The new Iranian president, Hassan Rouhani, takes over the helm of government amid difficult and complicated times for his country and the region, George Simon wrote in a column on the London-based Al Hayat.
The new president faces the remnants of the eight years in which his predecessor, Mahmoud Ahmadinejad, ruled the country. These years were the worst in the history of the Islamic Republic, both in terms of internal and external affairs.
During these years, political differences deepened, the social fabric was torn, the socio-economic crisis worsened and polarisation and repression increased.
The poor management of foreign policy, especially regarding the nuclear programme, has doubled sanctions and increased sanctions, he said.
In addition, the Arab Spring of the last two years has increased the number of challenges faced by Tehran, and disturbed the balance of power in the Middle East and affected relations among regional countries.
"This legacy, accumulated since 2005, was the first factor in the basis for the selection of the new Iranian president. But the economic crisis and its relation to issues inside and outside was the biggest factor," the writer said.
So this will be Mr Rouhani's priority, and his citizens will have to wait a long time for change, especially since the new president came from the existing system.
Thus, any change at the domestic level will be impossible if it conflicts with the existing power structure or touches the essence of Iran's revolution. Likewise, any change in foreign policy, regionally or more broadly, will be impossible if it threatens to undermine the strategy that the Islamic Republic has built over three decades.
"Whether the new president is classified among the reformists or the conservatives or in between, Iran will continue to move under the rule of the religious leader, whatever the aspirations of the Iranians." President Rouhani will not be able to change the equations at home unless he opens the door again for basic freedoms, and comes up with a formula for national unity under the overall system.
In term of foreign policy, "the most notable issues these days are, of course, the nuclear file and the Syrian crisis that has pushed the whole region towards sectarian conflict."
But can Mr Rouhani make radical changes in the policy of the Islamic Republic, paying the high cost that this would bring?
"Internal economic conditions and developments in the broader Middle East, from the Mediterranean to Afghanistan, do not allow the luxury of wait-and-see," the writer concluded. "They require urgent decisions in the nuclear file and the Syrian crisis, and the network of regional and international relations linked to them. This alone might bring life to the Iranian economy."
People united by the "pleasure of hatred"
Sometimes the best way to avert mayhem is the one which is most ridiculed and totally rejected by the majority of people, columnist Bilal Fadl wrote in the Cairo-based paper Al Shorouk.
Amid the turmoil engulfing the Arab world, hatred seems to be common and convincing. Hatred seems more attractive than any tedious talk about the inevitability of accepting and coexisting with others, including those who hate each other, the writer noted.
Unfortunately, there is no agent that unifies people better than hatred; this is what the American writer Eric Hoffer argued in his 1951 book The True Believer, in which he examined the rise of fascism and Nazism in the first part of the 20th century.
Hoffer argued that hatred can consume a person so much that it makes him oblivious to his surrounding and his future. He is freed from others' desires and eager only to join those with whom he shares hatred. This can form an incendiary group, guided only by hatred towards those who have wronged them, unaware that hatred make them reshape themselves like their tormentors.
Egypt's Muslim Brotherhood have repeated the mistakes of the Hosni Mubarak's National Democratic Party. And the Brotherhood-haters are now repeating the Brotherhood's mistakes.
In this way evil persists even after the original evildoers are gone, because those who hate reproduce a similar evil and therefore prolong its existence.
What does the year 2020 hold for Arabs?
Despite a shortage of future studies in the Arab world, it is not hard to foresee the year 2020, Khairi Mansour wrote in yesterday's edition of the Sharjah-based newspaper Al Khaleej.
There are signs that the coming seven years are going to be lean, not only economically but also in terms of the social fabric, forms of government and the political landscape, the writer said.
But there are different scenarios. Some postulate a period of fragmentation, "Phase Two of Sykes-Picot", will befall Arabs, producing a regional map with more than 60 statelets.
Others suggest that the emerging awareness in the Arab world is capable of de-romanticising dreams so that concepts such as unity come to be seen as necessary, according to the writer.
This growing awareness could put things right despite the current conflicts and the ideological and political chaos that beset the Arab world.
Should the developmental projects in various areas translate into action, Arabs will be making progress and will not necessarily be in danger of being kicked out of history, a fate about which some desperate people now warn.
And despite all of the challenges that lie ahead for the Arabs, turning back the clock is a losing bet, the writer concluded.
* Digest compiled by The Translation Desk
translation@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.”
BUNDESLIGA FIXTURES
Friday Hertha Berlin v Union Berlin (11.30pm)
Saturday Freiburg v Borussia Monchengladbach, Eintracht Frankfurt v Borussia Dortmund, Cologne v Wolfsburg, Arminia Bielefeld v Mainz (6.30pm) Bayern Munich v RB Leipzig (9.30pm)
Sunday Werder Bremen v Stuttgart (6.30pm), Schalke v Bayer Leverkusen (9pm)
Monday Hoffenheim v Augsburg (11.30pm)
RESULTS
5pm: Wathba Stallions Cup Maiden (PA) Dh 70,000 (Dirt) 1,600m
Winner: Samau Xmnsor, Abdul Aziz Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Maiden (PA) Dh 70,000 (D) 1,600m
Winner: Ottoman, Szczepan Mazur, Abdallah Al Hammadi
6pm: Maiden (PA) Dh 70,000 (D) 1,800m
Winner: Sharkh, Patrick Cosgrave, Helal Al Alawi
6.30pm: Handicap (PA) Dh 85,000 (D) 1,800m
Winner: Yaraa, Fernando Jara, Majed Al Jahouri
7pm: Handicap (PA) Dh 70,000 (D) 2,000m
Winner: Maaly Al Reef, Bernardo Pinheiro, Abdallah Al Hammadi
7.30pm: Maiden (PA) Dh 70,000 (D) 1,000m
Winner: Jinjal, Fabrice Veron, Ahmed Al Shemaili
8pm: Handicap (PA) Dh 70,000 (D) 1,000m
Winner: Al Sail, Tadhg O’Shea, Ernst Oertel
Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
How England have scored their set-piece goals in Russia
Three Penalties
v Panama, Group Stage (Harry Kane)
v Panama, Group Stage (Kane)
v Colombia, Last 16 (Kane)
Four Corners
v Tunisia, Group Stage (Kane, via John Stones header, from Ashley Young corner)
v Tunisia, Group Stage (Kane, via Harry Maguire header, from Kieran Trippier corner)
v Panama, Group Stage (Stones, header, from Trippier corner)
v Sweden, Quarter-Final (Maguire, header, from Young corner)
One Free-Kick
v Panama, Group Stage (Stones, via Jordan Henderson, Kane header, and Raheem Sterling, from Tripper free-kick)
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
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The%20specs
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
SPECS
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8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
UAE currency: the story behind the money in your pockets
Honeymoonish
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if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho