The White House is in turmoil. Donald Trump has cried treason against the mysterious author of the New York Times op-ed that claimed there was an active "resistance" inside the administration working to keep Trump's impulses in check. But amid all the clamour this has unleashed, an interesting statement came from Jim Jeffrey, Secretary of State Mike Pompeo's special adviser on Syria.
Mr Jeffrey said the president, who expressed on multiple occasions that he wanted to exit from Syria as swiftly as possible, might approve a new strategy that "indefinitely extends the military effort there", according to the Washington Post. Mr Jeffrey said: "We are not in a hurry [to withdraw from Syria]. I am confident the president is on board with this", adding there was interest in adopting a more active approach in the war-torn country.
In other words, Mr Trump’s impulses on Syria – best captured in his remarks and tweets that fundamentally contradict US long-term policy in Syria – are being reined in. According to the State Department envoy, US troops are to remain deployed in Syria to ensure Iran’s departure and an “enduring defeat” of ISIS.
The revelations were made last week on the eve of a Russian-Iranian-Turkish summit in Tehran on Syria, at the end of which a final communique by the three countries’ leaders rejected “any attempts to create new facts on the ground under the pretext of fighting terrorism”. The statement said the leaders discussed the situation in Idlib and decided “to continue active co-operation to advance the political process” in line with the Astana process.
Mr Jeffrey’s remarks are therefore significant in both their content and their timing. He spoke about a major diplomatic initiative at the UN and beyond and “the use of economic tools, including more sanctions on Iran and Russia and refusing to fund reconstruction in Assad-controlled Syria”.
Yet he made it clear that the Trump administration policy is not based on “Assad must go”, which former president Barack Obama demanded then backed down on his own red line. Rather, Mr Jeffrey said, the policy is that “Assad has no future but it’s not our job to get rid of him”, based on co-operation with Russia to secure Iran’s withdrawal from Syria.
Since Mr Trump shocked the US military establishment with his improvised remarks about withdrawing nearly 2,200 US troops from Syria “as soon as possible”, many cool-headed observers of US policy said that Mr Trump would have to backtrack because the US military could not vacate its bases in Syria and allow Russia to roam free.
This pattern of launching policies recklessly and spontaneously has accompanied a lot of Mr Trump's announcements and tweets, or pronunciations in meetings with his cabinet and administration members. This was part of what was revealed by Bob Woodward in his book Fear, which painted an image of Mr Trump as a temperamental, vain president leading the nation to its destruction.
This was followed by an op-ed by an anonymous writer described by the New York Times as a senior official in the Trump administration, who claimed that a group of senior aides in the administration were working from within to frustrate Mr Trump's "agenda and worst inclinations".
It deepens the divide between the president and much of the media. Mr Trump’s critics have always portrayed him as unqualified for the job. They criticise his policies, from Iran and North Korea to China, while accusing him of collusion with Russian President Vladimir Putin during the elections. They have hinted at impeachment and other measures meant to either contain or hold the president accountable. But the question is: can the United States remove a president based on a campaign that accuses him of incompetence without evidence of law-breaking?
Mr Trump’s advocates highlight his economic and political achievements, including his tough stance with European allies and the restoration of the alliance with Saudi Arabia and Egypt, which reversed Mr Obama’s appeasement of Iran. This camp is in favour of using economic tools, including sanctions, as long as Iran does not rein in its expansions in Syria, Iraq, Yemen and Lebanon. This camp also is in favour of accord with Russia, as long as Moscow understands what it needs to do for the sake of partnership with the US, starting with Syria.
Mr Jeffrey’s remarks were his first since he was brought in on the Syria issue with Joel Rayburn, who transferred from the National Security Council to the State Department. Mr Jeffrey, a retired senior foreign service officer, demystified the future of US engagement in Syria and made it clear that the US will not leave Russia to roam free in Syria. Instead, the Trump administration is developing a coherent strategy meant in part to avoid a repeat of Mr Obama’s hasty withdrawal from Iraq, which helped exacerbate the fallout of George W Bush’s Iraq war, culminating in Iranian influence in Iraq and the emergence of ISIS.
Interestingly too, the US is increasingly warning against the use of chemical weapons in Idlib by the Syrian regime, threatening immediate measures. Russia has accused the US of using this as a pretext to justify military intervention but Mr Jeffrey responded by saying: “We’ve started using new language”. The US, he said, would not tolerate an attack.
Washington also opposes the offensive Damascus is planning with Moscow in Idlib, saying this could create a humanitarian disaster with tens of thousands forced to flee. But specifically, it would be the use of chemical weapons that would change the equation. Mr Jeffrey said: “The consequences of that are that we will shift our positions and use all of our tools to make it clear that we’ll have to find ways to achieve our goals that are less reliant on the goodwill of the Russians.”
In a nutshell, Idlib will be the testing ground for the parties and for relations between the US and Russia, Turkey and Iran, and Russia and Turkey. It is clear Mr Putin will not back down from the Idlib offensive, which he believes to be as instrumental as the battle of Aleppo. It was that battle that brought about the first Russian-Turkish deal. Today, the crucial player is Russia and the party that stands to lose is Turkey.
Some believe the sheer number of woes surrounding the US president will push the administration more than ever before to take military action against the regime in Damascus, if Bashar Al Assad were to use chemical weapons. The timing of the US envoy on Syria is a clear message to Russia: that the US military has made up its mind and on US supreme interests in Syria, there is no longer any room for impulsiveness.
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Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India
Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications
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
MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
Six pitfalls to avoid when trading company stocks
Following fashion
Investing is cyclical, buying last year's winners often means holding this year's losers.
Losing your balance
You end up with too much exposure to an individual company or sector that has taken your fancy.
Being over active
If you chop and change your portfolio too often, dealing charges will eat up your gains.
Running your losers
Investors hate admitting mistakes and hold onto bad stocks hoping they will come good.
Selling in a panic
If you sell up when the market drops, you have locked yourself out of the recovery.
Timing the market
Even the best investor in the world cannot consistently call market movements.
MATCH INFO
Uefa Champions League, last-16. first leg
Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports
Fixtures
Sunday, December 8, Sharjah Cricket Stadium – UAE v USA
Monday, December 9, Sharjah Cricket Stadium – USA v Scotland
Wednesday, December 11, Sharjah Cricket Stadium – UAE v Scotland
Thursday, December 12, ICC Academy, Dubai – UAE v USA
Saturday, December 14, ICC Academy, Dubai – USA v Scotland
Sunday, December 15, ICC Academy, Dubai – UAE v Scotland
Note: All matches start at 10am, admission is free
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
UAE currency: the story behind the money in your pockets
The biog
Age: 30
Position: Senior lab superintendent at Emirates Global Aluminium
Education: Bachelor of science in chemical engineering, post graduate degree in light metal reduction technology
Favourite part of job: The challenge, because it is challenging
Favourite quote: “Be the change you wish to see in the world,” Gandi
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20101hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20135Nm%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%20Six-speed%20auto%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh79%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
COMPANY%20PROFILE
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
The years Ramadan fell in May
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)
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
TOP 5 DRIVERS 2019
1 Lewis Hamilton, Mercedes, 10 wins 387 points
2 Valtteri Bottas, Mercedes, 4 wins, 314 points
3 Max Verstappen, Red Bull, 3 wins, 260 points
4 Charles Leclerc, Ferrari, 2 wins, 249 points
5 Sebastian Vettel, Ferrari, 1 win, 230 points
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.”
Mohammed bin Zayed Majlis
UAE currency: the story behind the money in your pockets
The British in India: Three Centuries of Ambition and Experience
by David Gilmour
Allen Lane
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Killing of Qassem Suleimani
