Bin Laden isolated from al Qa'eda


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Osama bin Laden, deeply isolated and likely near the rugged Afghanistan-Pakistan border, has been forced to devote much of his energy to his own security while his al Qa'eda terror network remains resilient, the CIA's director Michael Hayden said yesterday. "He is putting a lot of energy into his own survival, a lot of energy into his own security. In fact, he appears to be largely isolated from the day-to-day operations of the organisation he nominally heads," Mr Hayden said in a speech, referring to al Qa'eda.

The CIA chief suggested that bin Laden was hiding somewhere in the remote Afghanistan-Pakistan border region, where he said al Qa'eda has regrouped and bolstered its organisation. Mr Hayden described "the sheer challenge of surveying every square mile of that inhospitable and dangerous region," and said "part of the explanation for his survival lies in the fact that he has worked to avoid detection."

But he said hunting down bin Laden remains a high priority for the Central Intelligence Agency. "Although there has been press speculation to the contrary, I can assure you that the hunt for bin Laden is very much at the top of CIA's priority list." He said killing or capturing the Saudi-born bin Laden would deal a severe blow to the terror group blamed for the attacks of September 11, 2001. "Because of his iconic stature, his death or capture clearly would have a significant impact on the confidence of his followers, both core al Qa'eda and these unaffiliated extremists ... throughout the world."

In a speech before the Atlantic Council think tank examining the threat posed by al Qa'eda, Mr Hayden said the network had "suffered serious setbacks, but it remains a determined, adaptive enemy, unlike any our nation has ever faced." Mr Hayden, appointed in May 2006 by George W Bush, may soon be stepping down as CIA chief amid media speculation that president-elect Barack Obama may choose to replace him and the national intelligence director Mike McConnell when he takes office on Jan 20.

During the campaign Mr Obama vowed to hunt down bin Laden, accusing Mr Bush of diverting resources from the war in Afghanistan and the hunt for bin Laden to fight what he has called an unnecessary war in Iraq. In his speech, Mr Hayden described the tribal areas of Pakistan as an al Qa'eda "safe haven" that is linked to every major terrorist threat against the United States. "Let me be very clear: Today, virtually every major terrorist threat that my agency is aware of has threads back to the tribal areas. Whether it's command and control, training, direction, money, capabilities, there is a connection to the FATA," Pakistan's Federally Administered Tribal Areas.

Al Qa'eda was on the retreat in Saudi Arabia, Indonesia, the Philippines and Iraq, while it had strengthened in Pakistan and expanded its activity into North Africa, Somalia and Yemen, he said. The group was cultivating Somali extremists, gaining strength in Yemen where attacks were on the rise, and striking Western targets in Algeria ? including French tourists and workers. "North Africa, East Africa, Yemen serve as kind of a counterweight to the good news out of Iraq, Saudi Arabia and elsewhere," he said, adding that the problems in North and East Africa were not as serious as previous threats elsewhere.

Taking questions after his speech, Mr Hayden said al Qa'eda had exploited a peace deal orchestrated by General Pervez Musharraf's former government with militants in the tribal regions. Mr Musharraf's approach, focusing on long-term development of the remote area, would have been "wise and far-seeing" except for the immediate threat posed by al Qa'eda in Pakistan, he said. "But our enemies took advantage of that respite, took advantage of that breathing space to build up the kind of safe haven that I described in my remarks."

Mr Hayden praised Pakistan's new government for launching major military assaults on insurgents in the region, referring to "tough fighting against hardened militants." He also said Pashtun separatists in Afghanistan had forged an "operational alliance" with al Qa'eda fighters across the border in Pakistan, which became clear a year ago and was a "troubling" development. Al Qa'eda not only used Pakistan as a headquarters but now posed a direct threat to the government in Islamabad, he said, citing bin Laden's call for open war against Pakistan after a military raid on the Qa'eda-linked Red Mosque.

*AFP

The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

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COMPANY%20PROFILE%20
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UAE currency: the story behind the money in your pockets
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Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

Farage on Muslim Brotherhood

Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.

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.”

Juventus v Napoli, Sunday, 10.45pm (UAE)

Match on Bein Sports

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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Director: Rupert Wyatt

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How much of your income do you need to save?

The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.

In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)

Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.

 

Profile of Bitex UAE

Date of launch: November 2018

Founder: Monark Modi

Based: Business Bay, Dubai

Sector: Financial services

Size: Eight employees

Investors: Self-funded to date with $1m of personal savings