Israeli Prime Minister Benjamin Netanyahu on Thursday fiercely defended disputed judicial reforms on a visit to Berlin, where German Chancellor Olaf Scholz urged him to reconsider a compromise.
There have been weeks of protests about the package of reforms since they were introduced by Mr Netanyahu's hard-right coalition, prompting Israeli President Isaac Herzog to warn the nation may be on the brink of "civil war".
Mr Scholz admitted he was watching the debate unfold in Israel "with great concern".
"As Israel's friend, we hope that the last word has not been spoken" on Mr Herzog's proposals for compromise.
The President, whose role is largely ceremonial, on Wednesday presented his compromise plans.
They were swiftly rejected by Mr Netanyahu, who said they would "only perpetuate the existing situation and do not bring the required balance between the powers".
He was defiant in In Berlin, saying his plans merely sought to bring Israel "in line with what is common and acceptable in just about every western democracy".
Mr Netanyahu also criticised "slanders and falsifications" against his and his coalition's intentions.
"Israel is being constantly … maligned," he said alongside Mr Scholz. I'm supposed to be some … potentate who's abolishing democracy and all this nonsense. This is absurd, it's preposterous."
But after a meeting with German President Frank-Walter Steinmeier, Mr Netanyahu took on a more conciliatory tone.
Referring to nationwide demonstrations that have persisted for 10 weeks, he told journalists he was "attentive to what's happening in the country".
The coalition has proposed a two-stage process to a key element in the reform — "an immediate fix and then balancing things out", Mr Netanyahu said.
But he said that Mr Herzog had "discarded" the offer.
Mr Netanyahu's coalition, which includes ultra-Orthodox and extreme-right parties, says the reforms are needed to limit judicial overreach, but protesters say they threaten Israel's liberal democracy by weakening key checks and balances.
With the strife far from easing, Mr Herzog warned late Wednesday: "Anyone who thinks that a genuine civil war, with human lives, is a line that we could never reach, has no idea what he is talking about.
"It is precisely now, in the state of Israel's 75th year of independence, that the abyss is within touching distance. Today, I say to you what I told them: civil war is a red line.
"I will not allow it to happen."
He said he was convinced that most Israelis wanted a compromise.
The changes proposed by the coalition would allow the Knesset to override Supreme Court decisions that kill off laws with a parliamentary majority, and then deny the court the right to review such a move.
It would also make it harder for the Supreme Court to strike down legislation it considers would contravene Basic Laws, Israel's quasi-constitution.
Israeli protesters returned to the streets on Thursday, with some holding up placards saying the reforms spelled "the end of democracy".
In Berlin, several hundred protesters also turned out at the Brandenburg Gate, a short distance from the chancellery where Mr Netanyahu and Mr Scholz met.
Among them was Israeli Oren Goldberg, 44, who had travelled from the Netherlands to Berlin to demonstrate.
"I'm here to give a big welcome to the want-to-be dictator in Israel, to show him we won't accept it," Mr Goldberg said.
The controversy in Israel puts Germany in an uncomfortable position.
The two nations forged strong diplomatic ties in the decades after the Second World War, with Berlin committed to the preservation of the Israeli state after the Holocaust.
Successive German governments have described Israel's national security as a crucial foreign policy priority.
But in carefully worded statements, German leaders have voiced their worries over the legislative overhaul.
On Wednesday, Mr Steinmeier said he planned to raise the issue with Mr Netanyahu.
"What I would like to see is that what we have admired about Israel … is preserved."
The German presidency did not release a statement after the meeting.
But a senior Israeli official said the discussion mainly focused on Russia, with Mr Steinmeier urging Mr Netanyahu to use his ties with Vladimir Putin to help end the war in Ukraine.
Netanyahu was sceptical, noting that interests trump personal ties, but stressed he would do anything he could to stop the carnage in Ukraine, the official added.
The biog
Hometown: Birchgrove, Sydney Australia
Age: 59
Favourite TV series: Outlander Netflix series
Favourite place in the UAE: Sheikh Zayed Grand Mosque / desert / Louvre Abu Dhabi
Favourite book: Father of our Nation: Collected Quotes of Sheikh Zayed bin Sultan Al Nahyan
Thing you will miss most about the UAE: My friends and family, Formula 1, having Friday's off, desert adventures, and Arabic culture and people
Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20turbocharged%204-cyl%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E300bhp%20(GT)%20330bhp%20(Modena)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E450Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh299%2C000%20(GT)%2C%20Dh369%2C000%20(Modena)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
if you go
The flights
Fly to Rome with Etihad (www.etihad.ae) or Emirates (www.emirates.com) from Dh2,480 return including taxes. The flight takes six hours. Fly from Rome to Trapani with Ryanair (www.ryanair.com) from Dh420 return including taxes. The flight takes one hour 10 minutes.
The hotels
The author recommends the following hotels for this itinerary. In Trapani, Ai Lumi (www.ailumi.it); in Marsala, Viacolvento (www.viacolventomarsala.it); and in Marsala Del Vallo, the Meliaresort Dimore Storiche (www.meliaresort.it).
MATCH INFO
Real Madrid 2
Vinicius Junior (71') Mariano (90 2')
Barcelona 0
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now
UFC%20in%20Abu%20Dhabi
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
more from Janine di Giovanni
Killing of Qassem Suleimani
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.”
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
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 Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
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UAE currency: the story behind the money in your pockets