BEIRUT // In the hours after divisive Republican Donald Trump was declared the winner in the US presidential election, congratulations flooded in from America’s friends and foes in the Middle East.
Some countries in the region hope to reboot tattered relationships, others are trying to continue long-standing partnerships or keep dialogue open despite mutual hostility.
Mr Trump has promised to overhaul Washington’s foreign policy, but his proposals for the Middle East have so far been at best vague and at worst contradictory. For countries in the region, Mr Trump is a wild card whose direction will affect the most serious issues they face.
ISIL
During his campaign, Mr Trump continually exaggerated the strength and ability of ISIL even though the group was suffering significant losses in Iraq and Syria. The US was “not winning” the war against ISIL and the operation to retake Mosul was a “disaster”, he proclaimed. He frequently said ISIL controlled much of Libya’s oil when they do not. He has also claimed that the severely degraded group could invade the US.
While portraying ISIL as a large and imminent threat to the US, he promised to quickly defeat the group.
But Mr Trump has provided few details on how he would do this, defending his secrecy by saying he did not want to tip off the enemy. Despite lacking experience in military, intelligence or foreign affairs, he claims to know more about the fight against ISIL than the US generals leading the war effort.
While billing himself as the only US leader who can put an end to ISIL, Mr Trump has also pushed an isolationist military policy in the Middle East.
This isolationist bent has made him hesitant about committing additional troops to the war against ISIL. Yet at other times he suggested that tens of thousands of US soldiers would be needed to defeat the group and did not write off a large-scale troop deployment.
Syria
Mr Trump has dismissed questions about intervening in Syria by saying he was focused on combating ISIL and that while Syrian president Bashar Al Assad was not a friend, he was fighting ISIL as well.
Despite stating his opposition to intervention in Syria, Mr Trump said he supported the creation of safe zones for civilians in the country – areas that would presumably have to be protected militarily by the US or its allies.
His vice president-elect Mike Pence contradicted him, advocating a more aggressive Syria policy that would include no-fly zones, safe zones and even punitive strikes on the Syrian government. Mr Trump later said the two did not agree and that they had not discussed a plan for Syria in detail.
If he warms up to Russia, which backs the Assad government, Damascus and Moscow will see little reason to resume negotiations with Syrian rebels in the absence of US pressure.
Iran deal
The billionaire has called last year’s nuclear deal with Iran “one of the worst deals ever made by any country in history” and promised to “rip up” the agreement after taking office.
Tehran was quick to react to Mr Trump’s election, with president Hassan Rouhani saying the next US president did not have the authority to throw out the deal.
“Iran’s understanding in the nuclear deal was that the accord was not concluded with one country or government but was approved by a resolution of the UN Security Council and there is no possibility that it can be changed by a single government,” he said.
Iran’s foreign minister Mohammad Javad Zarif called on Mr Trump to stick to the agreement, which lifted international sanctions on Iran in return for limits on the country’s nuclear programme.
“The most important thing is that the future US president sticks to agreements, to engagements undertaken,” he said.
However, despite threats to throw out the deal, Mr Trump’s position on Iran remains unclear. He has said he would renegotiate the deal to make it more favourable to the US or “police” the existing deal.
His hostility toward Iran and publicly hard line on the nuclear deal could be tempered by Russia if the new president grows close to the Kremlin. In pushing for more power in the Middle East, Moscow has been increasingly friendly with Tehran and could be in a good position to mediate.
Israel-Palestine
Palestinian president Mahmoud Abbas’ office said they hoped that Mr Trump would work on Israeli-Palestinian peace efforts and the establishment of a Palestinian state.
“We are ready to deal with the elected president on the basis of a two-state solution and to establish a Palestinian state on the 1967 borders,” said spokesman Nabil Abu Rudeina. Failing to resolve the conflict, Mr Abu Rudeina said, would mean “the unstable situation will continue in the region”.
Mr Trump, however, has found immediate support from Israeli leaders who had a difficult relationship with president Barack Obama.
Prime minister Benjamin Netanyahu congratulated him, calling him a “true friend” of Israel.
Education minister Naftali Bennett was more forthright, saying Mr Trump’s victory meant the “era of a Palestinian state is over”.
Mr Trump has won fans in Israel by saying that he would relocate the US embassy in the country from Tel Aviv to the contested city of Jerusalem – a highly controversial move that would see the US effectively recognise Jerusalem as belonging to Israel. While the US has always favoured its close ally in the Israeli-Palestinian conflict, no president has seriously considered taking such a bold step.
Turkey
Mr Trump will also have an opportunity to restore fractured ties with Turkey, a key Nato ally and a partner in the war against ISIL. Relations have been strained by US support for Kurdish fighters in Syria and a coup attempt in July that some in Ankara accused the US of being complicit in.
The US and Turkey are planning an offensive to retake ISIL’s capital of Raqqa, but Ankara is finding it difficult to trust its US allies.
Congratulating Mr Trump, Turkish foreign minister Mevlut Cavusoglu said he hoped Turkey could “reinforce with USA our strategic cooperation based on trust”.
Prime minister Benali Yildirim called on Mr Trump to extradite Fethullah Gulen, the Pennsylvania-based cleric Ankara blames for the failed coup.
While Mr Trump has hailed president Recep Tayyip Erdogan’s post-coup crackdown – which was widely condemned internationally – his anti-Islam rhetoric and proposed ban on Muslims entering the US could cause problems with the Islamist Turkish president.
jwood@thenational.ae
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US ELECTION: The National's full coverage
■ Taimur Khan: America's 'white-lash'
■ Rob Crilly: 'Donald Trump is going to be our president'
■ Colin Randall: Can Trump unite a divided nation?
■ In pictures: Election night
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
RESULTS
1.45pm: Maiden Dh75,000 1,200m
Winner: Lady Parma, Richard Mullen (jockey), Satish Seemar (trainer).
2.15pm: Maiden Dh75,000 1,200m
Winner: Tabernas, Connor Beasley, Ahmed bin Harmash.
2.45pm: Handicap Dh95,000 1,200m
Winner: Night Castle, Connor Beasley, Satish Seemar.
3.15pm: Handicap Dh120,000 1,400m
Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
3.45pm: Handicap Dh80,000 1,400m
Winner: Mutawakked, Szczepan Mazur, Musabah Al Muhairi.
4.15pm: Handicap Dh90,000 1,800m
Winner: Tafaakhor, Sandro Paiva, Ali Rashid Al Raihe.
4.45pm: Handicap Dh80,000 1,950m
Winner: Cranesbill, Fabrice Veron, Erwan Charpy.
Afcon 2019
SEMI-FINALS
Senegal v Tunisia, 8pm
Algeria v Nigeria, 11pm
Matches are live on BeIN Sports
MATCH INFO
Manchester City 3
Danilo (16'), Bernardo Silva (34'), Fernandinho (72')
Brighton & Hove Albion 1
Ulloa (20')
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.”
WITHIN%20SAND
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Match info
Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')
Southampton 0
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
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
MATCH INFO
Chelsea 3 (Abraham 11', 17', 74')
Luton Town 1 (Clark 30')
Man of the match Abraham (Chelsea)
The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
Four stars
Global state-owned investor ranking by size
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Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
PREMIER LEAGUE FIXTURES
All kick-off times UAE ( 4 GMT)
Saturday
Liverpool v Manchester United - 3.30pm
Burnley v West Ham United - 6pm
Crystal Palace v Chelsea - 6pm
Manchester City v Stoke City - 6pm
Swansea City v Huddersfield Town - 6pm
Tottenham Hotspur v Bournemouth - 6pm
Watford v Arsenal - 8.30pm
Sunday
Brighton and Hove Albion v Everton - 4.30pm
Southampton v Newcastle United - 7pm
Monday
Leicester City v West Bromwich Albion - 11pm
Revival
Eminem
Interscope
T20 SQUADS
Australia: Aaron Finch (c), Mitchell Marsh, Alex Carey, Ashton Agar, Nathan Coulter-Nile, Chris Lynn, Nathan Lyon, Glenn Maxwell, Ben McDermott, D’Arcy Short, Billy Stanlake, Mitchell Starc, Andrew Tye, Adam Zampa.
Pakistan: Sarfraz Ahmed (c), Fakhar Zaman, Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Hussain Talat, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shinwari, Hassan Ali, Imad Wasim, Waqas Maqsood, Faheem Ashraf.