Adhering to a moderate foreign policy, Turkey's premier Recep Tayyip Erdogan has recently invested efforts in strengthening relations with Iraq's Kurdistan region, noted Arian Ibrahim Shawkat in a commentary for the pan-Arab newspaper Asharq al Awsat.
The effort came in response to earlier initiatives by northern Iraq aimed at strengthening diplomatic and trade relations between Erbil and Ankara. Both parties realised that mutual interests should by underscored by a political rapprochement.
Turkey's position towards Iraqi Kurds and consequently Iraq has evolved immensely. Through Kurdistan, Turkey can play a greater role in Iraq while striking a balance of power regionally. It can do so by placating the rising influence of Iran by empowering the Kurds.
It's also in line with US interests on the Kurdish issue, and can stem political conflicts. Washington believes that instability will affect troop withdrawal, which may harm vital US interests there.
Yet, for Turkey to benefit from its openness with Kurdistan, it needs to maintain good relations with Baghdad and listen to Erbil's demands on how to export Kurdistan's oil: will it solely be through Turkey? Washington may prefer a compromise between Erbil, Baghdad and Ankara.
Overall, Mr Erdogan has acted positively, earning positive recognition from the Americans.
Royal Moroccan protocol under review
"Media sources said that the King of Morocco, Mohammed VI, might introduce fundamental changes to the royal protocol. An essential part is the habit of kissing the monarch's hand by citizens. The royal court, it is said, will issue a communiqué to finally and officially abolish this practice," reported Mahmoud Maarfouf in the London-based newspaper Al Quds Al Arabi.
Earlier, officials had called for a simpler and more practical royal protocol at a time when the role of the monarchy is under discussion within a constitutional reform framework, as Mohammed VI highlighted last month.
The Moroccan newspaper Al Osboa said that official sources from the royal palace confirmed that some customs were outdated. It is expected to release a statement on the matter shortly.
The minister of state and deputy prime minister Mohammed el Yazghi agreed, adding that there is no reason not to propose a new set of protocols that are acceptable to both king and country.
Kissing the king's hand was the subject of a special dossier published on Saturday by the Al Ittihad al Ishtiraki newspaper, an affiliate to the Socialist Union Party, where it called for new protocols that cancel outdated practices. They should keep up with the evolution of society, but without disrespecting Moroccans' esteem for the person of the king, said Moulay Ismail Alaoui, a senior official at the Party of Progress and Socialism.
Syria's address falls short of expectations
If Syrian MPs were wise, they should have told president Bashar al Assad to remove the statements of threat in his address to the nation, commented Saleh al Qallab in an opinion piece for the Kuwaiti newspaper Al Jareeda.
It would have been safer and practically better if the president's closest assistants had advised him to deliver a different address in terms of both the form and content. If Syria is targeted, then its unity will be at stake. This, indeed, is a serious matter, which should prompt officials to meet demands such as the immediate repeal of the emergency law in force since 1963.
The leadership should also immediately remove the monopoly of the Baath party in political life, and give way to true political pluralism .
Syrians expected last Wednesday to hear different news, and looked forward to the launch of urgent reforms. But the address was frustrating, as it neither hinted at radical changes, nor promised to change the status quo or the role of the Baath Party in Syria's system of government.
Mr al Assad should have proposed a crystal-clear plan for reform that met the demands of most Syrians. The discourse with which he addressed the people is no longer valid for today's world, where the desire for change is rumbling, and cannot be stopped.
'Eyewitness' is the new truth-teller in media
Never before in the history of Arab media has the term "eyewitness" had so much attention as in the ongoing reporting of Arab uprisings, observed Youssed Damra in a commentary for the Emirati newspaper Emarat al Youm.
By relying on this source of information, media outlets have found themselves in a crisis of veracity. As a principle, information provided by witnesses is most likely to be consistent with their attitudes. And on many occasions, it appears that information collected this way is false or inaccurate.
But media outlets should resort to witnesses. Traditionally, well-established media institutions have had their own field reporters, many of them are specialised. They also have correspondents, who report from the battle lines in order to present the facts as they unfold.
Arab media, mainly the satellite channels, host retired officers who explain the facts on maps in studios, using graphics and speaking with utmost confidence. This way, Arab channels escape any accountability towards the information they air if it ever happens that it's untrue.
They also use this strategy to manipulate public opinion by forcing their point of view through a third party, thus distancing themselves from the content.
* Digest compiled by Mostapha El Mouloudi
melmouloudi@thenational.ae
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
ENGLAND WORLD CUP SQUAD
Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jos Buttler (wicketkeeper), Tom Curran, Joe Denly, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood
Brief scoreline:
Wales 1
James 5'
Slovakia 0
Man of the Match: Dan James (Wales)
RESULTS
5pm Maiden (PA) Dh80,000 (Turf) 1,600m
Winner Thabet Al Reef, Bernardo Pinheiro (jockey), Abdallah Al Hammadi (trainer)
5.30pm Handicap (PA) Dh80,000 (T) 1,600m
Winner Blue Diamond, Pat Cosgrave, Abdallah Al Hammadi
6pm Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m
Winner Hameem, Adrie de Vries, Abdallah Al Hammadi
6.30pm Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
Winner Shoja’A Muscat, Szczepan Mazur, Ibrahim Al Hadhrami
7pm Maiden (PA) Dh80,000 (T) 1,200m
Winner Heros De Lagarde, Szczepan Mazur, Ibrahim Al Hadhrami
7.30pm Handicap (TB) Dh100,000 (T) 2,400m
Winner Good Tidings, Antonio Fresu, Musabah Al Muhairi
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
Match info
Deccan Gladiators 87-8
Asif Khan 25, Dwayne Bravo 2-16
Maratha Arabians 89-2
Chadwick Walton 51 not out
Arabians won the final by eight wickets
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Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Rawat Al Reef, Adrie de Vries (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m; Winner: Noof KB, Richard Mullen, Ernst Oertel
6pm: Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Seven Skies, Bernardo Pinheiro, Qaiss Aboud
6.30pm: Handicap (PA) Dh80,000 (T) 2,200m; Winner: Jabalini, Szczepan Mazur, Ibrahim Al Hadhrami
7pm: UAE Arabian Derby – Prestige (PA) Dh150,000 (T) 2,200m; Winner: Dergham Athbah, Richard Mullen, Mohamed Daggash
7.30pm: Emirates Championship – Group 1 (PA) Dh1,000,000 (T) 2,200m; Winner: Somoud, Richard Mullen, Jean de Roualle
8pm: Abu Dhabi Championship – Group 3 (TB) Dh380,000 (T) 2,200m; Winner: Irish Freedom, Antonio Fresu, Satish Seemar
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
COMPANY%20PROFILE
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Western Region Asia Cup Qualifier
Results
UAE beat Saudi Arabia by 12 runs
Kuwait beat Iran by eight wickets
Oman beat Maldives by 10 wickets
Bahrain beat Qatar by six wickets
Semi-finals
UAE v Qatar
Bahrain v Kuwait
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
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.”