In June 2009, former US president Barack Obama delivered a speech from Cairo, addressing the entire Islamic world. For an hour, Muslims worldwide were promised a US administration that would be an unambiguous friend. A new, lofty American approach was promised, matched with quotations from the Quran and praise for the beauty of the Islamic tradition. Mr Obama became the man of the moment in the Middle East. And yet what followed in terms of policy implementation fell beyond most expectation.
The early "Muslim ban" of President Donald Trump's administration, which now imposes stringent travel restrictions on citizens of 13 countries, could not have presented a greater contrast. It was seen by many as a blunt and unfair move – evidence of an American position of “guilty until proven innocent” towards people based on religion.
Now, President-elect Joe Biden's incoming chief of staff has said the new administration will reverse the ban. Symbolically, this is a significant move. On a practical level, it could reunite families, allow talented Muslims to contribute to American society and reverse bizarre anomalies, such as complicated visa application procedures that apply to people with dual nationality from the banned countries.
Despite the blunt tone of the ban, it is important to note that the precedent for making travel to the US harder for some Muslims was set in motion by Mr Obama. In 2015, his administration complicated visa applications for anyone from seven Muslim-majority countries, including Syria, Sudan, Iran and Iraq. The new measures also applied to people from any nation worldwide who had visited these countries labelled “countries of concern” after March 2011, or held dual citizenship. European citizens whose families hailed from those countries or held dual citizenship were also included in a measure the Obama administration said was addressing “the growing threat from foreign terrorist fighters”.
Countries have the right to ensure their national security. Many tightened borders after a wave of uprisings in 2011 destabilised the Middle East and as the West experienced a wave of terror attacks – although some were committed by western citizens, not immigrants. This was partly motivated by domestic politics; fears over immigration throughout the West can now swing elections.
All administrations, especially those who start from strongly idealistic positions, eventually have to confront the contradiction between lofty visions for a better future and the complex reality of realising one. For Mr Obama, the wet blankets were the financial crisis and a rapidly deteriorating situation in the Middle East. In Cairo, the region was promised prosperity. In reality, the Obama administration used 10 times as many drone strikes as those ordered during the entire Bush administration.
President Trump's "Muslim ban" affected citizens of countries such as Iraq and Syria. APPhoto
All administrations have to confront the contradiction between lofty visions for a better future and the complex reality of realising one
Mr Biden's ideals will be dampened by an even tougher medley that includes the Covid-19 pandemic, climate change and more complicated geopolitics than four years ago.
Many expect him to fill the vacuum created by Mr Trump's desire to withdraw the US from active global leadership. With America's departure, other nations have stepped into fill the void. It is harder to reclaim this space than it is to leave it.
Managing a changed world requires new approaches. Mr Biden's proposed foreign policy team is experienced, but almost entirely drawn from the Obama era. They cannot afford to replicate the policies of old.
The incoming administration is right to spot the important symbolism of revoking the "Muslim ban". But in order to confront the difficulties of today's unstable world, good oratory and ambitious promises will not be enough. Mr Biden will have to assess frankly how the world has changed and implement decisive measures in response.
Where, when and at what time Wembley Stadium in London on Sunday at 5pm (UAE time)
Arsenal line up (3-4-2-1) Petr Cech; Rob Holding, Per Mertesacker, Nacho Monreal; Hector Bellerin, Mohamed Elneny, Granit Xhaka, Alex Oxlade-Chamberlain; Alex Iwobi, Danny Welbeck; Alexandre Lacazette
Arsenal manager Arsene Wenger
Chelsea line up (3-4-2-1) Thibaut Courtois; Cesar Azpilicueta, David Luiz, Gary Cahill; Victor Moses, Cesc Fabregas, N'Golo Kante, Marcos Alonso; Willian, Pedro; Michy Batshuayi
Chelsea manager Antonio Conte
Referee Bobby Madley
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
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.
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
Opening day UAE Premiership fixtures, Friday, September 22:
Dubai Sports City Eagles v Dubai Exiles
Dubai Hurricanes v Abu Dhabi Saracens
Jebel Ali Dragons v Abu Dhabi Harlequins
Key findings of Jenkins report
Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Engine: 3.9-litre twin-turbo V8 Power: 620hp from 5,750-7,500rpm Torque: 760Nm from 3,000-5,750rpm Transmission: Eight-speed dual-clutch auto On sale: Now Price: From Dh1.05 million ($286,000)
Who: Real Madrid v Liverpool Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine When: Saturday, May 26, 10.45pm (UAE) TV: Match on BeIN Sports
German intelligence warnings
2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
