Cast your mind back to last year, and the G7 leaders assembling beside the beach in Cornwall.
Then, amid fanfare, US President Joe Biden unveiled the Build Back Better World plan or B3W, for short. It was, said Biden, to be a higher-quality alternative to China’s Belt and Road Initiative, or BRI. The G7 leaders said theirs would offer a “values-driven, high standard and transparent” partnership.
Now, cut to this week and the 2022 meeting of the G7 at Schloss Elmau in the Bavarian Alps. There, they’ve launched the Partnership for Global Infrastructure and Investment scheme, or PGII. It will, said Biden, allow countries to “see the concrete benefits of partnering with democracies”.
The sense of déjà vu is strong, as indeed it should be, since PGII is intended as a replacement for B3W. That’s because the latter never got off the ground. Even from day one, there were problems, with the then-German chancellor Angela Merkel saying it was not clear how the B3W would be financed.
That’s how it remained, with not enough clarity as to where the money, for what was seen very much as a US-driven programme (Build Back Better was a direct copy of Biden’s domestic spending and climate agenda), was going to originate. During the ensuing months, not enough G7 members made significant contributions and the big Cornwall idea fell flat.
Hence, the relaunch and the new name. But is it any better?
The driver for all this diplomatic activity and fund-raising, and eventual spending, is of course China’s BRI. Since it was started by President Xi Jinping in 2013, Belt and Road has provoked apoplexy among western governments. China is pouring trillions of dollars into emerging countries, offering them loans to develop ports, railways, roads and bridges. It’s led the communist giant to draw close to nations that are economically poor but rich in resources, sparking consternation in the West’s democracies.
They argue that while China has established and expanded trading links, the investment is also designed to be “predatory”, that the cash advances from Beijing come at a price, and the small print forces a debt-saddled country to cede valuable assets should it fail on debt repayments. The Chinese maintain this is nonsense and that BRI is there to help others raise their game and enjoy the fruits of greater prosperity from increased trade.
Whatever the truth, aiding less fortunate nations has become an ideological battleground — or at least that is how it is seen by the US in particular. The notion that China can steal their traditional thunder, using “debt diplomacy”, deploying finance as a weapon to advance its cause, is especially infuriating.
The problem is that BRI is straightforward and simple in administration and execution. The Chinese agree to do a deal. That’s it. There is no messing around, little obfuscation — it’s a direct transaction. The Americans will argue “phooey, don’t be fooled, it’s a cloak for all manner of persuasion and influence". But that is not how BRI operates in practice — China’s new partner is grateful for the attention and for the cash.
Where the US and its friends went wrong with B3W, and if they’re not careful, will do so again with its successor, is they’ve overcomplicated. So, it’s aimed at climate change and achieving gender equality and improving global health and boosting digital capability. Projects cited in Bavaria include a $2bn solar-powered development in Angola, a vaccine manufacturing plant in Senegal, $14m towards a design study for a small modular reactor in Romania, and a 1,609km submerged telecoms cable linking Singapore to France via Egypt and the Horn of Africa and costing $600m.
All highly creditable, but no obvious connection and each is complex and fraught with risk. They have the smell of ticking policy boxes about them rather than borrowing money to build a bricks-and mortar-bridge, for example.
It’s not clear either, just as with B3W, how the new incarnation will be funded. The G7 leaders have pledged to raise $600bn over five years, with a third of that being paid by the US, from federal sources, grants and private investment. The EU will find E300bn. Quite how the proportions break down, between public and private, and who these private backers are, how they will be wooed, what level of return they can expect to receive, is not specified.
In the year since Cornwall, let us not forget, the world has struggled with the fallout from widespread inflation and Russia’s invasion of Ukraine, so the private sector may have other priorities and could give less generously than before.
Again, it’s different from the China model. The G7 rival smacks of too many cooks, too many ingredients and too many objectives. The US is keen, for instance, to end the use of forced labour in global supply chains, citing China’s exploitation of the Uighur minority in Xinjiang as particularly morally outrageous, to present a more acceptable way of working.
European Commission President Ursula von der Leyen said the aim of GPII was to present a “positive powerful investment impulse to the world, to show our partners in the developing world that they have a choice”.
Similarly, Biden did not mention China explicitly in his announcement of GPII but said: “We’re offering better options for people around the world.” On the side-lines of the summit, Biden elaborated further: “When democracies demonstrate what we can do — all that we have to offer — I have no doubt that we’ll win that competition every time.”
For their part, the Chinese, far from quaking, appear oddly unperturbed. If anything they seem even more determined. Reacting to the news of GPII at his regular briefing in Beijing, China’s Ministry of Foreign Affairs spokesman Zhao Lijian said his country welcomed any project that promoted global infrastructure. “We believe there’s no such thing as relevant initiatives countering or replacing each other.” He added, however: “What we oppose are moves to advance geopolitical calculations and smear the BRI in the name of promoting infrastructure development.”
It can’t be fanciful to suggest that in12 months’ time, the G7 will assemble and proclaim the advent of an exciting, investment fund bearing a new title and another set of initials.
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Ad Astra
Director: James Gray
Stars: Brad Pitt, Tommy Lee Jones
Five out of five stars
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
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
Living in...
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.
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Results
6.30pm: Maiden Dh165,000 (Dirt) 1,400m. Winner: Rio Angie, Pat Dobbs (jockey), Doug Watson (trainer).
7.05pm: Handicap Dh170,000 (D) 1,600m. Winner: Trenchard, Pat Dobbs, Doug Watson.
7.40pm: Maiden Dh165,000 (D) 1,600m. Winner: Mulfit, Pat Dobbs, Doug Watson.
8.15pm: Handicap Dh210,000 (D) 1,200m. Winner: Waady, Dane O’Neill, Doug Watson.
8.50pm: Handicap Dh210,000 (D) 2,000m. Winner: Tried And True, Pat Dobbs, Doug Watson.
9.25pm:Handicap Dh185,000 (D) 1,400m. Winner: Midnight Sands, Pat Dobbs, Doug Watson.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
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KILLING OF QASSEM SULEIMANI
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
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Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
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Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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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Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Andor
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Bangladesh tour of Pakistan
January 24 – First T20, Lahore
January 25 – Second T20, Lahore
January 27 – Third T20, Lahore
February 7-11 – First Test, Rawalpindi
April 3 – One-off ODI, Karachi
April 5-9 – Second Test, Karachi
