After a year, the Union for the Mediterranean


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According to Abdullah Iskandar, a regular columnist at the pan-Arab daily Al Hayat, it is still rather risky to judge as positive the performance of the one-year-old Union for the Mediterranean (UM). The UM opening summit, which took place in Paris last July, attracted much international attention to the array of heads of states in attendance, but in view of the various considerations that either unite or divide them, the organisation's actual agenda was somewhat overlooked.

True, three meetings at the ministerial level have been held since its inception, but their nature remained more "procedural" than "decisional". Moreover, a number of UM member states were not convinced about the feasibility of the higher ambitions expressed by the French president Nicolas Sarkozy, the initiator of the UM. Indeed, the UM remains stuck in the regurgitation of common flowery mottos such as the necessity to "preserve the environment" and "bolster education and scientific research". But, admittedly, the fledgling body faced many inopportune obstacles. The deadlock in the Arab-Israeli peace process after the Gaza attack, the election of a hardline government in Israel - further denting prospects for indirect talks between Tel Aviv and Damascus - the inter-Palestinian divide and the global downturn, all have combined to blunt the UM's peace and co-operation efforts.

Only after a series of reckless policies that led to deepening Palestinian divisions and brought disaster to the people of Gaza, and after delusional celebrations of a fairy-tale victory against Israelis in the last Gaza invasion, did Hamas finally recognise its dire predicament and realise that its popularity has reached its nadir, commented Abdulhamid al Ansari in the opinion section of the Abu Dhabi-based daily Al Ittihad.

"This lesson that cost Hamas so dearly is the same lesson that Hizbollah learnt in the summer of 2006," al Ansari wrote. "That is why Hizbollah has not fired a single bullet since then, in spite of the many occasions that called for it." Being the ones who pay the ultimate price, civilians have come to know that these "armed propagandist groups", which operate without legitimate state authority and take critical decisions "behind its back", did not learn their lesson any sooner because they were sucked in an "illusory and fictitious" cycle of sensationalist slogans. Now Hamas has decided to preserve what remains of its followers' base by showing political flexibility regarding some general demands of the international community. Its leaders are finally stating publicly that they favour a peaceful solution and intend to come out of their diplomatic alienation. After this, what will happen?

"After four years of hibernation, the United Nations Development Programme (UNDP) officially released its report on human development in the Arab world on Tuesday; a report which had a significant political, developmental impact when its first four parts were published between 2002-2005," wrote Bater Wardem in the Jordanian daily Addustour.

Titled "The Challenges of Human Security in the Arab Region", the new report offers a development-orientated approach to security that goes beyond the more traditional principles of "preserving life" and "rejecting military action" to encompass the assurance of justice, equal opportunity, and the rights of women and children. The UNDP report calls for enforcing the laws that protect public liberties and civil rights, and urges the Arab governments to empower institutions and promote legislation dealing with environmental protection and sustainable development, including fighting desertification.

The highlight of the report consisted in the "bold recommendations" it listed, advising oil-reliant Arab countries to diversity their economies and move towards a "cognitive economy" based on information. "But the real impact remains conditional upon the readiness of the Arab governments to translate these recommendations into reality, which has not been the case with the previous reports," the writer concluded.

The opposition in Iran may have stopped demanding a new election, but a major opposition figure, the former president Mohammad Khatami, has called instead for a national referendum on the last elections; a "rational bid" that Iran should embrace if it wishes to avoid the worst, opined Mazzen Hammad in comment pages of the Qatari daily Al Watan. Mr Khatami's demand comes only a few days after Ali Akbar Hashemi Rafsanjani, who is also a former president and an emblematic figure of the opposition, proposed an open dialogue between conservatives and reformists to push for the solution to the lingering crisis.

By Iranian law, the power to decree a referendum lies with the Supreme Leader, in other words, Ayatollah Ali Khamenei, and the execution thereof shall be undertaken by the Assembly of Experts, which is under Mr Khamenei's authority. But the reformists have been publicly accusing the Assembly of Experts of siding with the re-elected president Mahmoud Ahmadinejad. Mr Khatami's pitch thus specifies the Nation's Exigency Council, which is headed none other than Mr Rafsanjani, as the neutral authority to supervise the referendum process.

* Digest compiled by Achraf A El Bahi AElBahi@thenational.ae

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Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

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How much sugar is in chocolate Easter eggs?
  • The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
  • The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
  • The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
  • The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
  • The Cadbury Creme Egg contains 26g of sugar per 40g egg
Dhadak

Director: Shashank Khaitan

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Stars: 3

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 protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Dubai World Cup nominations

UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer

USA: Seeking The Soul/Dallas Stewart, Imperial Hunt/Luis Carvajal Jr, Audible/Todd Pletcher, Roy H/Peter Miller, Yoshida/William Mott, Promises Fulfilled/Dale Romans, Gunnevera/Antonio Sano, XY Jet/Jorge Navarro, Pavel/Doug O’Neill, Switzerland/Steve Asmussen.

Japan: Matera Sky/Hideyuki Mori, KT Brace/Haruki Sugiyama. Bahrain: Nine Below Zero/Fawzi Nass. Ireland: Tato Key/David Marnane. Hong Kong: Fight Hero/Me Tsui. South Korea: Dolkong/Simon Foster.