'Racial tensions everywhere have been subdued a little'


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Riyadh // "Congrats to Abu Hussein." That is how Ahmed al Omran took note of Barack Obama's historic election victory on his blog, Saudi Jeans. For some months now, young Saudis who like Mr Obama have been referring to the US president-elect by this Arabic-style nickname, even though he does not have a son named Hussein. It is a measure of the interest that Mr Obama has generated here with his message, his youth, his Muslim father, his African lineage and his middle name: Hussein. And with his election victory on Tuesday night, Mr Obama now has sparked hope among many Saudis that he will bring change in both US foreign policies towards the region, and in the example the United States sets for others. "Having a black man from a Muslim background at the White House is a powerful symbol of the interaction of cultures that has overwhelmed the world," said Hatoon al Fassi, a professor of history at King Saud University. Prof Fassi said she was "happy to see a new face on TV that is not provocative and insulting for my intelligence and humanity". "It's Too Good To Be True" was the headline that blogger Eman al Nafjan put over her posting on Saudiwoman's weblog, where the writer and educator wrote that Mr Obama's win "tells humanity that dignity, self-respect, hard work and qualifications still count". As for "what it means for Saudis", Ms Nafjan continued, "they did not really believe in the American version of democracy. How could they when all the presidents of the so-called 'melting pot' were Anglo?" But "now they are rubbing their eyes in disbelief rethinking the concept in a way that hopefully will move them out of their passiveness and? tribal differences will matter a little less now", she said. "With Obama elected? I know that racial tensions everywhere have been subdued a little." For Saudis who also hold US citizenship, Mr Obama's victory was especially moving. Ruba Al Sweel, 19, said, "I cannot stop crying. These elections have made me feel like, if I work hard enough and aim high, I too can be the president of the United States of America. That's the beauty of America? I'm so proud to be American." On Tuesday night, as the election was in full swing, Najla Al Sweel, 25, Ruba's sister, made blue and red cupcakes and frosted some of them with "O". As she and her relatives watched the elections on television, they also honoured the Democrat by eating blue sherbet. At the level of government, Saudi officials are not expecting Mr Obama to launch major shifts in the fundamentals of US policy towards the Gulf or the rest of the Middle East, particularly on the issue of most concern to Saudis: the Israeli-Palestinian conflict. Officials often say US policy on this matter is so embedded in the US political system, that they see little change no matter who occupies the White House. Where Saudis do see the possibility of change during an Obama administration is Iran. And what they see is a double-edged sword. On the one hand, they are relieved that there may be less likelihood of the United States bombing Iran and sparking a major military conflict. On the other hand, the Saudis do not want to be left on the sidelines if Tehran and Washington strike a grand bargain to resolve their differences and renew normal relations. One Saudi official, speaking on background, said recently it was too early to judge what Mr Obama might mean for the kingdom because he had not yet articulated the specifics of his policies. Another official said Mr Obama's foreign policy advisers had signalled they want "a new strategic alliance" with Riyadh to deal with problems in the region and beyond. Both officials expressed confidence that whatever approach an Obama administration adopts, the US-Saudi relationship will remain solid because of shared common interests - of which one is a secure supply of oil to the world market. "Although the old administration didn't listen to its friends, I hope the new president will be more understanding and in a wise way? work with their real friends in the area, including Saudi Arabia," said Mohammed al Zulfa, a member of the majlis, a royal-appointed advisory committee. The Obama presidency will face another expectation, this one more problematic. "We hope he will champion the cause of change and democracy in the region," said Khalid al Dakhil, a sociologist at King Saud University. "As the first black American to become president, he could not have achieved that without democracy," Mr Dakhil said. "We expect him to appreciate that democracy is not just for the American people but for other people too." Non-Saudis living in the kingdom offered these comments: "Being an Iraqi who still thinks that America did the world a favour by getting rid of Saddam I was 100 per cent for McCain," said Saad Hamadi, a Jeddah businessman. "But this election gave the whole world a lesson in democracy. And when countries like Germany can elect a Jew or England elects an Indian to the highest office, then they can be on the same level as the US." Mohammed Jamai, a Moroccan-born journalist, said: "I'm happy about Obama's election because it shows that the US dream is still possible, and that people can still? make a change with voting, not like the Arab world where we are used to seeing the president always win with 95 per cent or even 99.99 per cent sometimes." cmurphy@thenational.ae

ADCC AFC Women’s Champions League Group A fixtures

October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA

Racecard:
2.30pm: Hamdan bin Rashid Al Maktoun Emirates Breeders Society Challenge; Conditions (PA); Dh40,000; 1,600m
3pm: Handicap; Dh80,000; 1,800m
3.30pm: Jebel Ali Mile Prep Rated Conditions; Dh110,000; 1,600m
4pm: Handicap; Dh95,000; 1,950m
4.30pm: Maiden; Dh65,000; 1,400m
5pm: Handicap; Dh85,000; 1,200m

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Price, base / as tested: Dh263,235 / Dh420,000

Engine: 3.0-litre supercharged V6

Power 375hp @ 6,500rpm

Torque: 450Nm @ 3,500rpm

Transmission: Eight-speed automatic

Fuel consumption, combined: 9.4L / 100kms

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Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent   

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Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

Company Profile
Company name: OneOrder

Started: October 2021

Founders: Tamer Amer and Karim Maurice

Based: Cairo, Egypt

Industry: technology, logistics

Investors: A15 and self-funded 

Fitness problems in men's tennis

Andy Murray - hip

Novak Djokovic - elbow

Roger Federer - back

Stan Wawrinka - knee

Kei Nishikori - wrist

Marin Cilic - adductor

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Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar

Director: Neeraj Pandey

Rating: 2.5/5

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Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now. 

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First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Stadium
August 12-16
First ODI, Rangiri Dambulla Stadium
August 20
Second ODI, Pallekele International Stadium
August 24
Third ODI, Pallekele International Stadium
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Fourth ODI, R Premadasa Stadium
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Fifth ODI, R Premadasa Stadium
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T20, R Premadasa Stadium
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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

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

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Daily visitors to Dragon Mart in 2010: 20,000

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Poland Statement
All people fleeing from Ukraine before the armed conflict are allowed to enter Poland. Our country shelters every person whose life is in danger - regardless of their nationality.

The dominant group of refugees in Poland are citizens of Ukraine, but among the people checked by the Border Guard are also citizens of the USA, Nigeria, India, Georgia and other countries.

All persons admitted to Poland are verified by the Border Guard. In relation to those who are in doubt, e.g. do not have documents, Border Guard officers apply appropriate checking procedures.

No person who has received refuge in Poland will be sent back to a country torn by war.

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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.”

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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