Recently, there has been much talk about how US President Donald Trump was persuaded by his advisers and foreign leaders to maintain troops in Syria. However, it would have been better for his team to push the president to define achievable political objectives in Syria.
The reality is that Mr Trump has said time and again that his only aim in Syria is to defeat ISIS. Even when his officials defined a more complex set of aims, including containing Iran and countering Russia's regional influence, the president ignored them to focus on terrorism. His indifference to the Middle East's politics may reveal the true depths of his desire to remain outside its conflicts, which is perhaps understandable. But doing so will have an impact on US power and on whether America is great again, to borrow from a Trump trope.
American officials have repeatedly declared that the Astana talks on Syria have failed, urging a return to the United Nations framework in Geneva. They are right to emphasise Geneva but the reality is that the plan floated in the UN process, which would have transferred power from Bashar Al Assad to a transitional governing body, is today dead. And it is dead partly because the US never did anything to reshape the Syrian political landscape in a way that would have facilitated the plan's implementation.
Astana was devised by Russia, along with Iran and Turkey, to lower tensions in Syria and ultimately create an environment that could bring about a political solution. That is not to say that Moscow wanted to undermine the UN process but it did want Geneva to be icing on a cake baked in Astana. Washington might not have been able to beat Astana but it could try to join it and affect its outcome by being involved in negotiations over Syria's future, something it has avoided until now.
That is perhaps why the US response to the chemical weapons attacks by the Trump administration was largely meaningless and mostly hypocritical. In the absence of any political endgame, the United States can bomb all it wants. However, if the bombings do not serve to achieve something that can be anchored durably in political behaviour, they serve no purpose whatsoever.
Who is to blame for this sorry state of affairs? Critics of the Obama administration have said, probably correctly, that former president Barack Obama did have a strategy in Syria, one that involved accepting Iranian stakes in the country, in exchange for Tehran’s signing a nuclear accord with the US and its international partners. Yet Mr Trump, regardless of his disdain for Mr Obama, has not clarified US political aims in Syria, and when officials have tried to do so in their own public statements, the president has contradicted them.
After the recent chemical attack in Syria, some criticised defence secretary James Mattis for failing to give Mr Trump the advice he needed to formulate a more coherent regional strategy. Mr Mattis, in urging a restrained response, was perhaps trying to avoid a situation that might invite comprehensive involvement in Syria. Who could blame him? He works for an impetuous president who doesn't have the commitment to embark on a far-reaching approach in the country that would make the administration's definition of political objectives worthwhile.
In fact Mr Trump has shown repeatedly that in foreign policy terms, his eyes are never on the prize. He recognised Jerusalem as Israel's capital, apparently unconcerned about the fact that it would undermine his desire to reach a comprehensive peace settlement between Palestinian and Israelis. He wants to contain Iran but has done nothing to unify Arab ranks in support of such a project. And he wants to reassert US power in the world but his moves in the Middle East have displayed only the seductions of disengagement.
That Mr Trump never regarded US forces in Syria as part of a wider strategy to contain Iran is embarrassingly revealing. His former secretary of state, Rex Tillerson, had made that connection in a talk at Stanford University earlier this year but it is questionable whether the president heard it. To anyone with a cursory knowledge of the region, what happens in Syria will define what happens in much of the Arab world in the coming years, so Washington cannot afford to be vague about what its political aims in the country are.
But clarifying them is not Mr Trump’s task alone. His advisers, Mr Mattis among them, might lament working for a blowhard but that doesn’t make them any less responsible for helping him devise political objectives in Syria. It would help if the United States were at the negotiating table, not lurking in the corridors. The administration wants Geneva but it has to push for it, with its allies. A political offensive is needed and US forces in Syria should be integrated into that goal. If they have to remain in Syria, let their presence at least be guided by a political purpose.
Michael Young is editor of Diwan, the blog of the Carnegie Middle East programme, in Beirut
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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.”
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In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Monster
Directed by: Anthony Mandler
Starring: Kelvin Harrison Jr., John David Washington
3/5
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
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AT4 Ultimate, as tested
Engine: 6.2-litre V8
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Torque: 623Nm
Transmission: 10-speed automatic
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The Breadwinner
Director: Nora Twomey
Starring: Saara Chaudry, Soma Chhaya, Laara Sadiq
Three stars
THE SPECS
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Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
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