On Sunday, a few Democratic spokespeople sputtered and stammered answering the question, "Are we better off then we were four years ago?" At the opening session of the party's national convention, each successive speaker was more decisive than the last, answering resoundingly, "Hell, yes!"
Listening to Democrats last night it became clear that they have found their voice. After a long Republican primary featuring endless attacks on President Obama and a Republican national convention portraying his administration as a failure, some Democrats had become a bit demoralized.
They know that millions of Americans are still without work and that real difficulties remain. But last night they heard personal stories and political speeches establishing just how much has been done and just how committed President Obama is to completing the job.
By far the most compelling testimony of the night came from Michelle Obama. She delivered a personal and yet pointedly political address that wove together reflections on her and her husband's values with the political commitments that reflect those values. For many Democrats, Michelle sealed the deal and provided the inspiration and firepower needed to make this first night a success.
For those who thought that Democrats might have difficulty getting back the energy they had in 2008, last night told a different story.
Earlier in the day, another group of Democrats also found their energy as Arab Americans and Jewish Americans co-hosted a panel discussion on how American leadership was needed to advance Israeli-Palestinian peace. The discussion's sponsors were my Arab American Institute, and J Street, a Jewish peace organization. Members of Congress and delegates to the convention attended the event.
The discussion was thoughtful and provocative. But more than that, for me, the discussion served as vindication.
At the 1988 Democratic Convention in Atlanta, we had challenged the party to have just such a conversation on Israeli-Palestinian peace. We had enough votes to force a debate on a plank we sought to enter into the party platform and we wanted the right it discuss it at the convention.
In hindsight, our platform plank was a rather benign statement calling for "mutual recognition, territorial compromise, and self-determination for both Israelis and Palestinians". But to those in charge of that year's convention what we proposed was dynamite. They did everything they could to stop us from exercising our right to discuss our amendment from the convention podium. I was told, "Zogby, you will destroy the party" and "You will never have a place in this party again".
But we would not surrender our right to "break the deadly silence" as we called it and went forward with the debate and a massive floor demonstration in support of our policy statement. The hysteria, of course, was unfounded. The party survived and I and many other Arab Americans serve in party leadership roles on national and state levels.
Even back then we knew that the majority of Americans agreed with our position and we knew that most American Jews did as well. The day after our debate the New York Times carried a story with the title "Arab versus Jew at the Democratic Convention".
I found this humorous because while we had almost 50 Arab American delegates supporting our plank, there were a few hundred American Jews supporting it. In later years we were able to poll in our two communities and demonstrate that both Arab Americans and American Jews want a balanced and just solution to the Israeli-Palestinian conflict.
Our polling of American public opinion also establishes that a solid majority of Americans believe the Israelis and Palestinians deserve equal rights. Those who oppose a balanced American approach to resolving the conflict are in the minority. They do not represent mainstream American opinion. Nor do they represent the majority of American Jews. And as our polling shows, they most certainly do not represent the attitudes of most Democrats.
And so our partnership with J Street and the very fact that we were able to host yesterday's standing room-only event sent a clear message to the party and the country. Our communities may not agree on everything, but we agree on the need to challenge our party to have this discussion about the urgency for American leadership to help end the moral outrage of continued occupation. We also make it clear that we will support a president who makes tough choices and presses for a solution that recognizes and reconciles Israeli and Palestinian needs and aspirations.
Twenty-four years after Atlanta our efforts continue making it clear that we will not settle for silence or inaction. That, for me, was a big story from yesterday's convention.
James Zogby is president of the Arab American Institute (www.aaiusa.org and Twitter at @aaiusa)
UAE squad
Ali Kashief, Salem Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdelrahman, Mohammed Al Attas (Al Jazira), Mohmmed Al Shamsi, Hamdan Al Kamali, Mohammad Barghash, Khalil Al Hammadi (Al Wahda), Khalid Eisa, Mohammed Shakir, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Adel Al Hosani, Al Hassan Saleh, Majid Suroor (Sharjah), Waleed Abbas, Ismail Al Hammadi, Ahmed Khalil (Shabab Al Ahli Dubai) Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Mahrami (Baniyas)
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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.”
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
MO
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
If you go
The flights
Etihad and Emirates fly direct from the UAE to Chicago from Dh5,215 return including taxes.
The hotels
Recommended hotels include the Intercontinental Chicago Magnificent Mile, located in an iconic skyscraper complete with a 1929 Olympic-size swimming pool from US$299 (Dh1,100) per night including taxes, and the Omni Chicago Hotel, an excellent value downtown address with elegant art deco furnishings and an excellent in-house restaurant. Rooms from US$239 (Dh877) per night including taxes.
Bombshell
Director: Jay Roach
Stars: Nicole Kidman, Charlize Theron, Margot Robbie
Four out of five stars
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
Fixtures
Wednesday
4.15pm: Japan v Spain (Group A)
5.30pm: UAE v Italy (Group A)
6.45pm: Russia v Mexico (Group B)
8pm: Iran v Egypt (Group B)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Rooney's club record
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
