Senior figures at home and abroad are piling pressure on Israeli Prime Minister Benjamin Netanyahu over what they believe is his diminishing ability to control an unruly coalition.
In recent days, the Prime Minister has faced high-profile resignations and protests within his own government as concerns mount, particularly among colleagues furthest on the right, over broken promises and a sluggish pace implementing manifesto promises.
On Monday, opposition leader Yair Lapid said the government had “lost control”, of a deteriorating security situation.
On Tuesday, EU diplomats told Israeli media that “we don’t see the control behind the scenes that [Mr Netanyahu] led us to believe he has”.
“Prime Minister Benjamin Netanyahu doesn't like changing the status quo, but we can't continue in a situation where the most basic task that a government must fulfil, ensuring security, is not provided,” Benjamin Sipzner, an activist for the Religious Zionism party whose politicians have voiced frustration on a number of occasions this month, told The National.
“At some point there really is a line for us and the patience of the population and certain Knesset members will disappear. We're heading there right now. The current situation cannot continue.”
While many Israelis decry the new government — the most conservative in the country's history — Mr Netanyahu's solid mandate and an ascendant far right during the most recent elections brought about the strongest coalition seen for some time, ending a tumultuous period that saw five elections in three years.
But the difficult task of implementing the many promises that coalition parties made to their voters is proving divisive.
On Monday, far-right politician Avi Maoz, the Noam party's sole representative in the Knesset, resigned. His letter of resignation to the Prime Minister said he was “shocked to find there was no serious intention of honouring the coalition deal”.
As part of negotiations to form a government, Mr Netanyahu agreed to Mr Maoz's petition to head an authority on Jewish national identity, something that Mr Maoz says never materialised.
The Noam politician is famous for his hardline stance on promoting conservative religious values, including revising the school curriculum and changing policy on an egalitarian prayer zone at the Western Wall in Jerusalem.
His departure comes as other key members of the coalition express mounting disquiet across a range of policy areas.
Security, a priority for so many in Israel, is proving particularly contentious. As violence in the West Bank escalates, ministers that ran on hawkish campaigns are under particular strain.
Knesset boycott
On Monday, lawmakers from the far-right Otzma Yehudit party boycotted a Knesset session over what it described as a lenient “policy of containment” after deadly violence in the West Bank.
Earlier in the month, their leader, National Security Minister Itamar Ben-Gvir, warned he would resign in three months if the government does not implement some of his policies, even if it means bringing down the coalition.
Religious issues are also proving problematic.
On Tuesday, a lawmaker from the ultraorthodox United Torah Judaism party resigned from a government role heading the annual Jewish pilgrimage to Mount Meron, as other parties representing the community complain that the government is not allocating enough funds for their institutions.
It is not known whether such resignations are permanent or temporary in Israel's fast-moving, complex political system.
Mr Sipzner told The National it is “unrealistic” for his party to get “all that it wants”.
“We are only two months in and hopefully things will settle,” he said.
“I don't think we're going to walk away. As things are currently going, I anticipate a lot of pushing and threats to leave Knesset sessions and maybe even ministerial positions temporarily. But overall there's way too much to lose. This is the most right-wing coalition Israel has ever had, and we can't afford for it to fail.”
But there is a growing chance that recent trouble for Mr Netanyahu is more than internal political manoeuvring, and disquiet will likely only rise as the government is forced to confront mounting challenges.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Company%C2%A0profile
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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.”
MATCH RESULT
Al Jazira 3 Persepolis 2
Jazira: Mabkhout (52'), Romarinho (77'), Al Hammadi (90' 6)
Persepolis: Alipour (42'), Mensha (84')
