The Jewish settlement of Maale Adumim, in the Israeli-occupied West Bank. Reuters
The Jewish settlement of Maale Adumim, in the Israeli-occupied West Bank. Reuters
The Jewish settlement of Maale Adumim, in the Israeli-occupied West Bank. Reuters
The Jewish settlement of Maale Adumim, in the Israeli-occupied West Bank. Reuters

UK, Australia and Canada want Israel to reverse approval of new settlements


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Britain, Australia and Canada have called on Israel's government to reverse a decision to approve new settlement homes in the occupied West Bank, saying they are "deeply concerned" by violence.

This week, Israel approved more than 5,700 new homes in the West Bank, and earlier this month it instituted changes to the settlement approval process to enable swifter approval of construction.

"The continued expansion of settlements is an obstacle to peace and negatively impacts efforts to achieve a negotiated two-state solution. We call on the Government of Israel to reverse these decisions," the foreign ministers of Britain, Australia and Canada said in a joint statement.

Violence has been surging in the West Bank, including deadly clashes in Jenin, a fatal shooting by Palestinians near a Jewish settlement, attacks on Palestinian villages by rampaging settlers, and rare use of Israeli air power against militants.

On Saturday the Palestinian foreign ministry warned of growing settler violence "all across the West Bank" and urged the international community to label settler groups as terrorist organisations.

Foreign nations must "pressure" the Israeli government to dismantle settler groups and "dry up their financial resources," it added.

One person was killed and dozens were injured in settler violence across the West Bank two weeks ago, following an attack which left four Israelis dead near the Eli settlement.

The violence echoed a rampage in the Palestinian town of Huwara in February, when hundreds of settlers set buildings and vehicles alight after two Israelis were shot dead while driving through the town. A Palestinian man was killed in a nearby village during the violence.

"Hundreds of cases" of settler violence have occurred in the last week, Israel's Haaretz newspaper reported, citing a senior defence source.

"Israel’s security services “don’t have any control over the mob of settlers, who do whatever they want in [the West Bank]," they added.

Responses to the settler attacks have exposed rifts between Israel's military and government.

A joint statement by Israeli military, police and domestic security service chiefs on Saturday said the settler attacks amounted to "nationalist terrorism", which they pledged to fight.

Such statements have drawn ire from government ministers, including National Security Minister Itamar Ben Gvir, who accused Shin Bet intelligence of paying disproportionate attention to Jewish attacks.

The minister, notorious for his anti-Palestinian views, recently referred to men detained for settler violence as "sweet boys," according to local media reports.

Most countries consider the settlements, built on land captured by Israel in the 1967 Arab-Israeli war, to be illegal. Their presence is one of the fundamental issues in the Palestinian-Israeli conflict.

Palestinians seek to establish an independent state in the West Bank and Gaza Strip with East Jerusalem as their capital.

The Israeli cabinet, the most right-wing in the country's history, has placed settlement expansion at the top of its agenda, alongside controversial judicial reforms which sparked mass protests across Israel earlier this year.

Many government ministers live in Israeli settlements, including Finance Minister Bezalel Smotrich, who was widely criticised for incendiary comments calling for Huwara to be "wiped out."

Mr Smotrich was handed sweeping powers over West Bank administration earlier this year, and was the architect behind recent changes to accelerate settlement construction and approval.

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Why the Tourist Club?

Originally, The Club (which many people chose to call the “British Club”) was the only place where one could use the beach with changing rooms and a shower, and get refreshments.

In the early 1970s, the Government of Abu Dhabi wanted to give more people a place to get together on the beach, with some facilities for children. The place chosen was where the annual boat race was held, which Sheikh Zayed always attended and which brought crowds of locals and expatriates to the stretch of beach to the left of Le Méridien and the Marina.

It started with a round two-storey building, erected in about two weeks by Orient Contracting for Sheikh Zayed to use at one these races. Soon many facilities were planned and built, and members were invited to join.

Why it was called “Nadi Al Siyahi” is beyond me. But it is likely that one wanted to convey the idea that this was open to all comers. Because there was no danger of encountering alcohol on the premises, unlike at The Club, it was a place in particular for the many Arab expatriate civil servants to join. Initially the fees were very low and membership was offered free to many people, too.

Eventually there was a skating rink, bowling and many other amusements.

Frauke Heard-Bey is a historian and has lived in Abu Dhabi since 1968.

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: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
Schedule for Asia Cup

Sept 15: Bangladesh v Sri Lanka (Dubai)

Sept 16: Pakistan v Qualifier (Dubai)

Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)

Sept 18: India v Qualifier (Dubai)

Sept 19: India v Pakistan (Dubai)

Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four

Sept 21: Group A Winner v Group B Runner-up (Dubai) 

Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)

Sept 23: Group A Winner v Group A Runner-up (Dubai)

Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)

Sept 25: Group A Winner v Group B Winner (Dubai)

Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)

Sept 28: Final (Dubai)

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Rating: 4.5/5

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THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

 

 

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What are the influencer academy modules?
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Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

Updated: July 02, 2023, 12:41 PM