Egyptian cleric Youssef Al Qaradawi speaks to the crowd as he leads Friday prayers in Tahrir Square in Cairo, Egypt on February 18,2011. Khalil Hamra / AP
Egyptian cleric Youssef Al Qaradawi speaks to the crowd as he leads Friday prayers in Tahrir Square in Cairo, Egypt on February 18,2011. Khalil Hamra / AP
Egyptian cleric Youssef Al Qaradawi speaks to the crowd as he leads Friday prayers in Tahrir Square in Cairo, Egypt on February 18,2011. Khalil Hamra / AP
Egyptian cleric Youssef Al Qaradawi speaks to the crowd as he leads Friday prayers in Tahrir Square in Cairo, Egypt on February 18,2011. Khalil Hamra / AP

Inside Doha, at the heart of a GCC rift


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DOHA // On a recent evening outside the Omar Bin Al Khattab mosque, a large, stark building near a central Doha highway, a group of Jordanian men discussed the diplomatic dispute that has plunged the Gulf Cooperation Council into its most serious crisis in decades.

“It will blow over,” said one, who declined to give his name. “Give it two weeks.”

The mosque from which they had just emerged, along with a large congregation including Egyptians and Qataris, both men and women, is used by Youssef Al Qaradawi, a spiritual guide of the Muslim Brotherhood, to deliver his Friday sermons.

His teachings both in the mosque and on the Qatari-owned Al Jazeera television have in part been blamed for the decision by the UAE, Saudi Arabia and Bahrain to withdraw their ambassadors from Doha earlier this month.

With Qatar looking increasingly isolated and reports of possible sanctions from its GCC neighbours, many are wondering why Qatar continues to host key figures from the Muslim Brotherhood, which has an ideology fundamentally at odds with Gulf monarchies.

In the lead up to the withdrawal of the ambassadors, Saudi Arabia demanded that Doha expel Qaradawi, an Egyptian in his 80s, after sermons in which he was critical of Saudi Arabia and the UAE.

When their ambassadors were withdrawn on March 5, the three countries accused Qatar’s emir, Sheikh Tamim bin Hamad, of failing to implement an agreement not to interfere in their internal affairs. That was followed by an announcement from Saudi Arabia designating the Muslim Brotherhood as a terrorist organisation, a move supported by the UAE.

Qatar’s foreign policy has also been at odds with other GCC members. In the aftermath of the 2011 Arab Spring uprisings, Doha supported Islamist organisations and Muslim Brotherhood-led administrations, including that of Egypt’s former president Mohammed Morsi.

It also hosts exiled members of the Brotherhood from Egypt and Syria, where Qatar is accused of channelling funds to radical elements fighting the regime of Bashar Al Assad.

The relationship between Qatar and the Muslim Brotherhood, according to Carnegie Center visiting fellow and Muslim Brotherhood expert, Raphael Lefevre, “has been one of converging interests and mutual trust” since the Arab Spring and is not likely to end.

“Qatar has surfed on the wave of the Arab Spring by supporting the Brotherhood which was quite popular when Arab autocrats fell. Doha hoped its policy would earn it friends in high places and thus make it a regional power to be reckoned with.”

Yet Qatar’s close relationship with the Muslim Brotherhood, a vast social and political organisation with branches across the Middle East, goes back to well before the 2011 uprisings.

About 60 years ago the young country’s rulers turned to Abdul-Badi Saqr, an Egyptian Islamist, to help run its educational institutions. In subsequent years, Qatari officials recruited an influx of Islamist teachers from Egypt.

Qaradawi moved to Qatar in 1961 where he ran a religious institute before becoming a dean at Qatar University.

But over the years Qatar's rulers kept the Muslim Brotherhood's political influence within the country in check, while allowing the group to direct its activities to other countries in the region, according to a recent article by David Roberts, an expert on Qatari foreign policy at King's College London.

Despite being a Wahabbi country with historical ties to Saudi Arabia, Qatar also saw the Brotherhood as a way to project its influence abroad and compete with Riyadh.

Islamists including Syrian opposition dissidents enjoying safe haven in Doha say they expect no change in the level of support from their Qatari hosts, despite the pressures from other GCC members.

They also say there is not pressure to reign in their work, expressing anger over what they perceive as Saudi hypocrisy and attempts to muzzle moderate Islam.

At Qatar University, Saleh Mubarak, a Syrian engineering professor and independent member of the Syrian National Council, the Syrian opposition bloc supplanted by the Syrian National Coalition in 2012 after accusations it was dominated by the Muslim Brotherhood, said he did not envisage any decrease in support.

“We received a lot of pledges and the only ones that were fulfilled were from Qatar,” he said.

“In Qatar you don’t go around calling yourself Muslim Brotherhood. You can’t go to their offices. There is no headquarters. Qatar supports many individuals, not organisations.”

Mr Mubarak said he did not expect Qatar to expel anyone, but “they might ask some people to tone down their rhetoric a little.”

Since the ambassadors were withdrawn there have been several reports that Saudi Arabia demanded Qatar expel Islamists, close the local branch of the American Brookings Institution and shut down Al Jazeera.

Yet Qatar appears ready to stand firm.

Deputy director of the Royal United Services Institute Michael Stephens said any shift in Qatar was a shift in public perception and not in policy.

“They know now that people don’t trust them and starting to see that they need to explain to people why they are doing what they are doing.”

But he said, “Qatar has been very clear. They are not going to be pushed about. If they do, it looks very embarrassing. So right now we’ll see them stand fast.”

With a characteristically pallid response, Qatar has dismissed the demands for change, describing its foreign policy as “non-negotiable”.

Back outside the Omar bin Al Khattab mosque last Thursday evening there was some concern over the health of Qaradawi who had failed to appear for his sermon the previous Friday due to “ill health”.

The imam who had led that evenings sermon declined to comment on Qaradawi’s teachings or his relationship with the Qatari state, but said the matter was a “small issue”.

Averting his eyes and speaking via a third party, the imam said, “he’s on old man,” adding that Qaradawi was at home.

foreign.desk@thenational.ae

Taimur Khan contributed reporting from New York

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.”

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
UAE v IRELAND

All matches start at 10am, and will be played in Abu Dhabi

1st ODI, Friday, January 8

2nd ODI, Sunday, January 10

3rd ODI, Tuesday, January 12

4th ODI, Thursday, January 14

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

World%20Food%20Day%20
%3Cp%3ECelebrated%20on%20October%2016%2C%20to%20coincide%20with%20the%20founding%20date%20of%20the%20United%20Nations%20Food%20and%20Agriculture%20Organisation%2C%20World%20Food%20Day%20aims%20to%20tackle%20issues%20such%20as%20hunger%2C%20food%20security%2C%20food%20waste%20and%20the%20environmental%20impact%20of%20food%20production.%20%0D%3C%2Fp%3E%0A
Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3Eamana%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2010%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Karim%20Farra%20and%20Ziad%20Aboujeb%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%3Cbr%3E%3Cstrong%3ERegulator%3A%20%3C%2Fstrong%3EDFSA%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinancial%20services%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E85%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESelf-funded%3Cbr%3E%3C%2Fp%3E%0A
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