Chinese President Xi Jinping is applauded as he arrives for the fifth plenary session of the National People's Congress at the Great Hall of the People in Beijing on Sunday. AFP
Chinese President Xi Jinping is applauded as he arrives for the fifth plenary session of the National People's Congress at the Great Hall of the People in Beijing on Sunday. AFP
Chinese President Xi Jinping is applauded as he arrives for the fifth plenary session of the National People's Congress at the Great Hall of the People in Beijing on Sunday. AFP
Raghida Dergham is the founder and executive chairwoman of the Beirut Institute, and a columnist for The National
March 12, 2023
Among all the world leaders today, Chinese President Xi Jinping appears to be in the most comfortable position.
Last week, he was unanimously re-elected president for another five years. In October, he had been re-elected chairman of the Chinese Communist Party and head of the Central Military Commission.
Then on Friday, Beijing sponsored an accord to restore diplomatic ties between Saudi Arabia and Iran, with the two countries agreeing to reopen their embassies and return to a security co-operation framework they signed in 2001. These agreements were announced in a joint Saudi-Iranian-Chinese statement confirming a future meeting between the Saudi and Iranian foreign ministers to implement further diplomatic steps. The statement also mentioned reviving co-operation agreements signed in 1998 in the fields of trade, investment, technology, science, culture and sports.
The Chinese involvement in reviving diplomatic relations between Riyadh and Tehran did not come as a surprise. Last December, I wrote in these pages: “Beijing wants to act as a bridge between Saudi Arabia and Iran and help defuse their tensions, believing it can play a successful role in ending the Yemen conflict … Tehran might resist these efforts, but Beijing’s leverage over it is substantial.”
Beijing will continue to monitor the rapprochement that comes after a years-long estrangement and that will have major implications for the Middle East. Its role in the negotiations is likely to raise concerns in Washington, too, as China’s political and economic clout has strategic dimensions, even if the US remains confident that its security relations with the Gulf states are yet unrivalled. However, Washington might also feel reassured by the rapprochement because it prefers an accord between Saudi Arabia and Iran. The Biden administration, after all, was indirectly involved in months-long negotiations with Tehran in Vienna over the latter’s nuclear weapons programme.
China's top diplomat Wang Yi is flanked by Saudi Minister of State and national security adviser Musaed bin Al Aiban, left, and Iranian Admiral Ali Shamkhani, secretary of the Supreme National Security Council, in Beijing on Friday. Reuters
With the US stepping up its rhetoric against China, Xi will be keen not to fall into a trap of provocation
While Mr Xi appears unrivalled in China, US President Joe Biden can never dream of winning an election unanimously, given his country’s two-party system. From this lens, any American president would appear weaker than any Chinese president. But that doesn’t mean that the US’s administrative state is weaker than that of China. In fact, Washington’s civilian and military establishments are so strong that, despite China’s continued ascendancy (as seen in its deepening influence in the Middle East), America will continue to lead world for the foreseeable future.
Nonetheless, China today is at the top of America’s list of priorities, and classed as its main rival, with every move Mr Xi makes being closely watched in Washington.
The Chinese president is playing his cards carefully, most notably vis-a-vis the war in Ukraine.
Despite China’s favourable relations with Russia, Mr Xi has attempted to avoid being seen as an ally of the Russian leadership in its war effort. In recent weeks, Beijing has sought to play the role of mediator, reassuring European leaders and pushing back against American accusations that it intends to supply lethal aid to Russian forces.
The Chinese government has also yet to set an official date for Mr Xi’s planned visit to Moscow. Presumably, it is in no rush to do so – at least not until the trajectory of the war is clear following possible offensives from both sides in March and April. With the Biden administration stepping up its rhetoric against Beijing, particularly in the context of the war, Mr Xi will be keen not to fall into a trap of provocation.
Russia’s slide in the global arena, due to the Ukraine war, might be having an impact on its relationship with China. A pragmatic Beijing is focused on its strategic projects and its aspiration to become a superpower competing with, if not replacing, the US for global greatness. Its leadership has a vision and a roadmap, but it is ready to adapt as and when required. For example, necessity has required a reformulation of its relations with not just Russia but Iran, with the latter becoming a direct party to the Ukraine war, delivering military supplies to Russian forces.
Iranian President Ebrahim Raisi shakes hands with International Atomic Energy Organisation Director General Rafael Grossi in Tehran earlier in the month. AP Photo
Some in Tehran are trying to distance themselves from the war, claiming that the supply of Iranian drones to Russia is based on a deal made prior to the war. If anything, this reveals contradictions within Iran’s governing class.
With the battle for eventual succession atop Iran’s power structure having begun, some want to deal with the international community the way North Korea does, while others seek to resume talks with the West in the hope that this would lead to sanctions relief. In its broad outlines, the battle appears to be between the clerics and the generals running the Islamic Revolutionary Guard Corp.
The leadership in Tehran does not wield as much power inside Iran as the leadership in Beijing does in China. Iran today has to repress widespread and popular unrest that stands up to the regime and its practices. All this while, it has watched Beijing deepen its ties with the Gulf states, and lost any potential allies in Europe over its involvement in the Ukraine war.
It’s worth viewing the Saudi-Iran rapprochement in this context.
Beijing’s sponsorship of such important regional agreements follows on from the importance of mutual strategic trust that Mr Xi Jinping talked about during his visit to Riyadh last year. It is a key step towards increasing China’s influence in the Middle East, exactly as he has sought to accomplish with the precision, persistence and confidence of a leader comfortable in both his domestic and global positions.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
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.”
Eliza Petricola – wing attack / centre (Dubai English Speaking College)
Terminator: Dark Fate
Director: Tim Miller
Starring: Arnold Schwarzenegger, Linda Hamilton, Mackenzie Davis
Rating: 3/5
The specs: 2018 Ford F-150
Price, base / as tested: Dh173,250 / Dh178,500
Engine: 5.0-litre V8
Power: 395hp @ 5,000rpm
Torque: 555Nm @ 2,750rpm
Transmission: 10-speed automatic
Fuel consumption, combined: 12.4L / 100km
German intelligence warnings
2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors.
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024. It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine. Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages]. The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts. With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians. Following the single’s success, the idea to stage a rock concert evolved. Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world. The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Aaron Finch (capt), Usman Khawaja, David Warner, Steve Smith, Shaun Marsh, Glenn Maxwell, Marcus Stoinis, Alex Carey, Pat Cummins, Mitchell Starc, Jhye Richardson, Nathan Coulter-Nile, Jason Behrendorff, Nathan Lyon, Adam Zampa
