In the next few days the US defence department will send a memo to Capitol Hill regarding the $60 billion arms deal that was reached between Washington and Riyadh several months ago, wrote Khaled al Dakheel in the comment pages of the London-based newspaper Al Hayat.
By virtue of the 10-year contract, Saudi Arabia will be purchasing 84 F15 Eagles, 178 helicopters, plus warships and various types of missiles. Since it is the heftiest contract in the history of US arms dealing, it rightly received wide media attention and raised questions among analysts.
Some noted that Riyadh is offering a much-needed cash injection into the US treasury. But such a myopic reading ignores the security and political implications of the deal in the Middle East.
"The Gulf region suffers from a chronic case of instability that has lasted for four decades." The main reason behind this long volatility is the skewed power balance the British empire left behind in the early 1970s. Then, the Iranian revolution in 1979, the two Gulf wars and the fall of Baghdad in 2003 came to make an already hazy picture all the more opaque.
In light of Iran's suspicious nuclear ambitions and the heterogeneous attitude of GCC states toward Tehran, Saudi Arabia appears to be taking upon itself the duty of offsetting Iran's military edge to restore some power balance in the region.
Amr Moussa, the secretary general of the Arab League, has been one of the staunchest opponents of talks between the Palestinians and Israelis, but now he seems to have made an about-face, the pan-Arab newspaper Al Quds al Arabi stated in its editorial.
The Arab League archives are full of statements preaching against the Palestinian participation in the direct peace talks since previous rounds of indirect negotiations did not leverage the peace process in any way.
Last week, however, in a news conference on the sidelines of a meeting among Arab foreign ministers, Mr Moussa declared that the current peace talks ought to be given a chance. The Arab states will encourage any progress that may come out of them, he added.
"This changing, in fact contradictory, stance puts in sharp focus the limitations of the pan-Arab institution," the newspaper declared. "It is hard to come up with a justification for giving direct talks a chance, since the whole process has been bent to comply with all the Israeli terms."
Some may argue that the Arab League's intent is to expose Israel's fickle commitment to peace and to absolve the Arab and Palestinian sides from any blame should the talks fail.
But Israel has had no qualms in failing the peace process many times before, and there is no sign it will behave differently this time around.
"Paradoxes in Lebanese politics have no end," wrote Hossam Kanfani, a columnist with the Emirati newspaper Al Khaleej.
Smoke seems never to clear in a country that keeps parading the motto of "coexistence", a notion that, so far, has merely served the purposes of socio-political posturing. A recent event perfectly captured this reality: the September 16 anniversary of the infamous Sabra and Shatila massacre which saw the killing of hundreds of Palestinian refugees on Lebanese soil in 1982.
Lebanese society generally avoids talking about the perpetrators of Sabra and Shatila, convinced that "national reconciliation" is precious enough to warrant the glossing over of atrocities that have preceded it.
But a reconciliation based on denial will not last; it will only generate more contradictions. When some Lebanese and Palestinian groups were commemorating the 28th anniversary of the massacre last week, other Lebanese citizens, were remembering the assassination of Bachir Gemayel, the mastermind of the massacre that was conducted by "Lebanese hands under an Israeli cover".
Commemorating Gemayel's assassination is a form of homage to the perpetrators of the crime against the Palestinians. Add in the paradox of Hizbollah's weapons and other dark collusions with the "enemy" Israel, and you'll see it clearly: it's rain and sun in Lebanon's single sky.
Iyad Allawi, the leader of the Al Iraqiyya coalition and the former prime minister of the first Iraqi government after the fall of Saddam's regime, said it is irrational to replace one dictatorship with another in Baghdad. He said the Iraqi prime minister Nouri al Maliki is in the wrong for insisting to stay in power.
In an interview with the pan-Arab newspaper Asharq al Awsat, Mr Allawi said in London that his coalition has won fairly the parliamentary elections in March, and any move to hijack its right to form a government would necessarily flout the will of the Iraqi people and the democratic process, and "would mean that force imposes its terms on the constitution".
"If this kind of thing ever happens, the leaders of Al Iraqiyya will get together and take the position they deem fit," Mr Allawi said. "Some political forces want to establish the once-theoretical sect-based quota system as a political practice, so they are now attacking Al Iraqiyya and threatening to expropriate its legitimate rights."
About his main political rival, Mr Allawi said: "Al Maliki must understand that no one stays in power forever. I do feel like there are some serious tribulations ahead and I expect - God forbid - that resulting reactions will run counter to the principles of democracy."
* Digest compiled by Achraf A El Bahi
aelbahi@thenational.ae
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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
KILLING OF QASSEM SULEIMANI
AL%20BOOM
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Isle of Dogs
Director: Wes Anderson
Starring: Bryan Cranston, Liev Schreiber, Ed Norton, Greta Gerwig, Bill Murray, Jeff Goldblum, Scarlett Johansson
Three stars
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
MATCH INFO
Mumbai Indians 186-6 (20 ovs)
Kings XI Punjab 183-5 (20 ovs)
Mumbai Indians won by three runs
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
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.”
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.
RESULTS
6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m
Winner: Miller’s House, Richard Mullen (jockey), Satish Seemar (trainer).
7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m
Winner: Kanood, Adrie de Vries, Fawzi Nass.
7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m
Winner: Gervais, Sandro Paiva, Ali Rashid Al Raihe.
8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m
Winner: Important Mission, Royston Ffrench, Salem bin Ghadayer.
8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m
Winner: Firnas, Xavier Ziani, Salem bin Ghadayer.
9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m
Winner: Zhou Storm, Connor Beasley, Ali Rashid Al Raihe.
Fanney Khan
Producer: T-Series, Anil Kapoor Productions, ROMP, Prerna Arora
Director: Atul Manjrekar
Cast: Anil Kapoor, Aishwarya Rai, Rajkummar Rao, Pihu Sand
Rating: 2/5
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
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
Killing of Qassem Suleimani
Jebel Ali Dragons 26 Bahrain 23
Dragons
Tries: Hayes, Richards, Cooper
Cons: Love
Pens: Love 3
Bahrain
Tries: Kenny, Crombie, Tantoh
Cons: Phillips
Pens: Phillips 2
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