The US president Barack Obama, second left, the secretary of state Hillary Clinton, right, and the vice president Joe Biden, left, along with with members of the national security team, receive an update on the mission against Osama bin Laden in the Situation Room of the White House on Sunday, May 1, 2011, in Washington.
The US president Barack Obama, second left, the secretary of state Hillary Clinton, right, and the vice president Joe Biden, left, along with with members of the national security team, receive an updShow more

US ended bin Laden's life; Muslims had already buried his ideology



A ghost from the past reappears. Osama bin Laden, for so long the spectre who haunted America's dreams, a once potent symbol for millions who was reduced to a fringe figure by the time of the Arab awakening, is dead.

Osama bin Laden: Complete coverage of the killing of the world's most wanted terrorist.

Last Updated: May 3, 2010

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Those who remember him will recall him as he was a decade ago, dressed in white, finger raised to the sky, warning America of the death of its sons. That figure has long since passed into history, a lone voice on the margins of bigger events.

The death of bin Laden is more symbolic than substantive. The September 11 attacks, over and above their impact on the families of the thousands killed and affected by that day, had a searing emotional effect on ordinary Americans. His death brings them some closure, and the US president Barack Obama tried to underline that yesterday by retelling in emotional terms the narrative of that day.

It is to be hoped that the families affected by 9/11 can take some comfort from the idea that the man ultimately responsible for the deaths of their loved ones has himself been killed.

But the reality for America is that the triumph is several years late. Killing bin Laden in 2001 or 2002 would have demonstrated American power. To finally track him down a decade later to a mansion in a country bordering the one they invaded is a lesser victory.

For the Arab world, bin Laden's death comes amid more tumultuous events. It still marks a line in the sand. Al Qa'eda's ideas have run like a cancer through the region and the impact of their actions in New York, Washington and a pasture in Pennsylvania have scarred the Middle East. Neither the Arab world nor America chose this battle, but the region has suffered most from its convulsions.

Across Afghanistan and Pakistan and among the wreckage of Iraq there are millions who fit Mr Obama's description of "children who were forced to grow up without their mother or their father, parents who would never know the feeling of their child's embrace".

American bombs and jihadi belts have devastated parts of the region. Without 9/11 to guide American troops into Iraq, that would have not happened.

The death of bin Laden does not end that tragic story, but it closes one chapter. In the hours since the world learnt that bin Laden had been killed, some have claimed a turning point for the Middle East. Arabs, they say, can finally put an unwanted ambassador to rest.

But this was always an outsider's perspective. Since 9/11, bin Laden has been the representation of Arabs to America, but he was never the representative for the majority of Arabs to themselves. He was an anomaly, an apparition, a caricature of a complex region.

Arabs understood that bin Laden was a fragment of their story, not their whole. For al Qa'eda, this is not the end. Bin Laden's death marks neither the end of the movement nor its ideas. Al Qa'eda has fragmented and adapted to life on the run, picking up affiliates and forming loose alliances, with the original al Qa'eda leadership playing an increasingly small part.

Its offshoots in Iraq, in the Arabian Peninsula and in the Maghreb will continue to pose a threat. Whether al Qa'eda as a brand can survive the killing of their unifying figurehead is yet to be seen. Bin Laden's killing does not end the war of ideas in the wider region, either.

That came much earlier, with the Arab Spring being the most recent - and most definitive - refutation of al Qa'eda's atavistic worldview. Their philosophy of violent jihadism was impoverished from the beginning, but still found willing recruits from across the Arab world, South Asia, America and Europe.

The attention first afforded to bin Laden after the September 11 attacks gradually dissipated with each new suicide bombing and grisly tactic. As the broken bodies mounted in Afghanistan and Pakistan, in Britain and Spain, in Jordan and Saudi Arabia and Iraq, his empty vision of the future was laid bare. But it was the Arab Spring that finally laid bin Laden's ghost to rest in the region.

When millions of ordinary Arabs rose up and overthrew two police states, demanding a free future, it was a testament to the power of moral courage, a different tactic to al Qa'eda's vision of violence as the only path to liberation.

This was the victory bin Laden wanted from the start: his genesis as a terrorist began as he came to believe attacking the "far enemy" of America was the only way to end the dictatorial regimes it supported. That goal long eluded him. It was the simple defiant bravery of millions of Arabs that liberated them, not the violence preached by al Qa'eda.

In the end, the death of Osama bin Laden changes little. The Arab Spring killed his ideas in the region and the Americans have followed with his body.

falyafai@thenational.ae

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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.”

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The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

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