Khashoggi crisis may tip Middle East power balance towards Turkey

Agencies
November 3, 2018

Istanbul, Nov 3: The murder of journalist Jamal Khashoggi could alter the power dynamic in the Middle East by strengthening Turkey's influence at Saudi Arabia's expense as they compete for leadership of the Islamic world, analysts say.

This certainly appears to be the goal of Turkish President Recep Tayyip Erdogan, the main regional supporter of the Muslim Brotherhood, which Saudi Arabia and its allies Egypt and the United Arab Emirates consider a terrorist group.

The killing inside the kingdom's consulate in Istanbul by a team sent from Riyadh on October 2 has already severely tarnished Saudi Arabia's global reputation.

But it is the potential involvement of Crown Prince Mohammad bin Salman, the oil-rich Gulf nation's de facto leader known by his initials MBS, that could permanently damage Riyadh's influence in the region.

After initially insisting Khashoggi left the consulate unharmed, then saying he died in a brawl, the Saudi regime finally stated he was killed by a "rogue operation" and arrested 18 suspects, some with links to the crown prince.

Analysts say Erdogan could use the ensuing crisis to weaken the 33-year-old prince, even potentially leading to the royal family removing him from power -- though that seems unlikely.

"The killing of Khashoggi has proven to be a golden opportunity for President Erdogan to pressure Saudi Arabia and work towards presenting Turkey as the new leader of the Muslim world," said Lina Khatib, director of Middle East and North Africa Programme at Chatham House.

"The Khashoggi crisis is a big geo-political gamble for Turkey and so far it looks like it is playing the game masterfully. But Turkey alone will not be able to push for the removal of MBS. The ball lies in the American court," she added.

For Erdogan, promoting the Muslim Brotherhood — which Saudi Arabia has sought to marginalise in the Arab world and which was ousted from power and brutally repressed in Egypt in 2013 by current President Abdel Fattah al-Sisi — is at the heart of this power struggle.

The Turkish leader could also try to extract concessions from Riyadh for its ally Qatar, facing a Saudi blockade backed by the United Arab Emirates, Bahrain, and Egypt since 2017.

"I think that Erdogan sees this as an opportunity to push back against a triple entente in the Middle East that opposes his policies. That triple entente is composed of MBS, MBZ's (Crown Prince Sheikh Mohammed bin Zayed Al-Nahyan) UAE and Sisi's Egypt," said Soner Cagaptay, director of the Turkey Research Program at the Washington Institute.

"These three countries, all Arabs, oppose Erdogan's policies of supporting the Muslim Brotherhood. Now Erdogan sees a golden opportunity because MBS is vulnerable."

But Sinan Ulgen, president of the Centre for Economics and Foreign Policy, said "it remains to be seen whether Ankara can continue to leverage this conjuncture and turn it into a permanent advantage raising Turkey's regional influence to the detriment of Saudi Arabia".

Nicholas Heras, an analyst at the Center for a New American Security, said the Khashoggi case was the "latest chapter in Turkey and Saudi Arabia's ongoing contest over which country is better" to lead the Muslim world.

"Erdogan clearly seems to believe that he can use the Khashoggi crisis as a way to cut Prince Mohammad bin Salman, and by extension, Saudi Arabia, down to size," Heras added.

By not directly pointing the blame at the crown prince over Khashoggi, Erdogan is seeking to keep him under pressure, according to Karim Bitar of the Paris-based French Institute for International and Strategic Affairs think-tank.

"Erdogan knows that he still has ammunition that could weaken MBS in the international arena so basically he is rolling the dice these days trying to figure out how to maximise his profit after this huge Saudi blunder," he told news agency.

While the Muslim Brotherhood is important to Turkey, the West -- especially the United States -- is wary of the group and wants to focus any pressure on the crown prince towards ending the Yemen war and lifting the blockade on Qatar, the experts said.

"I expect the blockade on Doha will likely come to an end in the near future and the Saudis find a way to support the UN's efforts in Yemen," said Steven Cook of the Council on Foreign Relations.

Bitar noted that the US administration relies on Prince Mohammed's support for any possible peace plan for the Israel-Palestinian conflict as well as containing Iran, long a Saudi foe.

Washington could also push the crown prince towards "a rapprochement with Israel and to maintain a hawkish line towards Iran", Bitar added.

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Agencies
July 28,2020

Dubai, Jul 28: Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) is letting go hundreds of employees, sources said, the latest in a round of lay-offs by regional banks as pressure mounts to cut costs amid lower oil prices and the coronavirus crisis.

The UAE’s third-biggest lender is laying off 400 employees, two sources familiar with the matter said, after it had committed to not cutting staff because of the crisis.

In a statement, a spokesman said ADCB had pursued efficiency over the last decade by managing out its lowest underachievers after regular reviews, while ensuring talent was deployed in high-growth areas, such as digital banking.

“A certain number of redundancies are therefore expected every year in the normal course of business,” the bank spokesman added.

The sources said the cuts would involve ADCB’s consumer business and several in top management were among those being let go. One source said the bank was looking to close 20 branches.

In March, ADCB had declared, “No employee will be made redundant during 2020 as a result of the COVID-19 pandemic.”

UAE banks have been hit by government measures to rein in the spread of the virus, forcing many businesses to shut temporarily.

Last week, Dubai’s largest bank, Emirates NBD, reported a slump of 58% in profits. In June, sources told Reuters the bank started a new round of hundreds of lay-offs.

In May, ADCB reported a fall of 84% in first-quarter net profit as it took impairments of $292 million on debt exposure to troubled hospital operator NMC Health and payments group Finablr.

It was a major lender, with an exposure of about $981 million, to NMC Health, which went into administration this year after months of turmoil following questions over financial reporting.

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News Network
June 12,2020

Beirut, Jun 12: Angry Lebanese protesters blocked roads across the country with burning tyres, debris and their vehicles, incensed over the local currency's depreciation by more than 25 percent in just two days.

The demonstrations from northern Akkar and Tripoli to central Zouk, the eastern Bekaa Valley, Beirut and southern Tyre and Nabatieh on Thursday were some of the most widespread in months of upheaval over a calamitous economic and financial crisis.

Protesters set ablaze a branch of the Central Bank, vandalised several private banks and clashed with security forces in several areas. At least 41 people were injured in Tripoli alone, according to the Lebanese Red Cross.

"I'm really pissed off, that's all. If politicians think they can burn our hearts like this the fire is going to reach them too," unemployed computer engineer Ali Qassem, 26, told Al Jazeera after pouring fuel onto smouldering tyres on a main Beirut thoroughfare.

Tens of thousands of Lebanese have lost jobs in the past six months and hundreds of businesses have shuttered as a dollar shortage led the Lebanese pound to slide from 1,500 to $1 last summer - where it was pegged for 23 years - to roughly 4,000 for each US dollar last month.

But the slide turned into a freefall between Wednesday and Thursday when the pound plummeted to roughly 5,000 to $1 on black markets, which have become a main source of hard currency. There was widespread speculation the rate hit 6,000 or even 7,000 pounds to the dollar, though most markets stopped trading.

Protesters began amassing on streets across the country before sunset and increased into the thousands across the country as the night fell.

Prime Minister Hassan Diab cancelled all meetings scheduled for Friday to hold an emergency cabinet session at 9:30am and another at 3pm at the presidential palace to be headed by President Michel Aoun.

The pound's collapse is the perhaps the biggest challenge yet for Diab's young cabinet, which gained confidence in February after former prime minister Saad Hariri's government was toppled by an unprecedented October uprising that had the country's economic crisis at its core.

Economy Minister Raoul Nehme told Al Jazeera that there was "disinformation" being circulated about the exchange rate on social media and said he was investigating possible currency manipulation.

"I don't understand how the exchange rate increased by so much in two days," he said.

Many protesters have pitted blame on Central Bank governor Riad Salameh, nominally in charge of  keeping the currency stable. But they have also called on the government to resign.

"If people want reform between dawn and dusk, that's not going to work, and if someone thinks they can do a better job then please come forward," Nehme said.

"But what we can't have is a power vacuum - then the exchange rate won't be 5000, it'll be a catastrophe."

'Everyone paying the price'

When protesters set a large fire in Beirut's Riad al-Solh Square, which lies at the foot of a grand Ottoman-era building that serves as the seat of government, firefighters did not intervene to extinguish it.

It later became clear why: Civil Defence told local news channel LBCI they had run out of diesel to fuel their firetrucks.

Basic imports such as fuel have been hit hard by the currency crisis, making already-weak state services increasingly feeble.

A half-dozen or so police officers with Lebanon's Internal Security Forces observed the scene unfolding in front of them in the square.

"Why do you destroy shops and things and attack us security forces - do you think we're happy? Go and f****** break that wall or go to the politicians' houses," one police officer told Al Jazeera, referring to a large concrete barrier separating protesters from the seat of government.

"In the end we are with you and we want the country to change. Don't you dare think we're happy. My salary is now worth $130," the officer said.

The currency's spectacular fall seems to have pushed many Lebanese to put common interests above their differences.

Large convoys of men on motorbikes from Shia-majority areas of southern Beirut joined the demonstrations on Thursday, though they have clashed with protesters many times before - including at a protest on Saturday.

Some chanted sectarian insults, leading to brief clashes in areas that were formerly front lines during the country's devastating 15-year civil war.

Instead, the motorbike-riding demonstrators on Thursday chanted: "Shia, Sunni, F*ck sectarianism."

"We are Shia, and Sunnis and Christian are our brothers," Hisham Houri, 39, told Al Jazeera, perched on a moped with his fiancee behind him just a few metres from a pile of burning tyres.

The blaze sent thick black smoke into the sky towards an iconic blue-domed mosque and church in downtown Beirut.

"Politicians play on these sectarian issues and sometimes succeed, but in the end, they'll fail because all the people have been hurt," he said. "The dollar isn't just worth 6,000 for Shias or for Sunnis, everyone is paying that price."

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News Network
May 22,2020

Rajan Kurian with wife Berly Rajan Kurian, son Brian, daughter Bella and mother Valsa

Dubai, May 22: A 43-year-old Indian businessman won USD one million (approximately Rs 7.59 crore) in the Dubai Duty Free draw.

Rajan Kurian, who owns a construction business in Kerala, had bought the ticket online.

Mr Kurian said he was grateful for the win, considering the gloomy circumstances prevailing in the world due to the coronavirus pandemic.

"I will set aside a good part of my win to help the needy. I feel grateful with the win but I need to share it with people who need it," he said. 

Mr Kurian said some of the money will go into growing his business.

"The last few months have been tough with the COVID-19 situation. My business has come to a standstill. This money will be put to good use," he said.

An Indian expat also won a BMW motorbike in the lucky draw held on Wednesday.

A longtime resident of Dubai for 30 years now, 57-year-old Syed Hydrose Abdulla, who works as a public relations officer in a beverages company, had also bought the ticket online.

Comments

Debasisdhara
 - 
Saturday, 18 Jul 2020

Lucky prize money send me please

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