US President Donald Trump in his fascination with his role as president of the world's most powerful country may have forgotten the importance of prestige, which has been a crucial factor for the country.
The consequences of losing prestige are profound. They affect not only American geopolitical interests but also embolden rivals in their strategic defiance, as Mr Trump seems to improvise policy, relying on exclusionary tools to reshape the global order, under the mantra of Make America Great Again.
The danger here is that Mr Trump is being serious even as some may find his tactics amusing. Ultimately, Trumpian bravado is steadily eroding American prestige, necessary to uphold US exceptionalism on the world stage. Now, Mr Trump faces resistance in his proposal for Gaza and US-Arab relations to Ukraine, Russia and the transatlantic ties, and even within America.
Mr Trump may deserve credit for his audacity in upending conventional thinking, forcing others to think outside the box. Indeed, the recent thaw in US-Russia relations could be said to have yielded some benefits, despite it having inflicted severe damage on US-European relations and Nato. His decision to hold high-level US-Russia meetings in Riyadh was a master stroke, sending multiple messages. One being that Riyadh is central to Washington’s strategy – a critical ally, not just regionally but globally.China’s role in brokering the 2023 Saudi-Iranian rapprochement initially alarmed US diplomats, who found themselves sidelined while Beijing took the lead. Realising the shift, Washington has since recalibrated, engaging Riyadh with a new-found seriousness.
Clearly, Mr Trump’s team has realised Riyadh is a crucial partner in regional affairs, while initially assuming that this partnership would translate into automatic Saudi alignment with US policies. However, Saudi Arabia’s rejection of Mr Trump's plans – particularly his disregard for the two-state solution and his efforts to undermine the establishment of a Palestinian state – may well have surprised Mr Trump. Furthermore, the Saudi and wider Arab rejection of Mr Trump’s ideas of displacing Palestinians from the West Bank and Gaza threw cold water on his ambitions to control Gaza’s coastline.
The positions of several Gulf nations are already clear. Most probably, Egypt and Jordan will not escalate against Mr Trump’s provocations but will instead work to contain them. To be sure, these countries understand that Mr Trump’s aggression can be costly if he is cornered, so they will attempt to outmanoeuvre him with intelligence and wisdom – unlike perhaps past Arab diplomatic efforts that simply rejected and condemned policies without offering alternatives.
It is crucial to note, however, that Arab nations have not lacked initiative – far from it. Indeed, the Arab Peace Initiative, launched by Saudi Arabia in 2002, proposed a solution to the Israeli-Palestinian conflict: full Israeli withdrawal from the occupied territories, the establishment of a Palestinian state, and the normalisation of relations between Arab states and Israel.
The mini summit in Riyadh on Friday, where Arab leaders met, set the stage for a unified Arab stance at the emergency Arab summit expected in Cairo on March 4. This will be a pivotal event for US-Arab relations, as well as for Gulf ties with Egypt, Jordan, and the Palestinians – and even with Israel.
Meanwhile, Saudi Arabia’s international and diplomatic standing has been bolstered with gravitas and prestige by hosting US-Russia talks in Riyadh after years of diplomatic estrangement due to the Ukraine war. Saudi Arabia's Crown Prince Mohammed bin Salman has hinted that he wants Riyadh to become a serious hub for international dialogue. That is exactly what happened during the US-Russia discussions in Riyadh, in stark contrast to the provocations in statements by Mr Trump, Ukrainian President Volodymyr Zelenskyy, and several European leaders.
So where does everyone stand and what is the current state of play?
Regarding US-Russia relations, there was a partial agreement to resume diplomatic ties and establish a consultation mechanism to manage tensions. Both sides agreed to assign high-level teams to start working towards a lasting resolution of the Ukraine war that is acceptable to all parties. The discussions also laid the groundwork for future geopolitical co-operation and economic opportunities that could emerge after the war.
However, these steps do not represent a major breakthrough, either in bilateral relations or regarding Ukraine, because many significant gaps remain. Mr Trump has reshuffled the deck with Russia but failed so far to achieve his primary goal: stopping the Ukraine war.
Mr Putin is reportedly not ready to meet Mr Trump as he is concerned about the pitfalls of a rushed agreement. For instance, an unofficial US draft document on Russia and Ukraine includes a clause stating that if Russia violates any peace deal, Ukraine would automatically join Nato, which is a red line for Mr Putin, who wants to prevent precisely that. One of their biggest disagreements, sources say, is over territory. Mr Trump seems willing to let Russia keep the lands it currently controls in Ukraine, while Mr Putin insists that the entire regions of Donetsk, Kherson, Luhansk, and Zaporizhzhia, along with Crimea, are recognised as "constitutionally" part of Russia.
Thus, the road to a US-Russia deal on Ukraine is not well paved. Even if a deal was reached, it would lack legitimacy as long as Europe and Ukraine reject it. In short, as long as the Ukraine war continues, US-Russia normalisation remains out of reach.Meanwhile, Mr Trump is furious with Mr Zelenskyy, who mocked him for falling into a Russian disinformation trap. In response, Mr Trump publicly rebuked Mr Zelenskyy, prompting his Secretary of State Marco Rubio to warn that Mr Trump does not tolerate "ingratitude".
Mr Trump's disregard for Europe and its role in Ukraine initially caused confusion and disarray in Europe. This was soon followed, however, by a closing of ranks, and the US president found himself facing a unified European front – including Britain, a traditional US ally – just as Germany heads into elections that could determine the configuration of leadership of the European continent.
Yet, Europe understands that resisting Mr Trump will come at a cost. But it also knows that it cannot succumb to the dictates of a US president who is on the verge of dismantling the historical transatlantic alliance. Some are suggesting options for Europe that seem far-fetched, such as withdrawing from Nato, bypassing Mr Trump by engaging directly with Russia, or even aligning more closely with China. If anything, these ideas reflect the level of frustration with Mr Trump's unprecedented style of international relations and Europe's willingness to challenge it.
Meanwhile, Mr Trump wants the Arab states to give him Gaza and to hand the West Bank over to Israel. He believes he will get his way because Egypt and Jordan need his country’s support, and because US-Gulf security ties remain crucial, particularly given Iran’s clear commitment to its regional strategy and nuclear doctrine – something that would likely necessitate a military operation against Iran involving the US.
For its part, China is watching and preparing for Mr Trump’s economic war. However, it does not seem concerned about the possibility of Mr Trump pulling Russia away from its orbit, as it sees too many obstacles preventing an end to the war in Ukraine.The credibility Mr Trump once sought – and initially obtained – on the international stage is now under threat and increasingly fragile. The loss of prestige is not just damaging to Mr Trump personally, but also to the US presidency and to the US itself.
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
UAE currency: the story behind the money in your pockets
Top%2010%20most%20competitive%20economies
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Monster
Directed by: Anthony Mandler
Starring: Kelvin Harrison Jr., John David Washington
3/5
Match info
Uefa Champions League Group C
Liverpool v Napoli, midnight
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
MATCH INFO
Europa League semi-final, second leg
Atletico Madrid (1) v Arsenal (1)
Where: Wanda Metropolitano
When: Thursday, May 3
Live: On BeIN Sports HD
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Ovasave%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20November%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Majd%20Abu%20Zant%20and%20Torkia%20Mahloul%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Healthtech%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%20Three%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-seed%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20%24400%2C000%3C%2Fp%3E%0A
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
The specs: 2018 Range Rover Velar R-Dynamic HSE
Price, base / as tested: Dh263,235 / Dh420,000
Engine: 3.0-litre supercharged V6
Power 375hp @ 6,500rpm
Torque: 450Nm @ 3,500rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 9.4L / 100kms
Astroworld
Travis Scott
Grand Hustle/Epic/Cactus Jack
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
RESULTS
Dubai Kahayla Classic – Group 1 (PA) $750,000 (Dirt) 2,000m
Winner: Deryan, Ioritz Mendizabal (jockey), Didier Guillemin (trainer).
Godolphin Mile – Group 2 (TB) $750,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar
Dubai Gold Cup – Group 2 (TB) $750,000 (Turf) 3,200m
Winner: Subjectivist, Joe Fanning, Mark Johnston
Al Quoz Sprint – Group 1 (TB) $1million (T) 1,200m
Winner: Extravagant Kid, Ryan Moore, Brendan Walsh
UAE Derby – Group 2 (TB) $750,000 (D) 1,900m
Winner: Rebel’s Romance, William Buick, Charlie Appleby
Dubai Golden Shaheen – Group 1 (TB) $1.5million (D) 1,200m
Winner: Zenden, Antonio Fresu, Carlos David
Dubai Turf – Group 1 (TB) $4million (T) 1,800m
Winner: Lord North, Frankie Dettori, John Gosden
Dubai Sheema Classic – Group 1 (TB) $5million (T) 2,410m
Winner: Mishriff, John Egan, John Gosden
VERSTAPPEN'S FIRSTS
Youngest F1 driver (17 years 3 days Japan 2014)
Youngest driver to start an F1 race (17 years 166 days – Australia 2015)
Youngest F1 driver to score points (17 years 180 days - Malaysia 2015)
Youngest driver to lead an F1 race (18 years 228 days – Spain 2016)
Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016)
Youngest on F1 podium finish (18 years 228 days – Spain 2016)
Youngest F1 winner (18 years 228 days – Spain 2016)
Youngest multiple F1 race winner (Mexico 2017/18)
Youngest F1 driver to win the same race (Mexico 2017/18)
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Turkish Ladies
Various artists, Sony Music Turkey
THE LOWDOWN
Romeo Akbar Walter
Rating: 2/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Robby Grewal
Cast: John Abraham, Mouni Roy, Jackie Shroff and Sikandar Kher
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.”
Brief scores
Toss India, chose to bat
India 281-7 in 50 ov (Pandya 83, Dhoni 79; Coulter-Nile 3-44)
Australia 137-9 in 21 ov (Maxwell 39, Warner 25; Chahal 3-30)
India won by 26 runs on Duckworth-Lewis Method
England v South Africa schedule:
- First Test: At Lord's, England won by 219 runs
- Second Test: July 14-18, Trent Bridge, Nottingham, 2pm
- Third Test: The Oval, London, July 27-31, 2pm
- Fourth Test: Old Trafford, Manchester, August 4-8
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
Ammar 808:
Maghreb United
Sofyann Ben Youssef
Glitterbeat
