Jimmy Carter, the 39th president of the US who was awarded the Nobel Peace Prize in 2002, has died at 100.
Mr Carter’s presidency, which began in 1977 after he defeated incumbent Gerald Ford in the previous November's election, offers contrasting lessons in US engagement with the Middle East.
He was praised for negotiating a breakthrough peace deal between Egypt and Israel in 1978, a piece of hard-won diplomacy that alone deserved the Nobel Prize in the eyes of many. Two years later, he lost a bid for re-election as Americans were held hostage by Iranian revolutionaries.
"Today, America and the world lost an extraordinary leader, statesman and humanitarian," President Joe Biden and first lady Jill Biden said. "He was a man of great character and courage, hope and optimism ... To the entire Carter family, we send our gratitude for sharing them with America and the world."
Even when out of office, Mr Carter continued to take a close interest in the region. He ran a global charity, supported Palestinians and was critical of what he called America’s pro-Israel bias.
Randall Balmer, author of Redeemer: The Life of Jimmy Carter, described him as perhaps the “foremost humanitarian of his generation”.
Mr Carter was born in Georgia, the son of James Earl Carter, a farmer, and Lillian, a nurse. He served in the US Navy and gained prominence as Georgia’s governor in the 1970s.
The Democrat won the 1976 presidential election by selling himself as an outsider in Washington, which had been sullied by the Watergate scandal and the Vietnam War.
As president, he faced slow economic growth, stagflation and an energy crisis. Mr Carter’s progressive policies stumbled in Congress. His effort to reduce US reliance on foreign oil was quashed.
Still, he scored wins overseas. He reached an agreement with the Soviets on nuclear arms curbs and won Congressional approval for treaties with Panama to hand over US control of the Panama Canal.
Jimmy Carter's life - in pictures
His top foreign policy triumph involved hosting Egyptian president Anwar Sadat and Israeli prime minister Menachem Begin at Camp David, Maryland, in 1978, for 13 days of gruelling talks.
Negotiations hit an impasse on the third day. Mr Carter switched to shuttle diplomacy, separating Mr Begin and Mr Sadat and ferrying back and forth a document until they agreed to a joint text.
The Camp David accords led to full diplomatic and economic relations between the two countries. Egypt regained the Sinai Peninsula, which it had lost to Israel in the 1967 Arab-Israeli war.
Gerald Rafshoon, Mr Carter’s former communications director, said the president was a “tough” negotiator but won his guests’ trust by being “even-handed”.
“They knew he would do what he said he would do,” said Mr Rafshoon. It is the “only Middle East peace treaty to stand the test of time”, he added.
The deal is lauded for avoiding repeats of the 1967 and 1973 Arab-Israeli wars.
Carter's legacy
Steven Hochman, research director at the Carter Centre, said that “more and more people have come to recognise the great achievements of the White House years".
It was a political win for Mr Carter, but the Middle East was not done with the US president. Iranian students stormed the US embassy in Tehran soon after the 1979 Islamic Revolution and took 52 Americans captive for 444 days. Mr Carter could not secure their release and mounted a botched US rescue mission in April 1980.
Gary Sick, one of Mr Carter’s White House aides, said it was a public relations disaster, but insisted the president played it right. He “resisted taking a jingoistic approach and using military force, which would have gotten the hostages killed”, said Mr Sick.
Mr Carter eventually “got them all home, alive, safely”, but not in time to win re-election in November 1980, he said.
Voters delivered a landslide win to Republican nominee Ronald Reagan, a former actor and California governor.
Mr Reagan’s pledge to “make America great again” drowned out Mr Carter’s talk of a “crisis of spirit”.
Mr Carter remained a diplomatic master despite losing office, and also mediated in Central America and Africa.
The father of four and his wife Rosalynn founded the Carter Centre charity in 1982. It has fought disease, run health programmes and monitored elections around the world for four decades.
In 2002, Mr Carter was awarded the Nobel Peace Prize for his “decades of untiring effort to find peaceful solutions to international conflicts, to advance democracy and human rights, and to promote economic and social development”.
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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.”