US president Barack Obama laughs as he talks to supporters in Texas. Many Americans prefer to see the US as an "indispensable" nation – but does Mr Obama agree? (Reuters/Jonathan Ernst)
US president Barack Obama laughs as he talks to supporters in Texas. Many Americans prefer to see the US as an "indispensable" nation – but does Mr Obama agree? (Reuters/Jonathan Ernst)

The real Obama doctrine is that America is a small, narrow country



Threaded through the 20,000 word essay on Barack Obama's presidency that has consumed foreign-policy observers this past week is the repeated motif that the US president is a realist, even a hyper-realist politician.

He repeatedly expresses a clear-eyed view of which problems can be tackled, and which cannot; what can be achieved by force, and what cannot; what America today is and what it is not.

In the essay by the US journalist Jeffrey Goldberg, the locus of this policy, the example around which the essay is hinged, is the unexpected US response to the use of chemical weapons in Syria. How, in August 2013, after the Assad regime struck Ghouta with chemical weapons, the United States seemed determined to retaliate, only, hours before the missiles were to be launched, for Mr Obama to back away.

Mr Obama, to judge from Goldberg's article, interpreted the chemical weapons red line he himself had drawn in a very narrow way. He saw it being mainly about Syria and Syria's war.

But what happened at Ghouta was bigger than one war, bigger than one country. It was a question of what can be done today, in the 21st century, in full view of a watching world. The standout moments of the past 20 years — the massacre at Srebrenica, the genocide in Rwanda — have passed from the hands of politicians to historians.

But Ghouta happened while the world was watching. And the US president walked away.

Understood like that, Mr Obama did the right thing for a small country. But he did the wrong thing for a great nation.

Foreign policy doesn't occur in a vacuum. It is a complicated dance, where intentions, postures and history matter.

When the US announces a "red line" and then allows it to be violated, it changes the calculations of many policymakers in many states. It emboldens those who would oppose US policy and demoralises those who would support it. The world becomes subtly more dangerous, because the effect is to bring more people to the point where they could, perhaps, defy the US, and by proxy the international order.

It is hard to quantify all of this and Mr Obama's preference for data and analysis means he doesn't seek to. He focuses, instead, on what he sees as America's core interests. But having an international order is a core interest for the US.

The root of all this is something else. Obama is not a Washington insider. He has little time for the alliances that have formed modern America.

The British fret that he no longer cares for the "special relationship". Europeans wonder if he understands their fears of Russia. The Arabs think he doesn't adequately grasp America's long, often unhelpful, history in the Middle East.

This is what is meant when Mr thereObama is called the first “Pacific” president. He looks to Asia as America's future, and has little nostalgia for the Europe that was America's past. The ties that bind America to the Middle East and Europe hold little interest for him. He is more concerned about what can be done here and now.

At root, Mr Obama thinks of America as one country and he makes decisions based on what he thinks is right for America, right now. That may seem like a rational basis for the leader of a country. But much of the international order over the past half century has been based on the idea of America as an “exceptional” country, an empire in all but name. Mr Obama doesn't believe that; his is a more narrow conception of America's role in the world.

That realism has been hard won. The years of enthusiastic but ill-considered action by George W Bush now look like the classic overextension of great powers. It is natural that a US that has come through a great depression and two unwinnable wars would be poorer, chastened and more careful. Americans, proud of their country, don't enjoy that description — that is what lies at the heart of Mr Obama's right-wing critics who say he doesn't “love” America; they mean he doesn't share the platitudinous belief that America can do anything or everything — but Mr Obama at least recognises the truth that the US can only play a more limited role these days. The president appears keen to parcel out America's political and military capital carefully.

That, in fact, is a completely rational and understandable position, even if it is intensely hard to communicate to an American public and a world beyond still accustomed to the US as the world's policeman.

I can completely understand why Mr Obama, as the leader of a country, chose not to get involved in Syria. It would have consumed most of his time in office. But as the leader of a country that aspires to leadership beyond its borders, it was a mistake. That's the difference.

Syria could have been just another civil war, an atavistic conflict fought for unfathomable reasons in a country far from Washington.

Mr Obama's tragedy is that Syria's war, by virtue of spilling so far beyond its own borders, became not merely a great humanitarian disaster but a defining challenge for the world's leaders; he has been caught on the horns of that conflict, torn between what is expected of his office and what he aspires to achieve.

Mr Obama sees himself as the leader of a small country called America. The leader of an indispensable nation would not allow children to choke to death on chemical weapons fumes on his watch.

falyafai@thenational.ae

On Twitter: @FaisalAlYafai

UAE currency: the story behind the money in your pockets

The Way It Was: My Life with Frank Sinatra by Eliot Weisman and Jennifer Valoppi
Hachette Books

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

Email sent to Uber team from chief executive Dara Khosrowshahi

From: Dara

To: Team@

Date: March 25, 2019 at 11:45pm PT

Subj: Accelerating in the Middle East

Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.

Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.

I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.

This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.

It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.

Uber on,

Dara

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

SPECS

Engine: 2-litre direct injection turbo
Transmission: 7-speed automatic
Power: 261hp
Torque: 400Nm
Price: From Dh134,999

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

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.”

COMPANY PROFILE

Name: Qureos
Based: UAE
Launch year: 2021
Number of employees: 33
Sector: Software and technology
Funding: $3 million

Intercontinental Cup

Namibia v UAE Saturday Sep 16-Tuesday Sep 19

Table 1 Ireland, 89 points; 2 Afghanistan, 81; 3 Netherlands, 52; 4 Papua New Guinea, 40; 5 Hong Kong, 39; 6 Scotland, 37; 7 UAE, 27; 8 Namibia, 27