In the early months of the 2003 Iraq war, correspondents in some of the southern parts of Iraq reported seeing Iranian flags flying at checkpoints. Since then, the influence of Iran has expanded enormously, to the point where some of the Iraqi militias appear to be funded primarily from Tehran.
A similar movement is occurring elsewhere in the region. Last week brought credible evidence of what the Gulf states have been saying for many months, that the Houthi rebels are being supplied with weapons by Iran. Research by the UK-based Conflict Armament Research showed that thousands of assault rifles, sniper rifles and even anti-tank missiles could be traced to a smuggling route with Iranian connections.
Over the weekend, reports emerged that Iranian state-sponsored hackers were likely behind an attack that targeted the Saudi central bank. All of this is completely separate from the overt support that Iran has thrown behind Bashar Al Assad as he continues his murderous assault on his people. And, of course, it says nothing of Iranian support for Hizbollah, which is now fighting side by side with Syrian regime forces and Iranian proxies inside Syria.
The instability, chaos and war fomented by Iran throughout the Middle East is shocking in its scale and audacity. Time and again, offered the opportunity to play a responsible part in the region, Tehran has taken the path of sectarianism, division and instability.
After the nuclear deal was signed with the United States, there was some hope that Tehran might finally see sense and play a constructive role. The Gulf states opposed the nuclear deal, in part because it was discussed behind the backs of America’s traditional allies, but mainly because it was a bad deal that would reward Iran for its meddling and destabilising pursuit of nuclear technology. The one potential upside of the deal was that it might curb Iranian meddling. In the months since, such meddling has only increased.
Seen from this side of the Arabian Gulf, there is a clear contrast between what Iran seeks to do and what the Gulf states are doing. The first and most obvious contrast can be seen in the open and thriving cities of the Gulf. Just in the UAE, Abu Dhabi and Dubai are global cities that have no parallel anywhere in Iran. That is in no way gloating. On the contrary, Iranians are the heirs to a great civilisation and Iran’s young people fully deserve to participate in the opportunities of a globalised, networked region. It is merely their government which sows the seeds of mistrust with their Arab neighbours.
For our part, the UAE will continue to provide a model of peace, prosperity and tolerance, for the region and the wider world. At home and abroad, we seek to live our values. It is because we believe in stability and opportunity for all that we have joined the Arab coalition to restore the legitimate government in Yemen. It is the reason we have exerted such efforts to rid the region of the threat of extremism, both in its current manifestation with ISIL and its intellectual roots online, through our anti-extremism organisation the Sawab Centre. And it is the reason we have sought to spread human rights and dignity, welcoming thousands of Syrians over the coming months and years.
In doing all of this, we hope to serve as a beacon of prosperity in the region. We want to see a thriving, peaceful region – but with threats around us, we are also willing to stand up for our beliefs.
Company%20Profile
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
Bombshell
Director: Jay Roach
Stars: Nicole Kidman, Charlize Theron, Margot Robbie
Four out of five stars
1,000 Books to Read Before You Die: A Life-Changing List
James Mustich, Workman
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
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Indoor Cricket World Cup Dubai 2017
Venue Insportz, Dubai; Admission Free
Day 1 fixtures (Saturday)
Men 1.45pm, Malaysia v Australia (Court 1); Singapore v India (Court 2); UAE v New Zealand (Court 3); South Africa v Sri Lanka (Court 4)
Women Noon, New Zealand v South Africa (Court 3); England v UAE (Court 4); 5.15pm, Australia v UAE (Court 3); England v New Zealand (Court 4)
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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.”
Pakistan squad
Sarfraz (c), Zaman, Imam, Masood, Azam, Malik, Asif, Sohail, Shadab, Nawaz, Ashraf, Hasan, Amir, Junaid, Shinwari and Afridi
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