While Palestinians celebrated the reconciliation agreement signed between Fatah and Hamas, the reactions in Washington and Israel were reminiscent of the biblical “weeping and gnashing of teeth”.
American political commentators were dumbfounded by the news of the pact, terming it "a dark day", "a setback for peace", or "a serious complication". Members of Congress, meanwhile, were uniform in their threats to withhold aid if the Palestinian Authority goes forward with the unity arrangement.
Israeli government reactions were predictably harsh. Those on the far right, who never supported the “peace process” in the first place and who had threatened to abandon the Netanyahu government if he signed any agreement with the Palestinians, saw the Fatah-Hamas pact as justification to call for an immediate end to the peace negotiations. I detected more joy than anger in their overly-heated pronouncements. Mr Netanyahu had undoubtedly the most disingenuous line of the day, asking Mahmoud Abbas whether “he wants peace with Hamas or peace with Israel”, implying that “peace with Israel” was actually in the offing but for Mr Abbas’s “disappointing” decision.
Putting aside all these displays of faux anger and misplaced regret, the Palestinians are right to celebrate. Reconciliation and national unity are not only good, in and of themselves, they are necessary if there is to be a lasting Israeli-Palestinian peace.
In the first place, the Palestinian people desperately want this unity in order to put their political house in order.
They know that they have no viable future living in two captive Bantustans. In the face of continued existential challenges, the public has been demoralised by their squabbling fractured leadership. Increasingly frustrated with their divided leaders’ failure or inability to bring an end to occupation, there has been a growing sense that unity would provide a solution. In a world that was out of control, healing their internal division was the one thing they felt they could control. Unity, of course, is not magical and will not, by itself, produce independence. But the public’s instinct was nevertheless right in understanding that unity, on the right terms, would be essential for independence.
It is also important to understand the degree to which the leaderships of both the PA and Hamas were facing challenges to their legitimacy. During the past seven years, Hamas had made a mess of their rump “statelet” in Gaza. Their indiscriminate rocket fire and deplorable use of suicide bombers, which they bizarrely termed “resistance”, had only served to damage the Palestinian movement and image.
At the same time, this behaviour and the insecurity it created among Israelis had empowered Israeli hardliners enabling them to impose cruel collective punishment that brought increased suffering to the entire Gaza Strip.
Hamas, reduced to badly managing an impoverished population, was facing growing dissatisfaction with both their ideology and their governance. Polls now show that this once popular Islamic movement had a significantly diminished support-base.
The Palestinian Authority, thanks to Israeli ill-will and intransigence has fared no better. They had made a strategic decision to pursue a non-violent path to liberation by cooperating with the US and negotiating with Israel. Their reward: they became financially dependent on the US and Israel. They were repeatedly humiliated by aggressive and acquisitive Israeli settlement expansion and they continued to be subjected to Israel’s efforts to impose its will on their every move. As a result, the Palestinian public had become increasingly cynical, despairing of the possibility of peace.
And so in the face of a new breakdown in negotiations, Israel’s refusal to deliver on a promised release of prisoners, and the announcement of yet another expansion of settlements, Palestinians turned instead to heal their divided polity.
From what we know of the terms of the Fatah-Hamas pact, it provides for the establishment of a national unity government of technocrats. This government will serve for several months preparing for national elections. The agreement also empowers President Abbas to continue negotiations and endorses his leadership in seeking a two-state solution that provides for peace between Israel and an independent Palestinian state in the West Bank and Gaza with its capital in East Jerusalem.
While Israel has flat out rejected the reconciliation, the success of this effort to establish unity will depend on the US response. Up until now, the administration has not formally rejected the agreement and has been somewhat circumspect in their comments. It would be a fatal error if, without finding out the exact terms of the reconciliation pact, the US were to have rejected it out of hand and punish the PA. Likewise, it would be an enormous error if the US were to force Mr Abbas to turn his back on the pact. This has happened before. At this point, such a move would not be accepted by the Palestinian public and would severely compromise the PA leadership.
If, as senior Palestinian spokesmen affirm, the terms of the agreement comply with the well-known Quartet conditions, the US would be well-advised to be supportive of the effort and insist that Israel continue negotiations with a now-strengthened Mr Abbas.
James Zogby is the president of the Arab American Institute
On Twitter: @aaiusa
The biog
Hometown: Birchgrove, Sydney Australia
Age: 59
Favourite TV series: Outlander Netflix series
Favourite place in the UAE: Sheikh Zayed Grand Mosque / desert / Louvre Abu Dhabi
Favourite book: Father of our Nation: Collected Quotes of Sheikh Zayed bin Sultan Al Nahyan
Thing you will miss most about the UAE: My friends and family, Formula 1, having Friday's off, desert adventures, and Arabic culture and people
Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
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if you go
The flights
Fly to Rome with Etihad (www.etihad.ae) or Emirates (www.emirates.com) from Dh2,480 return including taxes. The flight takes six hours. Fly from Rome to Trapani with Ryanair (www.ryanair.com) from Dh420 return including taxes. The flight takes one hour 10 minutes.
The hotels
The author recommends the following hotels for this itinerary. In Trapani, Ai Lumi (www.ailumi.it); in Marsala, Viacolvento (www.viacolventomarsala.it); and in Marsala Del Vallo, the Meliaresort Dimore Storiche (www.meliaresort.it).
MATCH INFO
Real Madrid 2
Vinicius Junior (71') Mariano (90 2')
Barcelona 0
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
more from Janine di Giovanni
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.”
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
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
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
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UAE currency: the story behind the money in your pockets