Advice for Hamas: 'Don't recognise Israel'


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Pressure is mounting these days against Hamas recognising Israel as a prerequisite for a full-fledged national Palestinian reconciliation, noted the pan-Arab Al Quds al Arabi newspaper in its editorial.

The US president, Barack Obama, backed Israel's stance against a Palestinian reconciliation when he said, in a speech this week at the annual conference of the pro-Israeli lobby Aipac, that Israel cannot be expected to negotiate with a group that denies its right to exist, referring to Hamas.

The same message came from the Turkish president Abdullah Gul who revealed in an interview with the US-based Wall Street Journal that in 2006 he had advised Khaled Mashaal, the Hamas political chief, that his movement must be "rational" about the recognition of Israel.

"We don't know much about Hamas's position regarding this mounting pressure, or its ability to handle it," the newspaper said. "But we do know that the 'Israeli recognition chip' is the most essential item in Hamas's charter and it must not be traded for a low price.

"This may well be a carefully laid trap to empty Hamas' ideology from its backbone, from the edge that won it all the respect of the Palestinian people, which culminated in the Hamas victory in the legislative elections," the newspaper said.

Yemen's Saleh loses as GCC suspends bid

That Yemen's president Ali Abdullah Saleh would do everything to stall the initiative proposed by the Gulf Cooperation Council (GCC) to end the long-standing stalemate in his country should come as no surprise, commented Qassim Hussein, a columnist with the Bahraini newspaper Al Wasat.

"It was clear from the outset that President Saleh would cling to power to the very last day and, indeed, to the very last man in his tribe, and to the very last political manoeuvre conceivable. He really wants to stay until the end of his term in the name of 'democratic and constitutional legitimacy'; never mind that the majority of Yemenis demonstrating in public squares have been yelling 'Leave!' for a long time," the columnist wrote.

The GCC proposal was meant to provide Mr Saleh and his relatives with an exit plan while guaranteeing new elections and a new constitution for the opposition. Yet Mr Saleh still plays mercurial games. After he repeatedly refused to sign at the eleventh hour, the GCC has suspended the initiative and the president simply has nowhere to go.

"Until now, the Yemeni people have conceded 180 martyrs for the sake of change … and have set a wonderful example of peaceful protest and patience. And Saleh has not yet succeeded in egging them on into war and bloodshed, although they own as many as 50 million firearms."

Even Assad's friends are alarmed

Some of the close regional allies of the Syrian president Bashar al Assad have finally started to sense the gravity of what is unfolding in Syria today, according to Tariq al Homayed, the editor of the London-based Asharq al Awsat newspaper.

The Lebanese Druze leader Walid Jumblatt, for example, wrote in his weekly column in the Lebanesenewspaper Al Anbaa: "I call on President Bashar al Assad, whom I know has a lot of courage, to take quick action to ensure a radical change in the approach to the current situation in Syria and the challenges the country is facing, a new approach that embraces legitimate demands and heads off the prospect of fragmentation and a continuous haemorrhage."

Mr Jumblatt was not the only one to make a recommendation of this nature - in writing - on Monday. Talal Salman, the editor of the Beirut-based Assafir newspaper, published an article entitled Where is President Assad and Why Doesn't He Involve the Syrians in Reform?

"Was it sheer coincidence that Syria's buddies in Lebanon wrote two articles warning the Syrian president on the same day? We don't know," Mr al Homayed said. What is certain, though, is that the Syrian president's allies' friend-to-friend advice is too little too late, now that events are spiralling out of the Syrian state's control, in favour of the anti-government protesters.

Libyans need more than just US charity

The policy of the United States regarding the Libyan uprising is a little strange, wrote Mazen Hammad, a columnist with the Qatari newspaper Al Watan.

The US, being the spearhead of the North Atlantic Treaty Organisation (Nato), cannot afford to temporise while Libyan civilians are paying a high price.

The US defence department recently announced that it has shipped 120,000 meals to the rebels and that it is working to send more relief in the form of "non-lethal equipment" such as military fatigues, tents, bulletproof jackets, and sandbags.

"Let's consider this perplexing and ill-advised attitude for a second, especially the 'non-lethal equipment' part. The Libyan regime's forces use everything they can lay a hand on to kill the rebels and butcher civilians, while the US is hoping that the Libyan armed opposition will be fighting back with meals and sandbags? Is that the idea?"

All forms of relief are important, but there are priorities. "A key priority is to provide the rebels with weapons and equipment to face up to the Libyan regime forces, just as much as it is a priority that Col Qaddafi's bases be bombed by Nato fighter jets."

No one wants the US to deploy troops in Libya, but it is not enough to act like a charity.

* Digest compiled by Achraf El Bahi

While you're here
MATCH INFO

Euro 2020 qualifier

Norway v Spain, Saturday, 10.45pm, UAE

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

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Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

The British in India: Three Centuries of Ambition and Experience

by David Gilmour

Allen Lane

Rooney's club record

At Everton Appearances: 77; Goals: 17

At Manchester United Appearances: 559; Goals: 253

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MATCH INFO

Champions League quarter-final, first leg

Ajax v Juventus, Wednesday, 11pm (UAE)

Match on BeIN Sports

UAE tour of the Netherlands

UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match

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.”

TOURNAMENT INFO

Women’s World Twenty20 Qualifier

Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November

UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends