Back in the 10th century, the Baghdad-born traveller Al Masudi wrote about China, its rule of law and careful attempts to ensure justice to its citizens and to foreign visitors. He provided anecdotal evidence of the just treatment meted out to Arab traders.
The account by Al Masudi, sometimes described as the Arab Herodotus, is significant in the context of last week's events in Danang, Vietnam. It showed a China that led because it was exemplary. At the Asia-Pacific Economic Summit in Danang, Chinese president Xi Jingping defended globalisation as an "irreversible historical trend". He spoke about the digital economy, quantum science and artificial intelligence, thereby joining the present to the future in one aspirational arc. In contrast, US president Donald Trump warned against attempts to mistreat his country and take economic advantage of it.
Did the back-to-back speeches mark the formal start of rival campaigns to shape the world order on the part of the Group of Two (G2), the two largest economies on the planet? If so, they might be said to herald a different G2 as well – grievance economics versus globalisation.
Mr Trump, after all, railed against multilateral approaches to trade, berated the decades-old US policy of lowering barriers and accused the World Trade Organisation of treating the United States unfairly. He told leaders of the Asia-Pacific Economic Cooperation he would no longer allow predatory economic policies that "stripped" jobs, factories and industries out of the US. "These chronic trade abuses" belonged in the past, he said, because the US would no longer "enter into large agreements that tie our hands". That might justifiably be called grievance-enomics. US policy is to be based on a sense of injustice centred on multilateral accords, although the US has often run trade deficits even with low-trade barrier countries such as Mexico and Canada.
Then there is globalisation as championed by Mr Xi. The concept benefits China, for now. It is not altruism by any means. China is keen on self-interested guarantees for free trade. There is much to criticise about its cherry-picking of aspects of the “international order”, as Chinese officials prefer to call it. And China needs to reform state-owned enterprises, rather than allow super-sized firms to distort global markets, notably in steel and construction.
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So just how safe would the global trading system be in Chinese hands? After all, Beijing promises free trade without a belief system premised on parallel political and social freedoms. It is not a truly free economy, even though it has made demonstrable progress since joining the WTO in 2001. Can globalisation simply be transferred hand-to-hand from the Americans to the Chinese like a product that has – and needs – no inherent values to make its reality meaningful?
Any answer must look at the present as it shades into the future. Mr Xi’s Apec speech offered a technology-enabled vision of tomorrow, something that China is increasingly qualified to push. At least two dozen police departments in the country claim to put advanced facial recognition technology to good use. In a Beijing park, for instance, the authorities have employed a high-tech solution to the problem of misuse and waste of toilet paper. Visitors to the toilets must subject to face scans, upon which a two foot-long piece becomes available. The user must wait nine minutes and undergo another face scan if he or she is to access more toilet paper. Extreme though it may sound, it is effective.
In tomorrow's world, technology's role in moulding social behaviour will be just as important as in dreaming up new solutions for economic empowerment and smart infrastructural projects in developing countries. As Abdullah Al Dardari, a World Bank advisor on Middle East and North Africa reconstruction recently pointed out, old-style bricks and mortar cannot meet the massive challenges posed, say, by the destruction of Syrian schools. "Rebuilding physical assets will not work," he said, "we're talking about heterodox economics".
That said, grand speeches by Mr Xi cannot wish away the uncomfortable reality faced by China’s single biggest branded initiative to broaden the world economy. One Belt One Road is meant to link China with Africa, Asia and Europe through a network of ports, railways and roads, cutting transportation costs and providing more connectedness.
But some of the projects, such as a high-speed rail link in Indonesia, have stalled, others have run into local opposition and a few are beset by security concerns. In the economic corridor running through unquiet parts of Pakistan, Chinese nationals have been killed or kidnapped. China’s new visibility and manifest power bring with them risks as well as responsibilities.
None of this means China can't manage globalisation. Just think back to Al Masudi's book, The Meadows of Gold and Mines of Precious Gems. Is it so outrageous that China could return to playing a key role in a globalising world? It did it before, more than 1,000 years ago.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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The biog
Mission to Seafarers is one of the largest port-based welfare operators in the world.
It provided services to around 200 ports across 50 countries.
They also provide port chaplains to help them deliver professional welfare services.
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
The Ashes
Results
First Test, Brisbane: Australia won by 10 wickets
Second Test, Adelaide: Australia won by 120 runs
Third Test, Perth: Australia won by an innings and 41 runs
Fourth Test: Melbourne: Drawn
Fifth Test: Australia won by an innings and 123 runs
CHINESE GRAND PRIX STARTING GRID
1st row
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)
2nd row
Valtteri Bottas (Mercedes-GP)
Lewis Hamilton (Mercedes-GP)
3rd row
Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)
4th row
Nico Hulkenberg (Renault)
Sergio Perez (Force India)
5th row
Carlos Sainz Jr (Renault)
Romain Grosjean (Haas)
6th row
Kevin Magnussen (Haas)
Esteban Ocon (Force India)
7th row
Fernando Alonso (McLaren)
Stoffel Vandoorne (McLaren)
8th row
Brendon Hartley (Toro Rosso)
Sergey Sirotkin (Williams)
9th row
Pierre Gasly (Toro Rosso)
Lance Stroll (Williams)
10th row
Charles Leclerc (Sauber)
arcus Ericsson (Sauber)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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.”
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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
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