More and more Americans are rejecting the anti-Muslim rhetoric of populist politicians, a prominent scholar told attendees at a peace forum in Abu Dhabi on Tuesday.
Dr James Zogby, president of the Arab American Institute, noted that President Donald Trump has been stoking anti-Muslim sentiments, “but here is the good news, the reaction to Trump and his agenda has had a backlash effect.”
Speaking on the second day of the Forum for Promoting Peace in Muslim Societies conference, Dr Zogby said: “The good news is that we are winning the political battle here, certainly we’ve got a problem with the rhetoric coming from some, but more and more Americans are rejecting it.”
He pointed to a recent poll that found over 50 per cent of Americans had a favourable attitude toward Arab Americans and Arab Muslims.
“And republicans have recoiled against the president’s rhetoric and Muslims’ ban,” he noted.
Dr Catherine Orsborn, director of Should to Shoulder in the US, reinforced this point. “Many policies are polished up as not Islamophobic when they actually are, but when people see hate for what it is - they don’t want it.”
“One of the things we see working is that Americans are committed to this idea of fairness, so when we are all standing together and making arguments about fairness of treatment, we see this going a long way,” she added.
Participants also discussed anti-Muslim sentiments and examples of best practices that tackle the issue around the world.
Hamza Yusuf Hanson, a renowned American Muslim scholar and co-founder of Zaytuna College in Berkley, California, similarly noted progress in the US and Europe. “During the mid-centuries in Europe they had the worst attitudes towards Muslims, now we have thousands of mosques in the US and Europe, despite (the attitudes of) some people in these countries.”
“We are in an extraordinary time when we talk about Islam and peace, a lot of people see it as the opposite,” he said, but stressed once more that Islam was a religion of peace, uniting Arab tribes during a time of war. “That’s (why it is) very important to do the greeting as ‘peace be upon you’.”
Dr Zogby added that while hate crimes against Muslims spiked after 9/11, many Arab and Muslim Americans have continued to advance their careers in US government agencies.
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At an inter-agency meeting, during the Obama administration, he said “about a third of those representatives from government agencies were either Arab American or American Muslims.”
“And I think this is the kind of progress that we made, when we started this work we did not have anybody in our community (in those positions) and they are now. Even if they don’t agree with the politics now in Washington, they are keeping their positions and that is one of the most positive things,” Dr Zogby noted.
He said the FBI and security forces have “done a great job” to fight hate crimes when they are reported.
Dr Orsborn noted that communicating experiences was key to energising responses to attacks.
“Like if there was hate crime or an attack on the local mosque, within minutes people are on the phone with each other to quickly go and repaint the mosque together, so local relationships are built.”
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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.”
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