US approval for Yemen strike is ‘appeasement’ for Iran talks


  • English
  • Arabic

Both Saudi Arabia and Israel, each for its own reasons, have lobbied hard to prevent any deal at the US-led talks with Iran on its nuclear programme, Oraib Al Rantawi wrote in an opinion piece in the Jordan-based paper Addustour. Both countries, he said, wanted to prevent an agreement that would allow Iran to retain even a restricted nuclear programme.

He said that Saudi Arabia feared Iran’s increased regional role more than a potential nuclear bomb, though he noted that using such a device would be Iran’s “final mistake”. He added that Saudi Arabia too was capable of acquiring a ready-made nuclear weapon from its ally, Pakistan.

Meanwhile, Tel Aviv, he wrote, has often voiced concern about Iran’s regional expansion. It is worried about Iran using a nuclear programme for military purposes. This is why it has tried hard to destroy Iran’s nuclear capabilities.

It’s worth noting, he said, that Operation Decisive Storm, the Saudi-led offensive against the Iranian-backed Houthi rebels in Yemen, began a few days before the informal deadline set for the end of talks between the P5+1 group and Iran.

According to some reports, Al Rantawi said, America’s support for the Saudi operation is part of its effort to reassure Riyadh about its regional stature in the face of Iran’s expansionism. There was talk of a Saudi-led strike long before the Houthis advanced on Aden and president Abdrabu Mansur Hadi fled Yemen, he added.

One explanation for this is that the United States is trying to mollify one of its biggest allies in the region. The writer said that this support could be seen as the price that Washington has to pay to justify any deal it makes with Iran. Another possible reason could be that the American negotiators at the nuclear talks with Iran in Lausanne, used the Yemen action to exert pressure.

To be sure, Washington knows the possible repercussions that Operation Decisive Storm could have on its antiterror efforts. It gave the green light to the Saudi action although it was aware of possible retribution by terrorist groups, Al Rantawi said.

Officially, the US has urged political dialogue to resolve the conflict in Yemen and has said that it would provide only logistical and intelligence assistance to the Saudi-led coalition.

But if Operation Storm could be seen as American appeasement of Saudi Arabia, what would the US concede to Israel, Al Rantawi asked. Israel, after all, is as vehemently opposed as Saudi to any agreement with Iran. Perhaps Israel’s “reward” from the US would be to help Tel Aviv bury even the concept of a two-state solution to the Palestinian crisis, he suggested.

George Samaan, writing in the London-based daily Al Hayat, argued that Decisive Storm signalled the end of the proxy war between Saudi Arabia and Iran and the conflict had become a direct face-off. The writer said that Iran played a major part in the Houthi rebels’ coup against Mr Hadi and, by extension, the Gulf Cooperation Council (GCC) initiative and the terms of the National Dialogue Conference. The Houthis were seeking to seize all of Yemen so that Saudi Arabia would become “encircled by Iran”.

Samaan said that Iranian officials had gone so far as to boast of their influence in four Arab capitals – Baghdad, Beirut, Damascus and Sanaa – and that this had had an impact on GCC and wider Arab security. Arab concern has been compounded by America’s silence as the nuclear talks with Iran neared the deadline (though they were extended). In trying to avoid any impact on its dialogue with Tehran, Washington had long turned a blind eye to Iran’s regional policies, the writer argued.

Now, after the Saudi-led campaign, will Iran strike back and, if so, where? Or will it rethink its policies and opt for a more pragmatic approach?

Iran is likely to throw its weight around with the Houthis, Samaan said. But unlike Syria, Iran has no direct borders with Yemen. And a war of attrition would be costly for Iran, because Yemen’s coastline and air space are now under the control of the Arab anti-Houthi alliance

The writer noted that a large number of Muslim countries – including Jordan, Egypt, Morocco and Pakistan – had joined the Saudi campaign and that any direct confrontation could lead to Tehran’s further isolation in the Muslim world. Even Turkey, which has not been on good terms with some of the countries in the alliance, has supported the campaign, he concluded.

aezzouitni@thenational.ae

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.”

Profile

Company name: Marefa Digital

Based: Dubai Multi Commodities Centre

Number of employees: seven

Sector: e-learning

Funding stage: Pre-seed funding of Dh1.5m in 2017 and an initial seed round of Dh2m in 2019

Investors: Friends and family 

Changing visa rules

For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.

Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.

It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.

The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.

The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.

2020 Oscars winners: in numbers
  • Parasite – 4
  • 1917– 3
  • Ford v Ferrari – 2
  • Joker – 2
  • Once Upon a Time ... in Hollywood – 2
  • American Factory – 1
  • Bombshell – 1
  • Hair Love – 1
  • Jojo Rabbit – 1
  • Judy – 1
  • Little Women – 1
  • Learning to Skateboard in a Warzone (If You're a Girl) – 1
  • Marriage Story – 1
  • Rocketman – 1
  • The Neighbors' Window – 1
  • Toy Story 4 – 1
Safety 'top priority' for rival hyperloop company

The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.

He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.

“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.

“Only once the system has been certified and approved will it move people,” he said.

HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon. 

With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.

How to improve Arabic reading in early years

One 45-minute class per week in Standard Arabic is not sufficient

The goal should be for grade 1 and 2 students to become fluent readers

Subjects like technology, social studies, science can be taught in later grades

Grade 1 curricula should include oral instruction in Standard Arabic

First graders must regularly practice individual letters and combinations

Time should be slotted in class to read longer passages in early grades

Improve the appearance of textbooks

Revision of curriculum should be undertaken as per research findings

Conjugations of most common verb forms should be taught

Systematic learning of Standard Arabic grammar

SERIE A FIXTURES

Friday Sassuolo v Torino (Kick-off 10.45pm UAE)

Saturday Atalanta v Sampdoria (5pm),

Genoa v Inter Milan (8pm),

Lazio v Bologna (10.45pm)

Sunday Cagliari v Crotone (3.30pm) 

Benevento v Napoli (6pm) 

Parma v Spezia (6pm)

 Fiorentina v Udinese (9pm)

Juventus v Hellas Verona (11.45pm)

Monday AC Milan v AS Roma (11.45pm)