In a comment piece in the Lebanese newspaper Al Nahar, Ali Hamade affirmed that the intensive diplomatic activity in the region these days is motivated by three main factors.
First, the US, together with the international community, objects to the idea that Iran would acquire nuclear weapons or even the capacity to do so in the future. Second, Israel considers that Iran's potential ability to manufacture nuclear arms poses a constant threat to the very existence of the Jewish state. Third, the military power of Hizbollah, which, in some respects, exceeds that of some countries in the region, is a cause of concern for Israel's national security and for the whole region.
By considering these variables, one can understand the motives behind the talks held by Americans with Israelis to bring their views about the Iranian issue closer and to invite other major countries to impose sanctions on the Islamic republic if it rejects the incentives proposed. So should Iran continue to ignore these international calls, chances of a regional war may increase.
"Tehran has no genuine allies in the region since major Arab countries agree that the Iranian nuclear programme is a menace to their own national security. Even Syria, theoretically Iran's ally, has begun to distance itself."
Reading into the IMF report issued in July on the world economy, Walid Nouihadh wrote in the Bahraini newspaper Al Wasat that statistics are the best standard to assess strengths and weaknesses of an economy.
He particularly commented on GDP figures that concern the Arab world. The writer hailed the progress of Gulf states in GDP world rankings, describing it as "a major record as they have succeeded in achieving giant economic strides."
According to the report, the GCC states' share of the Arab world GDP amounts to about 50 per cent, while the Maghreb countries contribute around 25 per cent and the remaining 25 per cent is produced by other countries.
Overall, the Arab countries' economies have recently performed well despite wars and internal conflicts. They produced more than $1.6 trillion, which entitles them, taken together, to have a place among the 20th best performing economies of the world. Yet these figures should not overlook the problems and calamities that still persist and cause such countries as Somalia, Mauritania, Palestine and Iraq to be excluded from progress.
The writer concluded by saying that figures are reliable tools to measure the welfare of Arab countries, away from an empty ideology that highlights achievements just by words and not by digits.
The election of Mahmoud Ahmadinejad as president of the Islamic republic of Iran four years ago reflected the rising influence of the Revolutionary Guards at the expense of the alliance between the religious institution and the bazaar. This association defeated the Iranian Shah, Mohammad Reza Pahlavi, and has continued to rule the country ever since, wrote Abdullah Iskandar in an opinion piece for the London-based daily Al Hayat.
The re-election of Ahmadinejad as Iran's president came to further reinforce the dominion of the religious institution but this time together with the stronger presence of the security establishment. In other words, the new pact has crushed the previous elite who had initially supported the revolution.
"This shift in power has led to a great divide between reformists and conservatives, to the point where both groups disregarded the calls of Ayatollah Ali Khamenei for calm."
The question arising from these post-election events is whether Ahmadinejad will be able to shore up his power amid the present political crisis.
"Probably he will, if he can maintain the full loyalty of both the Revolutionary Guards and the religious establishment. It appears then that Ahmadinejad is the leader by proxy for the two main establishments to exercise their control over all state affairs from politics to the economy."
The UAE newspaper Al Khaleej carried an opinion piece by Ibn al Deera, who wrote: "Industry in UAE should not be merely a rhetorical slogan, but a real and realistic one. Industry is a subject that always tops discussions. We therefore need to diversify the sources of national income now and in the future."
"Made in the UAE" is a phrase that should prevail in the world around us,
"But this is not enough. Products should also be made by UAE hands, especially when it has to do with planning and laying down innovative concepts. Plans need to predict prospective needs and control variables."
Industry should follow the same trend as have other sectors of economy, notably commerce. The latter has steadily contributed in diversifying economic activities in the country and significantly increased the non-oil income share. To further strengthen this economic orientation, it is imperative to draft new trade regulations to respond to present time needs. Moreover, while undertaking this enterprise, the most important aspect to consider is transparency. This and only this can protect the national industrial revolution and create new job opportunities for Emiratis.
* Digest compiled by Mostapha Elmouloudi
melouloudi@thenational.ae
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World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Killing of Qassem Suleimani
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.”
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
ULTRA PROCESSED FOODS
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- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
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Price: From Dh149,900
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