"The US president Barack Obama's administration has made it clear that Turkey is a strategic priority for Washington," said Saad Mehio in a comment article for the UAE newspaper Al Khaleej. "The US looks at Ankara as a model partner with whom to achieve its vital interests in the greater Middle East."
Theoretically, the US and Turkey have identical interests, as both would like to settle the Arab-Israeli conflict and seek to achieve stability in Iraq. Similarly, they oppose Iran possessing an atomic bomb and support Afghanistan to restore security. No less important, they both look forward to seeing Syria change its path towards the West.
Practically, there appears a conflict of interests. Turkey is no longer the "junior partner" that it was 90 years ago. The country has remarkably transformed into a regional power thanks to the strength of its economy. And now it seeks a geopolitical position that is commensurate with its growth.
Ankara would like to be recognised as a regional power, while it expects the West to acknowledge its growing interests in the East. For these reasons, it is easy to notice potential areas of overlap, if not competition, between Washington and Ankara. This could lead to a serious conflict of interests in the future, which could require Washington to treat Turkey as an equal partner.
"The relations between Iran and the International Atomic Energy Agency might grow more tense, as Iran has denied the entry of two IAEA officials," the Saudi newspaper Al Watan wrote in its editorial. "Such a situation needs to be controlled to avoid further escalation, which might lead to dire consequences affecting the whole region."
Even though a senior Iranian diplomat affirmed that his country would allow IAEA's inspectors to continue monitoring its nuclear activities, Tehran's intransigent attitude might deepen the crisis over its nuclear ambitions.
Iran should never have rushed to accuse inspectors of presenting false information without verifying the validity of the claims. The Iranians should also understand that the atomic crisis has taken a serious turn with the UAE decision to shut down 40 Iranian companies which were found to have violated international sanctions.
The same source indicated that the UAE is committed to its obligations to curb the spread of nuclear arms, and is ready to close down any company covered by the UN sanctions.
This means that the UN Security Council resolution 1929 passed this month on the new economic sanctions against Iran has entered into effect. So this is a reminder for the Iranian government to demonstrate good intentions in order to ensure its own security and that of the region.
It is necessary for Arabs to stay vigilant about the latest of the Israeli prime minister Benjamin Netanyahu's manoeuvres when he decided to ease the Gaza blockade, warned Ezzeddine Darwish in a comment article for the Syrian newspaper Tishreen.
This "incomplete" step could distract attention from what the Israeli government is intending to undertake in occupied Jerusalem. It has been reported that Mr Netanyahu is preparing a large-scale settlement programme affecting not only Jerusalem, but also many places across the West Bank. The plan aims at expropriating lands and homes, in addition to displacing thousands of Palestinian families.
Many Israeli sources said that this is the right time to implement such a settlement project, since both indirect negotiations with the Palestinians and the loosening of the embargo could serve as a cover.
For these reasons, Palestinians must be very cautious, and an effective Arab stance is needed to to put an end to the Israeli blockade of the Gaza Strip. Arabs can also take advantage of international support.
Another avenue they may seek is through the US by promoting their peace plan. Arabs should present the Americans with their arguments against Israeli aggressions and express their keen interest in peace. To achieve this, they need to act in unison but at the same time be realistic.
The pan-Arab newspaper Asharq al Awsat announced that Moroccan authorities have dismantled a new terrorist network of 11 people led by a Palestinian. The unnamed group, according to official sources, was planning to carry out terrorist attacks inside the country.
Mohammed Darif, a Moroccan researcher of Islamic groups, said that this is the first time a network headed by a person from a foreign Arab country has been dismantled. Since Morocco launched a campaign against terrorist groups in 2002, all of the leaders were Moroccans either living in Morocco or abroad.
Asharq al Awsat also learned that many cases of disappearances were registered in Casablanca over the past month, and it is possible that they have a connection with the network. The ministry statement also indicated that the group adopted a jihadist ideology.
Last month, Morocco announced that it succeeded in arresting a terrorist network made of 38 people tied to al Qa'eda militants who were involved in the recruitment of Moroccans to fight in Afghanistan, Iraq, Somalia and coastal Sahara.
* Digest compiled by Mostapha El Mouloudi
@Email:melmouloudi@thenational.ae
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
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MATCH INFO
Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)
Arsenal win 5-4 on penalties
Man of the Match: Ainsley Maitland-Niles (Arsenal)
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
UAE currency: the story behind the money in your pockets
Match info
Manchester United 1
Fred (18')
Wolves 1
Moutinho (53')
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.”
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
The past winners
2009 - Sebastian Vettel (Red Bull)
2010 - Sebastian Vettel (Red Bull)
2011 - Lewis Hamilton (McLaren)
2012 - Kimi Raikkonen (Lotus)
2013 - Sebastian Vettel (Red Bull)
2014 - Lewis Hamilton (Mercedes)
2015 - Nico Rosberg (Mercedes)
2016 - Lewis Hamilton (Mercedes)
2017 - Valtteri Bottas (Mercedes)
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
Tell Me Who I Am
Director: Ed Perkins
Stars: Alex and Marcus Lewis
Four stars