"The Middle East is on the lookout in relation to a number of issues: Iran, Iraq, US troops' withdrawal, Palestinian internal conflicts, the peace process and the recent rising political dispute between Baghdad and Damascus," wrote Tariq al Homayed in an opinion article for the London-based daily Al Sharq al Awsat.
It is reported that Iran has lately been engaged in setting new strategic priorities. Iran eyes greater influence in Iraq as seen in the funds that have been pumped into the country in parallel with the American withdrawal. Growing interest in Iraq coupled with post-election events may have left other traditional Iranian allies, such as Hizbollah, short of financial support. Iranians are truly ready to sacrifice their relations with Syria to win Iraq. For them it is more beneficial to side with Iraq now, if not to turn it into their colony, as many Iraqis might say these days.
Such a clear change in the geopolitics of the region, marked mainly by Iran's further empowerment in Iraq, have adverse effects on the Middle East. At the least, Iran will proceed boldly with its expansionist ambitions, and thus strengthen its position to negotiate with the US.
"If the Israeli prime minister Benjamin Netanyahu gets the opportunity to attack Lebanon, he will not hesitate to do so," wrote Bassam al Dhaw in an opinion article for the Qatari daily Al Watan.
"In past experience, Israel always made up pretexts for justifying its assaults on its northern neighbour. Today, Israelis seem to be determined to launch a military action and no day passes without hearing Israelis lashing out at Lebanon. Netanyahu seems to have made a decision and is waiting for an auspicious opportunity to attack."
So will the Israeli government get the opportunity it is seeking soon?
"This depends on the attitude of the US administration. President Barack Obama can either succumb to the pressure of the Israeli lobby or push for his proposal aiming at pursuing a peaceful solution to resolve issues in the Middle East." Although the UN Security Council recently decided to keep the status of its UNIFIL forces unchanged, this is not a guarantee that Israelis will put off their plans.
"The Lebanon situation is very complicated. Hizbollah is mobilising its forces and it is violating UN resolution 1701," Gabriela Shalev, the Israelis representative at the UN Security Council, has said. Mr Netanyahu has also said that Lebanon would be held responsible if it included Hizbollah in its future government.
The era of globalisation wants to come to terms with the ideological fanaticism that characterised the 20th century and led to devastating warfare, wrote al Sayed Yaseen in the opinion pages of the Abu Dhabi-based daily Al Ittihad.
"Although fashioned according to independent state parameters, modern Arab society has not yet succeeded in stamping out traditional forms of fanaticism and sectarian zeal, which are still fundamental components of its very fabric."
If we take a look at the history of faith-related conflicts in Arab society, we would find that the enduring structural antagonism between Sunnis and Shiites has somewhat mellowed over the years only to give way to yet another schism: political Islam versus the Arab civil state.
As a movement, political Islam ranges between moderation, extremism and outright terrorism in its fight against modern political systems. So Arab regimes have no choice today but to introduce radical political reforms to pave the way for democratic practices and liberal thought.
"The whole world is looking forward to a new cognitive model that creatively merges growth with fair distribution, and the modern Arab political mind must definitely get involved."
Two crucial Friday sermons held lately - one in Qom, Iran's spiritual capital, and the other in Tehran, the capital of the Islamic Republic - went two diametrically contrasting directions, commented Atallah Mahajrani in the London-based daily Al Sharq al Awsat. "I can say that we are witnessing here a major rift between two types of Islam."
During his sermon in Tehran, Ayatollah Ahmed Jennati said that the pacification of the national turmoil that followed the last presidential elections should be brought about by the incarceration of prominent reformists like Mir Hossein Mousavi and Seyed Mohammad Khatami.
Conversely, Ayatollah Ibrahim Amini, the most celebrated orator in the conservative city of Qom, has denounced the government's use of force, called for the release of innocent detainees and a halt to human rights violations.
Before voicing its rejection of violence and arrests, Qom, with all its spiritual might, had been criticising the government openly and had not yet sent a single letter to Iran's re-elected president. "To me this is announcing the end of despotism in Iran," the author concluded.
* Digest compiled by Mostapha Elmouloudi
melmouloudi@thenational.ae
The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
Fixtures
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Killing of Qassem Suleimani
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.”
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
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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