Pep Montserrat for The National
Pep Montserrat for The National

Israel stands by ‘the damned’ of 1948 as it seeks to finish the Nakba



It is said that supporters of the Soviet Union grappled with the reality of Stalin’s gulags in three stages. During the first stage, they denied the gulags’ existence; in the second stage, they accepted their existence but defended their necessity; in the third, they apologised for Stalin’s crimes and promised never to repeat them again.

If the recent work of the liberal Zionist author Ari Shavit is any indication, Israel has reached the second stage in its own national reckoning with the Nakba, or the expulsion and ethnic cleansing of over 750,000 indigenous Palestinian Arabs during 1947 and 1948.

In his bestselling 2013 book, My Promised Land, which was embraced by a pantheon of liberal Jewish-American pundits, Shavit documented with fairly remarkable honesty the ethnic cleansing of the Palestinian city of Lydda by the Israeli military in 1948.

He detailed the horrors of the so-called Lydda Death March, when forces led by Yitzhak Rabin and Yigal Allon drove tens of thousands of Palestinians from the city and towards Ramallah, where they would become refugees and never return. And he recounted the hideous massacres that occurred in the process, calculated acts of slaughter that have never been officially acknowledged by the state of Israel.

“Zionism obliterates the city of Lydda,” Shavit writes. “Lydda is our black box. In it lies the dark secret of Zionism. If Zionism was to be, Lydda could not be.”

If one were to stop midway through Shavit’s section on Lydda, it would seem as though one of Israel’s most prominent columnists, a figure regarded as his country’s equivalent of Thomas Friedman, was attempting to stage a significant historical and political intervention. But the author concludes his chapter with a stunning statement.

“If need be, I’ll stand by the damned,” Shavit writes. “If it wasn’t for them,” he says of the soldiers who ethnically cleansed Lydda, “the State of Israel would not have been born. They did the dirty, filthy work that enables my people, myself, my daughter, and my sons to be alive.”

Not only did Shavit declare that the Jewish state could not have come into being without ethnic cleansing committed on a mass scale, he insisted that such crimes were necessary to preserve his own existence and that of his entire family in Israel.

His argument echoed that of the Israeli revisionist historian Benny Morris, another leading light of the Zionist left, whose early work exposed the mass expulsions of Palestinians in 1948 and before, but who declared in a shocking interview with Shavit during the height of the Second Intifada that Israel had not gone far enough.

The Jewish state would never be at peace, Morris suggested, until it purged the rest of the Arab demographic contaminants living within its realm.

“I don’t think that the expulsions of 1948 were war crimes. You can’t make an omelette without breaking eggs. You have to dirty your hands,” Morris told Shavit. Building on his zero-sum analysis, he continued: “A society that aims to kill you forces you to destroy it. When the choice is between destroying or being destroyed, it’s better to destroy.”

While Shavit justified ethnic cleansing as a historical necessity, Morris’s remarks can be seen as a defence of the current reality dictating the existence of Palestinians on both sides of the Green Line.

Indeed, the Nakba is not a tragic episode conducted within the framework of a decades-old war, but a continuous, ongoing process of criminal dispossession and expulsion necessary to the maintenance of an ethnically pure Jewish state in historic Palestine.

As Ilan Pappe, the renowned Israeli historian and author of The Ethnic Cleansing of Palestine, remarked in a recent panel discussion with me: “Not a single day has gone by in the history of Israel without one act of ethnic cleansing or another.”

Palestinians living under Israeli control experience the Nakba on a daily basis, whether through home demolitions, the uprooting of their orchards, eviction notices, or the routine encounters with humiliating mechanisms of control legalised under a lawless occupation. For them, every day is 1948. As William Faulkner said of the American South: “The past is never dead. It isn’t even past.”

Finishing the incomplete Nakba of 1948 is the ultimate and unapologetically stated goal of Israel’s right-wing. Among Israel’s post-Oslo generation, it is the source of their popularity, enabling a coalition of secular right-wing hyper-nationalists and messianic settlers to supersede the Labor Zionist forces that embody the legacy of Israel’s founders.

The right-wing rulers of Israel not only accept the Manichean logic underlining the arguments of Shavit and Morris, they are taking concrete action to see it through.

Their mantra is simple: Finish ’48.

To mark the tragedy of their dispossession, many Palestinians mourn Israel’s foundation as their Nakba Day. This year, when 10,000 Palestinian citizens of Israel rallied in northern Israel in memory of the Nakba, Israeli Foreign Minister Avigdor Lieberman lashed out. Denigrating the demonstrators as a “fifth column”, Mr Lieberman declared: “To those Arabs that took part today in the Nakba Day procession and waved Palestinians flags, I suggest that next time they march directly to Ramallah and stay there.”

As the leader of the increasingly popular Yisrael Beiteinu party, Mr Lieberman is the face of Israel’s secular right-wing. He rose to prominence in 2009 with a promise to strip Palestinian citizens of Israel of their rights if they failed to submit to the discriminatory imperatives of Zionism. “No Citizenship, No Loyalty” was his campaign slogan.

Since then Mr Lieberman and his allies have introduced law after law to fulfil his pledge, placing increasing pressure on Palestinians in Israel to “take their bundles and get lost”, as he once said. Among the most draconian of the laws is the so-called Nakba Law that slaps financial penalties on any organisation or entity that participates in Nakba Day memorial ceremonies.

The legislative agenda of Mr Lieberman and his confederates is guided by a clear goal: Finish ’48.

While Palestinians observed the Nakba this year, many Israelis celebrated their Independence Day on the verdant grounds of Canada Park, built on the ruins of the Palestinian towns of Beit Nuba, Yalu, and Imwas, whose residents were forcibly marched to the refugee camps of Ramallah in 1967 after watching Israeli troops demolish their homes.

The Jewish National Fund (JNF), an Israeli government-linked entity that raises tens of millions of dollars in tax deductible donations from affluent Jews in North America, built Canada Park to ensure that the refugees would have nothing to come back to. JNF forests are layered atop the ruins of Palestinian villages across Israel and there are plans to plant more.

First, however, more villages need to be destroyed. The Prawer Plan would have forcibly uprooted 40,000 to 70,000 Bedouin citizens from their communities in the Negev Desert. Although its implementation was indefinitely delayed by massive worldwide pressure and raucous protests across Israel-Palestine, Mr Lieberman explained the stakes for his government.

“Nothing has changed since the days of the tower and the stockade,” Mr Lieberman thundered, referring to the earliest stages of Zionist colonisation of Palestine. “We are fighting for the lands of the Jewish people and there are those who intentionally try to rob and steal them.”

For Mr Lieberman, the second most popular politician in Israel and the potential successor to prime minister Netanyahu, Palestinians are the real occupiers. And as long as they remained on the land of the “Jewish people” – land guaranteed to them by the Bible according to the atheist Mr Lieberman – Israel could not be free.

In its ruthless drive to finish ’48, the Israeli government has confirmed Shavit’s most disturbing conclusion: if Zionism is to be, the Palestinians cannot be.

Max Blumenthal is an award-winning journalist and the author of Goliath: Life and Loathing in Greater Israel

On Twitter: @MaxBlumenthal

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

Reading List

Practitioners of mindful eating recommend the following books to get you started:

Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung

How to Eat by Thich Nhat Hanh

The Mindful Diet by Dr Ruth Wolever

Mindful Eating by Dr Jan Bays

How to Raise a Mindful Eaterby Maryann Jacobsen

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

The Lowdown

Kesari

Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra

 

UNSC Elections 2022-23

Seats open:

  • Two for Africa Group
  • One for Asia-Pacific Group (traditionally Arab state or Tunisia)
  • One for Latin America and Caribbean Group
  • One for Eastern Europe Group

Countries so far running: 

  • UAE
  • Albania 
  • Brazil 
COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

The specs: Panamera Turbo E-Hybrid

Engine: 4.0-litre twin-turbo V8 hybrid
Power: 680hp
Torque: 930Nm
Transmission: Eight-speed dual-clutch auto
Price: From Dh749,000
On sale: Now

The specs: 2024 Panamera

Engine: 2.9-litre twin-turbo V6
Power: 353hp
Torque: 500Nm
Transmission: Eight-speed dual-clutch auto
Price: From Dh408,200
On sale: Now

THE SWIMMERS

Director: Sally El-Hosaini

Stars: Nathalie Issa, Manal Issa, Ahmed Malek and Ali Suliman 

Rating: 4/5

Company profile

Company: Zywa
Started: 2021
Founders: Nuha Hashem and Alok Kumar
Based: UAE
Industry: FinTech
Funding size: $3m
Company valuation: $30m

What you as a drone operator need to know

A permit and licence is required to fly a drone legally in Dubai.

Sanad Academy is the United Arab Emirate’s first RPA (Remotely Piloted Aircraft) training and certification specialists endorsed by the Dubai Civil Aviation authority.

It is responsible to train, test and certify drone operators and drones in UAE with DCAA Endorsement.

“We are teaching people how to fly in accordance with the laws of the UAE,” said Ahmad Al Hamadi, a trainer at Sanad.

“We can show how the aircraft work and how they are operated. They are relatively easy to use, but they need responsible pilots.

“Pilots have to be mature. They are given a map of where they can and can’t fly in the UAE and we make these points clear in the lectures we give.

“You cannot fly a drone without registration under any circumstances.”

Larger drones are harder to fly, and have a different response to location control. There are no brakes in the air, so the larger drones have more power.

The Sanad Academy has a designated area to fly off the Al Ain Road near Skydive Dubai to show pilots how to fly responsibly.

“As UAS technology becomes mainstream, it is important to build wider awareness on how to integrate it into commerce and our personal lives,” said Major General Abdulla Khalifa Al Marri, Commander-in-Chief, Dubai Police.

“Operators must undergo proper training and certification to ensure safety and compliance.

“Dubai’s airspace will undoubtedly experience increased traffic as UAS innovations become commonplace, the Forum allows commercial users to learn of best practice applications to implement UAS safely and legally, while benefitting a whole range of industries.”

Juliot Vinolia’s checklist for adopting alternate-day fasting

-      Don’t do it more than once in three days

-      Don’t go under 700 calories on fasting days

-      Ensure there is sufficient water intake, as the body can go in dehydration mode

-      Ensure there is enough roughage (fibre) in the food on fasting days as well

-      Do not binge on processed or fatty foods on non-fasting days

-      Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates

-      Manage your sleep

-      People with existing gastric or mental health issues should avoid fasting

-      Do not fast for prolonged periods without supervision by a qualified expert

THE BIO

Favourite place to go to in the UAE: The desert sand dunes, just after some rain

Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude

Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE

Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally

Favourite subjects in school: Mathematics and science

If you go

The flights

Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes.

The car

Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals. A week's car hire costs from Dh1,500 including taxes.

The hotels

Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes.

More info

To keep up with constant developments in Portland, visit www.travelportland.com. Good guidebooks include the Lonely Planet guides to Northern California and Washington, Oregon & the Pacific Northwest.

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

8 traditional Jamaican dishes to try at Kingston 21

  1. Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
  2. Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
  3. Mento Oxtail: flavoured oxtail stewed for five hours with herbs
  4. Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
  5. Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
  6. Jamaican beef patty: a pastry with ground beef filling
  7. Hellshire Pon di Beach: Fresh fish with pickles
  8. Out of Many: traditional sweet potato pudding
The Specs

Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now

How to increase your savings
  • Have a plan for your savings.
  • Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
  • Decide on a financial goal that is important to you and put your savings to work for you.
  • It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings. 

- Carol Glynn, founder of Conscious Finance Coaching

 

 

BABYLON

Director: Damien Chazelle

Stars: Brad Pitt, Margot Robbie, Jean Smart

Rating: 4/5

The Witcher - season three

Director: Various

Stars:
Henry Cavill, Freya Allan, Anya Chalotra

Rating:
3/5

Specs: 2024 McLaren Artura Spider

Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now

UAE squad to face Ireland

Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind

THREE POSSIBLE REPLACEMENTS

Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.

Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.

Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.

The specs: 2018 Nissan Patrol Nismo

Price: base / as tested: Dh382,000

Engine: 5.6-litre V8

Gearbox: Seven-speed automatic

Power: 428hp @ 5,800rpm

Torque: 560Nm @ 3,600rpm

Fuel economy, combined: 12.7L / 100km

Biog

Age: 50

Known as the UAE’s strongest man

Favourite dish: “Everything and sea food”

Hobbies: Drawing, basketball and poetry

Favourite car: Any classic car

Favourite superhero: The Hulk original

Wenger's Arsenal reign in numbers

1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.

Teri Baaton Mein Aisa Uljha Jiya

Directors: Amit Joshi and Aradhana Sah

Cast: Shahid Kapoor, Kriti Sanon, Dharmendra, Dimple Kapadia, Rakesh Bedi

Rating: 4/5

What is hepatitis?

Hepatitis is an inflammation of the liver, which can lead to fibrosis (scarring), cirrhosis or liver cancer.

There are 5 main hepatitis viruses, referred to as types A, B, C, D and E.

Hepatitis C is mostly transmitted through exposure to infective blood. This can occur through blood transfusions, contaminated injections during medical procedures, and through injecting drugs. Sexual transmission is also possible, but is much less common.

People infected with hepatitis C experience few or no symptoms, meaning they can live with the virus for years without being diagnosed. This delay in treatment can increase the risk of significant liver damage.

There are an estimated 170 million carriers of Hepatitis C around the world.

The virus causes approximately 399,000 fatalities each year worldwide, according to WHO.

 

Race results:

1. Thani Al Qemzi (UAE) Team Abu Dhabi: 46.44 min

2. Peter Morin (FRA) CTIC F1 Shenzhen China Team: +0.91sec

3. Sami Selio (FIN) Mad-Croc Baba Racing Team: +31.43sec

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

SPEC SHEET: APPLE M3 MACBOOK AIR (13")

Processor: Apple M3, 8-core CPU, up to 10-core CPU, 16-core Neural Engine

Display: 13.6-inch Liquid Retina, 2560 x 1664, 224ppi, 500 nits, True Tone, wide colour

Memory: 8/16/24GB

Storage: 256/512GB / 1/2TB

I/O: Thunderbolt 3/USB-4 (2), 3.5mm audio, Touch ID

Connectivity: Wi-Fi 6E, Bluetooth 5.3

Battery: 52.6Wh lithium-polymer, up to 18 hours, MagSafe charging

Camera: 1080p FaceTime HD

Video: Support for Apple ProRes, HDR with Dolby Vision, HDR10

Audio: 4-speaker system, wide stereo, support for Dolby Atmos, Spatial Audio and dynamic head tracking (with AirPods)

Colours: Midnight, silver, space grey, starlight

In the box: MacBook Air, 30W/35W dual-port/70w power adapter, USB-C-to-MagSafe cable, 2 Apple stickers

Price: From Dh4,599

La Mer lowdown

La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
 

Results

2.30pm Maiden (PA) Dh40,000 1,200m

Winner Lamia, Tadhg O’Shea, Ernst Oertel.

3pm Handicap (PA) Dh40,000 1,000m

Winner Jap Al Afreet, Elione Chaves, Irfan Ellahi.

3.30pm Handicap (PA) Dh40,000 1,700m

Winner MH Tawag, Bernardo Pinheiro, Elise Jeanne.

4pm Handicap (TB) Dh40,000 2,000m

Winner Skygazer, Sandro Paiva, Ali Rashid Al Raihe.

4.30pm The Ruler of Sharjah Cup Prestige (PA) Dh250,000 1,700m

Winner AF Kal Noor, Tadhg O’Shea, Ernst Oertel.

5pm Sharjah Marathon (PA) Dh70,000 2,700m

Winner RB Grynade, Bernardo Pinheiro, Eric Lemartinel.

COMPANY PROFILE

Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures

The specs

Engine: 4.0-litre, flat six-cylinder
Transmission: seven-speed PDK
Power: 510hp
Torque: 470Nm
Price: from Dh634,200
On sale: now

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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.”