An inevitable pall of silence descended on the streets of Bali a day after the G20 summit came to an end.
Missing were the scores of buses, electric cars and scooters and black limousines that Indonesian President Joko Widodo’s administration had arranged to ferry more than 13,000 visitors around the island’s Nusa Dua area, a conclave of stylish tourist resorts used to host the high-stakes conference.
“It is back to normal now,” said Ketut, who runs a taxi service in Bali and, like many Indonesians, goes by one name. “The past few months were madness.”
Flights to Bali were running full and on the eve of the summit, some planes had to hover over the Ngurah Rai International airport for more than two hours because of the rush of traffic.
At the airport, arrangements for the G20 were taut — special lines had been created for immigration, customs and Covid-19 checks and volunteers were everywhere to assist summit visitors.
Indeed, Indonesia as host had pulled out all stops in its run-up to the 17th summit, a select group of the world’s most powerful economies that meets annually to discuss challenges, from economic to political, facing the world.
This year's conference was especially significant as it marked a fully fledged return to in-person diplomacy for the world’s movers and shakers, many of whom, including Chinese President Xi Jinping, had skipped the last forum in Rome, preferring to appear by video.
Although the G20 is billed as one for global co-operation, where a joint statement is issued at the conclusion, one-on-one meetings between the world’s most powerful leaders tend to overshadow proceedings.
And they did in abundance at Bali.
The most significant of the bilaterals, in fact, took place on the eve of the conference with US President Joe Biden meeting his Chinese counterpart to discuss a range of issues involving trade, Taiwan and, of course, the fallout of Russia’s war on Ukraine.
Both were coming into the conference with their hands stronger, having scored key domestic victories.
While Mr Xi had recently secured a third term that firmly entrenched him as China’s most powerful recent leader, Mr Biden had been lifted by his party’s results in the US midterms.
The two discussed their mounting rivalry, which has encompassed everything from enhanced nuclear arsenals to trade wars over technology and a naval build-up by both sides in the Pacific.
“The US focus was China,” said Manoj Joshi, a commentator on international politics at New Delhi-based think tank Observer Research Foundation. “Biden and Xi did not really need the G20 to meet, but these meetings are an important arena to meet your counterparts.”
Pictures — President Xi Jinping with world leaders at G20
Indeed for Mr Xi, who was stepping out of China to meet world leaders for the first time since the pandemic, Bali proved to be significant.
It was his first face-to-face meeting not only with Mr Biden, but also with a host of world leaders including Australian PM Anthony Albanese, as well as his French, South Korean, South African and Indonesian counterparts.
Mr Xi also met Canada’s President Justin Trudeau, whom he accused of leaking to the media details of a private meeting between them.
Relations between China and Canada plummeted after the latter detained a Huawei Technologies executive at the request of the US in 2018.
China then arrested Canadian citizens Michael Kovrig and Michael Spavor over alleged spying and released them only after the Huawei official was freed last year.
While Mr Trudeau attempted to raise the cause of transparency and free speech, Mr Xi cut him short and walked away with a dismissive handshake.
It was a power gesture from a world leader looking to reaffirm his presence on the global stage and repair world opinion of China that has become fractured since the pandemic.
“The spat was quite unusual,” said Srikanth Kondapalli, dean of the School of International Studies at New Delhi’s Jawaharlal Nehru University and an expert on China. “It was quite explicitly the Chinese president exerting coercive diplomatic pressure on the Canadian PM. It was wolf-warrior diplomacy.”
Mr Xi, however, warmed to Italian PM Giorgia Meloni, who accepted his invitation to visit China.
He told Ms Meloni he expected Italy to play an important role in encouraging the EU to pursue an "independent and positive" policy towards China.
Mr Xi, who was being seen by the forum as one able to influence Vladimir Putin and steer the course of the war, may visit Russia next year to meet the Russian President, Russian news agency Tass reported.
In a move that surprised many, Mr Xi participated in the joint declaration by the G20 leaders condemning Russia for the war.
“The resolution was a kind of a victory for India,” Mr Kondapalli said. “What Modi told Putin in Samarkand — that this is not the time for — and which was reflected in the resolution, is quite a boost on new multilateralism that India has been advocating. It is good news for India as it starts the presidency of G20."
On the concluding day of the summit, Mr Widodo handed over the baton to Mr Modi, who pledged to take forward the legacy of the summit.
“The good thing about India’s case is whether it is digital, financial, health or any other dimension, India has been practising those and has that credibility,” said Anil Trigunayat, former Indian ambassador to Jordan, Libya and Malta. “That gives India the opportunity for projecting itself as a benign power that stands by principles.
“Russians must be feeling the pressure now after the G20 declaration and they will have to look for some face-saving. Can India provide that?”
China's support of the declaration was attributed to the fact that Mr Xi needed the forum’s support to overcome the challenges facing China, from climate change to the pandemic’s aftermath to its over-leveraged housing and property markets.
The forum was also the first for British PM Rishi Sunak, who engaged with Mr Biden briefly and also with a host of other leaders including Indian PM Narendra Modi.
“If you see the White House website, the press release relating to China is extensive and when you look at the readouts with Rishi Sunak, it is kind of two paragraphs and for India, half a paragraph,” said Mr Joshi of the Observer Research Foundation. “That gives you an idea of the geopolitical situation.”
Still, the leaders would have got more time to use the platform to mingle had it not been for an early-morning emergency meeting of G7 and Nato leaders Mr Biden called in his hotel on Wednesday after a missile strike near Poland's border with Ukraine.
By the time the group had decided that the strike may not have come from Russia, those talks had eaten into much of the morning’s crucial diplomacy time.
The expected meeting between Mr Sunak and Mr Xi had to be cancelled because of scheduling issues.
To be sure, the Bali summit had begun with the bar of expectations placed low by political experts.
The joint statement stumped sceptics who had thought that the event concluding without any walkouts would have been a success.
For the residents of Bali, whose lifeline is tourism, the summit is expected to bring back the glory days.
"They have started returning, the Australians, the Chinese," said Yoni, who has run a hotel in the Nusa Dua area for the past 10 years. "During the pandemic, we somehow survived because of some local tourists from Jakarta. Things are looking up now."
Indonesia's Tourism Minister, Sandiaga Uno, had said before the summit he expected the G20 to boost tourism to Indonesia, especially to Bali.
He expected 1.5 million foreign visitors to Bali and 3.6 million to the country as a whole until the end of the year.
From Bali, some of the leaders, including Mr Xi, jetted off to the Thai capital of Bangkok for the Asia-Pacific Economic Co-operation summit.
In-person diplomacy is back.
With additional reporting by Taniya Dutta in New Delhi
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 currency conundrum
Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”
Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.
This is a race to the bottom, and everybody wants to be a winner.
UAE currency: the story behind the money in your pockets
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
STAR%20WARS%20JEDI%3A%20SURVIVOR
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Respawn%20Entertainment%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Electronic%20Arts%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20Playstation%205%2C%20Xbox%20Series%20X%20and%20S%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
UAE currency: the story behind the money in your pockets
Scoreline
Real Madrid 1
Ronaldo (53')
Atletico Madrid 1
Griezmann (57')
Sunday's fixtures
- Bournemouth v Southampton, 5.30pm
- Manchester City v West Ham United, 8pm
Fighting with My Family
Director: Stephen Merchant
Stars: Dwayne Johnson, Nick Frost, Lena Headey, Florence Pugh, Thomas Whilley, Tori Ellen Ross, Jack Lowden, Olivia Bernstone, Elroy Powell
Four stars
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
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.”
if you go
The flights
Flydubai flies to Podgorica or nearby Tivat via Sarajevo from Dh2,155 return including taxes. Turkish Airlines flies from Abu Dhabi and Dubai to Podgorica via Istanbul; alternatively, fly with Flydubai from Dubai to Belgrade and take a short flight with Montenegro Air to Podgorica. Etihad flies from Abu Dhabi to Podgorica via Belgrade. Flights cost from about Dh3,000 return including taxes. There are buses from Podgorica to Plav.
The tour
While you can apply for a permit for the route yourself, it’s best to travel with an agency that will arrange it for you. These include Zbulo in Albania (www.zbulo.org) or Zalaz in Montenegro (www.zalaz.me).
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Story of 2017-18 so far and schedule to come
Roll of Honour
Who has won what so far in the West Asia rugby season?
Western Clubs Champions League
Winners: Abu Dhabi Harlequins
Runners up: Bahrain
Dubai Rugby Sevens
Winners: Dubai Exiles
Runners up: Jebel Ali Dragons
West Asia Premiership
Winners: Jebel Ali Dragons
Runners up: Abu Dhabi Harlequins
UAE Premiership Cup
Winners: Abu Dhabi Harlequins
Runners up: Dubai Exiles
Fixtures
Friday
West Asia Cup final
5pm, Bahrain (6pm UAE time), Bahrain v Dubai Exiles
West Asia Trophy final
3pm, The Sevens, Dubai Hurricanes v Dubai Sports City Eagles
Friday, April 13
UAE Premiership final
5pm, Al Ain, Dubai Exiles v Abu Dhabi Harlequins
Medicus AI
Started: 2016
Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh
Based: Vienna, Austria; started in Dubai
Sector: Health Tech
Staff: 119
Funding: €7.7 million (Dh31m)
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.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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Du Football Champions
The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.