Irit Lillian, who has been in charge of the Israeli embassy in Ankara for the past two years, has been appointed to the role, Israel’s Foreign Ministry announced late on Monday. Facebook
Irit Lillian, who has been in charge of the Israeli embassy in Ankara for the past two years, has been appointed to the role, Israel’s Foreign Ministry announced late on Monday. Facebook
Irit Lillian, who has been in charge of the Israeli embassy in Ankara for the past two years, has been appointed to the role, Israel’s Foreign Ministry announced late on Monday. Facebook
Irit Lillian, who has been in charge of the Israeli embassy in Ankara for the past two years, has been appointed to the role, Israel’s Foreign Ministry announced late on Monday. Facebook

Israel appoints Irit Lillian as new ambassador to Turkey


Mina Aldroubi
  • English
  • Arabic

Israel has appointed a new ambassador to Turkey after a decade-long rift as the two states continue to restore full diplomatic ties.

Irit Lillian, who has been in charge of the Israeli embassy in Ankara for the past two years, will take up the role, Israel’s Foreign Ministry announced late on Monday.

Ms Lillian is the first person to hold a senior diplomatic role in the embassy since 2018, when Turkey withdrew its ambassador from Israel and Israel withdrew its ambassador in Ankara.

The move by Turkey was in protest against the killing of dozens of Palestinians by Israeli gunfire in protests along the Gaza border.

After the appointment of Turkey's Recep Tayyip Erdogan as prime minister in 2003, relations between the two started to deteriorate as Mr Erdogan is known to be an outspoken critic of Israel's treatment of Palestinians.

In response, Israel has objected to Turkey’s support for the Palestinian militant group Hamas, which rules the Gaza Strip.

Tension peaked in 2010 when the two countries first withdrew their envoys and Israeli forces stormed a Turkish ship that broke through an Israeli blockade to deliver humanitarian aid to the Hamas-ruled Gaza Strip.

The incident resulted in the deaths of nine Turkish activists. But between rocky periods in the relations of both countries, there have been attempts to make amends. In 2016, diplomatic relations were restored after discussions between former Israeli prime minister Benjamin Netanyahu and Mr Erdogan.

Ties were cut once again in 2018, after the US embassy opened in Jerusalem and former US president Donald Trump said Washington would recognise Jerusalem as the capital of Israel.

In 2020, Turkey reappointed an ambassador to Israel but full relations were not restored.

Israel’s President Isaac Herzog visited Turkey in March and met Mr Erdogan in a step towards rapprochement.

Last month, Israel and Turkey announced they had agreed to restore full diplomatic ties and would return their ambassadors.

Despite the warming of relations, Ankara has said it will continue to support the Palestinians.

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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.”

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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UAE%20v%20West%20Indies
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MATCH INFO

Inter Milan 2 (Vecino 65', Barella 83')

Verona 1 (Verre 19' pen)

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Cryopreservation: A timeline
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How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark

Rating: 2/5

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Updated: September 20, 2022, 9:47 AM