Hazem Mubidheen cited in an opinion piece in the Jordan-based newspaper Al Rai the criticism put forth by the Saudi foreign minister, Prince Saud Al Faisal, of the US administration's strategy based on "gradual gains" to achieve peace in the Middle East.
"The Saudi foreign minister affirmed that peace in the Middle East requires a comprehensive strategy, and that the current approach to peace adopted by the Americans is less likely to succeed. What is needed is to address the core issues because betting on temporary peace and building trust are no guarantee for achieving long-lasting stability."
Prince Al Faisal called for defining the final outcomes of the peace plan and then engaging in talks which would determine the final status issues. By doing so, he expressed his country's dissatisfaction with the US plan of action as it lacks rigour in responding to Israeli intransigence.
Prince Al Faisal also highlighted such issues as the status of Jerusalem, refugees, water and Palestinian borders. He blamed the Israelis for being uncommitted to achieving peace with the Palestinians. But what made the Saudi official's statements unique was that he publicly underscored areas of difference between the Arabs' attitude to peace and that of the Americans, whom he urged the them to follow words with deeds.
Fouad Abu Zayd wrote a profile of the Lebanese president Michel Suleiman in the Lebanese newspaper Al Diyar. The writer first shed light on some of the president's personal qualities such as his education and military training. "He is a statesman who lucidly understands issues of great complexity that face modern Lebanon. He intelligently addresses them with maximum patience and quietude."
The writer went on to assess his achievements in the first year of his term by highlighting three milestones. First, Mr Suleiman has managed to restore the position of Lebanon as a fully sovereign country. Second, Mr Suleiman has been able to revive the culture as well as the role of Lebanese civilisation - a role that has dwindled as a result of wars and internal conflicts. Third, Mr Suleiman has succeeded in rendering the presidential institution a viable establishment accessible to all Lebanese across the political spectrum. "Ba'abda Palace has become a venue for all political forces and sects to discuss urgent issues and quench conflicts.
"This man's dream is to have a permanent home for the dialogue between cultures and religions. He has emerged as the most reliable of all political actors to achieve a true national dialogue."
Abd al Bari Atwan wrote in the Moroccan daily Al Massa that military action alone cannot defeat the Taliban. Meanwhile, the death toll has risen among British troops, reaching 20 in the last month and a total of 200 since military operations begun eight years ago.
"Some may argue, however, that the high recent death toll among British troops resulted from the intensive attacks currently led by Nato forces in Helmand, the heartland of the Taliban, and that these human casualties meant the allied troops were achieving progress on the battlefield."
Yet, these victories can only be of limited impact. Nor can they be sustained by sending more troops there.
Britain made a mistake by getting involved in the war in Afghanistan. "British officials need to recall past events of its history. British troops, on two occasions, succumbed to bitter defeat in this country, and we would not exaggerate if we say they are on their way to meet the same fate."
Many US and British officials have begun to realise that military force alone is not enough. Reaching this conclusion is one step on the right track, but that needs to be followed by concrete political decisions. "Probably it would be salutary now is to sit down with the Taliban movement and open a serious dialogue, if both the US and Britain would like to spare their troops lives in Afghanistan."
The London-based daily Al Sharq al Awsat featured a lead article by Abdul Arrahman al Rashed who remarked that there were three developments in relation to the Palestinian cause. First, the Fatah convention is due to take place despite attempts by Hamas to delay it. Second, active consultations underway are likely to pave the way for holding talks between the Palestinians represented by the Palestinian Authority and the Israelis. Last and most important, Israel is now in a very critical position in that it cannot reject engaging in negotiations for fear of sanctions.
"The European Union may, at any time, recognise the state of Palestine if Benjamin Nethanyahu's government continues behaving in a dilly-dallying manner. More than that, Europe in consultation with the US may use the platform of the United Nations to announce a proposal for establishing an independent Palestinian state.
"On that account, Israelis have become more prudent not to annoy the Palestinian Authority, because that would only accelerate the process of establishing the state. In other words, Israel prefers its birth to come naturally as result of direct negotiations, rather than a caesarean section in New York."
* Digest compiled by Mostapha Elmouloudi
melmouloudi@thenational.ae
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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
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
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
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.”
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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