Raghida Dergham is the founder and executive chairwoman of the Beirut Institute, and a columnist for The National
December 26, 2021
The weeks-long standoff between Moscow and Nato, the western security umbrella, escalated on Tuesday when Russian President Vladimir Putin threatened a “military-technical response” if the latter did not stop pursuing what his government considers to be aggressive policies in and around neighbouring Ukraine.
In his address to army and defence ministry officials, Mr Putin said: “If the obviously aggressive line of our western colleagues continues, we will take adequate, retaliatory military-technical measures.”
The Russian president’s statement came at a time when Moscow is deploying thousands of troops along its border with Ukraine – a country that it considers to be within its orbit of influence but whose army has long been training alongside Nato forces. Russia remains opposed to Ukraine’s desire to become a full member of Nato, a US-led security alliance that was created in 1949 as a bulwark against the erstwhile Soviet Union, which Ukraine was an integral part of. Moscow is also against any deployment of Nato weapons systems in Eastern Europe amid talk in Washington of sending forces to support Nato's allies in the region if Russia were to invade Ukraine.
The escalation of tensions amid Nato concerns of a Russian invasion will be worrying not just for the region’s stakeholders but perhaps even for countries around the world, given the impact that an outbreak of war could have on global stability.
Mr Putin has sought to lower the temperature in the intervening days by leaving room for negotiations with Nato next month – as has Foreign Minister Sergey Lavrov – with both leaders demanding certain “security guarantees” from the West. Karen Donfried, the US Assistant Secretary of State for the Bureau of European and Eurasian Affairs, has called some of Moscow’s demands “unacceptable” but has hinted that dialogue over Ukraine’s future and security in Europe will kick off next month. Mr Lavrov has, meanwhile, stressed that any negotiating process must not be perpetual, especially as the threats – as Russia view them – are emerging continuously, with Nato’s infrastructure drawing ever closer to Russia’s borders.
The problem with Russia’s proposals is their perceived lack of feasibility. For example, one demand is that Nato halts all expansion activities in the direction of Ukraine. Another includes putting a stop to western military co-operation in Eastern Europe – especially with the former Soviet republics.
The agreement to hold talks in January may well calm things down a little but it won’t defuse the standoff. Indeed, the talks don’t rule out the possibility of war and may not alter the course of the respective plans that both Nato and Russia are putting in place. Both sides claim that they want to avoid a military confrontation, but there are no guarantees to ward off the spectre of war.
What will happen if the talks fail? The Russian plan, as Mr Putin laid it out in his speech at the Ministry of Defence, is essentially a military one and includes pre-emptive strikes that could lead to war. The US and Europe, on the other hand, plan to pressure Russia economically. They are focusing on a possible sanctions regime aimed specifically at the country’s high-tech sector.
Russian President Vladimir Putin gestures while speaking during his annual news conference in Moscow on Thursday. AP Photo
The agreement to hold talks in January may well calm things down a little but it won’t defuse the standoff
Western sanctions would cause major harm to the Russian economy, as would possible attempts to encircle the country and prevent its vessels from making trips to strategic locations, including bases in Syria. Right there is one global implication of a conflict.
Another implication could be for Beijing, which might already be benefiting from the escalation of tensions. Mr Putin is due to visit China in February to discuss further military and security co-operation at a time when all is not well between Beijing and Washington in the context of their great-power competition.
Moscow blames the West for the current crisis, given that it believes the US is encroaching on Russia’s sphere of influence – that, too, with its missiles, as Mr Putin has put it. It wants Nato to provide legally binding guarantees – not just verbal ones – that it will not deploy forces or weaponry in Ukraine or admit Ukraine into its fold. But it knows that Washington won’t meet these demands, and therefore it is raising the temperature.
In his speech, Mr Putin drew attention to Russia’s military might. But he said something more telling – that Washington “should understand that we have nowhere further to retreat to”.
This is undoubtedly a high-stakes game, but will Russia risk being isolated by the West or the possibility of a return to the kind of Cold War hostilities seen during the heyday of the Soviet Union? Or is this just a ruse on Moscow’s part to keep the West second-guessing? Is there a way out for both sides while still being able to save face? The confrontation seems at its peak now – despite an agreement to hold talks next year – with the Russian military pitted against western sanctions. Everyone should fasten their seatbelts.
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.”
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened. He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia. Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”. Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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Day 2, Dubai Test: At a glance
Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.
Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.
The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
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'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
Results
2.15pm: Maiden (PA) Dh40,000 1,200m
Winner: Maqam, Fabrice Veron (jockey), Eric Lemartinel (trainer).
2.45pm: Maiden (PA) Dh40,000 1,200m
Winner: Mamia Al Reef, Szczepan Mazur, Ibrahim Al Hadhrami.
3.15pm: Handicap (PA) Dh40,000 2,000m
Winner: Jaahiz, Fabrice Veron, Eric Lemartinel.
3.45pm: Handicap (PA) Dh40,000 1,000m
Winner: Qanoon, Szczepan Mazur, Irfan Ellahi.
4.15pm: Sheikh Hamdan bin Rashid Cup Handicap (TB) Dh200,000 1,700m.
Winner: Philosopher, Tadhg O’Shea, Salem bin Ghadayer.
54.45pm: Handicap (PA) Dh40,000 1,700m
Winner: Jap Al Yassoob, Fernando Jara, Irfan Ellahi.
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Global state-owned investor ranking by size
1.
United States
2.
China
3.
UAE
4.
Japan
5
Norway
6.
Canada
7.
Singapore
8.
Australia
9.
Saudi Arabia
10.
South Korea
10 tips for entry-level job seekers
Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Ready Player One
Dir: Steven Spielberg
Starring: Tye Sheridan, Olivia Cooke, Ben Mendelsohn, Mark Rylance
The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes.
The car
Hertz offers compact car rental from about $300 (Dh1,100) per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.
The national park
Entry to Mount Rainier National Park costs $30 for one vehicle and passengers for up to seven days. Accommodation can be booked through mtrainierguestservices.com. Prices vary according to season. Rooms at the Holiday Inn Yakima cost from $125 per night, excluding breakfast.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
