Turkey's President Recep Tayyip Erdogan speaks following a cabinet meeting in Ankara, Turkey, Tuesday, November 17, 2020. AP
Turkey's President Recep Tayyip Erdogan speaks following a cabinet meeting in Ankara, Turkey, Tuesday, November 17, 2020. AP
Turkey's President Recep Tayyip Erdogan speaks following a cabinet meeting in Ankara, Turkey, Tuesday, November 17, 2020. AP
Turkey's President Recep Tayyip Erdogan speaks following a cabinet meeting in Ankara, Turkey, Tuesday, November 17, 2020. AP

Turkey’s promised reforms could recast US relations under Biden administration


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Promises to reform Turkey’s judiciary and economy, as well as pledges to address democratic shortfalls, have come as Ankara looks to recalibrate its relationship with a new resident in the White House when Joe Biden, the president-elect takes office in January.

Since the resignation of President Recep Tayyip Erdogan’s finance minister and son-in-law earlier this month, senior government figures have signalled a switch in the approach to the economy and other areas where Turkey has come under sustained international criticism.

“We are launching a brand new mobilisation in the economy, judiciary and democracy,” the president told a meeting of the ruling Justice and Development Party (AKP) at the weekend, adding: “The message to the world is extremely important.”

Many see these so-far unspecified reforms in light of Joe Biden’s victory in the US presidential race.

While Mr Erdogan has mostly had a good relationship with President Donald Trump, Mr Biden is regarded in Ankara as a potentially much trickier counterpart.

Although Mr Trump hit Turkey with sanctions two years ago over the jailing of an American pastor, he has generally behaved as a friend to Mr Erdogan.

Mr Trump has resisted calls from the US Congress for sanctions to be imposed over Turkey’s purchase of Russian S-400 missiles last year and has reportedly tried to intervene in the prosecution of Turkey’s state-run Halkbank over alleged breaches of sanctions on Iran.

“I get along with him and he listens,” Mr Trump said in September of his relationship with the Turkish leader.

Mr Biden, however, has criticised Turkey’s slide away from the rule of law and democratic practices. In an interview last December, which was revived in Turkey’s pro-government media over the summer, he called Mr Erdogan an “autocrat” and pledged support to Turkey’s opposition.

Edward Stafford, a former US diplomat who served in Ankara, said human rights would be a “more prominent” feature of Mr Biden’s foreign policy.

“In the near future, we can expect members of Biden’s administration to speak out in defence of a free press, of peaceful assembly, association and for equal rights for racial, ethnic and social minorities,” he said.

A sign of Turkey exploring ways to connect with Mr Biden’s team came in reports this week that Turkish representatives had met lobbyists promising access to the new administration.

According to Yasar Yakis, a founding member of the AKP and a former foreign minister, the era of Mr Erdogan’s easy access to the White House is “coming to a close.”

Turkey’s former finance minister, Berat Albayrak, had played a prominent role in Ankara’s back-channel diplomacy in Washington through his friendship with Jared Kushner, Mr Trump’s adviser and another presidential son-in-law.

However, common interests between the two countries would mean seeking a compromise.

“Whether Washington likes it or not, Ankara is an important player in the Middle East,” Mr Yakis said. “Thus, despite the incoming Biden administration’s misgivings about Erdogan, the two countries will probably find common ground to protect their reciprocal interests.”

In addition to an economic approach seemingly designed to entice foreign investors and placate international markets, the promised reforms also hint at tackling concerns about the rule of law.

Justice Minister Abdulhamit Gul last week suggested a review of pre-trial detention, a practice that has seen thousands of government opponents jailed.

Meanwhile, a handful of government-supporting newspaper columnists this week called for the release of philanthropist Osman Kavala and writer Ahmet Altan, two of Turkey’s most prominent prisoners held on charges widely regarded as politically motivated.

As well as having an eye to developments in the US, Mr Erdogan’s reforms are also viewed as a way of soothing his own supporters’ concerns, particularly over the economy.

The new team heading the economy – Mr Albayrak’s November 8 resignation as finance minister followed the sacking of the central bank governor a day earlier – have said they will focus on tackling an inflation rate of nearly 12 per cent.

This was evidenced on Thursday when the bank announced a hike in interest rates to 15 per cent, a swivel away from the unorthodox economic mantra espoused by Mr Erdogan, and implemented by Mr Albayrak, that high interest rates lead to inflation.

Personnel changes at the top of the economic pyramid came amid reports that AKP members and even MPs disillusioned with the management of the economy were considering defecting to parties recently established by former AKP ministers.

The appointment of Lutfi Elvan, an ex-minister who has not held office for more than two years, to the finance ministry was a sign that “the AKP is aware of the discomfort, because of Albayrak, within the party and the possibility some of the deputies might shift,” according to journalist Murat Yetkin.

However, attempts to burnish the government’s image, both in Washington and at home, have created fresh doubts.

Mehmet Ihsan Arslan, a close adviser to Mr Erdogan who is well connected in Washington, told BBC Turkish that reforms suggested “a problem with our policies to date. It’s a confession.”

Bournemouth 0

Manchester United 2
Smalling (28'), Lukaku (70')

Essentials

The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes. 
 

Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes. 


In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes. 
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

How Sputnik V works
UAE currency: the story behind the money in your pockets
THE DETAILS

Solo: A Star Wars Story

Director: Ron Howard

2/5

Second Test, Day 2:

South Africa 335 & 75/1 (22.0 ov)
England 205
South Africa lead by 205 runs with 9 wickets remaining

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Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

UAE squad

Ali Kashief, Salem Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdelrahman, Mohammed Al Attas (Al Jazira), Mohmmed Al Shamsi, Hamdan Al Kamali, Mohammad Barghash, Khalil Al Hammadi (Al Wahda), Khalid Eisa, Mohammed Shakir, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Adel Al Hosani, Al Hassan Saleh, Majid Suroor (Sharjah), Waleed Abbas, Ismail Al Hammadi, Ahmed Khalil (Shabab Al Ahli Dubai) Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Mahrami (Baniyas)

Combating coronavirus
Company%20profile
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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.”

Top Hundred overseas picks

London Spirit: Kieron Pollard, Riley Meredith 

Welsh Fire: Adam Zampa, David Miller, Naseem Shah 

Manchester Originals: Andre Russell, Wanindu Hasaranga, Sean Abbott

Northern Superchargers: Dwayne Bravo, Wahab Riaz

Oval Invincibles: Sunil Narine, Rilee Rossouw

Trent Rockets: Colin Munro

Birmingham Phoenix: Matthew Wade, Kane Richardson

Southern Brave: Quinton de Kock

HER%20FIRST%20PALESTINIAN
%3Cp%3EAuthor%3A%20Saeed%20Teebi%3C%2Fp%3E%0A%3Cp%3EPages%3A%20256%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%C2%A0House%20of%20Anansi%20Press%3C%2Fp%3E%0A
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. 

COMPANY%20PROFILE%3A
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