As the United States gears up for the presidential election, the rest of the world is waiting to see what the result will mean.
Diplomats, ministers and world leaders are watching in anticipation to see if Donald Trump will secure a second term in office, or if Joe Biden will become the 46th president of the United States.
Among them is Ambassador Yousef Al Otaiba, who has been the UAE’s Ambassador to the US for the past 12 years and is one of the most influential diplomats in America.
Speaking before the November 3 vote, Mr Al Otaiba told The National that "the election reflects two different views of what the US role in the world" is destined to be.
He added: “Should it be engaged and trying to make the region stable or should it just disengage?”
Being the ultimate diplomat, Mr Al Otaiba would not elaborate on which presidential candidate reflects either school of thought, instead saying: “I'm a big champion of US engagement. Whether it's a Democratic or Republican president, the one thing that has been consistent is that we have shared interests and values. The region needs to be stable.
"I think that's something they both agree on.”
That's the one area where the two sides diverge, in the tactics of dealing with Iran
However, American engagement with the world could be at risk due to other factors, such as the pandemic and the health and economic issues it has provoked in the US.
“There are so many big domestic issues that are taking up all the bandwidth here in the US that the rest of the world becomes an afterthought. So that's my worry, that the domestic focus leads to neglect of foreign policy issues.”
Some issues can’t wait, however.
While Joe Biden seems keen to go back to the nuclear deal with Tehran, the Trump administration is intent on maintaining its strategy of maximum pressure.Mr Al Otaiba said that "the biggest fault line right now is how to deal with Iran. It's not that whether Iran is a challenge or not. There is a consensus on that. There's a disagreement on how to deal with it".
“That's the one area where the two sides diverge, in the tactics of dealing with Iran,” Mr Al Otaiba said. “We've been advocating de-escalation and stability. So whoever wins the election, our approach is going to be consistent.”
That approach includes calling for a better deal than the original Joint Comprehensive Plan of Action.
He explained that “the whole world now recognises there were certain flaws in the JCPOA agreement, whether it's the duration and the sunset clauses being too short, or whether it's the lack of an Arab voice at the table when these negotiations were taking place”.
One important element is to take into consideration “all the other issues that we suffer from in the region: the missile programme, the proxies, the interference and the kind of belligerent attitude that we witness from Iran.
"We need to have a conversation about how to strengthen the JCPOA, how to address these shortcomings and create a much more effective JCPOA 2.0”.
Asked whether the Democrats see those shortcomings, Mr Al Otaiba said confidently: “I believe so, yes.”
Mr Al Otaiba stressed that UAE-US relations would be strong, regardless of who wins the election.
He refuted reports that those relations would be adversely impacted by a new administration.
UAE will work well with whoever wins the White House
“The UAE has been consistent. Not everybody likes our positions all the time," he said, but the transitions from the Bush to the Obama administration and then to the Trump White House were all very smooth.
"If the same thing happens, I have no doubt that the UAE will be able to work with a Biden administration.”
"I don't think we would have got to the same kind of conclusion if it wasn't for the Trump administration
However, he added: “I do think the US is more polarised than it used to be. But I think that's a question for Americans not for Emiratis.”
Mr Al Otaiba considers the Abraham Accord as the Trump administration's biggest foreign policy win.
“It was important because it reflects that attitudes and mindsets are changing. Not only are we breaking taboos, others are following and making similar decisions.
"I don't think we would have got to the same kind of conclusion if it wasn't for the Trump administration.
"So to be clear, the administration was instrumental in getting us over the finish line. But more importantly, it is now being seen as a success by a wide spectrum of people."
However, that success will need to be further supported.
“To demonstrate that this is a successful experiment, you have to deliver benefits, outcomes, jobs, technologies. People have to feel that this actually made their future better.
“It was not a coincidence that some of the first MOUs were signed on AI, Covid-19 research and movie production. Entertainment, arts and technology are things that people believe will make their future better.”
On the long term impact of the Abraham Accord on the region, Mr Al Otaiba said that "what started off with one country jumping in and breaking a taboo was quickly followed by two other countries. Bahrain joined us and then Sudan, which means it's no longer an aberration. It means this is a trend and a pattern.
"The Abraham Accord has created space and given diplomacy a big win by stopping annexation. It actually preserved the two-state solution.”
Mr Al Otaiba stressed that “the two-state solution today is alive because annexation was stopped. If annexation proceeded, we would be discussing what does a one-state solution look like? What does a binational state look like? And the two-state solution would be dead.
"We've put time on the clock and created space, hopefully, for the resumption of negotiations and a conversation about the two-state solution that's ultimately up to the parties.”
On whether the US should push the Palestinians and Israelis to negotiate, he said that “it should be everyone's goal, not just the [US] administration, I think it should be the UN goal, I think it should be the Arab League goal. Everyone should be trying to bring the parties together.
"Now, having said that, we can't force the parties to come together if they don't want to pursue this path.
“That's not a failure of the GCC or the Arab League or the UN. That's a failure on the parties themselves. The decision has to be made by the two parties with the encouragement of all of us.”
Persuading the US to cease regional secession
Domestic demands mean that the US is increasingly pulling back from the region. The Trump administration has announced its intention to withdraw its troops from Afghanistan by Christmas and has said it wants to reduce its presence in Iraq.
"There is a consistent demand for having a smaller footprint,” he said.
"We have to show American people that a US presence in the region actually does bring benefits.”
Another reality is that with the strategic shift to a lighter military footprint in the region, the US needs to support its allies in a number of ways.
The UAE's request for the sophisticated F-35 military jets comes within that context. Mr Al Otaiba said "more countries are becoming more independent, taking more of the responsibility and the burden of the region.
"And whether it's F-35s or enhanced trade and increased investment with regional partners, more countries are going to carry more of the load themselves. It is important for the US to understand that we are taking our area and security very seriously”.
It is expected that the administration will send a notification to Congress on the sale of the F-35s and he believes there is ample support for it in Washington.
“We've been trying to acquire the F-35 for six years," he said, adding that they were “not part of the deal” for the Abraham Accord.
“There are other items that we've been trying to acquire since Mr Bush was in office. So these are things that we have operational requirements for, that have simply been held up, largely because of either the Qualitative Military Edge [of Israel] or other release ability issues. We've now, I think, cleared this bottleneck.
"It opens up the aperture of us trying to get more sophisticated defence equipment. I think notification to Congress should be imminent.”
The UAE envoy stressed that “not only is it in the US interests to have more strong, stable security partners, but if the US really does want to do less than the region, you're going to have to have your friends do more. And in order for your friends to do more, you're going to have to strengthen their capacities".
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
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57%20Seconds
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Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
Need to know
Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.
Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
The specs: 2018 Dodge Durango SRT
Price, base / as tested: Dh259,000
Engine: 6.4-litre V8
Power: 475hp @ 6,000rpm
Torque: 640Nm @ 4,300rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 7.7L / 100km
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.”
FA Cup fifth round draw
Sheffield Wednesday v Manchester City
Reading/Cardiff City v Sheffield United
Chelsea v Shrewsbury Town/Liverpool
West Bromwich Albion v Newcastle United/Oxford United
Leicester City v Coventry City/Birmingham City
Northampton Town/Derby County v Manchester United
Southampton/Tottenham Hotspur v Norwich City
Portsmouth v Arsenal
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5