Turkey does not need Israel, says editorial


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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

Test series fixtures

(All matches start at 2pm UAE)

1st Test Lord's, London from Thursday to Monday

2nd Test Nottingham from July 14-18

3rd Test The Oval, London from July 27-31

4th Test Manchester from August 4-8

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.”

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Schedule:

Friday, January 12: Six fourball matches
Saturday, January 13: Six foursome (alternate shot) matches
Sunday, January 14: 12 singles

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Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

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Defence review at a glance

• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”

• Prioritise a shift towards working with AI and autonomous systems

• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

• New “hybrid Navy” with AUKUS submarines and autonomous vessels

Lampedusa: Gateway to Europe
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Name: Hassan Mohsen Elhais

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Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah

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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”