Egypt's ties with Israel will be affected by the way the next government under Benjamin Netanyahu deals with the Palestinian issue, former Egyptian foreign minister Nabil Fahmy said on Friday.
Mr Netanyahu's return to power in Tuesday's election will entail forming a coalition with extreme right-wing politicians such as Itamar Ben-Gvir, who take a more hardline approach towards Palestinians than members of the current government under centrist politician Yair Lapid.
"I think Egypt's relations under Bibi will be the same as they were the first time, but will be negatively affected by Netanyahu's clear lack of interest in a peace process that involves Palestinians and Israelis," Mr Fahmy said, referring to Mr Netanyahu by his nickname.
He was speaking to The National on the sidelines of an event organised by the Anwar Gargash Diplomatic Academy in Abu Dhabi.
Egypt-Israel relations "could be affected even more if the extreme right in the coalition pushes aggressive annexation policies and so on", Mr Fahmy said.
"I'm not particularly optimistic, to cut my answer short and be very diplomatic in my terms."
Unlike Mr Netanyahu, Mr Lapid was "less confrontational" in his approach, Mr Fahmy said.
"While he was not aggressively pursuing a peace process, he was not provocative in his actions."
This year has so far been deadlier for Palestinians in the West Bank and East Jerusalem than the past seven years, with 130 deaths caused by Israeli forces.
“The time has come for a terrorist who goes out to carry out an attack to be eliminated," Mr Ben-Gvir wrote in a Tweet on Thursday in response to a reported stabbing in East Jerusalem by a Palestinian who was shot dead by two Israeli forces.
Mr Fahmy said Mr Lapid was "less angry" in the way he referred to Palestinians in comparison with some members of Mr Netanyahu's coalition.
"Some of the terminology verged very closely on racism," Mr Fahmy said.
The Arab League expressed solidarity with the Palestinians in the closing statement of its summit in Algeria this week, the group's 31st annual meeting after a three-year break following the Covid-19 outbreak in 2020.
Mr Fahmy said he was "not satisfied" with the outcomes of the meeting despite being "extremely happy" that the summit convened.
"I consider it as a first step in a direction. I accepted it as a first step because they convened, but the direction wasn't very clear," he said.
"That they repeat traditional positions is a minimum, that is not enough ... I would've wanted them to give us a projection about the future — what they want to do in dealing with the challenges looking forward."
Speaking about the Cop27 climate conference taking place in Egypt from Sunday, Mr Fahmy said "excessive materialism at the expense of our future" was a major issue.
"Developed countries took advantage of the world as a whole and developed their economies using energy resources all over the world at the expense of the environment. We need to move towards a collective conscience and collective interest.
"The developed world needs to pay the developing world for opportunity lost and the cost of environmental degradation and it needs to help us shift from raw material technologies to smarter, sustainable energy sources, which costs money," he said. "We can't do it without developing the economy and we have to do it now at rapid pace because of the pollution that they caused."
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Profile of Udrive
Date started: March 2016
Founder: Hasib Khan
Based: Dubai
Employees: 40
Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
RESULT
Manchester United 1 Brighton and Hove Albion 0
Man United: Dunk (66' og)
Man of the Match: Shane Duffy (Brighton)
SPECS
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GRAN%20TURISMO
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Dengue%20fever%20symptoms
%3Cul%3E%0A%3Cli%3EHigh%20fever%3C%2Fli%3E%0A%3Cli%3EIntense%20pain%20behind%20your%20eyes%3C%2Fli%3E%0A%3Cli%3ESevere%20headache%3C%2Fli%3E%0A%3Cli%3EMuscle%20and%20joint%20pains%3C%2Fli%3E%0A%3Cli%3ENausea%3C%2Fli%3E%0A%3Cli%3EVomiting%3C%2Fli%3E%0A%3Cli%3ESwollen%20glands%3C%2Fli%3E%0A%3Cli%3ERash%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3EIf%20symptoms%20occur%2C%20they%20usually%20last%20for%20two-seven%20days%3C%2Fp%3E%0A
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Wonka
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
SUCCESSION%20SEASON%204%20EPISODE%201
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Teenage%20Mutant%20Ninja%20Turtles%3A%20Shredder's%20Revenge
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The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
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 bio
Favourite book: Kane and Abel by Jeffrey Archer
Favourite quote: “The world makes way for the man who knows where he is going.” - Ralph Waldo Emerson, American essayist
Favourite Authors: Arab poet Abu At-Tayyib Al-Mutanabbi
Favourite Emirati food: Luqaimat, a deep-fried dough soaked in date syrup
Hobbies: Reading and drawing