Turkey embarks on new regional strategy



The accession to power of the Justice and Development Party has taken Turkey into a new direction that signals a change of strategy, wrote Fayez Rashid in an opinion article published by the Qatari daily Al Sharq. The main themes of this new strategy are independence and distance from the West, a balanced regional policy and more rapprochement with the Arab world in general and neighbouring countries in particular. The aim is to restore the historic image of Turkey as a central actor in the Arab region and the Caucasus.

This new strategy has been implemented progressively and translated into practical steps, including the country's reaction to Israel's war on Gaza and cancellation of previously scheduled military exercises with Israel. Ankara has signed more than 30 agreements and 10 protocols of understanding with Damascus in  all fields: defence, security, health, agriculture, environment, energy and transport, in addition to the requirement for entrance visas for citizens of the two countries. With Baghdad, dozens of bilateral agreements have been signed, but most significant was the Turkish mediation in the conflict between Syria and Iraq. The new strategy is aimed at obtaining international recognition of the regional role of Turkey. Arab countries should, at this point, seek closer relations with their historic neighbour.

The Afghan presidential elections runoff, scheduled for next November 7, is not expected to yield significantly better results than the first round in the absence of conditions for regular poll management, stated the Saudi Arabic daily Al Watan in its main editorial.

Hamid Karzai, the Afghan president, agreed to a runoff after UN investigators found a quarter of the votes were fraudulent, but the electoral crisis in Afghanistan goes beyond fraud. The security situation and low voter participation will remain two main factors. In the continuing absence of security and development, the electoral process in Afghanistan will remain the natural result of international and regional conflicting interests, particularly since that country is still unable to produce a strong political internal front.

The international community, which provides "on the surface" support for the democratic transition, is still unable to achieve any progress on the ground. The low participation rate in the poll should be analysed in terms of regional vote rates, as the trend is evident in Pashtun areas which are the most security-sensitive nationwide. Thus, the priority for the international community should be to support a government of national unity by bringing together Afghan political groups, rather that seeking to produce an electoral process that will ultimately not meet the needs on the ground.

The mounting controversy between Palestinian groups after the announcement by Mahmoud Abbas, the Palestinian president, of his decision to call legislative and presidential elections amid the blockage of the national reconciliation process is proof that Palestinians are more than ever in need of engaging in a real dialogue, noted the Jordanian daily Al Rai in an editorial.

Reconciliation is becoming an urgent imperative or the Palestinian people and their just cause will pay the highest price. The current Israeli government is conducting an aggressive, well-co-ordinated attack against the legitimate rights of Palestinians, rejecting the two-state plan and refusing to halt settlements. The Israeli prime minister, Benjamin Netanyahu, is setting unacceptable conditions for the establishment of an independent Palestinian state.

The current controversy weakens the Palestinians' positions and averts international attention from the settlements in Jerusalem and the West Bank. It is also undermining all Palestinian efforts to exert pressure on Israel to fulfil its commitments as stated by the road map agreements. There is still a chance to rise above conflicts that should not prevail over the higher interests of the Palestinian people who have made every sacrifice to recover their legitimate rights and resist the Israeli military machine.

Somalia is the only country in the world that has, as unbelievable as it may seem, managed to solve the problem of unemployment, wrote Mohammed Zine al Aidarous in an opinion column in the Kuwaiti daily Al Seyassah.   "After thorough investigation, we have discovered that there is not a single Somali without a job." All are working and all are paid, daily and in US dollars.

Everyone holds a machine gun and a grenade. They are not doing so to defend their country, but for a daily wage that runs from $5 to $10. Even women have been recruited for the ugly job. Children receive $3 daily to serve as human shields for warlords. A few days ago, a warlord invented a new game, with a lucky draw on a machine gun, two grenades and an anti-tank mine. An exceptional child refused to receive his prize. He was too brilliant for a grenade: he claimed an atom bomb.

Everyone is working and paid daily in Somalia. No one is jobless. Warlords are currently thinking of bringing expatriate workers from neighbouring countries to hold machine guns and a grenades. * Digest compiled by Mohamed Naji mnaji@thenational.ae

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

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.”

Liverpool’s fixtures until end of 2019

Saturday, November 30, Brighton (h)

Wednesday, December 4, Everton (h)

Saturday, December 7, Bournemouth (a)

Tuesday, December 10, Salzburg (a) CL

Saturday, December 14, Watford (h)

Tuesday, December 17, Aston Villa (a) League Cup

Wednesday, December 18, Club World Cup in Qatar

Saturday, December 21, Club World Cup in Qatar

Thursday, December 26, Leicester (a)

Sunday, December 29, Wolves (h)

The biog

Name: Marie Byrne

Nationality: Irish

Favourite film: The Shawshank Redemption

Book: Seagull by Jonathan Livingston

Life lesson: A person is not old until regret takes the place of their dreams

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Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5

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The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
​​​​​​​Princeton

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Score

Third Test, Day 2

New Zealand 274
Pakistan 139-3 (61 ov)

Pakistan trail by 135 runs with 7 wickets remaining in the innings

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