US Secretary of State Antony Blinken speaks with Israel's Defence Minister Benny Gantz at the State Department in Washington earlier in the week. Reuters
US Secretary of State Antony Blinken speaks with Israel's Defence Minister Benny Gantz at the State Department in Washington earlier in the week. Reuters
US Secretary of State Antony Blinken speaks with Israel's Defence Minister Benny Gantz at the State Department in Washington earlier in the week. Reuters
The progress the Biden administration is seemingly making in its bid to revive the 2015 nuclear deal between the global powers and Iran – despite Israeli reservations – is remarkable. It raises questions about the nature of the US-Israeli relationship that, for the most part, has been steadfast for decades.
Curious, in this context, is the gradually unfolding US-Israel-Iran dynamic that has coincided with elections in all three countries within the span of a year. This is especially the case with America moving to the left, Israel lurching further to the right, and Iran cashing in on the investment it has made in its theocracy and in its nuclear weapons programme.
Former US president Donald Trump may have instigated these developments. Regardless of the merits of some of his policies, Mr Trump’s presidency was chaotic both at home and abroad.
His successor, Joe Biden, won the 2020 election partly because he appealed for calm amid the chaos. Today, it appears that a majority of Americans are reassured by Mr Biden’s focus on dealing with the pandemic and returning his country to normality. The US president also continues to emphasise a kind of monotony in domestic and foreign policies, despite momentous shifts taking place around the world, including with regard to US policies on Iran and Israel.
Mr Biden’s foreign policy priorities include reviving Nato and America’s ties with Europe, and taking on a rising China – all of which are intertwined. This much is clear, with Mr Biden scheduled to attend the G7 and EU-US leaders’ summits in the coming 10 days. It is this emphasis on favourable American-European relations that has led to the rapid rollback of Mr Trump’s hawkish policy on Iran. This shift is likely to culminate in an agreement with Iran, perhaps in two weeks’ time, before the Iranian presidential election is held later this month.
This policy shift isn’t surprising, given that the Biden administration includes key members of the Obama administration – beginning with Mr Biden himself – that signed the 2015 agreement with Iran. Both teams have also sought to separate Tehran’s nuclear weapons programme from its ballistic missiles programme and its “malignant” regional behaviour, as described by the Biden administration.
The mystery, however, lies in the intersection between American-Iranian and American-Israeli relations, which may have obscured the Israeli-Iranian dynamic.
There seems to be popular American amiability towards Iran, despite the fact Tehran essentially held US embassy officials hostage for 444 days shortly after the 1979 Iranian revolution, and despite the overt animosity expressed by the regime towards the US. Whether Americans have forgiven Iran for the past or not, they fear its nuclear ambitions.
Israel's Prime Minister Benjamin Netanyahu points to a red line he drew on the graphic of a bomb used to represent Iran's nuclear programme at the UN in 2012. Reuters
A demonstrator holds an anti-Israeli placard in a pro-Palestinians gathering in Tehran last month. AP Photo
Not long ago, Washington had sought to obliterate Saddam Hussein’s regime in Iraq for its own weapons programmes. Its invasion of Iraq in 2003 unwittingly led to overwhelming Iranian influence in that country. It also bears mention that, even as the US used the September 11, 2001 terror attacks as a pretext for this invasion, it ignored the Iranian regime's own transgressions in the West before 9/11.
Israel and Iran, meanwhile, never fought a direct war in all of their history, even though they have been longtime adversaries. All their battles have been proxy wars, primarily waged through Lebanon.
The nuclear issue first tested US-Israel relations under former president Barack Obama, who not only signed the nuclear deal but also recognised the legitimacy of the Iranian regime and chose not to interfere in Tehran’s expansionist policies inside various Arab countries. Today, the Biden administration is pursuing the same policy.
It will be crucial to watch what will happen after the nuclear deal is revived and sanctions against Iran are lifted
So the question is how, despite Israeli opposition to the agreement, the Obama administration was able to secure a deal with Iran, and how the Biden team is close to reviving that same agreement. Perhaps, Israel did not put its full weight behind its own opposition at the time – and it is probably not doing so now either. That Israel, supposedly a nuclear power in its own right, knows that the deal will do little to undermine America’s commitment to its military superiority in the Middle East is possibly why.
Moreover, in addition to its priority of “preventing” Iran from achieving nuclear breakout, the Biden administration may have offered Israel an assurance from Iran that the latter will under no circumstances heat up any of its fronts in Palestine, Lebanon or Syria – through its proxies – against the former.
If true, the question is what leverage the US and Europe will have over Iran after they lift sanctions, which will unlock funds for Tehran to use as it sees fit – including furthering its regional project. Perhaps, that is not even a matter of priority for the West.
Nor, presumably, is there any drive to resolve another longstanding issue: the Palestine-Israel conflict.
The US and Europe will, instead, focus on weakening extremist groups such as Hamas in Gaza and raising funds for the city’s reconstruction following 11 days of Israeli strikes last month. Despite increasing public support for a “two-state solution” between Palestine and Israel in the US and Europe, neither entity has a workable roadmap to achieve it yet.
A greater commitment to creating one will depend on whether increasing popular sympathy in the US for the Palestinian cause will evolve into a serious movement that forces Washington to review its Israel policy. In the meantime, to what extent will the Biden administration be able to contain divisions among Americans on Israel and Iran?
For now, it will be crucial to watch what will happen after the nuclear deal is revived and sanctions against Iran are lifted, as the regime gradually alters its relations with global powers, including the US, and its arch foe, Israel.
Raghida Dergham is the founder and executive chairwoman of the Beirut Institute and a columnist for The National
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
Schedule:
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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.”
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
How to wear a kandura
Dos
Wear the right fabric for the right season and occasion
Always ask for the dress code if you don’t know
Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
Wear hamdania for work, always wear a ghutra and agal
Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
The burning issue
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.
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona