The editor-in-chief of Al Sharq Al Awsat, Tareq al Homayed raised the issue of the recent US-led resolution to impose sanctions on Iran, despite the latter's efforts to avoid them through an alliance with Turkey and Brazil.
The decision came as a surprise to Tehran. It even prompted the Turkish prime minister to say to President Obama that the deal with Iran was an "opportunity" rather than a "solution".
"Thus, the Iran-West game is now in extra time, especially now that the International Atomic Energy Agency has received a letter from Iran about the Iranian-Turkish-Brazilian agreement on uranium exchange."
The next stage will show if the agreement is viable under the continual threat of sanctions. The IAEA has now to reassure the world on Iran's intentions. Will it be able to do so?
The task is difficult and challenging, for the agency will have to send inspectors to Iran's nuclear sites to determine the real volume of the low enriched uranium. In case the volume exceeds the amounts declared, the tripartite agreement will not be sufficient. There is also the question of Iran's readiness to co-operate and authorise inspections. Will Iran be transparent? Will it give the process ample time, as the Iranians are masters at the game of time wasting.
The situation is intriguing, and requires careful observation, for the game is complicated.
In a comment piece for Emirati daily Al Bayan, Mariam Salem wrote about the controversy surrounding the Algerian film "Hors la Loi" (Outlaws) shown at the Cannes Festival and nominated for the coveted Palme d'Or award.
The film, an Algerian-French production, depicts the atrocities committed by the French in Algeria. It focuses on a period of history that shaped the Algeria that we know it today.
The film attracted an angry response from French protesters who claim that it is false history. Their reaction demonstrates the superiority complex of former colonial power, which still refuse to listen to the views of the colonised. "This is what makes the re-enactment of history necessary. It gives the Algerians a voice to express their torment and unveils the truths of an intentionally obscured history."
It is interesting that the French attempt to defend their colonial history, as if the Arab world, which endured decades of poverty, persecution and exploitation, will forget the past.
At a time when resistance against the oppressor have become a synonym for terrorism and barbarism, it is essential to revive the tragedies and injustices that people endured so that they are not forgotten.
The hope remains that this film will awaken the French government's conscience and cause it to make amends, or at least apologise for the past atrocities that they committed.
Al Hayat published an article by the British politician Sir Cyril Townsend about the difficult relationship between Turkey and the European Union. He asked if Turkey finally realises that its future is not with the EU.
In 1999, Turkey, a respected member of Nato, was a candidate for the EU, which was still expanding in size and influence. Turkey was warned that the procedure may be long and require it to reforms its human rights record and civic laws. In addition, the political role of the army was unacceptable.
The Bush administration used its diplomatic influence to persuade the EU to welcome Turkey, but to no avail.
Now Turkey must ask itself whether it is a European or an Asian country? It is both. Turkey is deeply rooted in Asia, but belongs geographically to Europe.
It has become apparent through recent political and diplomatic efforts that Turkey is leaning more heavily toward the Islamic world. Coupled with its strong support to Northern Cyprus, which continues to deny Greek national their rights, its eastern inclinations pulls it further from its European aspirations.
France had stated that Turkey's Islamic heritage has no place in Europe. Germany is also not enthusiastic about the possibility of Turkey in the EU.
Sir Townsend concludes by saying that rather than joining the EU, Turkey should build a strong and enduring partnership with it.
South Africa was right to reveal the first officially documented evidence that Israel has nuclear weapons, wrote Mazen Hammad in an opinion piece for the Qatari newspaper Al Watan.
According to the minutes of secret meetings between the two countries, South Africa requested that Israel provide it with nuclear warheads. Israel replied that it had three times the number of missiles South Africa wanted. All the missiles, Israel said, were equipped with nuclear warheads.
Israel has attempted to discourage South Africa from disclosing this information, especially during non-proliferation talks. The disclosure of these secrets now would remove the ambiguity on Israel's nuclear policy, and undermine its claim that it is a responsible state.
The documents were declassified at the request of the American academic, Bolako Suranski Sasha. He said that Israel offered to sell South Africa sophisticated missiles, but the deal was too expensive. South Africa decided instead to produce its own arsenal with Israeli help.
Such information, if best used, contended Hammad, should draw back the curtains on 60 years of Israeli lies, and would diminish the state's moral and political standing.
* Digest compiled by Racha Makarem
rmakarem@thenational.ae
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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COMPANY%20PROFILE
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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
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
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MATCH INFO
Manchester United 1 (Fernandes pen 2') Tottenham Hotspur 6 (Ndombele 4', Son 7' & 37' Kane (30' & pen 79, Aurier 51')
Man of the match Son Heung-min (Tottenham)
PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
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The Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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MATCH INFO
Uefa Champions League last-16, second leg:
Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')
Ajax win 5-3 on aggregate
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.”