Israel's Prime Minister Yair Lapid heads a cabinet meeting in Jerusalem on November 20. Reuters
Israel's Prime Minister Yair Lapid heads a cabinet meeting in Jerusalem on November 20. Reuters
Israel's Prime Minister Yair Lapid heads a cabinet meeting in Jerusalem on November 20. Reuters
Israel's Prime Minister Yair Lapid heads a cabinet meeting in Jerusalem on November 20. Reuters

Israel's Yair Lapid urges foreign states to stop ICJ opinion on occupation


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Israel's departing Prime Minister Yair Lapid has written to more than 50 countries to try to stop a UN vote that would ask the International Court of Justice to give an advisory opinion on Israel's occupation of the West Bank.

Mr Lapid's letter to the leaders urged them to pressure the Palestinian Authority to shelf the motion, he said on Tuesday.

The Palestinian resolution, already approved by a UN committee, asked the ICJ to weigh in on Israel's “prolonged occupation, settlement and annexation of the Palestinian territory”, which it said violates the Palestinian right to self-determination.

The bid is part of an orchestrated effort to discriminate against Israel, Mr Lapid said in a tweet.

“The status of disputed territory will be subject to direct negotiations between Israel and the Palestinians,” he wrote in the letter. A “one-sided change to such a policy will have detrimental effects on the entire region”, he added.

Israel captured the West Bank, East Jerusalem and Gaza, which Palestinians want for an independent state, in 1967.

A spokesman for Palestinian President Mahmoud Abbas said Mr Lapid's efforts were “doomed to fail”.

Israel has launched almost daily raids into Palestinian territory this year, killing 205 in what has been the deadliest year since 2005. Israel says the raids are necessary to crack down on militant groups held responsible for attacks that have killed more than 20 Israelis.

On Monday, the UN said it feared the Israeli-Palestinian conflict is reaching “boiling point” just a day before five Palestinians were killed by the army in different areas of the West Bank. Two brothers were among those killed, shot dead west of Ramallah.

The return of Benjamin Netanyahu as Israel's next prime minister is expected to fuel further tension with Palestinians.

Securing victory with an alliance of right-wing and religious parties, several members of Mr Netanyahu's expected cabinet vehemently oppose Palestinian statehood. He has also slammed Mr Lapid for his support for a two-state solution during his time in office.

Incoming public security minister Itamar Ben-Gvir, who will assume control of Israel's police force, has reiterated calls for the death penalty in light of recent Palestinian attacks, with two people killed in rare twin bombings in Jerusalem last week.

Mr Ben-Gvir, who lives in the West Bank settlement of Kiryat Arba, has also pledged support for unrecognised Israeli outposts in the occupied territory.

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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.”

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

Updated: November 30, 2022, 9:56 AM