The appointment of Washington's new UN ambassador Heather Nauert reveals much about the politics within the Donald Trump administration and the trajectory of US foreign policy-making.
Mr Trump has always approached the presidency like a reality television producer, which was his most successful previous role. According to the New York Times, before taking office he even told his staff to consider every day of his administration to constitute an episode in which he ultimately vanquishes some opponent.
He was, after all, the simulacrum of a successful mogul on the television programme The Apprentice, one whose casino and hotels empire had repeatedly run into financial trouble and had been declared bankrupt several times. So this president is less interested in governing than in playing the role for the cameras and has even publicly referred to the White House as a "set".
Consequently, Mr Trump has looked for new recruits – that is, supporting cast members – from, as he puts it, “central casting”. He wants people to “look the part”, as he imagines his viewers will as well.
There has always been a certain overlap between US television and the theatre of politics but under Mr Trump, those lines have become particularly blurred.
He has appointed a number of officials and senior aides from television, particularly from the Fox News channel, which has long supported him and, under his administration, all too often acts as a mouthpiece for the White House.
No programme has been more closely linked to Mr Trump than his favourite, the inane morning chat show Fox & Friends. Indeed, a number of studies have suggested that many of his more mysterious early morning tweets are directly prompted by the content of the show.
Now the link between this programme, its network and the administration has been greatly strengthened. Ms Nauert came to widespread attention as an anchor on that show, which led directly to her appointment, at the beginning of the administration, as the chief spokesperson for the State Department.
Blonde and attractive in the standard Fox News mould, Ms Nauert no doubt seemed straight out of Mr Trump's vision of "central casting", especially since she was unencumbered by any relevant diplomatic or administrative experience or expertise.
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But central casting can be unreliable. Former Exxon chief Rex Tillerson was, around the same time, nominated as Secretary of State, partly because of the recommendation of Republican bigwig James Baker and partly because Mr Trump thought he “looked the part”.
But Mr Tillerson did not share much of Mr Trump's vision of "America First" and the two rapidly fell out. It was to Ms Nauert's huge advantage that she was ostentatiously marginalised by Mr Tillerson and appeared more eager than him to defend the president's policies.
But her appointment isn’t just a reward for loyalty and yet another snub to Mr Tillerson. It also indicates the growing bureaucratic power of national security adviser John Bolton.
Mr Bolton had his own favourite for the post, current US ambassador to Germany and far-right activist Richard Grenell. But Ms Nauert will suit his purposes admirably.
The appointment of such a relative nonentity to the UN position conveys precisely the kind of disdain for multilateral institutions that Mr Bolton has championed.
Moreover, she will be in no position whatsoever to challenge Mr Bolton’s command of US foreign policy and her media-centred and skimpy resume suggests the most she will be expected to do is defend other people’s policies on television.
Mr Trump, too, will certainly welcome having a relative lightweight in the UN post. His initial appointment of former South Carolina governor Nikki Haley emerged as a serious mistake within months.
Along with Vice President Mike Pence, she was one of two potential successors as president within the administration. And unlike the vice president, she proved willing to stake out her own path and even challenge the president when she found it politically useful.
By the time Mr Trump had to replace Mr Tillerson, Ms Haley had ruled herself out as a candidate because she had used her UN post to become too powerful and independent.
But Ms Haley was one of the most senior of Mr Trump’s initial appointees. Ms Nauert, by contrast, is shockingly junior, to the point that she might not even be part of the cabinet (the UN post being cabinet secretary level at the discretion of the president).
Such a move will not only reassure Mr Trump that there will be no repetition of Ms Haley’s independence and potential challenge, which remains plausible even after – or perhaps especially because of – her resignation. Demoting the status of the UN envoy to sub-cabinet level would also undoubtedly please Mr Bolton and his allies by sending a message to multilateral institutions that they are not worthy of such top-level representation.
Even if she does end up sitting in the cabinet, however, Ms Nauert’s appointment will strongly solidify Mr Bolton’s pre-eminence in foreign policy-making, typically in coordination with Secretary of State Mike Pompeo. And “America First” will continue its metamorphosis into America alone.
Hussein Ibish is a senior resident scholar at the Arab Gulf States Institute in Washington
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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.”
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How to protect yourself when air quality drops
Install an air filter in your home.
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Shower or bath after being outside.
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Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
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- November 2024: All 127 volumes completed
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About Housecall
Date started: July 2020
Founders: Omar and Humaid Alzaabi
Based: Abu Dhabi
Sector: HealthTech
# of staff: 10
Funding to date: Self-funded
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Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
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The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
