Who will provide global leadership, facilitate trade and growth and contribute to new norms and rules in the coming decades? When it comes to the Eurasian continent, it is obvious that a great power is rising (or, more correctly, that an old power has risen again). And while it will be accompanied by many partners, it is that one country whose trajectory will be most important to making “the Asian century” a success for all – China.
One of Chinese President Xi Jinping’s signature policies towards that end is the Belt and Road Initiative (BRI), which combines a land “economic belt” and a “maritime silk road” that will link China with Southeast, South and Central Asia, the Arabian Gulf, North Africa and then finally with Europe.
The World Bank estimates that it will encompass 30 per cent of the global GDP, 62 per cent of the world’s population and 75 per cent of currently known energy reserves.
China's Belt and Road Portal says that the initiative already has the support of more than 100 countries and international organisations, with 50 countries having signed co-operation agreements, while China has built 56 economic and trade zones so far in 20 BRI countries. Ambitious is a word frequently used to describe it. It is an understatement.
For the Gulf region, the BRI will have knock-on and multiplier effects, an issue China’s state councillor and foreign minister Wang Yi addressed at the China-Arab States Cooperation Forum in Beijing a week ago, which resulted in the approval of the declaration of action on Sino-Arab Belt and Road Cooperation.
Industrial parks, ports, new economic zones, the digital economy and increased mutual investment: these are just the beginning of the kind of collaboration that it is hoped will bring "win-win" results for all parties involved.
It is important that they do so – and that means that all countries need to look after their own interests carefully. Closer to China, it is entirely natural for smaller states to have a degree of wariness about the rise of a power in their neighbourhood for it suggests that the current status quo will not survive.
Change, even if it is entirely justified, can still be disconcerting and the case of Hambantota Port, in which Sri Lanka agreed to hand over to Chinese state-controlled firms after struggling to pay back multi-billion dollar loans from China, has sparked some talk of "debt-trap" diplomacy, although China's Global Times newspaper pointed out this week that "Beijing agreed to offer loans considering the long-term friendship between the two countries and Colombo's call for development… China cannot be blamed for Sri Lanka's debt quagmire".
But then for all the BRI’s talk of “a community of shared interests and destiny”, “mutual learning and benefit”, “mutual political trust, economic integration, and cultural inclusiveness” – all of which are welcome and may be quite genuine – it is not a charity and nor is the associated Asian Infrastructure Investment Bank.
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Read more from Sholto Byrnes:
A great triumph doesn't need to mean complete capitulation from North Korea
The rise of Islamophobia in Europe is being normalised by intellectuals
Far from a fantasist, Trump is a realist who accepts the world order is changing
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Normal prudence, feasibility studies and long-term planning must be applied to proposed projects, as they would to any others.
Yet there is still very much the sense that the BRI is more than just bricks and mortar, that it is about more than economic gains. One leader who attended the Belt and Road Forum for International Cooperation in May last year put it somewhat lyrically, writing that Mr Xi’s vision of a new silk road was “a 21st century reimagining of the historical trading roads that linked East and West, bringing spices and precious goods, knowledge of culture and scholarships to lands far apart.
"It was a civilising process and it was a time when the kingdoms and empires of Asia knew that both the treasures of the counting house and the treasures of the mind are best enriched through commerce and discussion, rather than through war and enforced and unequal treaties.”
Yes, there is an air of cultural exchange, even of historical mystique and the vista of centuries, about the Belt and Road too. How could there not be, when it regularly references the ancient silk road, which instantly conjures up images of desert-roaming caravanserais, trade in priceless jade and lapis lazuli and long-vanished dynasties and khanates?
Let those thoughts linger briefly while considering another nod to antiquity – one that casts a less than flattering light on China’s intentions – the so-called “Thucydides Trap”. But just because a Harvard professor, Graham Allison, coined a catchy phrase encapsulating the idea that conflict between a rising power and an established one might be inevitable, that does not actually make it so.
Another US academic, Arthur Waldron, countered in a review of Mr Allison’s book that America and China were not “destined for war”. He dismissed Mr Allison as having “caught China fever, not hard around Harvard, although knowing no Chinese language and little Chinese history”.
He concluded: “Perhaps not war, but cultural and political synergy, is what is, in fact, ‘destined’.”
So certainly look at the BRI with the same eye one would apply to any trade and cooperation agreement. But do not make the mistake of not seeing it for what it is – a huge opportunity; a challenge for Asia and Europe to forge a new relationship for the 21st century and a truly appropriate model for the continents to proclaim the benefits of working together when others are withdrawing behind the self-defeating parapets of protectionism.
Sholto Byrnes is a senior fellow at the Institute of Strategic and International Studies Malaysia
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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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Getting%20there%20
%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Ftravel%2F2023%2F01%2F12%2Fwhat-does-it-take-to-be-cabin-crew-at-one-of-the-worlds-best-airlines-in-2023%2F%22%20target%3D%22_self%22%3EEtihad%20Airways%20%3C%2Fa%3Eflies%20daily%20to%20the%20Maldives%20from%20Abu%20Dhabi.%20The%20journey%20takes%20four%20hours%20and%20return%20fares%20start%20from%20Dh3%2C995.%20Opt%20for%20the%203am%20flight%20and%20you%E2%80%99ll%20land%20at%206am%2C%20giving%20you%20the%20entire%20day%20to%20adjust%20to%20island%20time.%20%C2%A0%3C%2Fp%3E%0A%3Cp%3ERound%20trip%20speedboat%20transfers%20to%20the%20resort%20are%20bookable%20via%20Anantara%20and%20cost%20%24265%20per%20person.%20%C2%A0%3C%2Fp%3E%0A
Citizenship-by-investment programmes
United Kingdom
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
FIRST TEST SCORES
England 458
South Africa 361 & 119 (36.4 overs)
England won by 211 runs and lead series 1-0
Player of the match: Moeen Ali (England)
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
