The leaders of Egypt, Jordan and the Palestinians delivered a warning to Israel's far-right government on Tuesday, saying "illegal and unilateral" measures that are undermining the chances of a Palestinian-Israeli settlement must stop.
During a meeting in Cairo, President Abdel Fattah El Sisi, Jordan's King Abdullah and Palestinian leader Mahmoud Abbas called on Israel to maintain the status quo at Jerusalem's holiest site.
They emphasised Amman's historical role as custodian of the city's Al Aqsa Mosque.
They also called on the international community to provide protection for Palestinians and on rival Palestinian factions to unite.
The three leaders periodically meet to co-ordinate policies towards Israel and explore ways to inject life into the long-stalled peace process between the Palestinians and Israel. Their meeting on Tuesday took on added significance after the re-election of Prime Minister Benjamin Netanyahu at the head of a religiously conservative and right-wing government.
"The leaders stressed the necessity for the halt of all of Israel's unilateral and illegal measures that undermine the two-state solution and the chance for a just and comprehensive peace," said a joint statement at the end of the summit in Cairo.
It cited the expansion of Jewish settlements in the West Bank, confiscating Palestinian land, demolishing Palestinian homes and Israeli security raids in Palestinian towns.
Egypt and Jordan signed peace treaties with Israel in 1979 and 1994 respectively. Both Arab nations share borders with Israel.
However, relations between them and Israel often become fraught with tension at times of Israeli-Palestinian violence or when Israel is seen to be using excessive force against Palestinian protesters.
This month, a right-wing member in Mr Netanyahu’s new cabinet — National Security Minister Itmar Ben-Gvir — visited the Al Aqsa compound in East Jerusalem. The visit sparked international condemnation, including from Israel's main backer, the US.
Under a long-standing status quo, non-Muslims can visit the site at specific times, but are not allowed to pray there. In recent years, however, a growing number of Jewish people, most of them Israeli nationalists, have covertly prayed at the Al Aqsa compound, a development decried by Palestinians.
Both Jordan and Egypt strongly condemned the visit, warned Israel against changing the status quo in East Jerusalem and cautioned against provocative actions by the new government.
Al Aqsa is Islam’s third holiest site and East Jerusalem is what the Palestinians want as a capital for a future independent state.
In a move likely to make relations with Israel even more fraught with tension, Jordan's Foreign Ministry said Israeli authorities on Tuesday "intercepted" the Jordanian ambassador to Israel, Ghassan Magali, as he was entering Al Aqsa Mosque.
An Israeli policeman "blocked the way of the Jordanian ambassador as he entered the blessed Al Aqsa Mosque", it said.
The three leaders discussed the prospects for reconciliation between the Fatah faction, led by the Palestinian President, 87, which dominates the Ramallah-based Palestinian Authority, and the Hamas group that has ruled the Gaza Strip alone since 2007.
They said the Palestinians needed to unify their ranks to better defend their cause.
Jordanian analyst Saud Al Sharafat, speaking to The National only hours before Tuesday's meeting, said the leaders had separate reasons for concern.
Their worries have been deepened by the extremist bent of Israel's new government as well as its heavy-handed response to unrest in the West Bank, he said.
Mr Abbas is afraid of the Palestinian Authority “becoming internally powerless” and losing external clout in favour of its sworn rival Hamas and other radical Islamist groups in Gaza, Mr Al Sharafat said. Fading hopes for a Palestinian-Israeli settlement is also contributing to concerns.
Egypt, for its part, is worried about the loss to other regional players of its security and intelligence influence in the Gaza Strip, where it has maintained close links with Hamas and Islamist extremists. These links are a key card in Egypt's relations with Israel and are consistently used to broker a truce when Hamas and Israel are at war.
The escalation of Israeli military operations in the West Bank and the rising number of Palestinian casualties there in recent weeks are putting pressure on Jordan and its coveted role as custodian of Jerusalem's holy shrines, said Mr Al Sharafat.
“The actions of the current Netanyahu government are [aimed at] sowing doubt about Jordan’s ability to manage this file,” he said.
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
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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The specs
Engine: 4.0-litre V8
Power: 503hp at 6,000rpm
Torque: 685Nm at 2,000rpm
Transmission: 8-speed auto
Price: from Dh850,000
On sale: now
UAE currency: the story behind the money in your pockets