Two sides of one coin in a decade of confusion


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What does the failed Christmas bomber Umar Farouk Abdulmutallab have in common with the fictional TV character Chandler from Friends? An apparently flippant connection, perhaps: each went to Yemen in a state of deep emotional turmoil. But what better way to consider the social, political and economic development the world has gone through in the past decade than by comparing and contrasting the demands of western liberals on the one hand, and extremist fundamentalists on the other?

@body arnhem:One group stands for freedom, the other stands for oppression. But is there a genuine contrast between them, as the "War on Terror" would have us believe, or are they merely two sides of the same coin? The past decade might be remembered for liberals exporting all sorts of freedom, regardless of how freedom is defined. It might be defined as an ideology that needs to be exported on the back of a tank, to give people the right to choose their government. Or it might be a credit crunch after a decade of easy loans, to give people more spending choices. Or it might be defined by Facebook, giving you the choice to connect with whom, and when, you please; time is no longer a constraint (either the time difference, or the lack of time). Where there is freedom there is always choice.

Afghanistan was the first battlefield in the "War on Terror". The extremist Taliban were replaced by a democratic government. Women were given the choice to remove their burqas, and beauty schools were set up. So women could remove the extremists' facemask (the burqa) and adopt the liberal facemask (make-up). But then, some might choose to adopt the traditional/religious/extremist facemask to avoid the burden of the modern liberal one. In that case, is the extremist facemask not liberating? Each is a form of disguise, but which one allows your pores to breathe freely is debatable. So maybe which disguise allows for more freedom of movement is debatable too.

Since the Taliban were ousted, the Afghans' favourite game has become popular again. Buzkashi is a traditional Central Asian sport, similar to polo in that the players are on horseback, but instead of whacking a ball with a mallet they have to pick up the headless carcass of a goat or a calf and carry it free of the other players. The Taliban considered the game inhumane and immoral, and banned it. But now it's back, and the government-sponsored federation even hopes to include it in the Olympics. The game is quite violent and animal-rights activists detest it. So would you consider supporting such a sport as freedom?

But then, in the past decade war has become a sport of sorts. How else can one view the activities of the private security company Blackwater (or Xe Services, as we must now learn to call them)? Men paid to fight in a game called freedom. This war for liberation has added to the confusion over identity, values and faith. We are expected to be on one side or the other, but what happens when liberals and extremists concur? When religious authorities in Egypt justify building a wall to block the Gaza-Egyptian border on the ground of security, the same excuse that Israel uses to justify the West Bank wall, does that make those religious authorities liberal? Or does it make Israel (the only democracy in the Middle East, as we are continually being told) extremist?

Maybe liberals are becoming extremists and extremists are becoming liberals. Religious authorities in Saudi Arabia - rarely viewed as liberal - praised the inauguration of the King Abudullah University, giving their blessing to a mixed-sex educational establishment that posts photos of uncovered female lecturers on its website. But only eight years ago being uncovered may have cost several young girls their lives, when the Saudi "religious police" were accused of preventing those not wearing headscarves from fleeing their burning school in Mecca.

Imagine one of the 14 girls who was burnt to death that day looking down on Earth at the end of this decade: how would she react to the values of the King Abdullah University? "If the school had caught fire at the end of the decade instead of the beginning, would I still be alive?" This confusion between what we call religiosity and faith is not helped by the so-called structured liberal sanity of the world we live in. Civilisation requires structure, and to be modern we need to be free, but isn't freedom all about not having structures? So does freedom facilitate civilisation, or just confusion?

Religion and faith are supposed to provide a coping mechanism to deal with the confusion that we live in. But as religious authorities are caught up in this labyrinth of values, and the coping mechanism becomes the source of confusion, how are we supposed to cope? When everything is confusing, how can we be faithful? You start feeling uneasy and it becomes difficult to breathe as you begin to doubt everything you were told.

But then maybe this religious confusion will allow us to deny our sins on judgment day: not guilty by reason of chaotic insanity. This "War on Terror" has the whole world confused; for all the sense it makes they might just as well have called it Star Wars. And in this past decade of confusion, definitions have become distorted. With two masks, two games, two walls and two schools, I am not sure where we stand. Maybe we need to go to Yemen to figure it out.

Hissa al Dhaheri is a sociologist and cultural researcher

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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Price, as tested: Dh255,150 (X2); Dh383,250 (X3)

Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)

Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)

Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)

Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)

Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)

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A new relationship with the old country

Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates

The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:

ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.

ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.

ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.

ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.

IN WITNESS WHEREOF the undersigned have signed this Treaty.

DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.

Signed

Geoffrey Arthur  Sheikh Zayed

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SPECS
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Specs

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Power: 659hp
Torque: 1075Nm
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Price: On request

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5