Numerous are the limitations that Gulf countries are still imposing on their citizens, especially in matters that pertain to citizens' participation in parallel conferences to the GCC summits in order to present issues that respond to their ambitions, wrote columnist Reem Khalifa in an opinion article for the Bahraini daily Al Wasat.
The value of people's ambitions in this region cannot be undermined, especially that the achievements in gains or rights vary from one Gulf country to another. "We as Bahrainis, for instance, cannot compare our situation to that of other Gulf states, such as Qatar or the UAE, especially in matters of salaries, housing and employment."
Such matters are a way to keep abreast of the many changes occurring within the communities of the six GCC member states. That is in addition to joint support projects such as the GCC railway system, which is one of the most important transportation projects awaiting a real decision. Even a unified Gulf currency and joint market are schemes that only a few of the council's members agreed to and still await activation.
The concept of a conference in parallel with a summit has become a fact all over the world and is practiced during UN conferences. Change is not limited to tall buildings and grand economic projects. Change also calls for popular representation.
Arab world must face division of Sudan
After the Egyptian foreign minister's statement that the division of Sudan is inevitable, columnist Daoud al Sharyan, in an article for the pan-Arab daily Al Hayat, wrote: "Egypt would be the biggest loser in this project."
Egypt has proposed alternative solutions for the Sudanese issue, suggesting the establishment of a confederation between North and South. Although it sought to postpone the referendum, Cairo handled the issue just as it handled the Nile water distribution issue: it wagered on time and hope. Nevertheless, the Sudanese issue threatens Egypt's stability and interests.
As for the rest of the Arab states, their response to the Sudanese predicament was similar to their attitude towards the Iraqi issue. They believed in the slogan of noninterference in a state's internal affairs and were content with observing while foreign states and organisations took control.
The current state of affairs in Sudan augers a repetition of the Iraqi affair. The UN controls every aspect of the issue in the absence of an Egyptian or Arab role on the ground.
"Sudan will undoubtedly be the Arab world's new issue. Its separation will give birth to two African states with alarming characteristics." Southern Sudan threatens to fall prey to sectarian conflicts that could rage on for years, while northern Sudan would emerge with only a quarter of the country's natural resources.
Another great political setback for Egypt
Another great setback for Arabs occurred once again in Egypt. Its outcome could be far worse that the setback of June 1967, observed columnist Satea Noureddin in the Lebanese daily Assafir.
The events that took place in two phases in Egypt last week cannot be qualified as elections. They were closer to parliamentary appointments of 508 candidates, leaving only a myriad of decorative dolls distributed on the seats of the large hall in Cairo, which was intended to be a channel for reform and peaceful change.
The Egyptian republic has never before witnessed the likes of this electoral scandal that wiped out all traces of internal variety that allowed for some margin of political and media liberties.
It is unknown whether President Hosni Mubarak himself ordered the scrapping of these liberties, "or was it the decision of the National Democratic Party's teenagers surrounding his son Jamal, who felt the moment was ripe to pounce on opponents." It could also have been a test for the army's power.
Such a major step backwards for Egypt suggests that the ruling institutions are preparing to impose the transfer of power by inheritance as a fait accompli.
Egypt's fast-track journey into the Middle Ages has started and its echo in other Arab capitals will be thunderous. Inheritance of power will become destiny. Change will be nothing but a distant dream.
The Abu Dhabi GCC summit is a success
The present GCC summit in Abu Dhabi will be different for all the peoples of the region, more than any previous summit, even before the agenda of Gulf leaders is revealed or the closing statement published, observed Tareq Homayed, editor-in-chief of the London-based daily Asharq al Awsat.
As the world enters a new post-WikiLeaks era, the peoples of the Gulf and their neighbours are confident now more than ever that Gulf leaders are in agreement as to the Iranian threat, and more specifically, Iran's nuclear projects.
The US documents leaked by WikiLeaks indeed revealed that the Gulf states' opinion of the Iranian nuclear threat is serious, contrary to some diplomatic statements that don't say much about it.
The GCC, with its unity and solidarity, remains one of the most important Arab forces in the region. Its current summit in Abu Dhabi is a message of reassurance to the region and a reminder to Iran that the GCC will not tolerate any attempts on its security and interests. The proof to this can be found in the WikiLeaks documents that reveal the convergence of views among GCC members in relation to the Iranian nuclear threat.
* Digest compiled by Racha Makarem
rmakarem@thenational.ae
If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
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
German plea
Ukrainian President Volodymyr Zelenskyy told the German parliament that. Russia had erected a new wall across Europe.
"It's not a Berlin Wall -- it is a Wall in central Europe between freedom and bondage and this Wall is growing bigger with every bomb" dropped on Ukraine, Zelenskyy told MPs.
Mr Zelenskyy was applauded by MPs in the Bundestag as he addressed Chancellor Olaf Scholz directly.
"Dear Mr Scholz, tear down this Wall," he said, evoking US President Ronald Reagan's 1987 appeal to Soviet leader Mikhail Gorbachev at Berlin's Brandenburg Gate.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
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.
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
WIDE%20VIEW
%3Cp%3EThe%20benefits%20of%20HoloLens%202%2C%20according%20to%20Microsoft%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EManufacturing%3A%3C%2Fstrong%3E%20Reduces%20downtime%20and%20speeds%20up%20onboarding%20and%20upskilling%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEngineering%20and%20construction%3A%3C%2Fstrong%3E%20Accelerates%20the%20pace%20of%20construction%20and%20mitigates%20risks%20earlier%20in%20the%20construction%20cycle%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EHealth%20care%3A%3C%2Fstrong%3E%20Enhances%20the%20delivery%20of%20patient%20treatment%20at%20the%20point%20of%20care%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEducation%3A%3C%2Fstrong%3E%20Improves%20student%20outcomes%20and%20teaches%20from%20anywhere%20with%20experiential%20learning%3C%2Fp%3E%0A
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
'The Coddling of the American Mind: How Good Intentions and Bad Ideas are Setting up a Generation for Failure'
Greg Lukianoff and Jonathan Haidt, Penguin Randomhouse
COMPANY%20PROFILE
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Company%20Profile
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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.”
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
COMPANY%20PROFILE
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Company%20profile
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
COMPANY%20PROFILE%20
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Bournemouth 0
Manchester United 2
Smalling (28'), Lukaku (70')
23-man shortlist for next six Hall of Fame inductees
Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.