US presidential debate triggers mixed reaction from Arabs

September 28, 2016

Jeddah, Sep 28: The most watched debate in the history of US elections provided few clues to analysts and writers in the Arab world.

The marathon and raucous 90-minute verbal sparring between US presidential candidates Donald Trump and Hillary Clinton did not leave the Arab viewer any the wiser.

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On some issues, Trump scored high marks and on others, Clinton was the clear winner.

Talking to Arab News on Tuesday, some of the top-ranked and established analysts, writers, columnists, observers, politicians and lobbyists were of the opinion that nobody had actually won or actually lost.

Hisham Melhem, former Washington, DC, bureau chief of Al Arabiya News Channel, felt Trump failed in style, form and content. “Hillary looked good, relaxed, comfortable and in full command of the facts,” he said. “Trump looked a little bit frazzled, especially in the second half of the debate. It was obvious that he was physically tired. He accused Clinton of lacking stamina, but in the end, it was he who seemed out of breath.”

One of the more disappointing aspects of the debate was the lack of any mention of Syria. “In that 90-minute discussion, Syria was never mentioned once,” rued Melhem. “Iran was discussed, Daesh was discussed but not Syria.”

According to Melhem, it was a stark failure by the two candidates. “It reflects the fact that neither of the two candidates has any workable plan to deal with Syria,” said Melhem.

On the issue of Iraq, Trump spoke against the American invasion, “but tried to hide the fact that he supported it early on and then changed his mind,” said Melhem.

On Iran, Trump did reiterate his opposition to the nuclear deal. “However, he did not reveal what he would do to cancel it, especially since the agreement is already being implemented, with the US releasing funds to Iran and Iran shutting down some of its nuclear facilities,” said Melhem. “Trump was very vague. He did not present any concrete plan for canceling the deal.”

As to who he thinks won, Melhem’s verdict was: “Hillary did a much, much better job. Trump’s performance was atrocious.”

Jamal Khashoggi, renowned Saudi columnist, was particularly taken aback by Trump’s assertion that Saudi Arabia, Japan and South Korea should pay for American protection.

“That is a very ambiguous statement,” he said. “What does he mean by that?”

He felt the Saudi government should come out with a statement explaining, “We do not have American protection” and “We do not have American bases here like they have in Japan and South Korea.”

According to Khashoggi, if Trump wants to deal with foreign policy issues as if he were doing a business deal, “Then that may sound offensive, but it is not a totally bad idea.”

“For instance, let us say hypothetically that Trump is the president and we want him to intervene in Syria, for example, and he puts his country on hire and demands $5 billion for the job; that is not bad,” explained Khashoggi. “We need clarity on this because he repeatedly said that America is suffering and that those countries whom it supports and provides protection need to pay.”

Khashoggi welcomed Trump’s criticism of Barack Obama’s foreign policies. “We, Saudis agree with his assessment, but then we don’t know what Trump is going to do about changing those policies.”

“Trump is very keen on fighting Daesh, which is good. But how is he going to do that?” he wondered. “Trump rightly pointed out the nuclear deal that Obama signed with Iran did not touch on issues such as Yemen. That is exactly our argument. Obama just concentrated on the nuclear deal and put aside Iran’s bad behavior in the region.”

Khashoggi said the worrying thing about Trump was his unpredictability.

His verdict: “Hillary outperformed Trump. She looked more presidential. If I were American, I would put my trust in her.”

Mishaal Al-Gergawi, managing director of the Abu Dhabi-based Delma Institute, was very surprised at how well Clinton did.

“I thought she would be put off by Trump. I thought Trump would behave a little more presidential because they say that candidates are more extreme during the primaries but once they win the nomination, they become moderate,” he said.

Al-Gergawi said something else worthy of thinking about. “We have had two very ideologically-driven administrations in the US — one led by George W. Bush and the other by Obama. We now need a predictable US president, a president whom we understand, and who will average out Bush and Obama. The problem with Trump is that we don’t understand him.”

His verdict: “I think Hillary won. She did well. She came out on top. She looked presidential. I want her to win.”

Salman Al-Ansari, founder and president of the Washington-based Saudi-American Public Relation Affairs Committee (SAPRAC), said the debate was more focused on domestic issues, “because their primary audience is the American public.”

“Yes, they did speak about security issues and combating terrorism, but it was very clear that their main focus is to turn the economy around and create jobs,” he said.

Al-Ansari was “a little bit concerned” about Trump’s statement that “Saudi Arabia needs to pay the US.”

“I am pretty sure that the moment he assumes office, he will realize that Saudi Arabia is actually a real partner that provides value to the United States,” he said.

His verdict: “Both of them did great. Nobody won and nobody lost.”

Khalil Shaheen, director of research and policies at the Palestinian Center for Policy Research and Strategic Studies (Masarat), said: “The Palestinians and the Arabs have to deal realistically with the results of the US election. Any expected change in US political stances will not stray from US vested interests.”

He said the Israeli reaction toward the two presidential candidates should pave the way for the Arabs in general and the Palestinians in particular to decide which of the two candidates better serves, or is more concerned with doing justice to, the Arab causes.

“For the Israelis, Trump is their favorite, especially after his dubious statements during his meeting with Netanyahu that he would recognize Jerusalem as the Israeli capital, and would work to move the US Embassy there,” he said.

His verdict: “Undecided.”

Daoud Kuttab, an award-winning Palestinian American journalist, said: “The United States is a world leader and it is of immense interest to everyone on the planet who will lead the world’s sole superpower. People around the world certainly want to be sure that the person in the White House is stable and not erratic. The 90-minute debate did little to explain the positions of the two candidates on foreign policy issues but it did show clearly that Clinton has a much stronger command of the issues and she has clearly done her homework on both local and international subjects.”

His opinion as to who won the debate: “Hillary Clinton.”

Nabil Al-Sharif, Jordan’s former minister of media affairs and communications, said: “The debate was mostly focused on the internal affairs that are of direct interest to the America voter. We, the Arabs, are part of this world and in light of the enormous developments taking place in our region, we are naturally concerned with the outcome of the US election.”

His verdict: “Trump appeared to be shallow and weak while Clinton sounded much stronger.”

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News Network
May 7,2020

Dubai, May 7: Saudi Arabia will emerge as the victor of the oil price war that sent global crude markets into a spin last month, according to two experts in the energy industry.

Jason Bordoff, professor and founding director of the Center for Global Energy policy at New York’s Columbia University, said: “While 2020 will be remembered as a year of carnage for oil nations, at least one will most likely emerge from the pandemic stronger, both economically and geopolitically: Saudi Arabia.”

Writing in the American publication Foreign Policy, Bordoff said that the Kingdom’s finances can weather the storm from lower oil prices as a result of the drastically reduced demand for oil in economies under pandemic lockdowns, and that it will end up with higher oil revenues and a bigger share of the global market once it stabilizes.

Bordoff’s view was reinforced by Sir Mark Moody-Stuart, former chairman of Royal Dutch Shell and one of the longest-standing directors of Saudi Aramco. In an interview with the Gulf Intelligence energy consultancy, he said that low-cost oil producers such as Saudi Arabia would emerge from the pandemic with increased market share.

“Oil is the only commodity where the lowest-cost producers have contained their production and allowed high-cost producers to benefit. When demand recovers this year or next, we will emerge from it with the lowest-cost producers having increased their market share,” Moody-Stuart said.

Bordfoff said that it would take years for the high-cost American shale industry to recover to pre-pandemic levels of output. “Depending on how long oil demand remains depressed, US oil production is projected to decline from its pre-coronavirus peak of around 13 million barrels per day.

“Shale's heady growth in recent years (with production growing by about 1 million to 1.5 million barrels per day each year) also reflected irrational exuberance in financial markets. Many US companies struggling with uneconomical production only managed to stay afloat with infusions of cheap debt. One quarter of US shale oil production may have been uneconomic even before prices crashed,” he said.

Moody-Stuart said that recent statements about cuts to the Saudi Arabian budget as a result of falling oil revenues were “an important step to wean the population of the Kingdom off an entitlement feeling. It means that everybody is joining in it.”

The former Shell boss said that other big oil companies would follow Shell’s recent decision to cut its dividend for the first time in more than 70 years. But he added that Aramco would stick by its commitment to pay $75 billion of dividends this year.

“When a company looks at its forecasts it looks ahead for one year, so for this year it (the dividend) is fine,” he said.

Bordoff added that Saudi Arabia’s action in cutting oil production in response to the pandemic would improve its global position.

“Saudi Arabia has improved its standing in Washington. Following intense pressure from the White House and powerful senators, the Kingdom’s willingness to oblige by cutting production will reverse some of the damage done when it was blamed for the oil crash after it surged production in March,” he said.

“Only a few weeks ago, the outlook for Saudi Arabia seemed bleak. But looking out a few years, it’s difficult to see the Kingdom in anything other than a strengthened position,” Bordoff said.

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Agencies
June 18,2020

New Delhi, Jun 18: Reliance Industries Ltd on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore, taking the cumulative fund raising to about Rs 1.16 lakh crore in two months.

Starting with Facebook Inc on April 22, Reliance has sold almost 25 per cent of equity in Jio Platforms - the maximum reports suggest the company intends to dilute to financial investors.

The investment by Saudi sovereign wealth fund is "at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore", the company said in a statement.

With this investment, Jio Platforms has raised Rs 115,693.95 crore from some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic, resulting in a recession kind of environment for the global economy.

"With the addition of PIF's investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India," the statement said.

Jio Platforms houses India's biggest telecom firm by subscribers, Reliance Jio. With more than 388 million users, Jio has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data.

Over the past two months, billionaire Mukesh Ambani's oil-to-telecom conglomerate has announced the sale of about $14 billion of assets, completed a Rs 53,124 crore rights issue and slowed the run rate of new investment by a quarter.

These will help Reliance meet its target of paying off Rs 1.61 lakh crore of net debt by the end of the year.
This is PIF's largest investment into the Indian economy to date.

Ambani, chairman and managing director of Reliance Industries, said, "We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From oil economy, this relationship is now moving to strengthen India's New oil (data-driven) economy, as is evident from PIF's investment into Jio Platforms."

Yasir Al-Rumayyan, governor of PIF, commented: "We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India. We believe that the potential of the Indian digital economy is very exciting and that Jio Platforms provides us with an excellent opportunity to gain access to that growth."

"This investment will also enable us to generate significant long-term commercial returns for the benefit of Saudi Arabia's economy and our country's citizens, in line with our mandate to safeguard and grow the national wealth of the Kingdom," he said.

The transaction is subject to Indian regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.

Prior to this deal, Reliance had sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in eight weeks.

Facebook kicked off the party, investing Rs 43,573.62 crore for a 9.99 per cent stake on April 22. This was closely followed by a further Rs 60,753.33 crore in investment.

Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4. It invested another Rs 4,546.80 crore for additional 0.93 per cent stake on June 5, taking its total holding to 2.08 per cent
Private equity KKR and Vista Equity Partners have taken 2.32 per cent stake each for Rs 11,367 crore apiece. KKR invested in Jio Platforms on May 22 while Vista invested on May 8.

Abu Dhabi sovereign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. Abu Dhabi Investment Authority on June 7 invested Rs 5,683.50 crore for a 1.16 per cent stake in Jio Platforms.

On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore.

Global investment firm TPG on June 13 picked up 0.93 per cent for Rs 4,546.80 crore while L Catterton bought 0.39 per cent for Rs 1,894.50 crore.

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coastaldigest.com news network
June 16,2020

Dubai, Jun 16: In a humanitarian gesture, a UAE-based Pakistani businessman has come forward to offer free interim accommodation options to covid lockdown hit expatriates. 

The men benefitted from Ali Rao's housing initiative include Indians, Pakistanis and Africans. 

Inspired by the ongoing efforts taken by the UAE leadership to take care of all UAE residents, Ali Rao, CEO of Rao Holdings LLC in Dubai is offering free shared accommodation to unemployed male bachelors and workers, especially expatriates who do not have a place to stay.

Ali Rao currently has a capacity of 100 accommodation options that he wishes to offer to those who cannot afford house rent. 

"We have already placed 25 such men in these housing options spread across Al Quoz, Jebel Ali and Muhaisnah areas of Dubai," Ali Rao told local media. He works in collaboration with major charities in Dubai, who refer the cases to Rao.

"One of our companies - the property management division - deals with industrial housing accommodation. We decided to put this space to good use when I came across media articles that highlighted the plight of these homeless men," he said. 

Rao has already sheltered 25 homeless workers in the Al Quoz area. "We have received applications for 35 more, however, many of these men are due to return to their home countries, so we are awaiting confirmation from the charities," he explained. He has provided them with free Wi-Fi, bedding, blankets, bedsheets, and pillows.

"In one unit, we provide them with food and the other unit, social workers and the associated charities deliver food," he added. The housing is exclusively for men and not for women and families. "Many are seeking jobs, so they needed Wi-Fi. I went to the camps today and set up a Wi-Fi connection. Someone wanted to eat eggs, so we got him some eggs and rice. These are simple things most of us take for granted, but to many people this is vital," he added.

Since most of the residents are looking to return to their home countries, Rao is also in the process of providing them with air tickets.

"If the need arises, we will add more units," he explained. Rao said, "The ongoing pandemic has hit everyone hard, especially those with no security to fall back on. The economic and income disparities have only increased in this time, with those dependent on daily wages being rendered homeless in massive numbers across the globe."

He added, "I felt heartbroken and if I would stand by and watch, I would feel very small as a human being, I won't be able to stand in front of the creator I thought to myself. These are some very difficult times for all of us."

A beneficiary of the programme said, "I am very happy with this initiative as living outside in the summer is very difficult. It's very hot. I want to thank God and this company for providing me with a roof over my head."

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