Arabs must seize post-election opportunity



Arabs must seize the opportunity of Obama's re-election to find solutions for region's issues

The United States elected its president, but the whole world has had something to say about it, wrote journalist Octavia Nasr in the Lebanese daily Annahar.

Reactions in the Middle East varied between indifference, unjustified jubilation or unjustified despair. Then there is the category of people who see any US president as bad news for them and for the region in view of the historic and ultimate support the US extends to Israel.

The main message to be deduced from President Obama's re-election is that US citizens want their commander-in-chief to focus on internal issues while maintaining good relations with other nations and holding a responsible role in the world - precisely in this order.

For the Middle East, this is a golden opportunity to adjust the situation, the writer noted. But exactly which situation?

Syria is struggling amid a raging civil war, while Arabs stand by watching or fuelling the sedition. Iran and Israel are gearing themselves up for a confrontation that threatens to set the entire region ablaze with serious repercussions that could engulf the whole world. Lebanon is once again in the throes of instability under an inefficient government and a complete lack of security.

In Egypt, the Muslim Brotherhood is expected to change the rules of the game with Israel. Although Egypt is bound to international agreements and heavily reliant on US aid, the time is right to manoeuvre and for an amendment of the peace accords in a way that reflects the new reality.

Iran showed signs of willingness for negotiations even before the US elections were over. It reduced by 20 per cent its uranium enrichment programme and agreed to take part in the proposed nuclear conference to discuss banning weapons of mass destruction in the Middle East.

"The Palestinian-Israeli conflict remains the biggest hurdle facing any attempt for making headway in the region. I expect President Obama will launch an early call to revive the peace process during his second term, and I expect this round to be more focused and efficient than any previous rounds," added the writer.

The Obama administration dispelled the myth of unconditional support for Israel. The Democratic electorate opposes Benjamin Netanyahu and the Likud party's harsh approach in dealing with Palestinians, the writer opined. Democrats are more inclined towards finding an equitable solution for all parties concerned.

When Mr Obama relaunches the peace process, Arabs will have a valuable opportunity to make a substantial difference for themselves and for the region.

Nasr concluded: "The carrot-and-stick method of negotiation was quite successful with Arabs. Wouldn't it be delightful if Arabs began to use all the carrots and sticks in their arsenal to reach an equitable solution for the region's issues, old and new?"

Sharia alone does not bring justice or welfare

It is sad that there are people who believe Egypt's religion traders, whose delusions leave some of the simple-minded in a trancelike state, noted Ibrahim Issa, editor-in-chief of the Cairo-based newspaper Al Tahrir.

"To spread their knock-off goods that rest on incomplete religiousness, satellite preachers make hay of the fact that the common people cannot read, while those who have been educated are plagued by cultural ignorance," the writer said.

Their take on religion is incomplete because it is based on trivia rather than quintessence.

These preachers paint a rosy picture of the Caliphate as the epitome of justice and well-being, but they fall short of supporting this with solid evidence.

The fact is, since the moment Caliph Uthman was murdered, Muslims have entered a stage of political conflict, injustice and dictatorship. This stage continues. History has shown that, the Sharia notwithstanding, Muslims still shed each other's blood for power, the writer said.

Sharia implementation did not mean that justice reigned in the past. Rather, power monopolies, persecution, and the murder of dissidents and scholars were commonplace for the most part.

Not by Sharia implementation alone are nations built and justice delivered. It is of no use when it is implemented by extremists, hypocrites and tyrants, the writer concluded.

Refusal to lead Mali intervention is sound

Algerian authorities are facing mounting pressure from the US and France to assume a major role in an African-led force in preparation for a military intervention in Mali to fight Islamist militants, wrote the pan-Arab newspaper Al Quds Al Arabi in an editorial yesterday.

Algeria's resistance to such pressure is a sound decision, because any US-backed military intervention will serve hard-line Islamist groups, and it absolutely does not guarantee results, according to the newspaper.

Experience has shown that US military intervention in Islamic countries might succeed in solving the primary issue, but it creates other more serious problems. Iraq, Afghanistan, and, to a lesser extent, Somalia attest to this.

Algerian Foreign Ministry spokesman Amar Blani was right to describe military intervention in northern Mali as a catastrophic mistake and to suggest dialogue as a way out of the crisis, said the editorial.

Algeria is the region's most experienced state in guerrilla warfare and use of military solutions to counter Islamists, so Mr Blani knows what he is talking about.

While there are concerns that Algeria could face retaliation from the US and Europe, whatever that might be would still be much less costly than an intervention, the editorial said.

* Digest compiled by The Translation Desk

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
RESULT

Argentina 0 Croatia 3
Croatia: 
Rebic (53'), Modric (80'), Rakitic (90' 1)

Water waste

In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.

Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.

A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.

The Emirates is the world’s third largest per capita water consumer after the US and Canada.

Company%20Profile
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North Pole stats

Distance covered: 160km

Temperature: -40°C

Weight of equipment: 45kg

Altitude (metres above sea level): 0

Terrain: Ice rock

South Pole stats

Distance covered: 130km

Temperature: -50°C

Weight of equipment: 50kg

Altitude (metres above sea level): 3,300

Terrain: Flat ice
 

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.”

THE%20SPECS
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The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

Spec%20sheet
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The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

Indoor cricket in a nutshell

Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side

8 There are eight players per team

There have been nine Indoor Cricket World Cups for men. Australia have won every one.

5 Five runs are deducted from the score when a wickets falls

Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs

B Side nets, between the striker and halfway down the pitch: 1 run

Side nets between halfway and the bowlers end: 2 runs

Back net: 4 runs on the bounce, 6 runs on the full

THREE
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INDIA'S%20TOP%20INFLUENCERS
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The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
%3Cp%3EThe%20Punishment%20of%20Luxury%3Cbr%3EOMD%3Cbr%3E100%25%20Records%3C%2Fp%3E%0A
Results:

Men's wheelchair 800m T34: 1. Walid Ktila (TUN) 1.44.79; 2. Mohammed Al Hammadi (UAE) 1.45.88; 3. Isaac Towers (GBR) 1.46.46.

COMPANY%20PROFILE
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The%20specs
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The biog

Name: Sari Al Zubaidi

Occupation: co-founder of Cafe di Rosati

Age: 42

Marital status: single

Favourite drink: drip coffee V60

Favourite destination: Bali, Indonesia 

Favourite book: 100 Years of Solitude 

'THE WORST THING YOU CAN EAT'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.

Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more