Russian military trucks and buses are seen on the side of a road in Russia's southern Rostov region, which borders the self-proclaimed Donetsk People's Republic, on February 23, 2022. AFP
Russian military trucks and buses are seen on the side of a road in Russia's southern Rostov region, which borders the self-proclaimed Donetsk People's Republic, on February 23, 2022. AFP
Russian military trucks and buses are seen on the side of a road in Russia's southern Rostov region, which borders the self-proclaimed Donetsk People's Republic, on February 23, 2022. AFP
Richard Javad Heydarian is a Manila-based academic, columnist and author
February 24, 2022
“Boredom with peace and prosperity has had far graver consequences in the past,” warned Francis Fukuyama in the closing pages of his oft-cited The End of History. Written in the wake of the collapse of the Soviet Union, Fukuyama boldly argued that the grand historical battles over the best form of social organisation was now effectively settled.
For Fukuyama, the West’s model of democratic capitalism had emerged as the most desirable form of governance. Thus, he controversially argued that "history" proper, as a battlefield of ideals, had now effectively "ended" with the triumph of the West. What worried him, however, was the prospect of widespread sloth and complacency amid an unprecedented era of prosperity and peace in the West. As an Asian who came of age during the post-Cold War period, I grew up with an image of Europe that resembled Fukuyama’s Elysium, where martial spirits have been supplanted by pacifist materialism.
But during this year’s Munich Security Conference, organised in the shadow of an escalating conflict at the doorstep of Europe, I saw not only trouble in paradise, but also a revitalised and unified western alliance in the face of a Russian military buildup.
All of a sudden, Europe seemed a far more familiar place, a continent struggling with the same conflicts and uncertainties, which have ravaged much of the post-colonial world since the end of the Cold War. Even Fukuyama had recognised that his “End of History” wouldn’t bring about either stability or prosperity in much of the non-western world, where the forces of nationalism and demagoguery continue to haunt countless nations.
In opposite ends of Asia, insurgencies, proxy wars and interstate conflicts have become a staple element of everyday geopolitics. In fact, many regions, from the Caucasus to the North-East Asia, are home to frozen conflicts dating back to the Cold War period.
Such radically different places such as Taiwan and North Korea grapple similarly with the destructive legacy of the superpower conflicts of the past century. For decades, the survival of governments in these places has been a function of strategic patronage by either the West or the East.
As an Asian who came of age during the post-Cold War period, I grew up with an image of a Europe where martial spirits have been supplanted by pacifist materialism
During the Munich Security Conference, however, it also became crystal clear that even Europe hasn’t moved on fully from the legacy of the Cold War. If anything, what lies at the heart of the ongoing crisis in the Ukraine is Russian President Vladimir Putin’s determination to undo the very geopolitical order that was built on the ashes of the Soviet Union.
As Mr Putin lamented during a national address in 2005: “First and foremost, it is worth acknowledging that the demise of the Soviet Union was the greatest geopolitical catastrophe of the [20th] century.” He repeated almost exactly the same point in a major address last year, where he described the end of the Cold War as “the collapse of historical Russia”.
In response, he has steadily rebuilt his country’s military capabilities and, accordingly, reasserted Moscow’s spheres of influence from Central Asia and the Caucasus all the way to Eastern Europe. In a much-publicised essay, titled “On the Historical Unity of Russians and Ukrainians", Mr Putin effectively portrayed Ukraine as part of a greater Russia.
Having helplessly watched the relentless expansion of Nato from Poland (1999) to North Macedonia (2020), Mr Putin has drawn the red line around Ukraine.
This sense of resentment, this yearning for historic vindication, resonates with many in Asia. After all, the continent is home to a whole host of proud civilisations and former colonies that are determined to rediscover their place in the sun.
Three things stood out during the Munich Security Conference. First of all is the unremitting determination of Ukraine to preserve a right to self-determination, including its constitutionally mandated goal of joining Nato and, by extension, the West in the future.
In his defiant speech in Munich, Ukrainian President Volodymyr Zelenskyy warned the West against “appeasement” and vowed to “protect our country with or without the support of our [western] partners”. It was the kind of speech that would go down well in many smaller East Asian countries that perceive, rightly or wrongly, a growing challenge from their neighbouring superpower, China.
Second, Chinese Foreign Minister Wang Yi also took many by surprise, when, instead of firmly standing by allies in Moscow, he extended an olive branch to the West, calling for “dialogue” and “communication” based on goodwill and mutual understanding. Crucially, the Chinese diplomat emphasised the need for upholding territorial integrity and sovereignty of all nation-states, and that "Ukraine is no exception”.
This partially explains why a few days later, when Mr Putin approved the deployment of Russian troops to rebel-held areas in eastern Ukraine, China immediately reiterated the need for dialogue and diplomacy. In short, China has signalled its ambivalence, if not displeasure, with Russia’s evolving position in Europe.
Above all, however, what stood out for me is that Mr Putin has almost singlehandedly ended the “End of History” in Europe, jolting Nato out of its strategic complacency. The speed and vigour with which western powers closed ranks in the face of an assertive Russia was astonishing. During keynotes speeches in Munich, US Vice President Kamala Harris warned of “swift” and “severe” response, while British Prime Minister Boris Johnson called on Nato allies to ensure “Russia should ultimately fail and be seen to fail” in an event of full-scale invasion of Ukraine. The usually taciturn German Chancellor Olaf Scholz was also uncharacteristically assertive, calling on the West to “muster the capabilities” to head off a new war in Europe. Days later, he ordered the immediate suspension of the Nord Stream 2 project, a cornerstone of German-Russian energy co-operation.
For the first time in recent memory, the West is up in arms, taking neither its peace nor its prosperity for granted. What the world saw in Munich could be described as nothing short of a rebooting of history, a renewed clash over the grand ideals that have governed the geopolitical order in Europe and beyond. Far from exceptional, Europe is becoming like Asia, where prosperity has gone hand-in-hand with conflict and uncertainty.
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
White hydrogen: Naturally occurring hydrogen Chromite: Hard, metallic mineral containing iron oxide and chromium oxide Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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.”
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
