The Israeli Knesset has voted to repeal legislation that ordered the evacuation of four northern West Bank settlements concurrent with Israel’s pullout from the Gaza Strip in 2005, paving the way for settlers to return.
The law passed on Tuesday repealed the clauses of the Disengagement Law that banned Israelis from the area where the settlements of Homesh, Ganim, Kadim and Sa-Nur stood.
The Knesset voted for repeal in the early hours of Tuesday by 31 to 18 in the 120-seat assembly. Other members did not vote.
In 2005, Ariel Sharon, Israeli prime minister at the time, enacted a law requiring unilateral Israeli withdrawal from the occupied Gaza Strip and the West Bank and the removal of 25 settlements in those areas.
Dozens of unauthorised outposts dot the occupied West Bank, in addition to scores of settlements. These outposts, which sometimes are little more than a handful of trailer homes but can also resemble small villages, are built without authorisation but are tolerated and even encouraged by Israeli governments.
The international community considers all Israeli construction on occupied land to be illegal.
The vote on Tuesday is the latest move by Prime Minister Benjamin Netanyahu’s far-right government, which is dominated by settler leaders and allies, to promote settlement activity in the territory.
Since 2005, Israeli citizens have been officially banned from returning to those locations, though the Israeli military has allowed activists to visit and pray there — a ban that has now been revoked.
Mr Netanyahu’s government has put settlement expansion at the top of its agenda and has already advanced thousands of new settlement homes and retroactively authorised nine outposts in the West Bank.
This week, Israel pledged to put a temporary freeze on settlement approvals, including authorisation of outposts, as part of a series of measures meant to ease tensions ahead of the period that includes the Muslim holy month of Ramadan and the Jewish festival of Passover.
Still, ultranationalist members of Mr Netanyahu’s coalition pushed for a repeal of the ban on the northern West Bank settlements.
Tuesday's vote came as Mr Netanyahu’s government is pushing ahead with a separate plan to overhaul the country’s judicial system. His allies claim the courts have too much power in the legislative process and that the Supreme Court is biased against settlers.
Critics said the legislation would upend the country’s delicate system of checks and balances and push Israel towards authoritarianism.
They also said Mr Netanyahu could find an escape route from his corruption trial if the overhaul proceeds.
The Palestinians seek the West Bank and Gaza Strip as an independent state, with East Jerusalem as its capital. Israel captured those territories in the 1967 war.
Since then, more than 700,000 Israelis have moved into dozens of Jewish settlements in the West Bank and East Jerusalem. Most of the international community says the settlements are an obstacle to peace with the Palestinians.
Green ambitions
- Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
- Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
- Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
- Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
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.”
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
