President elect Barack Obama looks on after giving his victory speech during an election night gathering in Grant Park on Nov 4 2008 in Chicago, Illinois.
President elect Barack Obama looks on after giving his victory speech during an election night gathering in Grant Park on Nov 4 2008 in Chicago, Illinois.
President elect Barack Obama looks on after giving his victory speech during an election night gathering in Grant Park on Nov 4 2008 in Chicago, Illinois.
President elect Barack Obama looks on after giving his victory speech during an election night gathering in Grant Park on Nov 4 2008 in Chicago, Illinois.

'A new dawn of American leadership'


  • English
  • Arabic

CHICAGO // He promised change, and it has come. Barack Obama's decisive victory on Tuesday capped the remarkable political rise of a man who transcended race to be elected the first black US president and whose campaign on the twin themes of hope and change captivated the United States and the world. Mr Obama, a first-term Democratic senator from Illinois, pledged throughout his historic 21-month campaign to take the country in a new direction at home and abroad and to bring to Washington what he called a "new kind of politics". With that message he was able to draw into the fold - and to the ballot box - millions of people who previously felt alienated by US political leadership and tuned politics out. Mr Obama, 47, and his vice-presidential running mate, Joe Biden, competed in a climate that favoured Democrats from the start, in large part because of the unpopularity of George W Bush, whose approval ratings have been abysmally low. And in the final weeks of the race, a worsening economic picture redefined the contest and helped Mr Obama connect with voters in a way his Republican rival, John McCain, did not, on the issue that by far mattered to them most. At the same time, Mr Obama ran what many called a highly disciplined and strategically flawless campaign. He reshaped the US electoral map using a strategy that saw him pursue votes on Republican-leaning turf where Democrats traditionally have not, using an army of volunteers the likes of which has not been seen. In the end, Mr Obama's victory over Mr McCain, a 72-year-old Arizona senator and war veteran who has served in Congress for nearly three decades, was even more decisive than pre-election polls suggested it might be; he won at least 349 electoral votes to Mr McCain's 147, far more than the 270 needed. He captured an estimated 52 per cent of the popular vote, to 47 per cent for Mr McCain, the largest victory by a Democrat since Jimmy Carter's. "If there is anyone out there who still doubts that America is a place where all things are possible, who still wonders if the dream of our founders is alive in our time, who still questions the power of our democracy, tonight is your answer," Mr Obama told a rally of tens of thousands of supporters at Grant Park in his adopted hometown of Chicago. But even as he celebrated and savoured victory, Mr Obama acknowledged the challenges ahead, calling them "the greatest of our lifetime". As the 44th president of the United States, he will inherit a domestic economy that has all but collapsed, two difficult wars in Iraq and Afghanistan, what he described as a planet in peril - and expectations that could prove impossibly high. "The road ahead will be long," he said. "Our climb will be steep. We may not get there in one year or even one term, but America, I have never been more hopeful than I am tonight that we will get there."One of the big unknowns of the campaign, the longest and most expensive in US history, was what role race would play; it was not even half a century ago when blacks were forbidden in some parts of the country to drink water from the same fountain as whites or to sit at the front of a bus. Mr Obama made a conscious decision to run a campaign largely devoid of racial considerations, and he was sometimes called a "post-racial" candidate. But race entered the contest, awkwardly and forcefully at times. Mr Obama was obliged to confront it head-on in the Democratic primary after video clips showed the Rev Jeremiah Wright, his long-time pastor in Chicago, using incendiary rhetoric in some of his sermons, including one in which he damned America. There were doubts about his ability to connect with, and win over, working-class whites; some white voters, particularly in rural and conservative areas of the country, vowed outright not to support a black candidate. In the end, though, while he was buoyed by near unanimous support from African-Americans, Mr Obama drew the backing of a broad and racially diverse segment of the electorate. According to exit polls by the Associated Press and the major television networks, he received 43 per cent of white votes overall, the most by any Democrat running in a two-way race since 1976. That included 54 per cent of young white voters. Exit polls also showed Mr Obama winning about two-thirds of the Hispanic vote, and 84 per cent of those who had supported Hillary Clinton, his rival in the Democratic primary. To many, part of the appeal of Mr Obama's candidacy was his promise to bring the country together, something Mr Bush pledged to do eight years ago but could not. On the stump Mr Obama often used a line he first spoke in 2004 when he delivered the keynote address at the Democratic National Convention, a speech that effectively launched his national political career: there is not a liberal America and a conservative America, there is not a black America and a white America, there is just a United States of America. On Tuesday he pledged once again to bridge the types of divides that hard-fought campaigns tend only to highlight. Mr McCain and his running mate, Sarah Palin, the Alaska governor, spent the final weeks of the race attacking Mr Obama as "risky" and "dangerous" for the country, and supporters at some of their rallies turned angry and even hateful. "As Lincoln said to a nation far more divided than ours, 'We are not enemies, but friends'," Mr Obama said, referring to another president to hail from Illinois, Abraham Lincoln, who served in office during the Civil War. "'Though passion may have strained, it must not break our bonds of affection'."And to those Americans whose support I have yet to earn," he said, "I may not have won your vote, but I hear your voices, I need your help and I will be your president, too."A new dawn of American leadership is at hand," he said. Many times throughout the race, Mr Obama - whose campaign mantra was "Yes We Can" - held himself up as an example of the American dream, saying his rise to the heights of political power was an unlikely one. He was born to a white mother from small-town Kansas and a black father from Kenya who left the family when Mr Obama was two; his mother sometimes had to rely on food stamps. He spent a few childhood years in Indonesia but grew up mostly in Hawaii, where he attended a boarding school on scholarship; he then attended Columbia University in New York. After a stint as a community organiser in Chicago, he attended Harvard Law School, where he became the first African-American president of the Harvard Law Review. Mr Obama launched his political career in Chicago in 1996, winning a seat in the Illinois state senate. In 2004, he was elected to the US Senate. A little more than two years later, he was pursuing the presidency. The prospect of him clinching the Democratic nomination was considered - back then - an improbability. He took on one of the biggest names in Democratic politics in his bid for the party's nod at a time when conventional wisdom held that it belonged to Mrs Clinton. But in January, nearly a year after he launched his campaign, he stunned the political world when he upset the New York senator in the Iowa caucuses. From there on out, the contours of the race were changed. Democrats feared that his protracted and sometimes bitter battle with Mrs Clinton - she did not drop out of the race until June, after the last primary - would hurt the party's chances in November. But the hotly contested primary probably helped him win on Tuesday. He has said that Mrs Clinton made him a better candidate. And the grassroots infrastructure he built - beginning early - all across the country, including in states that traditionally favour Republicans, ultimately allowed him to expand the electoral map. That gave him far more paths to victory. Mr Obama's win was a sign of a much broader Democratic success. The party added seats to its existing majorities in both the House and the Senate. When Mr Obama takes office in January, it will mark the first time since Bill Clinton's presidency that Democrats control both chambers of Congress as well as the White House. That could usher in challenges of its own, as Mr Obama and the Democratic leadership on Capitol Hill will have to decide how far and fast to push their agenda.Mr Obama said the election was just a first step."This victory alone is not the change we seek," he told supporters. "It is only the chance to make that change." eniedowski@thenational.ae

Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

RESULTS
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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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

The specs

Engine: 2.2-litre, turbodiesel

Transmission: 6-speed auto

Power: 160hp

Torque: 385Nm

Price: Dh116,900

On sale: now

In%20the%20Land%20of%20Saints%20and%20Sinners
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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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Company%20profile%20
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The specs

Engine: 4.0-litre, six-cylinder

Transmission: six-speed manual

Power: 395bhp

Torque: 420Nm

Price: from Dh321,200

On sale: now

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

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AUSTRALIA SQUAD

Steve Smith (capt), David Warner, Cameron Bancroft, Jackson Bird, Pat Cummins, Peter Handscomb, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Shaun Marsh, Tim Paine, Chadd Sayers, Mitchell Starc.

SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
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Kill%20Bill%20Volume%201
%3Cp%3E%3Cstrong%3EDirector%3C%2Fstrong%3E%3A%20Quentin%20Tarantino%3Cbr%3E%3Cstrong%3EStars%3C%2Fstrong%3E%3A%20Uma%20Thurman%2C%20David%20Carradine%20and%20Michael%20Madsen%3Cbr%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%204.5%2F5%3C%2Fp%3E%0A
Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

Ukraine

Capital: Kiev

Population: 44.13 million

Armed conflict in Donbass

Russia-backed fighters control territory

HIJRA

Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy

Director: Shahad Ameen

Rating: 3/5

The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

Price: Dh136,814

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EOutsized%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2016%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EAzeem%20Zainulbhai%2C%20Niclas%20Thelander%2C%20Anurag%20Bhalla%20and%20Johann%20van%20Niekerk%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EIndia%2C%20South%20Africa%2C%20South-East%20Asia%2C%20Mena%0D%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Recruitment%0D%3Cbr%3E%3Cstrong%3EInvestment%20raised%3A%3C%2Fstrong%3E%20%241%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20staff%20count%3A%3C%2Fstrong%3E%2040%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ESeed%20and%20angel%20investors%0D%3Cbr%3E%3C%2Fp%3E%0A
RESULTS

6.30pm UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m

Winner Final Song, Christophe Soumillon (jockey), Saeed bin Suroor (trainer).

7.05pm Handicap (TB) $135,000 (Turf) 1,000m

Winner Almanaara, Dane O’Neill, Doug Watson.

7.40pm Handicap (TB) $175,000 (D) 1,900m

Winner Grand Argentier, Brett Doyle, Doug Watson.

8.15pm Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m

Winner Major Partnership, Patrick Cosgrave, Saeed bin Suroor.

8.50pm Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m

Winner Gladiator King, Mickael Barzalona, Satish Seemar.

9.25pm Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m

Winner Universal Order, Richard Mullen, David Simcock.

Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

Brief scores:

Toss: Rajputs, elected to field first

Sindhis 94-6 (10 ov)

Watson 42; Munaf 3-20

Rajputs 96-0 (4 ov)

Shahzad 74 not out

Directed by: Craig Gillespie

Starring: Emma Stone, Emma Thompson, Joel Fry

4/5

UAE%20v%20West%20Indies
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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.”

Sweet%20Tooth
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3EJim%20Mickle%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EChristian%20Convery%2C%20Nonso%20Anozie%2C%20Adeel%20Akhtar%2C%20Stefania%20LaVie%20Owen%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5