On Saturday, Malaysian Prime Minister Anwar Ibrahim took to the stage at the Kuala Lumpur Convention Centre for a Chinese New Year Global Launching event. It was a unique occasion. The Global Launching is organised by the Chinese Ministry of Culture and Tourism and has been held annually for 25 years: this was the first time it had ever been held outside of China. Mr Anwar said it was a manifestation of Malaysia’s policy of inclusivity – 23 per cent of the population is of Chinese descent – and that it was “to make sure that every Malaysian has a place here and feels proud of this country”.
These were fine words. Who could object to them? But if this event had happened only a few years ago, during Najib Tun Razak’s second term as prime minister – from 2013 to 2018 – you can be certain that the country’s then former and future premier Mahathir Mohamad would have said it was evidence Malaysia was being “sold off” to China. Though the country, then as now, has strong economic ties with Beijing, the accusation would not have been even vaguely true. It would, however, have been a trope wearily familiar to Malaysian Chinese families who, despite having been in the country for generations – and in many cases for hundreds of years – are still used to being referred to derogatorily as “pendatang”, or immigrants, by Malay chauvinists such as Dr Mahathir.
He was still at it in September 2023, saying that Mr Anwar was “a person who tells us that this country does not only belong to the Malays and that it also belongs to others. He wants to give this country away to outsiders”. Today ethnic Malays are about 57 per cent of the population, and if you include other indigenous groups, the figure for the “bumiputera”, or sons of the soil, rises to nearly 70 per cent. Ethnic Chinese and Indians (at about 7 per cent) are large minorities, but they are shrinking in percentage terms.
I can hear fireworks and firecrackers going off as I write this, and they will continue to do so day and night for about another two weeks. And no one objects
Dr Mahathir may be of decreasing political relevance, and many of his pronouncements may be dismissed as the statements of a former official who has fallen out with almost every single one of his former deputy prime ministers and proteges – most famously, with Mr Anwar, who went from being both to Dr Mahathir in 1998 to being jailed the following year.
But there is still a lot of sensitivity about race and religion in the country. The two often go hand in hand, as all Malays are Muslim, for instance, while virtually no ethnic Chinese citizens of Malaysia are. The country’s foremost comedian, Harith Iskander, is currently in hot water for having made a joke on social media about a coffee drink called “Ham Sap Kopi”. “This kopi will lead me down the wrong path,” he wrote, “confusing me with the word ‘ham’ in it.” Mr Harith, and a Malaysian Chinese social media user who commented on it, have had 16 police reports lodged against them and are being investigated by the authorities.
Last month, an ethnic Chinese minister received criticism for hosting a Christmas party at his ministry over the fact that Muslim staff were present. The minister, Nga Kor Ming, was undeterred, pointing out that all festivals would be celebrated, including Eid Al Fitr, Deepavali, Christmas and Chinese New Year. “We will continue to honour and respect our multicultural society,” he said. Unfortunately, as anyone who lives in the country will know, such incidents are not unusual.
All of which makes Mr Anwar’s leadership by example the more welcome. His government “cherishes cultural diversity and traditions while promoting unity among people of all races. Gong Xi Fa Cai to all celebrating”, he posted on social media this week, referring to a common saying used over Chinese New Year that roughly translates to “I wish you good fortune”. And at the moment, it appears that the country is with him. This is because evidence of Chinese New Year is absolutely inescapable in Kuala Lumpur, where I live, at least. There are signs and songs everywhere, in the malls, in the supermarkets, by the roadsides, and in the media.
It is the only time in the year when my hairdresser closes and the only time that my favourite orange seller shuts for a week. Both go back to the state of Perak, where Chinese tin-mining communities were established in the 19th century, for “CNY”, as we abbreviate it. There have been lion dances at my sons’ schools. Plenty more are to come, in the shopping centres, at the family clubs we belong to, and at our apartment complex. Some are impressive and perilously acrobatic; others are more humorous. One year the “lion” entered our building’s gym and went on the cross-trainer for a few minutes.
I can hear fireworks and firecrackers going off as I write this, and they will continue to do so day and night for about another two weeks. And no one objects. Malaysians of all races wish each other “Happy CNY”, as Malays, Indians and Chinese are currently doing on my tennis club app.
There are times when the country’s much-trumped diversity and harmony ring a little hollow. The first essay I wrote for this paper, in 2011, was headlined “Many cultures fall short of making up one Malaysia”, and forging a truly Malaysian identity that encompasses all is still an ongoing – and maybe never-ending – task.
But there are signs of progress, and if the Chinese-led Democratic Action Party can be the biggest party in Mr Anwar’s unity government and manage to get along with another party, the United Malays National Organisation, when both had previously demonised each other for 60 years, there may be hope that such a spirit can spread among others who were previously polarised.
Right now, it feels as though everyone is in spirit with the country’s beloved founding father, Tunku Abdul Rahman, who famously said: “My ambition is not mighty Malaysia, but happy Malaysia.” Proud Malay prince that he was, Tunku would have been delighted if it should be Chinese New Year that has brought his compatriots together this month. When CNY fell on his birthday one year, he said to his people: “It would be a lovely present for me if you would only give some thought and attention to my advice on the need to live together in peace, goodwill and harmony.”
He would have certainly wished you Gong Xi Fa Cai – and so do I.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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.”
Killing of Qassem Suleimani
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
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KILLING OF QASSEM SULEIMANI
Killing of Qassem Suleimani
More on Quran memorisation:
Zayed Sustainability Prize
More from Neighbourhood Watch:
Mohammed bin Zayed Majlis
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.
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
The years Ramadan fell in May
The past Palme d'Or winners
2018 Shoplifters, Hirokazu Kore-eda
2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
