For the first time in 75 years, the UN has officially commemorated the Nakba — the plight of hundreds of thousands of Palestinians who were forced to leave their homes upon the formation of Israel.
The UN passed a historic resolution in 2022, despite Israel's vehement opposition, to recognise the Nakba, which roughly translates as “catastrophe”.
The day brings painful memories of displacement and widely documented reports of torture and mass killings by Israeli forces against Palestinians in 1948.
On Monday, Palestinian President Mahmoud Abbas marked the occasion by calling on the UN to suspend Israel’s membership if it does not grant Palestinians a state and the right of return for millions of refugee descendants.
He demanded that Israel respect UN resolutions calling for a Palestinian state or else “suspend Israel's membership in the UN, particularly since Israel never fulfilled its obligations and the prerequisites for its membership in this organisation that they committed to implementing”.
The assembly also hosted a commemorative event, with live music and personal testimonies.
“This is an occasion to highlight the noble goals of justice and peace, require recognising the reality and history of the Palestinian people's plight and ensuring fulfilment of their inalienable rights,” the UN said.
In November, the 193-member General Assembly approved a resolution by a vote of 90-30 with 47 abstentions requesting that the UN Committee on the Exercise of the Inalienable Rights of the Palestinian People organise a high-level event on May 15 to commemorate the Nakba.
Washington instructed the US mission at the UN not to attend Monday’s event.
Israel’s ambassador to the UN, Gilad Erdan, criticised the body's decision to mark the “one-sided” commemoration, saying that it condones “Jew-hatred” and “gives a green light to the Palestinians to continue exploiting international organs to promote their libellous narrative”.
It was the General Assembly resolution of December 1947 that approved dividing Palestine, which allowed Israel to declare independence once the British mandate expired in 1948, leading to mass displacement.
“The Nakba is a defining moment of the Palestinian people's collective life, history and still ongoing dispossession: deprivation of space to commemorate it violates freedom of expression and is an intolerable act of condescendence and discrimination against them,” Franscesca Albanese, the UN special rapporteur for the occupied Palestinian territories, tweeted on Monday.
Cross-border attacks
Many Palestinians argue that the Nakba is still happening.
On the day of the anniversary, a Palestinian man was killed by Israeli forces in the West Bank during a raid on the city of Nablus, the Palestinian Health Authority said.
On Saturday, five days of cross-border attacks between Gaza and Israel were ended by an Egypt-mediated ceasefire. The violence killed more than 33 Palestinians in the Gaza Strip and two Israelis.
Mr Abbas accused the US and Britain of “remaining silent” in the face of ongoing aggression.
“Britain and the United States specifically bear political and ethical responsibility directly for the Nakba of the Palestinian people, because they took part in rendering our people a victim when they decided to establish and plant another entity in our historic homeland for their own colonial goals,” he said.
Last week, Palestinian Prime Minister Mohammad Shtayyeh urged the UN to “condemn the aggression and the ongoing killings of our people”.
Riyad Mansour, the Palestinian UN ambassador, told AP that Palestinians had moved cautiously at the UN since the assembly raised the status of Palestine from a non-member observer to a non-member observer state.
Rosemary DiCarlo, the UN's undersecretary general, said Palestinians deserve a life of justice and dignity and the “realisation of their right to self-determination and independence”.
Mr Abbas said Israel's acceptance as a UN member was contingent on its fulfilment of the 1947 UN Partition Plan and General Assembly Resolution 194, which called for refugees who were willing to live in peace to be allowed to return to their former homes following the war.
The Palestinian leader said that the UN has adopted “one thousand” resolutions since 1947 that recognise the rights of the Palestinian people, but “not one single resolution was implemented”.
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HIV on the rise in the region
A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.
New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.
Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.
Access to HIV testing, treatment and care in the region is well below the global average.
Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.
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.”
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
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Skoda Superb Specs
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UAE currency: the story behind the money in your pockets
Chelsea 2 Burnley 3
Chelsea Morata (69'), Luiz (88')
Burnley Vokes (24', 43'), Ward (39')
Red cards Cahill, Fabregas (Chelsea)
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
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UAE currency: the story behind the money in your pockets
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Tesalam Aleik
Abdullah Al Ruwaished
(Rotana)
The biog
Name: Abeer Al Shahi
Emirate: Sharjah – Khor Fakkan
Education: Master’s degree in special education, preparing for a PhD in philosophy.
Favourite activities: Bungee jumping
Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.
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Despacito's dominance in numbers
Released: 2017
Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon
Views: 5.3 billion on YouTube
Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification
Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.
Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards