Last weekend, more than 300,000 Israelis protested for economic reform throughout the country. In Tel Aviv, the epicentre of the housing protests, 250,000 Israelis marched to the defence ministry chanting the slogan "the people want social justice". The demonstrations were some of the largest in Israel's history and have pumped new life into the corpse of Israel's leftist political movement.
But the one issue glaringly missing from these demonstrations demanding "social justice" is the most urgent social justice issue in the region: the equality of everyone under Israeli rule, including Palestinians in the occupied West Bank and Gaza Strip.
The demonstrations sweeping Israel started on July 14 as a group of young Israelis set up a number of tents on Rothschild Boulevard, one of the more affluent streets in Tel Aviv. The chief aim was rent relief. Protesters held signs complaining about rents for two-bedroom apartments in the centre of Tel Aviv, which average about 3,700 Israeli shekels (Dh3,840) per month while the average salary in Israel is 6,000 shekels.
Within days, thousands of Tel Aviv residents joined the protests, erecting a tent city that stretched over one kilometre. Israeli Prime Minister Benjamin Netanyahu's attempt to dismiss "radical leftists and anarchists" who displayed "disloyalty to the state and its army" apparently did not work.
The tent protests tap into the general exhaustion felt by many in Israel's middle class. Despite a strong economy that was largely shielded from the economic crisis (Israel's GDP grew a whopping 4.7 per cent last year), neoliberal policies and high taxes for security and the maintenance of Israel's 44-year occupation of the West Bank and Gaza has forced an extremely high cost of living. Everything from housing costs to the price of cottage cheese is comparable to London or New York, while salaries tend to be 50 per cent lower than in those cities.
On top of the high cost of living inside the 1967 borders, the Israeli middle class has seen successive Israeli governments devote resources to settlements in the occupied West Bank rather than to Israeli urban centres.
Despite the connection between economic hardship and the settlements, Israeli protesters have been careful not to connect their struggle with Palestinian solidarity or an end to occupation.
This is partly tactical. In the climate of radical politics, Israeli public opinion meets any discussion of the occupation with a negative reaction. Protest organisers say economic reform would not receive the 87 per cent public approval rating that it enjoys if the early demonstrations had been overtly anti-occupation. However, after a month of increasing protests, questions about "social justice" can hardly ignore the occupation or unequal conditions for non-Jews.
The timing will also press the issue of occupation. The army plans to call up reservists ahead of the United Nations vote on Palestinian statehood in September. The core of the tent protest movement is young men and woman with reserve duty obligations.
Come September, will reservist protesters put their demands on hold, don olive-green uniforms and subdue Palestinians in the West Bank, who are struggling for their own social justice? If there was any widespread challenge to Israel's paramount institution, the military, the occupation would suffer.
In an attempt to capitalise on the media attention, settlers from the West Bank are joining tent protests. Under banners declaring that the solution to the housing crisis is settlement of the West Bank, dozens of radical settlers have been shouting hate-filled slogans against African refugees, Arabs and homosexuals during protests. And organisers have defended the rights of settlers to protest, arguing that Palestinian solidarity activists are also present at the demonstrations.
Organisers are desperate to show that the demonstrations include all Israelis. As the protests have gained momentum, Arab-Israelis, among the most disenfranchised people in the country, have slowly joined. But displays of Zionist politics have been overwhelming.
It has become increasingly clear that Mr Netanyahu will have a difficult time weathering protests - and may lose his job.
But fundamental questions remain. How can a protest in Israel, borrowing the revolutionary energy of the Arab Spring, ignore Israel's military control of the Palestinians? Israel may be seeing a challenge to its security-led ideology, or this could be a "social justice" protest in name only, which will continue to ignore the occupation. The only way to know is if the protests continue and develop a coherent underlying strategy.
If these protests, some of the largest in Israel's history, dissolve without addressing Israel's fundamental crisis, it will be difficult to convince anyone that the occupation will end without worldwide external pressure.
Joseph Dana is a journalist based in Tel Aviv and Ramallah
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
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Transmission: 8-speed automatic
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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.”
MATCH INFO
Inter Milan 2 (Vecino 65', Barella 83')
Verona 1 (Verre 19' pen)
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
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Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
Killing of Qassem Suleimani
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The specs
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The Case For Trump
By Victor Davis Hanson
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
More on Quran memorisation:
Most%20polluted%20cities%20in%20the%20Middle%20East
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MOST%20POLLUTED%20COUNTRIES%20IN%20THE%20WORLD
%3Cp%3E1.%20Chad%3Cbr%3E2.%20Iraq%3Cbr%3E3.%20Pakistan%3Cbr%3E4.%20Bahrain%3Cbr%3E5.%20Bangladesh%3Cbr%3E6.%20Burkina%20Faso%3Cbr%3E7.%20Kuwait%3Cbr%3E8.%20India%3Cbr%3E9.%20Egypt%3Cbr%3E10.%20Tajikistan%3Cbr%3E%3Cbr%3E%3Cem%3ESource%3A%202022%20World%20Air%20Quality%20Report%3C%2Fem%3E%3C%2Fp%3E%0A
SWEET%20TOOTH
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Barings Bank
Barings, one of Britain’s oldest investment banks, was
founded in 1762 and operated for 233 years before it went bust after a trading
scandal.
Barings Bank collapsed in February 1995 following colossal
losses caused by rogue trader Nick Lesson.
Leeson gambled more than $1 billion in speculative trades,
wiping out the venerable merchant bank’s cash reserves.
KILLING OF QASSEM SULEIMANI