukaku 42', Rashford 82'
Fulham 1
Kamara 67' (pen),
Red card: Anguissa (68')
Man of the match: Juan Mata (Man Utd)
The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards by claiming to be the victim, often pretending their phone has been lost or stolen in order to secure a new Sim.
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Company Profile
Company name: Big Farm Brothers
Started: September 2020
Founders: Vishal Mahajan and Navneet Kaur
Based: Dubai Investment Park 1
Industry: food and agriculture
Initial investment: $205,000
Current staff: eight to 10
Future plan: to expand to other GCC markets
Results
2.30pm Maiden (PA) Dh40,000 1,200m
Winner Lamia, Tadhg O’Shea, Ernst Oertel.
3pm Handicap (PA) Dh40,000 1,000m
Winner Jap Al Afreet, Elione Chaves, Irfan Ellahi.
3.30pm Handicap (PA) Dh40,000 1,700m
Winner MH Tawag, Bernardo Pinheiro, Elise Jeanne.
4pm Handicap (TB) Dh40,000 2,000m
Winner Skygazer, Sandro Paiva, Ali Rashid Al Raihe.
4.30pm The Ruler of Sharjah Cup Prestige (PA) Dh250,000 1,700m
Winner AF Kal Noor, Tadhg O’Shea, Ernst Oertel.
5pm Sharjah Marathon (PA) Dh70,000 2,700m
Winner RB Grynade, Bernardo Pinheiro, Eric Lemartinel.
Brief scoreline:
Wales 1
James 5'
Slovakia 0
Man of the Match: Dan James (Wales)
The biog
Name: Atheja Ali Busaibah
Date of birth: 15 November, 1951
Favourite books: Ihsan Abdel Quddous books, such as “The Sun will Never Set”
Hobbies: Reading and writing poetry
Dust and sand storms compared
Sand storm
Particle size: Larger, heavier sand grains
Visibility: Often dramatic with thick "walls" of sand
Duration: Short-lived, typically localised
Travel distance: Limited
Source: Open desert areas with strong winds
Dust storm
Particle size: Much finer, lightweight particles
Visibility: Hazy skies but less intense
Duration: Can linger for days
Travel distance: Long-range, up to thousands of kilometres
Source: Can be carried from distant regions
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.”
