ABU DHABI // The US-led anti-ISIL coalition’s new Sawab Centre to combat terrorism in the region went live from Abu Dhabi on Wednesday.
US undersecretary of state Richard Stengel attended the centre’s launch with Dr Anwar Gargash, Minister of State for Foreign Affairs.
The centre, named after the Arabic word for “the right and spiritual path”, will develop social media tools to tackle propaganda disseminated by ISIL among young Arabs.
“The centre will make an important contribution to the stability and security of the region,” Dr Gargash said.
“It will make a start in reclaiming the online space from extremists.”
Analysts said winning the war of ideas was a crucial strategic objective for the coalition and countering ISIL’s messaging online was vital to succeed.
“The centre is another manifestation of a broader US and coalition strategy to meet the ISIL threat at conventional and unconventional battlefields,” said Johan Bergenas, an Abu Dhabi security expert and deputy director of the Managing Across Boundaries Initiative at the Stimson Centre think tank.
Taufiq Rahim, a Dubai-based analyst, said the region and the broader Muslim world were facing an existential conflict.
“There are thousands of ISIL-linked accounts on Twitter that serve as tools for disinformation, recruitment and other propaganda,” he said. “We should not underestimate the reach of social media in cultivating followership for extremists, especially from young adolescents.
“It is vital that leadership emerges from the region to confront extremism, whether on the actual battlefield or the virtual one. ”
Abdulkhaleq Abdulla, political science professor at UAE University, said the challenge was huge.
“We’re finding out by the day that ISIL is here to stay for a long time,” he said. “If that’s the case, then this is one more attempt that might or might not lead somewhere but at least something is going on,” he said of the new centre.
Mohammed Almarashda, an Emirati PhD researcher in homeland security, at Bournemouth University, said the initiative was a valuable step.
“This is the first step as a government to become a regional hub for this specific purpose,” he said.
“Such a centre as the Sawab Centre is considered a first building block towards creating an international group of expertise to refute radicalisation and violence.”
He said that social media had become the main part of the puzzle in radicalisation.
“Social media has always been the way in which terrorists employ their potential for propaganda, to promote their ideas and intellectual beliefs,” he said.
“So I think the centre comes at the right time.”
Danny Sebright, president of the US-UAE Business Council, said as the world and the Middle East grappled with the scourge of violent extremism, the centre could be a tipping point in efforts to offer alternative messages to youth and others swayed by terrorists.
“The UAE is to be applauded for its leadership role in working with others in the region and the US to spearhead this timely and vital effort,” he said.
More information can be found at www.sawabcenter.org and @SawabCenter on Twitter.
cmalek@thenational.ae
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Results:
CSIL 2-star 145cm One Round with Jump-Off
1. Alice Debany Clero (USA) on Amareusa S 38.83 seconds
2. Anikka Sande (NOR) For Cash 2 39.09
3. Georgia Tame (GBR) Cash Up 39.42
4. Nadia Taryam (UAE) Askaria 3 39.63
5. Miriam Schneider (GER) Fidelius G 47.74
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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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Ant-Man and the Wasp
Director: Peyton Reed
Starring: Paul Rudd, Evangeline Lilly, Michael Douglas
Three stars
BIO
Favourite holiday destination: Turkey - because the government look after animals so well there.
Favourite film: I love scary movies. I have so many favourites but The Ring stands out.
Favourite book: The Lord of the Rings. I didn’t like the movies but I loved the books.
Favourite colour: Black.
Favourite music: Hard rock. I actually also perform as a rock DJ in Dubai.
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Barbie
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MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham v Ajax, Tuesday, 11pm (UAE).
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Games on BeIN Sports
MATCH INFO
First Test at Barbados
West Indies won by 381 runs
Second Test at Antigua
West Indies won by 10 wickets
Third Test at St Lucia
February 9-13
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
THE SPECS
BMW X7 xDrive 50i
Engine: 4.4-litre V8
Transmission: Eight-speed Steptronic transmission
Power: 462hp
Torque: 650Nm
Price: Dh600,000
