The Middle East is experiencing some of the most profound moments of change in its modern history. Yet, these changes tend to be presented in western mainstream discourse through the crudely reductive prism of “Islamic terror”.
This approach has done little to aid understanding or tailor appropriate policy responses in the West towards the many pressing problems in the region. In fact, it has led to a policy of self-imposed ambivalence, wherein the factions the West now needs to engage with are the same organisations it has spent decades vilifying.
In order to yield significant change to its foreign policy, the West must begin a process of refashioning the narrative on Middle East conflicts.
Ever since the attacks of September 11, we have constantly been reminded of the growing threat of “Islamic terror”. This has made it possible to present all extremist groups around the world – regardless of their multiple differences – as somehow in cahoots, and part of the same body.
A good example of this occurred last year when Benjamin Netanyahu tried to equate ISIL with Hamas.
While definitely being guilty of atrocities, Hamas differs greatly from ISIL in its ideology and political doctrine. It does not, for example, believe in forced conversion to Islam. Hamas also takes part in elections while ISIL rejects democracy. In terms of strategy and operations too, Hamas is strictly localised, with a focus on the goal of the liberation of Palestine from Israeli occupation. In contrast, ISIL harbours a global strategy.
The above argument should not be conflated with a pro-Hamas line. It is simply to highlight a few of the manifold, and even competing, differences that are often overlooked by the mainstream.Unfortunately, the discourse not only presents these groups as largely the same, it cares little for the varying circumstances that nourished their growth in the first place.
Professor Richard Jackson, a scholar on terrorism studies, says that this discourse is “based on simplistic, appealing narratives and dichotomies that resonate with popular culture – such as the good versus evil narrative”.
The West has now reached a decisive moment in its foreign policy and has been presented with the opportunity to engage with regionally significant players. Two of the most important of these interactions are with Iran and with the Hamas political leadership.
Relations between the West and Iran have, until recently, been full of rancour for decades. But Iran, like the West, has at least some interest in quelling extremism. With regard to Hamas, there were suggestions last month of indirect talks with Israel to secure a five-year ceasefire agreement.
To yield political change, the West must decide whether to engage with these actors in the long-term.
To do so may lead to solutions to some of the region’s most intractable problems. The alternative is hardly encouraging. To not engage, is likely to entrench the same politics of denial that have led us to this point.
In order for any new policy towards the region to be effective, a multilayered approach is required. On the one hand, dialogue on a political and diplomatic level, on the other,demonised organisations must gradually be demystified.
In other words, the reductive narrative on “Islamic terrorism” in the Middle East must be deconstructed not only for the sake of politics, but also to encourage understanding of this very diverse and important region.
Matthew Ayton is a freelance writer and researcher in the West Bank
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
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.”
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Villains
Queens of the Stone Age
Matador
UAE currency: the story behind the money in your pockets
Pakistan squad
Sarfraz (c), Zaman, Imam, Masood, Azam, Malik, Asif, Sohail, Shadab, Nawaz, Ashraf, Hasan, Amir, Junaid, Shinwari and Afridi
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MATCH INFO
Manchester City 1 (Gundogan 56')
Shakhtar Donetsk 1 (Solomon 69')
Short-term let permits explained
Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Founder: Ayman Badawi
Date started: Test product September 2016, paid launch January 2017
Based: Dubai, UAE
Sector: Software
Size: Seven employees
Funding: $170,000 in angel investment
Funders: friends
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Meydan racecard:
6.30pm: Handicap | US$135,000 (Dirt) | 1,400 metres
7.05pm: Handicap | $135,000 (Turf) | 1,200m
7.40pm: Dubai Millennium Stakes | Group 3 | $200,000 (T) | 2,000m
8.15pm: UAE Oaks | Group 3 | $250,000 (D) | 1,900m
8.50pm: Zabeel Mile | Group 2 | $250,000 (T) | 1,600m
9.20pm: Handicap | $135,000 (T) | 1,600m
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.