ISTANBUL // Turkish-American relations were in turmoil yesterday after a US congressional panel called on the United States government to recognise the death of hundreds of thousands of Armenians in the First World War as genocide, a move observers said would obstruct chances of reconciliation between governments in Ankara and Yerevan.
"This was the last nail in the coffin of the protocols" foreseeing the establishment of diplomatic relations and the opening of the border between Turkey and Armenia, Cengiz Aktar, a political scientist at Istanbul's Bahcesehir University, said yesterday. The protocols were signed by both governments last year but have not been ratified.
Prof Aktar, a leading member of a group of Turkish intellectuals that is calling for reconciliation between Turks and Armenians, said government efforts to bring the two countries closer together had ended in a "total fiasco".
Despite lobbying by Turkey and a last-minute appeal by the White House, the House of Representatives foreign affairs committee voted 23-22 to approve a non-binding resolution which calls on the US president, Barack Obama, to ensure US policy formally refers to the killing of the Armenians in 1915 as genocide.
It is not clear yet whether the resolution will reach the floor of the House. Hillary Clinton, the US secretary of state, warned against such a resolution.
Following the vote, Ankara recalled its ambassador in Washington, a very strong sign of protest in international diplomacy rarely seen between two allies such as Turkey and the US. The office of Recep Tayyip Erdogan, the Turkish prime minister, said in a statement the his nation had been "accused of a crime it did not commit".
Abdullah Gul, the Turkish president, warned of the adverse effects on Turkish-US relations. "Turkey will not be responsible for any negative consequence of this vote."
Before the decision, Turkish media had reported that Ankara threatened to cancel defence and civilian deals with US companies worth billions of dollars. A small nationalist party said it would stage anti-American demonstrations in several Turkish cities in protest.
Ahmet Davutoglu, the foreign minister and a driving force behind the Turkish-Armenian protocols last year, said the US lawmakers were "preventing a historic peace between the Turkish and the Armenian peoples". Mr Davutoglu said Turkey's efforts to resolve disputes with Armenia would continue, but that the vote in Washington put those in jeopardy.
But there were also signs that Ankara is not interested in further escalating tensions with the US. Mr Davutoglu said it was "early" to talk about retaliatory steps, in a reference to possible sanctions concerning the Incirlik airbase in southern Turkey, an important logistical hub for US troops deployed in Iraq and Afghanistan. He also said there was no question of pulling back Turkish soldiers from Afghanistan.
Turkey fears a genocide recognition by a growing number of western countries could lead to compensation demands or territorial claims by Armenia. Parliaments in France, Switzerland and other countries have passed resolutions condemning the Armenian genocide in recent years.
Mr Obama supported recognition as a US presidential candidate, but has refrained from doing so since he came to office last year, citing reconciliation efforts between Ankara and Yerevan.
The fate of the Anatolian Armenians is one of the most delicate issues in Turkish society. Armenia and many international scholars say the Ottoman Empire ordered the killing of the Armenians in the First World War and that up to 1.5 million people perished in massacres and death marches.
Turkey puts the death toll much lower and says the deaths were unintentional consequences of a relocation campaign under wartime condition. Ankara also says that many Muslim Turks were killed by Armenian militants.
In the protocols signed after Swiss mediation last year, Turkey and Armenia agreed to have historians look at the events of 1915. They also said they would exchange ambassadors and open the border, which has been closed since the early 1990s, when a conflict between Turkey's ally Azerbaijan and Armenia erupted over the region of Nagorny-Karabakh, an Armenian enclave on Azerbaijani territory.
Under pressure from Azerbaijan and nationalists at home, Mr Erdogan has promised his government would not send the protocols to parliament for ratification until there is progress in the Karabakh question. From there, the process started to unravel as both the US and Armenia had rejected linking the issues.
But Prof Aktar predicted that Turkish-Armenian reconciliation efforts by individuals and society would continue.
One example is a project to rebuild a 10th-century bridge over the Arpacay river that forms the border between Turkey and Armenia. The bridge, which used to be an important crossing point on the Silk Road, the historical trade route linking Europe and China, would be rebuilt in a joint Turkish and Armenian effort, according to reports in the Turkish press. Prof Aktar said that over time, the track of "civilian diplomacy" may become strong enough to influence official policy in both countries.
@Email:tseibert@thenational.ae
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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Match info
Deccan Gladiators 87-8
Asif Khan 25, Dwayne Bravo 2-16
Maratha Arabians 89-2
Chadwick Walton 51 not out
Arabians won the final by eight wickets
LA LIGA FIXTURES
Friday (UAE kick-off times)
Real Sociedad v Leganes (midnight)
Saturday
Alaves v Real Valladolid (4pm)
Valencia v Granada (7pm)
Eibar v Real Madrid (9.30pm)
Barcelona v Celta Vigo (midnight)
Sunday
Real Mallorca v Villarreal (3pm)
Athletic Bilbao v Levante (5pm)
Atletico Madrid v Espanyol (7pm)
Getafe v Osasuna (9.30pm)
Real Betis v Sevilla (midnight)
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
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TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
The specs: 2018 Genesis G70
Price, base / as tested: Dh155,000 / Dh205,000
Engine: 3.3-litre, turbocharged V6
Gearbox: Eight-speed automatic
Power: 370hp @ 6,000rpm
Torque: 510Nm @ 1,300rpm
Fuel economy, combined: 10.6L / 100km
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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