• Former Israeli prime minister Benjamin Netanyahu has left his government residence, pictured, on Balfour Street, Jerusalem, a month after leaving office.
    Former Israeli prime minister Benjamin Netanyahu has left his government residence, pictured, on Balfour Street, Jerusalem, a month after leaving office.
  • Mr Netanyahu was officially ousted after 12 years as prime minister, having spent weeks trying unsuccessfully to form a coalition government to remain in power.
    Mr Netanyahu was officially ousted after 12 years as prime minister, having spent weeks trying unsuccessfully to form a coalition government to remain in power.
  • Despite efforts to expose Israeli general election results as fraudulent, Mr Netanyahu was unseated eventually by a rival coalition and replaced by new Prime Minister Naftali Bennett.
    Despite efforts to expose Israeli general election results as fraudulent, Mr Netanyahu was unseated eventually by a rival coalition and replaced by new Prime Minister Naftali Bennett.
  • Mr Netanyahu left shortly after the deadline he agreed to. A group that organised regular street protests against his leadership described him as ‘Crime Minister’ and wrote on Facebook: ‘The defendant and his family fled as the last of the thieves in the night.'
    Mr Netanyahu left shortly after the deadline he agreed to. A group that organised regular street protests against his leadership described him as ‘Crime Minister’ and wrote on Facebook: ‘The defendant and his family fled as the last of the thieves in the night.'

Netanyahu leaves official Israeli prime minister's residence after 12 years


Robert Tollast
  • English
  • Arabic

Former Israeli prime minister Benjamin Netanyahu left his government residence on Balfour Street, Jerusalem, on Sunday, a month after leaving office.

There had been speculation that he may have attempted to remain in the residence as he planned a legal challenge to the election results.

But the attempt eventually faltered and he agreed to leave by July 10, despite having hosted former US ambassador to the UN Nikki Haley at the residence. She referred to him as prime minister during her stay.

"A little after midnight the Netanyahu family left the residence on Balfour [Street]," a spokesman for the family said in a press release.

On June 13, Mr Netanyahu was officially ousted after 12 years as prime minister, having spent previous weeks trying unsuccessfully to form a coalition to stay in power.

Despite attempts to dismiss election results as fraudulent, he was eventually unseated by an eclectic coalition of the nationalist Naftali Bennett, head of the New Right party, centrist former TV host Yair Lapid, who heads the Yesh Atid party and Mansour Abbas's United Arab List party.

Mr Bennett will be prime minister for two years before Mr Lapid will rotate into the position for two years.

But as the new government settled into office, Mr Netanyahu did not vacate the prime ministerial residence. Instead, he continued to host dignitaries. Mr Bennett's office set a July 10 deadline for the former premier to move out.

While there is currently no law on when an outgoing prime minister must leave the residence, the new government has tabled legislation to ensure that outgoing prime ministers leave within 14 days of leaving office.

Mr Netanyahu left after midnight on Sunday, slightly after the deadline he agreed to. "Crime Minister" is how an organisation that has mounted weekly protests against Mr Netanyahu outside the residence for more than a year described him on Sunday.

"The defendant and his family fled as the last of the thieves in the night," the group wrote on Facebook. Mr Bennett is set to move in to the prime minister's residence soon, but no date has been set.

The Balfour residence had become a symbol of the Netanyahus’ scandals, and was the scene of weekly protests against Mr Netanyahu for much of the past year. Demonstrators called on the then-prime minister to resign while on trial for corruption. Mr Netanyahu has denied any wrongdoing and refused to step down.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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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

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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.”

The biog

Date of birth: 27 May, 1995

Place of birth: Dubai, UAE

Status: Single

School: Al Ittihad private school in Al Mamzar

University: University of Sharjah

Degree: Renewable and Sustainable Energy

Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.

Updated: July 11, 2021, 10:48 AM