Israeli Prime Minister Benjamin Netanyahu has played down fears that Israel is on the brink of civil war. Reuters
Israeli Prime Minister Benjamin Netanyahu has played down fears that Israel is on the brink of civil war. Reuters
Israeli Prime Minister Benjamin Netanyahu has played down fears that Israel is on the brink of civil war. Reuters
Israeli Prime Minister Benjamin Netanyahu has played down fears that Israel is on the brink of civil war. Reuters

Israeli opposition blasts 'liar' Netanyahu's promise to shelve judicial overhaul


Thomas Helm
  • English
  • Arabic

Prime Minister Benjamin Netanyahu is "gaslighting" the international community over his controversial plans to overhaul the country's judicial system, according to a spokesman for Israel's vast anti-government protest movement.

Mr Netanyahu said in an interview with Bloomberg on Sunday his government would advance major reforms on how judges are selected but subsequent proposals put forward by members of his coalition "should not be legislated".

His comments came after the coalition passed the first in a series of the proposed reforms, which opposition parties and the largest protest movement in Israeli history say will deal a deathblow to democracy. Reforming the committee that appoints judges, the next phase of the overhaul, is viewed by many Israelis as the government's most drastic proposal.

A man demonstrates against the nationalist coalition government's judicial overhaul. Reuters
A man demonstrates against the nationalist coalition government's judicial overhaul. Reuters

But Mr Netanyahu tried to play down fears that Israel is on the brink of civil war, describing mass protests, military reservist walkouts and strikes in recent months as "the natural conflict between two opposing views that have not yet meshed, but they will mesh".

Josh Drill, a spokesman for the protest movement, told The National Mr Netanyahu made his comments in "the hope of quieting [the international community's] concerns just long enough to ram through his dictatorial agenda".

"But no carefully crafted spin can change the fact that moving forward with the crux of the judicial overhaul – changing the make-up of the judicial selection committee – isn’t Netanyahu pulling back but rather ramping up his push for regime change," he added.

In a string of recent interviews with foreign media outlets, Mr Netanyahu has consistently emphasised he continues to try to reach out to opponents for compromise.

However, opposition negotiators say his coalition has not been serious in its efforts to reach a deal.

In response to the Prime Minister's interview with Bloomberg, opposition party Yesh Atid, which has been involved in compromise negotiations, said his comments showed "weakness and lies".

Analyst Dahlia Scheindlin told The National Mr Netanyahu remained committed to passing the reforms, arguing that he has "presided over a 15-year attack on the legitimacy of the Israeli judiciary".

Israel's huge tech community has warned the reforms will damage their work. Reuters
Israel's huge tech community has warned the reforms will damage their work. Reuters

"He has advanced figures within his party who have advocated vociferously for this kind of overhaul. Once the government was established, he threw his political weight behind it."

Mr Netanyahu also addressed fears the content of the reforms and the division they are causing would damage Israel's economy, describing recent investor concerns as "noise in the short-term markets".

Economist David Rosenberg told The National the country's economy was "performing well", bar its vital tech sector, "which is being as much influenced by the global tech slump as it is by local factors, [which include] higher inflation due to the weaker shekel and the poor performance of the financial markets".

On whether further turbulence is to come, Mr Rosenberg said: "Far from helping to reduce the uncertainty factor, Mr Netanyahu's interview with Bloomberg probably made it worse."

"He is saying all the fighting and political tensions will continue in the months ahead. Meanwhile, the economic costs will continue to pile up.

"And, of course, that is only if you take Netanyahu at his word and that the overhaul will end there. Experience shows that would be a mistake."

UAE squad

Rohan Mustafa (captain), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan

Bharatanatyam

A ancient classical dance from the southern Indian state of Tamil Nadu. Intricate footwork and expressions are used to denote spiritual stories and ideas.

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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.”

About Proto21

Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group

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The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

Expert input

If you had all the money in the world, what’s the one sneaker you would buy or create?

“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett

“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche

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“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite

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SERIE A FIXTURES

Saturday Benevento v Atalanta (2pm), Genoa v Bologna (5pm), AC Milan v Torino (7.45pm)

Sunday Roma v Inter Milan (3.30pm), Udinese v Napoli, Hellas Verona v Crotone, Parma v Lazio (2pm), Fiorentina v Cagliari (9pm), Juventus v Sassuolo (11.45pm)

Monday Spezia v Sampdoria (11.45pm)

WORLD CUP FINAL

England v South Africa

Yokohama International Stadium, Tokyo

Saturday, kick-off 1pm (UAE)

MATCH INFO

Juventus 1 (Dybala 45')

Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')

Red card: Rodrigo Bentancur (Juventus)

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

PSA DUBAI WORLD SERIES FINALS LINE-UP

Men’s: 
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)

Women's: 
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)

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PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

Jawan
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Top investing tips for UAE residents in 2021

Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.

Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.

Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.

Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.

Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.

Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.

Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”

Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI. 

Updated: August 07, 2023, 12:03 PM