Live updates: Follow the latest news on Israel-Gaza
The old quote “if you want to make God laugh, tell him your plans” seems to grow more pertinent for President Joe Biden and his Middle East agenda by the day.
If the President was hoping to continue Washington's “long goodbye” to the Middle East, his administration's ramped-up response to the Israel-Gaza war may invoke some divine chuckles.
This week, top administration officials went to the Senate to plead the case for an extra $106 billion in funding, in part to boost support for Israel's military.
Washington has also sent more than 300 troops back to the region and deployed military assets in the Eastern Mediterranean to deter regional adversaries – namely Iran and its proxies – from attacking Israel.
Several US administrations, starting with Barack Obama's, have attempted to pivot Washington's attention away from the Middle East and towards Asia.
Mr Biden's regional goals continued that course – largely centring on expanding normalisation agreements between Israel and its neighbours under the Abraham Accords and emphasising a “de-escalation” in the Middle East.
But experts in Washington argue that the Israel-Gaza war has changed that toned-down regional posture, and US engagement in the short and medium term is important.
The US is “going to have to help the parties, along with partners in the region, to get to that space where real negotiations and international support for them can take place”, Gina Abercrombie-Winstanley, president of the Middle East Policy Council and former State Department director for the Office of Egypt and the Levant, argued at a policy conference.
Secretary of State Antony Blinken said the postwar outlook in Palestine and Israel “is a very active, continuing deliberation” for Washington, which is aiming to “fundamentally and materially change” Israeli security and Hamas's leadership of Gaza.
White House National Security Council spokesman John Kirby told reporters that Washington is “working with our partners in the region to explore what governance in Gaza can and should look like over the long term”.
But the war has also put Washington at odds with some of its most important Arab partners.
Jordan pulled its ambassador from Israel this week, after King Abdullah II condemned the western “double standard” on alleged Israeli war crimes.
The White House has so far sidestepped questions about any tension between Washington and its important regional ally Amman. Mr Blinken is visiting Jordan and Israel on Friday.
Mr Kirby said the US believes “there is great power and there's great promise in a more integrated, more co-operative Middle East, and we're not going to give up on that”.
Brian Katulis, senior fellow and vice president of policy at the Middle East Institute, said the postwar regional scenario Washington must navigate will differ from past years when there has been “an alignment of interests” on key issues.
“2023 in the region, and America's relationship with it, is not like 2014, or 1990,” Mr Katulis told The National, referencing the regional unity on building an anti-ISIS coalition and when Saddam Hussein invaded Kuwait.
“That made it easier for the US to lead and build a regional coalition but in this instance, you're already starting from some gaps.”
David Mack, a senior fellow with the Atlantic Council’s Middle East Programmes and former deputy assistant secretary of state for Middle East affairs, looks at that history a bit differently.
As a senior official in 1990, “I watched in awe as President [George HW] Bush … capitalised on the immense prestige that the United States achieved.
“They brought initially reluctant Arabs and Israelis together to address their decades-old conflict,” Mr Mack, who also previously served as US ambassador to the UAE, wrote for the Atlantic Council.
“The skill shown in subsequent years of diplomacy included the Oslo Process … an initially promising period of security co-operation between Israel and the PLO.”
Gerald Feierstein, MEI's senior fellow on US diplomacy and director of Arabian Peninsula affairs, argued that the Negev Forum is an existing framework that could be a “vehicle” for Washington to bring together its regional partners for peace building.
Mr Biden's administration last year helped to establish the Negev Forum, a framework of regional co-operation between the UAE, Israel, Bahrain, Morocco, Egypt and the US, following the success of the Abraham Accords.
“We need to have an international conference that can't be returned to the US as the mediator between Israel and Palestine. We need to bring in the rest of the international community,” Mr Feierstein told a Thursday conference at MEI.
Outside of Israeli normalisation, another area the Biden administration planned to increasingly engage with is the Yemen peace process.
The Biden administration's decision to appoint Tim Lenderking as special envoy marked a “doubling down” in getting the US more engaged on diplomatic efforts to bring an end to the conflict, and Mr Lenderking signalled that focus on Yemen is not dwindling amid the war in Gaza.
“Secretary Blinken did two things right away: he received the UN envoy, Hans Grundberg, in Washington in the midst of all this two weeks ago, [and said] we've got to keep Yemen diplomacy going,” Mr Lenderking told the US Institute of Peace last week after returning from a Gulf trip.
“The United States wants to show we know Yemen is a priority.”
The historic scale of the violence and devastation in Gaza and Israel, argued Mr Katulis, has served as a check on the Biden administration's bigger picture goals in the Middle East.
The war “just served as a reminder that even while you try to have those proactive, big picture visions, you can't really succeed if you try to push certain thorny issues like the Palestinian issue to the sidelines”, he added.
“This episode serves as a reminder that it seems quite unlikely that you'll get to a broader regional stability in the long run, if those issues are not addressed.”
Israel intensifies attack on Gaza – in pictures
Killing of Qassem Suleimani
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The five pillars of Islam
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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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.”
Opening day UAE Premiership fixtures, Friday, September 22:
- Dubai Sports City Eagles v Dubai Exiles
- Dubai Hurricanes v Abu Dhabi Saracens
- Jebel Ali Dragons v Abu Dhabi Harlequins
AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
The five pillars of Islam
SQUADS
Bangladesh (from): Shadman Islam, Mominul Haque, Soumya Sarkar, Shakib Al Hasan (capt), Mahmudullah Riyad, Mohammad Mithun, Mushfiqur Rahim, Liton Das, Taijul Islam, Mosaddek Hossain, Nayeem Hasan, Mehedi Hasan, Taskin Ahmed, Ebadat Hossain, Abu Jayed
Afghanistan (from): Rashid Khan (capt), Ihsanullah Janat, Javid Ahmadi, Ibrahim Zadran, Rahmat Shah, Hashmatullah Shahidi, Asghar Afghan, Ikram Alikhil, Mohammad Nabi, Qais Ahmad, Sayed Ahmad Shirzad, Yamin Ahmadzai, Zahir Khan Pakteen, Afsar Zazai, Shapoor Zadran
EA Sports FC 24
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Borussia Dortmund v Paderborn (11.30pm)
Saturday
Bayer Leverkusen v SC Freiburg (6.30pm)
Werder Bremen v Schalke (6.30pm)
Union Berlin v Borussia Monchengladbach (6.30pm)
Eintracht Frankfurt v Wolfsburg (6.30pm)
Fortuna Dusseldof v Bayern Munich (6.30pm)
RB Leipzig v Cologne (9.30pm)
Sunday
Augsburg v Hertha Berlin (6.30pm)
Hoffenheim v Mainz (9pm)
UAE currency: the story behind the money in your pockets
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
More from Neighbourhood Watch
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
UAE Premiership
Results
Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes
Final
Abu Dhabi Harlequins v Jebel Ali Dragons, Friday, March 29, 5pm at The Sevens, Dubai
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
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The specs: 2018 Jeep Compass
Price, base: Dh100,000 (estimate)
Engine: 2.4L four-cylinder
Transmission: Nine-speed automatic
Power: 184bhp at 6,400rpm
Torque: 237Nm at 3,900rpm
Fuel economy, combined: 9.4L / 100km
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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