It has been a busy month for the Maldives. The US Secretary of State, Mike Pompeo, paid a visit and announced that America is finally opening an embassy in the country after over a half-century of diplomatic ties. Shortly after, the Indian Foreign Secretary, Harsh Shringla, visited to sign a $100 million top-up grant for a $500m infrastructure project to link the capital to surrounding islands. The close timing of these trips is not a coincidence.
It reflects a shared Indian and American determination to compete with China’s deep pockets as it tries to establish firm footholds across the Indian Ocean. For a country like the Maldives, with limited resources and vulnerable to climate change, peaceful attention from the great powers is potentially advantageous. But it can also bring pitfalls. There are no signs of existing US and Indian military tensions with China abating, from the Himalayas to the Taiwan Straits and the South China Sea. The Maldives is only likely to remain grateful as long as this competition remains confined to aid and investment.
The high stakes make sense as soon as you look at the sea lanes. The Indian Ocean has always been the maritime equivalent of the Silk Road, connecting East and West, with its many legacies of trade and travel. Historically, this has made it strategically vital for the West.
Indian Prime Minister Narendra Modi, centre left, congratulates Maldives President Ibrahim Mohamed Solih after his swearing-in ceremony in Male, Maldives, in 2018. AP Photo
Trincomalee in Sri Lanka became the Royal Navy’s East Indies headquarters in 1813, guarding the passage between Suez and Singapore for 150 years. As independent Sri Lanka’s politics grew more non-aligned, Britain shifted to RAF Gan in the Maldives and later to Diego Garcia in the disputed Chagos Archipelago, just south of the Maldives. Britain remained the pre-eminent power in the region until its withdrawal in 1971, leaving a vacuum filled by the US, and by the 1980s, India.
The seamless transition meant that the Maldives was largely untroubled by the Cold War, leaving it a free hand to manage its difficult but remarkably rapid economic and social change. At the time of its independence in 1965 it was a scattered grouping of traditional fishing villages. It is now an upper-middle-income economy driven by high-end international tourism. It has also evolved from a sultanate, to an authoritarian republic, to a now flourishing democracy. Altogether, it is one of the unsung success stories of South Asia and the Muslim world.
The last decade has, however, been a time of profound geopolitical change that this time around refuses to bypass the region. China's ambitious Belt and Road Initiative seeks to integrate the economies of nations across the Eurasian land-mass and Indian Ocean with its own in order to realise the "Chinese Dream". The result, especially during the 2013-2018 rule of the Maldives' former president, Abdulla Yameen, was an influx of billions of dollars in loans and investment. During the Yameen years, unfortunately, negotiations on many of these deals were largely opaque. Critics say the results were not always in the public interest.
The same period also saw a more assertive Chinese foreign policy, intended to definitively end a period that China calls the “Century of Humiliation” at the hands of colonial powers. The key objective of this policy is restoring China to what it sees as its rightful place in the global order.
It is fair to say that the US has reacted strongly, perceiving this as a direct threat to its economic, technological and military dominance in the world. Former president Barack Obama’s toughening stance saw a doubling down under his successor, Donald Trump. All signs point to this continuing under the incoming Biden administration.
India, although initially keen to develop its economy in tandem with China's, now also shares American concerns, as do traditional US allies in the region, such as Australia and Japan. One of the uppermost priorities for this bloc is working together to keep as many Indian Ocean states aligned with them as possible. An unmistakable signal for this policy is the renaming of the US military's Pacific Command to "Indo-Pacific Command" in May 2018.
Michael Pompeo, US Secretary of State, left, speaks to Toshimitsu Motegi, Japan's Foreign Minister, right, during a meeting of the 'Quad' in Tokyo in October. Bloomberg
The Maldives, with its strategic location and heavy Chinese investments, is naturally at the top of the list of countries that the US and India want to keep on their side. Relations with India have always been good, but New Delhi's generosity is now reaching new heights. This could not have come at a better time. The Maldives' tourism-driven economy has shrunk by 30 per cent due to the coronavirus pandemic. Even though India is itself struggling with the economic consequences of Covid-19, it has agreed to give $250m in economic support to the Maldives. Meanwhile the $500m Greater Male Connectivity Project will provide much-needed jobs in the short term and, more importantly, ease serious land shortages in the capital where most of the Maldives' population lives.
These investments boost both the political stability of the Maldives and the goodwill of the Maldivian public. It is not at all clear that this kind of assistance would have been offered if the strategic stakes had not been raised. But the benefit to the Maldives from great-power rivalry hinges on two factors.
One is the continuing health of the country's governance. If this were to deteriorate, the enormous quantities of aid given to the country could actually prove politically and financially destabilising. Second, the worrying possibility that the region becomes the site of a military build-up. Not only would this damage tourism, but with such high stakes, the impulse for great powers to interfere in Maldivian politics is likely to sharply increase.
All this would distract from the Maldives’ existential enemy, climate change. The country helped found the Alliance of Small Island States in 1990 to co-ordinate action and Mohammed Nasheed, who served as president from 2008-2012 and who currently heads the ruling Maldivian Democratic Party, famously held a 2009 cabinet meeting underwater in scuba gear to raise awareness of the threat from rising sea levels.
However Sino-American competition in the region might play out, the Maldives must hold its course in the oncoming storm.
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball
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.”
UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
288,000 – the number of posts reported as hate speech that were deleted by Facebook globally each month in May and June this year
11% – the number of Americans who said they trusted the news they read on Snapchat as of June 2017, according to Statista. Over a quarter stated that they ‘rarely trusted’ the news they read on social media in general
31% - the number of young people in the US aged between 10 and 18 who said they had shared a news story online in the last six months that they later found out was wrong or inaccurate
63% - percentage of Arab nationals who said they get their news from social media every single day.
Benefits of first-time home buyers' scheme
Priority access to new homes from participating developers
Discounts on sales price of off-plan units
Flexible payment plans from developers
Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid When: April 25, 10.45pm kick-off (UAE) Where: Allianz Arena, Munich Live: BeIN Sports HD Second leg: May 1, Santiago Bernabeu, Madrid
