Arabic-language commentator Ahmed Yousef Ahmed said the interest of Arabs in the US election is understandable given that its outcome will affect the whole world. The problem lies in linking such an interest to the question: which candidate is better for Arabs?
“Perhaps this time around, such interest is justified by the novelty of the elections. On the one hand, there is a controversial Republican candidate [Donald Trump] and on the other hand there is Democratic candidate [Hillary Clinton] who considers political groups that associate themselves with Islam to be a necessary part of the future regional equation,” he wrote in The National’s Arabic-language sister publication Aletihad.
Arabs who oppose such groups are wary that Mrs Clinton will win the race to the White House in spite of Mr Trump’s anti-Islamic and anti-Muslim rhetoric and his pledge to recognise Jerusalem as the capital of Israel.
Regardless, the writer said that the Arab world should adopt a new approach vis-à-vis the US election, based on a shift in their mindset from “what will each candidate do to us if they win the election” to “how can we henceforth play a role in determining the winner and, even more, in their politics”.
He added: “Such an approach should include two key elements, namely forming an Arab lobby that would influence the US election, and taking initiatives to protect Arab interests and achieve their goals instead of waiting for others to act for them.”
Another commentator, Abdulkhaleq Abdulla, tackled the election from a Gulf perspective. “Gulf countries are keeping their preferences and positions for themselves, but their concern over the Republican Party candidate is no secret,” he wrote in the London-based pan-Arab daily Asharq Al Awsat.
On the other hand, he continued, no one is hiding their preference for Mrs Clinton despite legitimate concerns about her personality.
“The general sentiment and political consensus is that the Gulf region favours a woman in the White House rather than a businessman who lacks basic knowledge in politics, he wrote.
“This sentiment was reflected in two Twitter surveys.”
Abdulla noted that Mrs Clinton is known and respected in the Gulf region and beyond. She is “a million times better than a candidate who is relatively unknown and politically mysterious.
“She is not just easy to work with, but aware of the security needs of Gulf countries, as well as the importance of their alliance and appreciates their antiterrorism efforts.
“Mrs Clinton is also well-informed about the region. She can deal with it as soon as she sets foot in the White House, not to mention her teammates who know every nook of the region – probably more than their own country,” he said.
“On the other hand, the Gulf region and the world are rather perplexed by Mr Trump. Their biggest concern is his poor knowledge of the world, particularly the complexities of the regional crises.
“The general impression is that Mr Trump is ignorant about Gulf security and does not appreciate the deep US-Gulf relations that have gone through a rough patch during Barack Obama’s term. These relations are likely to become even more strained if Mr Trump becomes president,” Abdulla added.
The writer concluded that Gulf countries see Mrs Clinton as capable of restoring their confidence and fixing the frayed relations with her country. However, it is Americans who will ultimately decide as the world watches quietly.
* Racha Makarem
rmakarem@thenational.ae
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
Famous left-handers
- Marie Curie
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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.”
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.