Demonstrators take part in protests near the site of the blast at the Beirut's port area in Lebanon. The country has been in foment owing to political dysfunction. Reuters
Demonstrators take part in protests near the site of the blast at the Beirut's port area in Lebanon. The country has been in foment owing to political dysfunction. Reuters
Demonstrators take part in protests near the site of the blast at the Beirut's port area in Lebanon. The country has been in foment owing to political dysfunction. Reuters
With his visit to Europe last week, US Secretary of State Antony Blinken has somewhat restored his country's favourable relations with the continent and with key Nato allies. Amid America's attempts to resurrect the international order, Mr Blinken has also helped deepen its co-operation with Asian powers such as India, Japan and Australia. These moves are being shaped by America's rivalries with China and Russia, as well as recent developments in the Asia-Pacific and the Middle East.
Two months into his inauguration, President Joe Biden is finding it difficult to make speedy progress on the Iran nuclear crisis and the war in Yemen. Hence, the administration is resetting its expectations. This has created an opportunity for Washington, its allies and regional powers to think out of the box on how to resolve some of the more vexed issues. It is becoming increasingly clear, for instance, that the Biden administration seeks to resolve the Yemen conflict in concert with the UN. Other issues, such as Lebanon's economic and political crisis, will be outsourced to European allies, led by France.
Mr Blinken is fluent in French and is not known for confrontation. These attributes have helped produce a shift in US relations with Europe away from the combative, improvised and score-settling style of the Trump administration. Today, there is a new tone of co-operation and co-ordination between Washington and Brussels. An example of this is the West's decision to place human rights sanctions on Chinese figures.
US Secretary of State Antony Blinken removes his mask as gives a press briefing at the end of a NATO Foreign Ministers' meeting. Reuters
Yet, absent from the first round of US-Europe talks is policy clarity.
Discussions will no doubt have revolved around salvaging the 2015 Iran nuclear deal, which the US withdrew from three years ago but, under the Biden administration, seems determined to rejoin. Washington also wants Tehran to return to nuclear compliance without equivocation.
There is little to suggest that the Iranian regime intends to abandon its condition that sanctions be lifted before any talks on reviving the nuclear deal, or to show good faith by co-operating over regional issues such as Yemen. On the contrary, it seems that Iran will step up its policy of provocation and blackmail in areas where it has interests, such as in the Gulf, Yemen, Lebanon and Syria.
Aside from maintaining its focus on Iran, the Biden administration has decided not to withdraw US troops from Syria. It has lately shown an interest in Lebanon, too, perhaps having determined that it is running out of time before Lebanon may forever be lost to Iran through its proxy, Hezbollah.
There are myriad consequences if nothing is done to help fix Lebanon. It is becoming something of a failed state run by a corrupt political class, with its economy in tatters. There is potential for terrorism of various hues to grow within its boundaries. It could also lead to further illegal immigration to Europe and perhaps even conflict.
China and Russia have been trying to fill the vacuum left by US – at least prior to Mr Blinken’s visit to Europe. The Biden administration has activated its diplomacy, but it has yet to develop a clear policy that has teeth. And as long as sanctions against the Beirut's political leaders are not leveraged, and as long as Tehran believes it owns Lebanon as a precious bargaining chip, the country risks slipping away.
Our cartoonist's take on the situation with Lebanon's cabinet formation
American and French diplomats need to think outside the box on Iran, Yemen, Syria, Iraq and Lebanon
As Ziyad Baroud, a Lebanese civil servant and activist, told me, it is in the international community’s interest that Lebanon does not fall into “total and severe state failure for many reasons”, including terrorism and a refugee crisis. “With a new, non-confrontational administration [in Washington], we have a chance that things evolve positively,” Mr Baroud pointed out, “and I believe that co-operation between France and the US would lead to good results.”
The question is whether the West has the clout to rescue Lebanon – and more broadly – to resolve some of the long-standing issues in the Middle East. Also worth asking is whether Washington’s regional allies can make a more significant impact. According to Seyed Hossein Mousavian, a Middle East security specialist at Princeton University, this will be the more sensible approach towards finding a resolution.
Mr Mousavian, one might recall, served on Iran’s nuclear diplomacy team during its negotiations with the EU and the International Atomic Energy Agency. My takeaway from a recent conversation with him was amply clear: there is no other way to tackle the region’s issues except through bilateral dialogue between Saudi Arabia and Iran. “Biden, at the moment, is [too] weak … to bring the Iranian nuclear deal back to implementation and then start on broader issues. They [the Americans] are too weak,” he said.
Instead of waiting for US-Iran rapprochement, he added, “we need to count more on rapprochement between the regional countries”. Mr Mousavian said: “I believe Iran and Saudi Arabia, the two powerhouses of the region, can sit and manage relations, stability in the Gulf and even solutions … like Yemen,” beginning with confidence-building measures. He also said that if there was to be an international initiative on Lebanon’s future, “and you believe that Iran is a key player, you need to invite the regional key players to the table”.
In any case, American and French diplomats need to think outside the box on Iran, Yemen, Syria, Iraq and Lebanon. And that cannot happen without serious engagement.
Mr Blinken’s visit to Europe is, no doubt, a promising step in this direction. Even though Washington’s Middle East policy remains fuzzy, it isn’t wrong for it to have outsourced the Lebanon dossier to Paris – provided it rallies Arab support for the French initiative. The Biden administration must also leverage the previous Trump administration’s carrot-and-stick approach to dealing with Beirut. If it takes its eye off the ball, it will end up ruing the day when Lebanon falls completely into Iran’s sphere of influence. Worryingly, that day may not be very far.
Raghida Dergham is the founder and executive chairwoman of the Beirut Institute and a columnist for The National
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood. Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues. Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity. Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Six pitfalls to avoid when trading company stocks
Following fashion
Investing is cyclical, buying last year's winners often means holding this year's losers.
Losing your balance
You end up with too much exposure to an individual company or sector that has taken your fancy.
Being over active
If you chop and change your portfolio too often, dealing charges will eat up your gains.
Running your losers
Investors hate admitting mistakes and hold onto bad stocks hoping they will come good.
Selling in a panic
If you sell up when the market drops, you have locked yourself out of the recovery.
Timing the market
Even the best investor in the world cannot consistently call market movements.
The UAE squad for the Asian Indoor and Martial Arts Games
The jiu-jitsu men’s team: Faisal Al Ketbi, Zayed Al Kaabi, Yahia Al Hammadi, Taleb Al Kirbi, Obaid Al Nuaimi, Omar Al Fadhli, Zayed Al Mansoori, Saeed Al Mazroui, Ibrahim Al Hosani, Mohammed Al Qubaisi, Salem Al Suwaidi, Khalfan Belhol, Saood Al Hammadi.
Women’s team: Mouza Al Shamsi, Wadeema Al Yafei, Reem Al Hashmi, Mahra Al Hanaei, Bashayer Al Matrooshi, Hessa Thani, Salwa Al Ali.
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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.”
Second Test
In Dubai
Pakistan 418-5 (declared)
New Zealand 90 and 131-2 (follow on)
Day 3: New Zealand trail by 197 runs with 8 wickets remaining
€39 million: Liverpool agreed a fee, including add-ons, in the region of €39m (nearly Dh176m) to sign Salah from Roma last year. The exchange rate at the time meant that cost the Reds £34.3m - a bargain given his performances since.
13: The 25-year-old player was not a complete stranger to the Premier League when he arrived at Liverpool this summer. However, during his previous stint at Chelsea, he made just 13 Premier League appearances, seven of which were off the bench, and scored only twice.
57: It was in the 57th minute of his Liverpool bow when Salah opened his account for the Reds in the 3-3 draw with Watford back in August. The Egyptian prodded the ball over the line from close range after latching onto Roberto Firmino's attempted lob.
7: Salah's best scoring streak of the season occurred between an FA Cup tie against West Brom on January 27 and a Premier League win over Newcastle on March 3. He scored for seven games running in all competitions and struck twice against Tottenham.
3: This season Salah became the first player in Premier League history to win the player of the month award three times during a term. He was voted as the division's best player in November, February and March.
40: Salah joined Roger Hunt and Ian Rush as the only players in Liverpool's history to have scored 40 times in a single season when he headed home against Bournemouth at Anfield earlier this month.
30: The goal against Bournemouth ensured the Egyptian achieved another milestone in becoming the first African player to score 30 times across one Premier League campaign.
8: As well as his fine form in England, Salah has also scored eight times in the tournament phase of this season's Champions League. Only Real Madrid's Cristiano Ronaldo, with 15 to his credit, has found the net more often in the group stages and knockout rounds of Europe's premier club competition.
PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
25-MAN SQUAD
Goalkeepers: Francis Uzoho, Ikechukwu Ezenwa, Daniel Akpeyi Defenders: Olaoluwa Aina, Abdullahi Shehu, Chidozie Awaziem, William Ekong, Leon Balogun, Kenneth Omeruo, Jamilu Collins, Semi Ajayi Midfielders: John Obi Mikel, Wilfred Ndidi, Oghenekaro Etebo, John Ogu Forwards: Ahmed Musa, Victor Osimhen, Moses Simon, Henry Onyekuru, Odion Ighalo, Alexander Iwobi, Samuel Kalu, Paul Onuachu, Kelechi Iheanacho, Samuel Chukwueze
On Standby: Theophilus Afelokhai, Bryan Idowu, Ikouwem Utin, Mikel Agu, Junior Ajayi, Valentine Ozornwafor
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
Stuck in a job without a pay rise? Here's what to do
Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
A German university was a good fit for the family budget
Annual fees for the Technical University of Munich - £600
Shared rental accommodation per month depending on the location ranges between £200-600
The family had budgeted for food, books, travel, living expenses - £20,000 annually
Overall costs in Germany are lower than the family estimated
As proof that the student has the ability to take care of expenses, international students must open a blocked account with about £8,640
Students are permitted to withdraw £720 per month
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
How to turn your property into a holiday home
Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
Research equivalent Airbnb homes in your location to ensure competitiveness.
Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
What is Bitcoin?
Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.
The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers.