The Turkish Prime Minister, Recep Tayyip Erdogan, has been under intensified pressure lately from Washington in an effort to ease the growing tension between Turkey and Israel, said the pan-Arab Al Quds Al Arabi in its editorial.
Following the last meeting between Mr Obama and Mr Netanyahu in Washington earlier last week, it seems that the US administration realized that Turkey is Israel's only strategic ally in the Middle East and a continued strain in that relationship might overturn of all American equations in the region.
Mr Erdogan directed a series of demands to Israel, namely an explicit apology for the murder of nine Turkish citizens that were aboard the Mavi Marmara aid ship. In addition to that, Israel is required to indemnify the victims' families, accept the establishment of a neutral international investigation committee and lift the blockade imposed on Gaza.
Of course, Tel Aviv didn't comply and Mr Netanyahu merely expressed his regret for the incident.
"It is unfortunate that the US administration would revert back to its old habit of pressuring the righteous and the oppressed to retract their positions and opt for compromise in support of the Israeli choice".
The reality is that Mr Erdogan does not need to settle, as Israel needs Turkey, and not vice versa. Israel has nothing to offer Turkey that other western countries cannot offer.
"Recent experiences indicate that the remedy to any big financial or economic crisis is to throw money at it", said Dr Fahd Al Fanek in an article for the Jordanian daily Al Rai. The US government remedied the 2008 global financial crisis by issuing billions of dollars, thus averting a catastrophe.
The EU managed the euro crisis by creating a ?750 billion fund ready to extinguish any financial fires that may erupt anywhere within the union. The G20, after studying the current and future crises, has decided to allocate billions of dollars as a safety fund.
The crisis that began in the US was generated by the state of laxity and absence of control over Wall Street. Greece's recent calamity was due to budget deficit and accumulation of debts in a bankrupt country. In all cases, the problem wasn't a matter of cash flow; rather, it was a matter of structural failure that was momentarily frozen by the availability of cash.
Additional cash flow in America cannot be the alternative for strict market control, as is the case in Greece, where cash flow cannot solve the budget deficit, nor cover the national debt.
"Money doesn't solve the essential problem but it does buy time and postpones the crisis. However, is that a pertinent solution?" asks the writer. The answer depends on what these states do now. If nothing is done to modify unhealthy economic practices, the crisis will be back and with a vengeance.
The ongoing demonstrations calling for the secession of southern Sudan indicate that separation is a matter of time and is likely to be voted for, noted the UAE newspaper Al Khaleej in its editorial.
Whether such protests are spontaneous or planned for, we expect to see more of them in the few coming months before January 2011, the referendum date.
All parties take it for granted that separation is on the way. They have even started thinking of a post-independence phase, and strategies on how to deal with Khartoum, including a plan of federal union between the North and the South.
As the division of Sudan is inevitable, the danger now could come from other provinces within the country, which, for their part, might seek independence. This is possible with the presence of an "international community" that could support such initiatives on various grounds.
Of course, the Sudanese are also to blame for reaching this stage of disunity, which is fed also by international interferences. This has denied Sudanese political and social forces to come to terms with each other and think positively for effective solutions to the long-lasting Sudanese crisis.
The Sudan case represents an example of similar problems in the Arab world. In these tragic moments of political distress, calls for independence and disintegration speak louder than the voice of reason and unity, concludes the paper.
In its editorial, the Egyptian newspaper Al Ahram wrote that the US president Barack Obama phoned Mahmoud Abbas, President of the Palestinian Authority, to assure him that Washington is committed to the establishment of an independent Palestinian state.
The newspaper characterises this statement as baseless, and the only reason for Mr Obama saying this was to absorb the rising anger and resentment among Arabs following his comments during the last visit of the Israeli prime minister to the white House.
President Obama has acknowledged the Israel's right to own a unique means of defence in reference to its nuclear arsenal. This is not new. The US, in fact, has always strived to keep this issue off the agenda at the International Atomic Energy Agency (IAEA), while it has mobilised the international community to impose tough sanctions on other countries that are not yet proven to possess means of producing a single atomic bomb.
Obama's announcement that Israel needs deterrent arms echoes former US administrations, which have empowered Israel to the detriment of the countries of the region. This time, there is a fear the new American biased stance towards Israel will be stalling the indirect negotiations that have been launched recently.
* Digest compiled by Racha Makarem
rmakarem@thenational.ae
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
How%20champions%20are%20made
%3Cp%3E%0D%3Cstrong%3EDiet%3C%2Fstrong%3E%20%0D%3Cbr%3E7am%20-%20Protein%20shake%20with%20oats%20and%20fruits%0D%3Cbr%3E10am%20-%205-6%20egg%20whites%0D%3Cbr%3E1pm%20-%20White%20rice%20or%20chapati%20(Indian%20bread)%20with%20chicken%0D%3Cbr%3E4pm%20-%20Dry%20fruits%20%0D%3Cbr%3E7.30pm%20-%20Pre%20workout%20meal%20%E2%80%93%20grilled%20fish%20or%20chicken%20with%20veggies%20and%20fruits%0D%3Cbr%3E8.30pm%20to%20midnight%20workout%0D%3Cbr%3E12.30am%20%E2%80%93%20Protein%20shake%20%0D%3Cbr%3E%3Cstrong%3ETotal%20intake%3A%3C%2Fstrong%3E%204000-4500%20calories%20%0D%3Cbr%3E%3Cstrong%3ESaidu%E2%80%99s%20weight%3A%3C%2Fstrong%3E%20110%20kg%0D%3Cbr%3E%3Cstrong%3EStats%3A%3C%2Fstrong%3E%20Biceps%2019%20inches.%20Forearms%2018%20inches%3C%2Fp%3E%0A
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE%20v%20West%20Indies
%3Cp%3EFirst%20ODI%20-%20Sunday%2C%20June%204%20%0D%3Cbr%3ESecond%20ODI%20-%20Tuesday%2C%20June%206%20%0D%3Cbr%3EThird%20ODI%20-%20Friday%2C%20June%209%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EMatches%20at%20Sharjah%20Cricket%20Stadium.%20All%20games%20start%20at%204.30pm%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%0D%3Cbr%3EMuhammad%20Waseem%20(captain)%2C%20Aayan%20Khan%2C%20Adithya%20Shetty%2C%20Ali%20Naseer%2C%20Ansh%20Tandon%2C%20Aryansh%20Sharma%2C%20Asif%20Khan%2C%20Basil%20Hameed%2C%20Ethan%20D%E2%80%99Souza%2C%20Fahad%20Nawaz%2C%20Jonathan%20Figy%2C%20Junaid%20Siddique%2C%20Karthik%20Meiyappan%2C%20Lovepreet%20Singh%2C%20Matiullah%2C%20Mohammed%20Faraazuddin%2C%20Muhammad%20Jawadullah%2C%20Rameez%20Shahzad%2C%20Rohan%20Mustafa%2C%20Sanchit%20Sharma%2C%20Vriitya%20Aravind%2C%20Zahoor%20Khan%0D%3C%2Fp%3E%0A
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.”
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory