Insight and opinion from The National’s editorial leadership
January 05, 2024
The Jabalieh Dome, a magnificent stone rotunda of ancient and mysterious provenance, has long drawn visitors to the south-eastern Iranian city of Kerman. However, since 2020, when the body of the prolific Iranian general Qassem Suleimani was buried a kilometre away, it has become a mere side attraction. Suleimani, who was the most powerful figure in Iran’s security apparatus at the time of his death, is so highly regarded that his burial site attracts thousands of mourners each year.
Now, the stretch of road between Suleimani’s tomb and the dome will be known for the tragedy that transpired there on Wednesday, the fourth anniversary of his death, when twin explosions killed nearly 100 people, many of them visiting mourners. It was the deadliest terrorist attack on Iranian soil since the country’s 1979 revolution.
When Suleimani was killed by a US drone strike in Baghdad four years ago, it seemed as though the entire Middle East stood still. Everyone – including Iran’s own government – feared that even the slightest counter could set the whole region ablaze. That almost happened a few days afterwards, when an Iranian missile operator near Tehran erroneously downed a commercial aircraft he mistook for a hostile warplane, killing 176 people.
In the end, no new war broke out after the killing of Suleimani, although existing ones very much continued. In that incredibly tense atmosphere, cooler heads prevailed.
The hope is that a similar outcome awaits the region at the end of this week. The blasts in Kerman happened amid a particularly volatile time in the Middle East. Israel’s increasingly horrific invasion of Gaza, sparked by a brutal attack carried out by Hamas on October 7, has claimed 22,000 Palestinian lives. A day before the attack in Kerman, what appeared to be an Israeli drone strike in the Lebanese capital killed Saleh Al Arouri, a Hamas official particularly close to the Iranian government.
It is unsurprising many in Iran have pointed the finger for Wednesday’s bombings at Israel, given that country’s special status in Iranian propaganda. As we wrote in these pages, the Israeli government’s killing of Mr Al Arouri did it no favours; it signalled the country’s willingness to expand its war deep into other countries, giving fuel to critics’ worst suspicions.
Nonetheless, there are other potential culprits. Chief among them, based on capability and modus operandi, is ISKP, the branch of ISIS based in neighbouring Afghanistan. Last night, ISIS claimed responsibility for the bombings.
The blasts in Kerman happened amid a particularly volatile time in the Middle East
If that is the case, it will be a reminder that instability is spreading as much in the region’s eastern deserts as it is on its Mediterranean shore. The international community’s failures in finding a way to engage constructively with Afghanistan’s new Taliban rulers, to whom it unceremoniously abandoned the country in 2021, has not only given opportunity to groups like ISIS, but brought greater volatility to the Afghan-Iranian border area. The Taliban and Iran have occasionally found areas of mutual interest (fighting ISKP, which frequently attacks the Taliban, may be one of them now), but their shared history is coloured more by violence than co-operation. Suleimani himself made his reputation in Iran’s military in part by planning operations against Afghan militants, including the Taliban.
Taking the Middle East from where it is now to a calmer place is not a matter of rolling back the clock. The enormous damage done in the past three months cannot be undone.
Even so, regional governments and the international community should make it the highest priority now not to fan any flames. A US drone strike on Iran-backed militias in Baghdad on Thursday indicates this will be difficult. But efforts at methodical diplomacy and de-escalation are worth making in earnest. A durable solution in at least one of these many conflicts plaguing the region can encourage more of the same in others.
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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.”
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
EPL's youngest
Ethan Nwaneri (Arsenal) 15 years, 181 days old
Max Dowman (Arsenal) 15 years, 235 days old
Jeremy Monga (Leicester) 15 years, 271 days old
Harvey Elliott (Fulham) 16 years, 30 days old
Matthew Briggs (Fulham) 16 years, 68 days old
Last-16 Europa League fixtures
Wednesday (Kick-offs UAE)
FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm
Thursday, September 21
Al Dahfra v Sharjah (kick-off 5.35pm)
Al Wasl v Emirates (8.30pm)
Friday, September 22
Dibba v Al Jazira (5.25pm)
Al Nasr v Al Wahda (8.30pm)
Saturday, September 23
Hatta v Al Ain (5.25pm)
Ajman v Shabab Al Ahli (8.30pm)
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
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
South Africa
Faf du Plessis (captain), Dean Elgar, Aiden Markram, Hashim Amla, AB de Villiers, Quinton de Kock (wkt), Vernon Philander, Keshav Maharaj, Kagiso Rabada, Morne Morkel, Lungi Ngidi.
Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain
Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain
Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines
Tuesday, February 22: 2pm Semi-finals
Thursday, February 24: 2pm Final
UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia
Tips for job-seekers
Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles
West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles
Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens
Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins
