Tide is turning in Syria



Syrian tide is turning against the regime

Observers of Syrian events may get the impression that matters have reached a stalemate or are repeating themselves, the London-based daily Al Quds Al Arabi said editorially.

Protesters take to the streets every Friday, and are violently repressed by security forces. All that changes from week to week is in the number of casualties.

But in reality, there are new additions to the crowds each week, as the opposition grows stronger and the regime more aggressive.

The widening scope of the protests, which have included 150 towns and villages so far, proves that the opposition is gaining momentum, especially following three opposition conferences featuring the participation of most opposition categories.

True, large cities such as Damascus and Aleppo, with the biggest concentration of businessmen and the middle-class, have yet to throw their weight into the protests. But this is now expected: the loyalties of the trader class usually shift toward the winners.

The economic deterioration due to the crisis and western sanctions will damage the ruling authorities in the near future, as commercial transactions have fallen by half in recent days and the tourist season has ground to a complete halt.

The US and other western countries, which cannot interfere militarily or politically as in Libya, are wagering on an economic collapse, which would be the quickest way to regime collapse.

The end of Islamist power in Egypt

The ministerial changes in Egypt are truly an exceptional event, observed columnist Satea Noureddine in the Lebanese daily Assafir.

This is a strictly Arab or third-world type of event: the Egyptian street imposed a radical adjustment on a cabinet that, until recently, had been changed only upon a decision by the ruler and at his whim.

The street has become the controlling and accountability authority and an instrument for development and improvement.

The military council was prompt to respond and the prime minister, Essam Sharaf, honoured the public's demands to a great extent. Half of the cabinet members were ousted and the rest now realise that they are being tested. More importantly, more than 1,000 police officers were dismissed for their roles in killing or repressing protesters.

"Egypt's revolution has set an irrevocable precedent whatever the type or form of any future system of rule: the street is the main source of authority and the last resort for legality," the writer said.

These developments have set things straight once again. Islamists had left the street and didn't take part in the cabinet adjustment campaign. That was proof that they are not the most potent political power in Egypt.

"Egyptian public opinion rules, and has ended the role of Islamists," the writer concluded.

Time for Kuwait, Iraq to build some trust

You know the Iraqi campaign against Kuwait has reached its height when a politician and the Iraqi Hizbollah Brigades strongly oppose construction of the Mubarak Port project, the UAE paper Al Bayan noted in its editorial.

The Kuwaiti government has every right to have concerns sparked by the shift in the political discourse in Iraq. It is also right to worry about the spring intervention of some Iraqi politicians in Bahraini internal affairs.

So the Iraqi government needs to show clearly its official attitude, through the prime minister or the president, regarding the new port and other pending issues between the two countries.

The role of GCC in this is crucial. The Council needs to support Kuwait in order to deter "harassment" by Iraq. And the UN should urge Iraq to abide by international legitimacy, and should help both countries to fully implement UN security council resolutions.

Some considered the issue of the Kuwaiti port to be an attempt by some parties in Iraq to "dig up" the border demarcation issue, which is supposed to be settled, once for all, by the international resolutions 883 and 899.

"It is hard to understand the reasons behind the row. This port, will, after all, benefit all of Iraq and the south in particular."

The editorial concluded by expressing optimism about the new Iraq, and the hope that Iraqi leaders will focus on developing good relations with their neighbours.

Tunisia's Islamic party is being two-faced

It is well known that Sheikh Rashid al Ghannouchi, the leader of the Islamic Renaissance Party in Tunisia, adjusts his rhetoric according to time and place, always taking into account the audience before him, commented Abdul Rahman al Rashed, a columnist with the pan-Arab Asharq al Awsat newspaper.

It wasn't unexpected of him, then, to tell one British newspaper during a recent interview that, were his party to take presidential office, they would be so tolerant as to allow accessibility to alcohol and women wearing bikinis, the writer went on.

Mr al Ghannouchi often repeats that his party wants "a civil, democratic state that preserves public liberties". Yet his statement to the British newspaper remains a bit hard to believe. How is the Renaissance Party going to accept women wearing bikinis when it is the one that speaks against women who wear their hair uncovered in public?

"The truth is such a liberal statement, which we never hear Mr al Ghannouchi make in the Arab media, may not be more than a politicised discourse specifically directed to westerners." Its goal would be to reassure them that Tunisia's Islamists are not advocates of the full niqab - which seems to annoy some in London - and do not share ideologies held by Iran's Basij or Gaza's Hamas.

* Digest compiled by the Translation Desk

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.”

MATCH INFO

Manchester United 1 (Greenwood 77')

Everton 1 (Lindelof 36' og)

Scoreline:

Cardiff City 0

Liverpool 2

Wijnaldum 57', Milner 81' (pen)

The Matrix Resurrections

Director: Lana Wachowski

Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick 

Rating:****

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

'Gold'

Director:Anthony Hayes

Stars:Zaf Efron, Anthony Hayes

Rating:3/5

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

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The specs: Aston Martin DB11 V8 vs Ferrari GTC4Lusso T

Price, base: Dh840,000; Dh120,000

Engine: 4.0L V8 twin-turbo; 3.9L V8 turbo

Transmission: Eight-speed automatic; seven-speed automatic

Power: 509hp @ 6,000rpm; 601hp @ 7,500rpm

Torque: 695Nm @ 2,000rpm; 760Nm @ 3,000rpm

Fuel economy, combined: 9.9L / 100km; 11.6L / 100km

The specs

Engine: four-litre V6 and 3.5-litre V6 twin-turbo

Transmission: six-speed and 10-speed

Power: 271 and 409 horsepower

Torque: 385 and 650Nm

Price: from Dh229,900 to Dh355,000

SPECS

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

The specs: 2024 Mercedes E200

Engine: 2.0-litre four-cyl turbo + mild hybrid
Power: 204hp at 5,800rpm +23hp hybrid boost
Torque: 320Nm at 1,800rpm +205Nm hybrid boost
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Fuel consumption: 7.3L/100km
On sale: November/December
Price: From Dh205,000 (estimate)

Related
If you go

  • The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
  • The Double Tree by Hilton in Novosibirsk (+7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
  • The transport Minibuses run along the Chuysky Trakt but if you want to stop for sightseeing, hire a taxi from Gorno-Altaisk for about US$100 (Dh360) a day. Take a Russian phrasebook or download a translation app. Tour companies such as Altair-Tour (+7 383 2125115 ) offer hiking and adventure packages.
FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

Company Profile

Name: Nadeera
Based: Abu Dhabi, UAE
Founders: Rabih El Chaar and Reem Khattar
Sector: CleanTech
Total funding: About $1 million
Investors: Hope Ventures, Rasameel Investments and support from accelerator programmes
Number of employees: 12

The specs

Engine: 3.5-litre twin-turbo V6

Power: 380hp at 5,800rpm

Torque: 530Nm at 1,300-4,500rpm

Transmission: Eight-speed auto

Price: From Dh299,000 ($81,415)

On sale: Now

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

Sun jukebox

Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)

This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.

Elvis Presley, Mystery Train (1955)

The B-side of Presley’s final single for Sun bops with a drummer-less groove.

Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)

Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.

Carl Perkins, Blue Suede Shoes (1956)

Within a month of Sun’s February release Elvis had his version out on RCA.

Roy Orbison, Ooby Dooby (1956)

An essential piece of irreverent juvenilia from Orbison.

Jerry Lee Lewis, Great Balls of Fire (1957)

Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.

Tales of Yusuf Tadros

Adel Esmat (translated by Mandy McClure)

Hoopoe

MATCH INFO

Who: France v Italy
When: Friday, 11pm (UAE)
TV: BeIN Sports

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.

The trailblazers

Sixteen boys and 15 girls have gone on from Go-Pro Academy in Dubai to either professional contracts abroad or scholarships in the United States. Here are two of the most prominent.

Georgia Gibson (Newcastle United)
The reason the academy in Dubai first set up a girls’ programme was to help Gibson reach her potential. Now she plays professionally for Newcastle United in the UK.

Mackenzie Hunt (Everton)
Attended DESS in Dubai, before heading to the UK to join Everton full time as a teenager. He was on the bench for the first team as recently as their fixture against Brighton on February 24.