US engagement in the Middle East peace process was revitalised this week, as Under Secretary of State for Political Affairs Victoria Nuland met senior officials in Israel and the Palestinian territories.
Ms Nuland met Palestinian Authority President Mahmoud Abbas in Ramallah on Monday and described the talks as a “productive discussion on the renewed US relationship with Palestinians, respect for human rights and democracy and support for a two-state solution”.
Mr Abbas said Israel must stop unilateral measures that undermine the two-state solution.
The under secretary was the second high-profile US official to meet Mr Abbas in less than six months.
Last May, Secretary of State Antony Blinken met Mr Abbas in Ramallah after an outbreak of violence between Israeli forces and Palestinian militant groups. The visit was seen as an early test for the administration of US President Joe Biden and its diplomatic approach to the decades-long conflict.
Mr Biden has often said that he wants both sides to repair relations that have deteriorated since the last round of direct peace talks collapsed in 2014.
While the US has long sought a solution to the conflict that will result in a viable Palestinian state, the Donald Trump administration made some moves that critics saw as hindering the peace process, including recognising Jerusalem as Israel's capital.
Despite the apparent diplomacy drive, experts remain sceptical about the scope of US re-engagement with the Middle East peace process.
Seth Frantzman, executive director of the Middle East Centre for Reporting and Analysis, said the Biden administration has tried to make clear to both sides that it supports a return to the status quo that existed before the Trump administration's policy changes.
“US officials offer up vague statements about peace and a two-state solution, statements designed not to ruffle feathers among the Israeli or Palestinian leadership,” he told The National.
“The US does not appear to be focused too strongly on floating new peace deals or condemning Israel's policies because the Biden administration has many other priorities such as dealing with Russia-Ukraine tension, China, the Iran talks in Vienna and an ongoing pandemic.”
Under Mr Trump, diplomatic efforts to resolve the Palestinian-Israeli conflict were largely seen by Palestinian officials as ineffective and doing more harm than good to their cause.
Palestinians have dismissed Mr Trump’s peace plan — hailed as “the deal of the century” by its backers — as an economic blueprint that recycled old ideas for the West Bank and the Gaza Strip.
Mr Abbas rejected the deal, which was orchestrated by Mr Trump’s son-in-law, Jared Kushner.
“No, no and no to the ‘deal of the century,'” he said in June 2020. “Jerusalem is not for sale. All of our rights are not for sale or bartering. This plan will go to the dustbin of history.”
Though the US embassy remains in Jerusalem, Mr Biden has undone some of his predecessor's policies.
In April, Mr Biden reversed Mr Trump’s suspension of aid to the UN Relief and Works Agency (UNRWA), which has helped Palestinians for seven decades, and on Tuesday, Palestinian and US officials met virtually for their first economic dialogue in five years.
Last year, revenue collected by the Palestinian Authority from trade, tourism and transfers had declined to their lowest levels in 20 years, partly due to the coronavirus pandemic.
The Palestinian refugees and their right of return and the status of Jerusalem as well as borders and security arrangements are only some of the sticking points in the drawn-out effort to find a solution to the conflict.
Despite the challenge, there have been signs that relations between Israel and the Palestinians are improving.
Mr Abbas held talks with Israeli Defence Minister Benny Gantz in August — the first meeting between the Palestinian leader and a senior Israeli official in more than a decade.
Mr Frantzman said however that a long-sought breakthrough may prove elusive.
“Although there may be incremental positive steps, such as shoring up the Palestinian economy, the chances of a breakthrough appear slim because the Palestinian leadership in the West Bank won't reconcile with the Hamas leadership in Gaza,” he said.
“Israel also prefers the status quo because it knows that its current ruling coalition is very fragile and consists of too many parties across the political spectrum and would not be able to agree on any controversial decisions or concessions to the Palestinians,” he added.
Senior Israeli officials, including Interior Minister Ayelet Shaked, oppose the concept of a Palestinian state.
Ms Shaked, who is one of Israel's most influential politicians and a linchpin in the current government, told The National in October that Israel wanted to manage the conflict with the Palestinians, not resolve it.
Experts believe that the Biden administration’s focus on other parts of the world could allow Russia and China to play a more prominent role in the Middle East.
“Moscow and Beijing may consider US inaction on the issue — or the seemingly slow US response — and its general inclination to focus on other parts of the world (or domestically) as an opportunity to exert greater influence on bringing about a negotiated settlement,” said Richard LeBaron, a non-resident senior fellow at the Atlantic Council.
China reportedly offered in March to mediate between the Israelis and the Palestinians, even though it has no historical connection to the conflict.
And in May, Russian Foreign Minister Sergey Lavrov reiterated Moscow’s support for talks to resolve key pending issues between both sides.
Fifa Club World Cup:
When: December 6-16
Where: Games to take place at Zayed Sports City in Abu Dhabi and Hazza bin Zayed Stadium in Al Ain
Defending champions: Real Madrid
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The%20Beekeeper
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First Person
Richard Flanagan
Chatto & Windus
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TECH%20SPECS%3A%20APPLE%20IPHONE%2014%20PLUS
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MATCH INFO
Uefa Nations League
League A, Group 4
Spain v England, 10.45pm (UAE)
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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.”
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Have you been targeted?
Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.
3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.
4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
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Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
Mohammed bin Zayed Majlis
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
RIDE%20ON
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