Arab states condemned Israel on Monday for allowing extremists to storm the courtyard of Al Aqsa Mosque in East Jerusalem.
Thousands of Israelis rallied for their annual nationalist flag march, with some chanting “death to Arabs”.
The event regularly stokes Palestinian anger, and last year tensions in the disputed city exploded into war.
About 3,000 police were sent to the event that marks Israel's 1967 military capture of East Jerusalem, home of the Al Aqsa mosque compound.
The rally resulted in the injury of at least 79 Palestinians, according to the Red Crescent, prompting condemnation from across the Arab region and the UN.
Israel must “exercise maximum restraint to avoid drifting to new levels of instability”, state news agency Wam said.
The Ministry of Foreign Affairs and International Co-operation “reiterated its firm position on the necessity of providing full protection for Al Aqsa Mosque and stopping serious and provocative violations in it.
“Israel must also respect the role of Jordan in overseeing religious endowments in accordance with international law,” Wam said.
Kuwait also condemned the attacks, saying they provoked Muslims. It called on the United Nations to stop the violations.
“These flagrant violations, which provoke Muslims’ feelings and run counter to international law, have repercussions on international (and) regional stability and security, and increase the opportunities for religious-based confrontations,” Kuwait’s Ministry of Foreign Affairs said.
Its statement called on the UN Security Council to take action and to ensure that Israeli forces respect international law.
Kuwait also urged the protection of Palestinians.
Egypt warned about the consequences of violating any agreement on Al Aqsa Mosque that could exacerbate tensions in Palestine.
“Al Aqsa Mosque is a purely Islamic endowment for Muslims and any violations targeting Arabic, Islamic and Christian identity must be stopped,” Ahmed Hafez, spokesman for Egypt's Ministry of Foreign Affairs, said.
He called on the Israeli authorities to act in accordance with international law and “to intervene immediately to stop these provocative practices that inflame the feelings of Muslims”.
Muhammad Al Khalayleh, Jordan’s Minister of Awqaf, Islamic Affairs and Holy Sites, condemned what he said was the Israeli government's failure to stop the nationalists.
“The occupying authority must stop sponsoring Jewish extremism in order to protect, support and organise it, as this behaviour provokes further conflicts that have grave consequences,” he said in a statement.
“The blessed Al Aqsa Mosque and Al Haram Al Qudsi Al Sharif and its area of 144 thousand square metres is a pure right of Muslims,” the statement said.
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.”
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
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The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
The years Ramadan fell in May
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
Juventus v Napoli, Sunday, 10.45pm (UAE)
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