Israeli President Isaac Herzog, left, with his Turkish host President Recep Tayyip Erdogan in Ankara. EPA
Israeli President Isaac Herzog, left, with his Turkish host President Recep Tayyip Erdogan in Ankara. EPA
Israeli President Isaac Herzog, left, with his Turkish host President Recep Tayyip Erdogan in Ankara. EPA
Israeli President Isaac Herzog, left, with his Turkish host President Recep Tayyip Erdogan in Ankara. EPA

Erdogan marks ‘turning point’ for Turkey and Israel as Herzog visits


Rosie Scammell
  • English
  • Arabic

Live updates: follow the latest news on Russia-Ukraine

Turkish President Recep Tayyip Erdogan on Wednesday marked a “turning point” with Israel, as Ankara hosted its president for the first time in 15 years.

“Our common goal is to revive political dialogue between our countries based on respect for mutual sensitivities and interests. That is critical for regional peace,” Mr Erdogan said.

Following talks in Ankara, the Turkish capital, Israeli President Isaac Herzog said the future relationship will be “judged by deeds reflecting a spirit of mutual respect”.

While the Israeli president’s trip was months in the making, the Russian invasion of Ukraine was high on the agenda as both countries are involved in mediation efforts.

“We cannot remain indifferent to such human suffering, and I welcome any endeavour that will lead to the end of the bloodshed,” Mr Herzog said, thanking the Turkish president for his engagement on Ukraine.

Turkey cut diplomatic ties after Israeli forces stormed a ship in 2010 which was leading a flotilla to Gaza, killing 10 Turkish civilians.

Those on board the vessel had tried to break an Israeli blockade imposed on the Palestinian enclave, which remains in force.

Relations were restored about six years later, only for Ankara to recall its diplomats in 2018 after Israeli soldiers killed dozens of Gazans in border protests.

In November, Turkey released an Israeli couple held for days on spying charges after they photographed Mr Erdogan’s Istanbul residence.

Although Mr Herzog’s role is largely ceremonial, he has been an advocate for renewed relations since taking office in July.

  • A Ukrainian serviceman walks past the vertical tail fin of a Russian Su-34 bomber lying in a damaged building in Kharkiv, Ukraine. AP Photo
    A Ukrainian serviceman walks past the vertical tail fin of a Russian Su-34 bomber lying in a damaged building in Kharkiv, Ukraine. AP Photo
  • An apartment building damaged after shelling in Kharkiv, Ukraine. AP Photo
    An apartment building damaged after shelling in Kharkiv, Ukraine. AP Photo
  • A woman puts her head in her hands as she sits on a cot in a shelter, set up for displaced persons fleeing Ukraine, inside a school gymnasium in Przemysl, Poland. AP Photo
    A woman puts her head in her hands as she sits on a cot in a shelter, set up for displaced persons fleeing Ukraine, inside a school gymnasium in Przemysl, Poland. AP Photo
  • Belarussian and suspected Russian helicopters on the flight line at Machulishchy Air Base outside Minsk, Belarus. AP Photo
    Belarussian and suspected Russian helicopters on the flight line at Machulishchy Air Base outside Minsk, Belarus. AP Photo
  • Children look on as people fleeing Russia's invasion of Ukraine shelter in a school, in Drohobych, Ukraine. Reuters
    Children look on as people fleeing Russia's invasion of Ukraine shelter in a school, in Drohobych, Ukraine. Reuters
  • Families eat in the shelter. Reuters
    Families eat in the shelter. Reuters
  • A woman looks out from a building damaged by Russian shelling in Mykolaiv, 100 kilometres away from Odesa, western Ukraine. AFP
    A woman looks out from a building damaged by Russian shelling in Mykolaiv, 100 kilometres away from Odesa, western Ukraine. AFP
  • A wounded Ukrainian man waits in the corridor of the central hospital of Mykolaiv. AFP
    A wounded Ukrainian man waits in the corridor of the central hospital of Mykolaiv. AFP
  • An elderly woman is carried in a shopping cart after being rescued from Irpin, on the outskirts of Kyiv, Ukraine. AP
    An elderly woman is carried in a shopping cart after being rescued from Irpin, on the outskirts of Kyiv, Ukraine. AP
  • A woman reacts as a train carrying children from Kyiv's Central Children's Hospital leaves the Ukrainian capital on its way to Lviv. Reuters
    A woman reacts as a train carrying children from Kyiv's Central Children's Hospital leaves the Ukrainian capital on its way to Lviv. Reuters
  • A girl sits in an improvised bomb shelter in Mariupol, Ukraine. AP
    A girl sits in an improvised bomb shelter in Mariupol, Ukraine. AP
  • An elderly woman is coated in snow as she sits in a wheelchair after being rescued from Irpin. AP
    An elderly woman is coated in snow as she sits in a wheelchair after being rescued from Irpin. AP
  • Belarusian volunteers take part in military exercises at the Belarusian Company base in Kyiv. AP
    Belarusian volunteers take part in military exercises at the Belarusian Company base in Kyiv. AP
  • Lessa, left, director of a nursery school turned into a refugee shelter, cries as she hugs Olega, who arrived from Kyiv with her baby, near Lviv. EPA
    Lessa, left, director of a nursery school turned into a refugee shelter, cries as she hugs Olega, who arrived from Kyiv with her baby, near Lviv. EPA
  • Ukrainians pass a damaged bridge as they flee from Irpin. AP
    Ukrainians pass a damaged bridge as they flee from Irpin. AP
  • A man carries an elderly woman as people continue to leave Irpin. AP
    A man carries an elderly woman as people continue to leave Irpin. AP
  • A soldier stands on a barricade made of sandbags in central Odesa, Ukraine. Reuters
    A soldier stands on a barricade made of sandbags in central Odesa, Ukraine. Reuters
  • A charred Russian tank and captured tanks in the Sumy region. Reuters
    A charred Russian tank and captured tanks in the Sumy region. Reuters
  • People rest at a temporary shelter for Ukrainian refugees in Przemysl, Poland. AFP
    People rest at a temporary shelter for Ukrainian refugees in Przemysl, Poland. AFP
  • Ukraine's ambassador to the Netherlands, Maksym Kononenko, third right, and his wife Tetiana Doroshenko, fourth left, attend a meeting of members of the Ukrainian community with Dutch King Willem-Alexander, third left, and Queen Maxima, second left, to discuss the situation in Ukraine, in The Hague. EPA
    Ukraine's ambassador to the Netherlands, Maksym Kononenko, third right, and his wife Tetiana Doroshenko, fourth left, attend a meeting of members of the Ukrainian community with Dutch King Willem-Alexander, third left, and Queen Maxima, second left, to discuss the situation in Ukraine, in The Hague. EPA
  • A Ukrainian soldier looks at the destruction after shelling in Ukraine's second-largest city of Kharkiv. AFP
    A Ukrainian soldier looks at the destruction after shelling in Ukraine's second-largest city of Kharkiv. AFP
  • A refugee holds her dog as they wait for trains to Poland in Lviv, Ukraine. Reuters
    A refugee holds her dog as they wait for trains to Poland in Lviv, Ukraine. Reuters
  • A woman ties ribbons in Ukrainian national flag colours in a girl's hair as people wait at a refugee assistance centre in Prague, Czech Republic. EPA
    A woman ties ribbons in Ukrainian national flag colours in a girl's hair as people wait at a refugee assistance centre in Prague, Czech Republic. EPA
  • A Ukrainian soldier carries an elderly woman crossing the Irpin river on the outskirts of Kyiv. AP
    A Ukrainian soldier carries an elderly woman crossing the Irpin river on the outskirts of Kyiv. AP
  • Lena, who had never left Ukraine before fleeing into Moldova, feeds Dasha, 3, soon after crossing the border. Erin Clare Brown for The National
    Lena, who had never left Ukraine before fleeing into Moldova, feeds Dasha, 3, soon after crossing the border. Erin Clare Brown for The National
  • Refugees without immediate plans to move further inland can stay the night in tents set up on Moldova's side of the border. Erin Clare Brown for The National
    Refugees without immediate plans to move further inland can stay the night in tents set up on Moldova's side of the border. Erin Clare Brown for The National
  • Tatiana and her son wait for a van that will carry them from the Moldovan border to Chisinau. Erin Clare Brown for The National
    Tatiana and her son wait for a van that will carry them from the Moldovan border to Chisinau. Erin Clare Brown for The National
  • Each night, the Palanca refugee camp in Moldova feeds up to 300 people who arrive with no onward plans. Erin Clare Brown for The National
    Each night, the Palanca refugee camp in Moldova feeds up to 300 people who arrive with no onward plans. Erin Clare Brown for The National
  • People pass a damaged bridge while fleeing the town of Irpin, close to the Ukrainian capital of Kyiv. AP
    People pass a damaged bridge while fleeing the town of Irpin, close to the Ukrainian capital of Kyiv. AP
  • A Ukrainian soldier stands guard next to a church in Irpin. EPA
    A Ukrainian soldier stands guard next to a church in Irpin. EPA
  • A firefighter holds the baby of a Ukrainian refugee at the border in Romania. AP
    A firefighter holds the baby of a Ukrainian refugee at the border in Romania. AP
  • Ukrainian President Volodymyr Zelenskyy speaks in Kyiv. Reuters
    Ukrainian President Volodymyr Zelenskyy speaks in Kyiv. Reuters
  • A Ukrainian soldier at a checkpoint in Kyiv. AP
    A Ukrainian soldier at a checkpoint in Kyiv. AP
  • Ukrainian activist Ihor Mazur, left, a veteran of the war in the country's east, looks at a night-vision device in Kyiv. AP
    Ukrainian activist Ihor Mazur, left, a veteran of the war in the country's east, looks at a night-vision device in Kyiv. AP
  • Ambassadors attend a UN Security Council meeting on threats to international security after Russia's invasion of Ukraine, in New York. Reuters
    Ambassadors attend a UN Security Council meeting on threats to international security after Russia's invasion of Ukraine, in New York. Reuters
  • Ukraine's UN ambassador Sergey Kyslytsya holds a paper with an image of Russia's Foreign Minister Sergey Lavrov as he addresses the Security Council in New York. Reuters
    Ukraine's UN ambassador Sergey Kyslytsya holds a paper with an image of Russia's Foreign Minister Sergey Lavrov as he addresses the Security Council in New York. Reuters
  • A road sign put up in support of Mr Zelenskyy outside Russia's embassy in Washington. AFP
    A road sign put up in support of Mr Zelenskyy outside Russia's embassy in Washington. AFP
  • Ukrainian refugees at the train station in Lviv, western Ukraine. EPA
    Ukrainian refugees at the train station in Lviv, western Ukraine. EPA
  • Lethal and non-lethal Ukrainian aid is loaded on to a plane bound for Poland by Canadian soldiers in Trenton, Ontario. Reuters
    Lethal and non-lethal Ukrainian aid is loaded on to a plane bound for Poland by Canadian soldiers in Trenton, Ontario. Reuters
  • Volunteers carry medical aid and necessities at a train station in Lviv. EPA
    Volunteers carry medical aid and necessities at a train station in Lviv. EPA
  • Everton players wear T-shirts in support of Ukraine as they warm up for an English Premier League football match against Tottenham Hotspur. AP
    Everton players wear T-shirts in support of Ukraine as they warm up for an English Premier League football match against Tottenham Hotspur. AP
  • A residential building damaged by Russian shelling in Chernihiv, Ukraine. Reuters
    A residential building damaged by Russian shelling in Chernihiv, Ukraine. Reuters
  • A man walks past a checkpoint in heavy snow in Lviv. Getty
    A man walks past a checkpoint in heavy snow in Lviv. Getty
  • A man fleeing fighting in Irpin waits to cross a river after Russian forces entered the city. Getty
    A man fleeing fighting in Irpin waits to cross a river after Russian forces entered the city. Getty
  • Soldiers assist Irpin residents underneath a damaged bridge as they flee. Getty
    Soldiers assist Irpin residents underneath a damaged bridge as they flee. Getty
  • Ukrainian civilians who volunteered to join the Territorial Defence Forces take part in a training exercise in Odesa after Russia's invasion. Reuters
    Ukrainian civilians who volunteered to join the Territorial Defence Forces take part in a training exercise in Odesa after Russia's invasion. Reuters
  • Men carry a body to a lorry as people flee from the frontline town of Irpin. EPA
    Men carry a body to a lorry as people flee from the frontline town of Irpin. EPA
  • A Ukrainian police officer runs with a child as the sound of shelling echoes nearby in Irpin. AP
    A Ukrainian police officer runs with a child as the sound of shelling echoes nearby in Irpin. AP
  • Parents and children struggle to board a train in Lviv. AP
    Parents and children struggle to board a train in Lviv. AP

“We must agree in advance that we will not agree on everything,” he said on Wednesday. “But we shall aspire to solve our disagreements with mutual respect and goodwill.”

Before he arrived in Ankara, Mr Herzog travelled to Cyprus and Greece, which have long-standing strained relations with Turkey.

Israel has allied itself with the two EU nations in recent years, signing a pipeline deal in 2020 to ship gas from the eastern Mediterranean to Europe.

Both Turkey and the US have raised concern about the project, although it may gain wider support as countries seek to reduce their reliance on Russian exports.

Mr Erdogan on Wednesday expressed interest in co-operating with Israel on energy.

Turkey is scheduled to host the foreign ministers of Russia and Ukraine on Thursday, two weeks after Moscow launched its offensive on its eastern European neighbour.

Israel has also pursued a mediating role in the war, with Prime Minister Naftali Bennett travelling to Moscow on Saturday for talks with Russian President Vladimir Putin.

He has also held regular calls with Ukraine’s President Volodymyr Zelenskyy.

Agencies contributed to this report

While you're here
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

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.”

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ELeap%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ziad%20Toqan%20and%20Jamil%20Khammu%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20Undisclosed%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3ESeven%3C%2Fp%3E%0A
Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

The%20Emperor%20and%20the%20Elephant
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3ESam%20Ottewill-Soulsby%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3EPrinceton%20University%20Press%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPages%3A%20%3C%2Fstrong%3E392%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%20%3C%2Fstrong%3EJuly%2011%3C%2Fp%3E%0A
Updated: March 09, 2022, 5:56 PM