ISLAMABAD // A sweeping parliamentary resolution that may turn Pakistan away from Washington's "war on terror" called for dialogue with hardline groups as Islamabad confronts multiple crises threatening to overwhelm the nuclear-armed country.
If implemented by the government, the legislation, which was backed by all political parties, would break Pakistan away from its unpopular alliance with the Bush administration in the fight against the Taliban and other extremist groups, but may also introduce further instability in a country facing a spiral of violence and economic collapse.
The vote occurred at a critical moment for Pakistan.
The country's economy is heading towards bankruptcy. The government has been disappointed by the slowness of international allies in coming up with the cash to bail it out, and has been forced to approach the International Monetary Fund for a rescue package to save it from defaulting on external debt payments.
The country's north-west, especially its tribal border area with Afghanistan, is under the control of the Taliban and al Qa'eda, which are connected to militant groups that have networks stretching across the country. Another US missile attack in the tribal area yesterday, which killed at least nine suspected militants, underlined the intense US pressure for action against the extremists, who threaten the existence of both Pakistan and Afghanistan.
The global antiterror fight is heavily dependent on the fate of Pakistan. It is believed to be the headquarters of al Qa'eda, while Afghanistan's Taliban use the tribal area and adjoining parts of the country as a sanctuary. Moreover, a Pakistani Taliban movement has been created in recent years that is ranged against both Kabul and Islamabad.
"Our country is burning," said Khurshid Ahmad, a member of Pakistan's upper house of parliament for Jamaat-e-Islami, a leading religious party. "We don't want [George W] Bush to put oil on the fire. We want to extinguish this fire."
The resolution, which passed unanimously in Pakistan's parliament late on Wednesday following two weeks of heated debate, seemed to demand an about-turn in Pakistan's alliance with Washington and the abandonment of the use of force against extremists. Instead, it called for a policy of negotiation with militants in what it called "an urgent review of our national security strategy".
"Dialogue must now be the highest priority, as a principal instrument of conflict management and resolution," the parliament said. "The military will be replaced as early as possible by civilian law enforcement agencies."
It also said Pakistan would pursue "an independent foreign policy" and, in a pointed reference to US missile attacks inside Pakistani territory and an American ground assault in the tribal area last month, proclaimed that "the nation stands united against any incursions and invasions of the homeland, and calls upon the government to deal with it effectively".
However, the 14-point document contained no details and was already being interpreted in different ways, used by those who believe in the existing policy and the majority who demand a radical new course.
Pervez Musharraf, the former president and army strongman, took Pakistan into an anti-Taliban partnership with the United States after September 11. Critics of the new government, led by Asif Zardari, charge that it has continued the same policies.
"The resolution clearly says that the three d's, pursued by both Musharraf and Zardari, of 'dialogue, development and deterrence', you will find that 'deterrence' has been deleted entirely," said Mr Ahmad, who was instrumental in drafting the parliamentary accord.
"We have a problem of terrorism but we will deal with it on our own terms, not simply as an instrument of the American strategy and policy."
Parliamentarians from all sides agreed that having the debate itself was progress, as the issue had never been allowed to come before the assembly under Mr Musharraf. However, the outcome appeared to leave Pakistan in a strategic muddle, with the Pakistan People's Party, which leads the coalition government, treating it as an endorsement of its approach.
Sherry Rehman, minister for information, said: "All public representatives have unanimously condemned all forms and manifestations of terrorism, including the spread of sectarian hatred and violence, with a firm resolve to combat it and to address its root causes. This be a major signal for terrorists that our nation rejects their agendas."
The appearance of unanimity that marked the passing of the resolution looks set to be followed by political deadlock - once the strategy has to be implemented - presaging a fresh political crisis.
There are ongoing major military assaults against extremists in the tribal areas and in adjoining North West Frontier Province. The resolution did not spell out the fate of these army operations and ignored the fact that dialogue had already been repeatedly tried with militants, both by the current and the Musharraf governments. It was also not clear what Pakistan was going to do about the US missile strikes.
"The army will be disappointed that there was not a clear consensus. I think the army will continue with the current existing policy," said Talat Masood, a retired general and security analyst. "But, even if there's no common policy from this resolution, at least there's a realisation that this is a problem - that wasn't there in the past."
Despite the talk of security issues, Pakistan's economy is on its knees. A severe shortage of electricity means that some areas have blackouts for 12 hours or more a day, disrupting business and making life miserable for households. Inflation is running at 25 per cent, or up to 100 per cent for staple food items, pushing millions more below the poverty line.
Pakistan's foreign exchange reserves are so depleted that they are likely to run out within two months, making a cash injection imperative. The IMF revealed this week that Islamabad had started talks, though Shaukat Tareen, the finance minister, has insisted that no formal process has yet begun.
Mr Tareen is still hoping for last-ditch assistance from allies, especially in the Middle East. Mr Zardari will go to Saudi Arabia early next month, while the "Friends of Pakistan" consortium of international partners is due to meet in Abu Dhabi in a few weeks.
But analysts believe that even if allies were to lend to Pakistan, they will wait until it signs on to the IMF. Pakistan's IMF programme could amount to up to $15bn, with perhaps $5bn for the first year, much larger than Islamabad's past resorts to the dreaded Washington-based lender, but the scale of the current crisis is also far greater than anything the country has faced in the past.
sshah@thenational.ae
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Company Profile
Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Fixtures (6pm UAE unless stated)
Saturday Bournemouth v Leicester City, Chelsea v Manchester City (8.30pm), Huddersfield v Tottenham Hotspur (3.30pm), Manchester United v Crystal Palace, Stoke City v Southampton, West Bromwich Albion v Watford, West Ham United v Swansea City
Sunday Arsenal v Brighton (3pm), Everton v Burnley (5.15pm), Newcastle United v Liverpool (6.30pm)
The bio
Job: Coder, website designer and chief executive, Trinet solutions
School: Year 8 pupil at Elite English School in Abu Hail, Deira
Role Models: Mark Zuckerberg and Elon Musk
Dream City: San Francisco
Hometown: Dubai
City of birth: Thiruvilla, Kerala
The Indoor Cricket World Cup
When: September 16-23
Where: Insportz, Dubai
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
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
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
UAE rugby season
FIXTURES
West Asia Premiership
Dubai Hurricanes v Dubai Knights Eagles
Dubai Tigers v Bahrain
Jebel Ali Dragons v Abu Dhabi Harlequins
UAE Division 1
Dubai Sharks v Dubai Hurricanes II
Al Ain Amblers v Dubai Knights Eagles II
Dubai Tigers II v Abu Dhabi Saracens
Jebel Ali Dragons II v Abu Dhabi Harlequins II
Sharjah Wanderers v Dubai Exiles II
LAST SEASON
West Asia Premiership
Winners – Bahrain
Runners-up – Dubai Exiles
UAE Premiership
Winners – Abu Dhabi Harlequins
Runners-up – Jebel Ali Dragons
Dubai Rugby Sevens
Winners – Dubai Hurricanes
Runners-up – Abu Dhabi Harlequins
UAE Conference
Winners – Dubai Tigers
Runners-up – Al Ain Amblers
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
More from Neighbourhood Watch:
The biog
Name: Salvador Toriano Jr
Age: 59
From: Laguna, The Philippines
Favourite dish: Seabass or Fish and Chips
Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
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
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.”
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