President Recep Tayyip Erdogan's presidential palace, the Ak Saray outside Ankara, is as far from Sweden's Lulea airbase as it is possible to stretch in Europe, but on June 19 events in the high north superseded his main Nato gambit.
Since Sweden and Finland submitted a bid to join Nato on May 18, 2022, Mr Erdogan had stood out as a spoiler, openly refusing to send accession documents to parliament for ratification until he had secured concessions from Stockholm.
Diplomatic pressure mounted but the Turkish leader stood firm. Then, last month, the US air force played its trump card.
Two B1-B Lancers, the supersonic bomber built to carry 24 free fall nuclear bombs and now equipped with eight air-launched cruise missiles, landed in Sweden and held a joint exercise with the Swedish Airforce. It was the moment that Sweden's de facto Nato status crystallised.
Elisabeth Braw, a fellow at the American Enterprise Institute, said the exercises showed that Sweden is very much part of the Nato "gang". Arriving at the summit in the Baltic capital Vilnius on Monday, Mr Erdogan used his leverage at last to target Brussels for concessions and a deal was done to move forward accession after all.
For Mike Doran, a long-time and sympathetic Erdogan watcher at the Hudson Institute, the announcement was a classic manoeuvre from the man who has essentially led Turkey since 2002. “This is Erdogan negotiating hard,” he said.
Nato Secretary General Jens Stoltenberg hailed Mr Erdogan's agreement as a major victory, describing the two-day Nato summit as “already historic before it has started”.
“People think it's very mysterious, but it's not very mysterious. It's actually that this is in the interest of Sweden. It's also in the interest of Turkey,” he said.
Speaking on Tuesday, Pal Jonson, the Swedish Minister of Defence, told The National that Sweden stood ready to immediately join Nato's standing forces. “We are ready to support all the allies within the alliance,” he said.
The Turkish President, widely viewed as a master negotiator, kept allies guessing until the last minute. His sudden announcement in Istanbul on Monday linking Turkey's agreement to Sweden becoming a full-fledged Nato ally with Turkey's separate and long-time request to join the EU came as a surprise.
The European Commission was quick to pour cold water on any attempt at linking the two issues, with its deputy chief spokeswoman Dana Spinant telling reporters in Brussels that Nato and EU enlargement were “separate processes”.
“The European Union has a very structured process of enlargement with a very clear set of steps that need to be taken by all candidate countries,” she said.
The commission pointed to its recent recommendations on Turkey.
Its latest report, published in October, highlighted the EU's “serious concerns on the continued deterioration of democracy, the rule of law, fundamental rights and the independence of the judiciary” in Turkey.
Yet Mr Erdogan's negotiations skills seem to have unlocked, at least in writing, concessions from the bloc – as well as from the US.
On arrival in Vilnius, Mr Erdogan met European Council president Charles Michel in between two meetings with Swedish Prime Minister Ulf Kristersson, paving the way for Nato's Secretary General to announce Turkey's acceptance of Swedish membership later in the evening.
The EC invited its foreign affairs chief Josep Borrell and the EU Commission to submit a “report with a view to proceed in a strategic and forward-looking manner,” tweeted Mr Michel after he met the Turkish leader.
Analysts have pointed at possible financial incentives offered by Sweden to Turkey in exchange for Mr Erdogan approving its accession to Nato.
They include Sweden agreeing to support expanding the EU's free-trade arrangement with Turkey.
“With Washington lobbying behind the scenes, I understand that other EU members are open to negotiations,” wrote Turkish analyst Alsi Adintasbas in an op-ed published by the Washington Post.
Some are asking if Mr Erdogan's Turkey is now back in the position with Europe that it occupied in October 2015 when it agreed to stop irregular migration to Europe and take returnees from the Greek islands. That €3 billion package also included assurances on EU membership.
The two sides “welcomed the continuing work on the upgrading of the Customs Union”, a vital point in Monday night's deal. The statement declared that Turkey's accession process, which can be traced back to 1987, would be re-energised.
As a result, analysts are looking to Washington for the most meaningful parts of the breakthrough agreement. Mr Erdogan's “most important ask” remains the purchase of F-16s from the US, added Ms Adinstabas.
This requires a significant change of stance from the US Congress, which was angered by Turkey's decision in 2017 to buy Russian missile defence systems.
But the White House has “made headway over the weekend in convincing congressional leaders” to go ahead with the sale, wrote Ms Adinstabas.
The White House's lobbying efforts were confirmed on Tuesday by White House National Security Advisor Jake Sullivan.
He told journalists in Vilnius that US President Joe Biden would “push ahead on getting F-16s to Turkey, as they have long wanted,” according to senior White House Bloomberg reporter Jennifer Jacobs.
Questioned about the F-16s, Nato Secretary General Jens Stoltenberg said that Nato has been very clear about the need to remove restrictions on arms exports between allies.
“I welcome any dialogue between Turkey and the US on F-16s, but that's not part of the agreement we reached yesterday,” said Mr Stoltenberg.
Mr Sullivan also said that the US had thrown its weight behind Turkey's request for renewed engagement with Brussels.
US lobbying seems to have been crucial in smoothing over rifts between Turkey and its European allies, whether on the Nato front or with the EU.
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.”
West Indies v India - Third ODI
India 251-4 (50 overs)
Dhoni (78*), Rahane (72), Jadhav (40)
Cummins (2-56), Bishoo (1-38)
West Indies 158 (38.1 overs)
Mohammed (40), Powell (30), Hope (24)
Ashwin (3-28), Yadav (3-41), Pandya (2-32)
India won by 93 runs
Company profile
Name: The Concept
Founders: Yadhushan Mahendran, Maria Sobh and Muhammad Rijal
Based: Abu Dhabi
Founded: 2017
Number of employees: 7
Sector: Aviation and space industry
Funding: $250,000
Future plans: Looking to raise $1 million investment to boost expansion and develop new products
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20101hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20135Nm%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%20Six-speed%20auto%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh79%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
QUALIFYING RESULTS
1. Max Verstappen, Netherlands, Red Bull Racing Honda, 1 minute, 35.246 seconds.
2. Valtteri Bottas, Finland, Mercedes, 1:35.271.
3. Lewis Hamilton, Great Britain, Mercedes, 1:35.332.
4. Lando Norris, Great Britain, McLaren Renault, 1:35.497.
5. Alexander Albon, Thailand, Red Bull Racing Honda, 1:35.571.
6. Carlos Sainz Jr, Spain, McLaren Renault, 1:35.815.
7. Daniil Kvyat, Russia, Scuderia Toro Rosso Honda, 1:35.963.
8. Lance Stroll, Canada, Racing Point BWT Mercedes, 1:36.046.
9. Charles Leclerc, Monaco, Ferrari, 1:36.065.
10. Pierre Gasly, France, Scuderia Toro Rosso Honda, 1:36.242.
Eliminated after second session
11. Esteban Ocon, France, Renault, 1:36.359.
12. Daniel Ricciardo, Australia, Renault, 1:36.406.
13. Sebastian Vettel, Germany, Ferrari, 1:36.631.
14. Antonio Giovinazzi, Italy, Alfa Romeo Racing Ferrari, 1:38.248.
Eliminated after first session
15. Antonio Giovinazzi, Italy, Alfa Romeo Racing Ferrari, 1:37.075.
16. Kimi Raikkonen, Finland, Alfa Romeo Racing Ferrari, 1:37.555.
17. Kevin Magnussen, Denmark, Haas Ferrari, 1:37.863.
18. George Russell, Great Britain, Williams Mercedes, 1:38.045.
19. Pietro Fittipaldi, Brazil, Haas Ferrari, 1:38.173.
20. Nicholas Latifi, Canada, Williams Mercedes, 1:38.443.
The five stages of early child’s play
From Dubai-based clinical psychologist Daniella Salazar:
1. Solitary Play: This is where Infants and toddlers start to play on their own without seeming to notice the people around them. This is the beginning of play.
2. Onlooker play: This occurs where the toddler enjoys watching other people play. There doesn’t necessarily need to be any effort to begin play. They are learning how to imitate behaviours from others. This type of play may also appear in children who are more shy and introverted.
3. Parallel Play: This generally starts when children begin playing side-by-side without any interaction. Even though they aren’t physically interacting they are paying attention to each other. This is the beginning of the desire to be with other children.
4. Associative Play: At around age four or five, children become more interested in each other than in toys and begin to interact more. In this stage children start asking questions and talking about the different activities they are engaging in. They realise they have similar goals in play such as building a tower or playing with cars.
5. Social Play: In this stage children are starting to socialise more. They begin to share ideas and follow certain rules in a game. They slowly learn the definition of teamwork. They get to engage in basic social skills and interests begin to lead social interactions.
NEW%20UTILITY%20POLICY%3A%20WHAT%20DOES%20IT%20REGULATE%3F
%3Cp%3E%E2%80%A2%20Agreements%20on%20energy%20and%20water%20supply%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Applied%20service%20fees%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customer%20data%20and%20information%20privacy%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Prohibition%20of%20service%20disconnections%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customer%20complaint%20process%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Management%20of%20debts%20and%20customers%20in%20default%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Services%20provided%20to%20people%20of%20determination%20and%20home%20care%20customers%3C%2Fp%3E%0A
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
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
Fight card
1. Bantamweight: Victor Nunes (BRA) v Siyovush Gulmamadov (TJK)
2. Featherweight: Hussein Salim (IRQ) v Shakhriyor Juraev (UZB)
3. Catchweight 80kg: Rashed Dawood (UAE) v Khamza Yamadaev (RUS)
4. Lightweight: Ho Taek-oh (KOR) v Ronald Girones (CUB)
5. Lightweight: Arthur Zaynukov (RUS) v Damien Lapilus (FRA)
6. Bantamweight: Vinicius de Oliveira (BRA) v Furkatbek Yokubov (RUS)
7. Featherweight: Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)
8. Flyweight: Shannon Ross (TUR) v Donovon Freelow (USA)
9. Lightweight: Mohammad Yahya (UAE) v Dan Collins (GBR)
10. Catchweight 73kg: Islam Mamedov (RUS) v Martun Mezhulmyan (ARM)
11. Bantamweight World title: Jaures Dea (CAM) v Xavier Alaoui (MAR)
12. Flyweight World title: Manon Fiorot (FRA) v Gabriela Campo (ARG)
