US President Joe Biden (R) and Israeli Prime Minister Benjamin Netanyahu, pictured in 2016, spoke before this week's meeting to discuss the Iran nuclear deal. AFP
US President Joe Biden (R) and Israeli Prime Minister Benjamin Netanyahu, pictured in 2016, spoke before this week's meeting to discuss the Iran nuclear deal. AFP
US President Joe Biden (R) and Israeli Prime Minister Benjamin Netanyahu, pictured in 2016, spoke before this week's meeting to discuss the Iran nuclear deal. AFP
US President Joe Biden (R) and Israeli Prime Minister Benjamin Netanyahu, pictured in 2016, spoke before this week's meeting to discuss the Iran nuclear deal. AFP

Israeli cabinet meets to discuss forming bipartisan Iran policy


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Prime Minister Benjamin Netanyahu convened cabinet rivals on Monday for their first discussion of Israeli strategy against the Iranian nuclear programme since US President Joe Biden took office pledging to pursue diplomacy with Tehran.

Mr Netanyahu's meeting with Defence Minister Benny Gantz and Foreign Minister Gabi Ashkenazi followed his first phone call with the US leader last week, and came a month before Israel holds another election triggered by coalition infighting.

Israeli officials said the conservative Mr Netanyahu, bracing for discord with Mr Biden's Democratic administration on Iran, wanted to present a united front with the centrist Gantz and Ashkenazi.

"This is a matter that is supremely important, certainly more than politicking," an Israeli official said. "We have to ensure everyone is on board and not tempted to speak out of turn in hope of getting more votes."

Under Iran's 2015 nuclear deal with world powers, it undertook to limit its disputed uranium enrichment programme in exchange for a lifting of international sanctions.

When he tussled with then-US President Barack Obama over the deal, Mr Netanyahu faced dissent from some of his own national security advisers. Mr Obama's successor, Donald Trump, quit the deal in 2018, asserting that it was one-sided in Iran's favour, and reimposed sanctions on Tehran – moves welcomed by Mr Netanyahu.

Mr Biden, who was Mr Obama's vice president, wants to rejoin the accord, a prospect Mr Netanyahu and the current Israeli military chief have closed ranks against, as long as Iran ends violations since 2018 and returns to full compliance.

Also on the agenda of Monday's meeting was the possible appointment of a special Israeli envoy on the Iranian issue.

Candidates include Mossad spymaster Joseph (Yossi) Cohen and National Security Adviser Meir Ben-Shabbat, both of whom took part in the meeting, officials said. As both answer directly to Mr Netanyahu, Mr Gantz had voiced worry that the Defence Ministry might be excluded from future diplomacy, one official said.

Mr Gantz and Mr Ashkenazi were kept in the dark about secret Israeli outreach that led to last year's establishment of relations with the United Arab Emirates and Bahrain. Mr Netanyahu said he feared media leaks. Aides to Mr Gantz and Mr Ashkenazi accused him of trying to undermine the ministers' credibility.

Polls predict a trouncing for Mr Gantz and Mr Ashkenazi's Blue and White party in the March 23 election, and Mr Netanyahu's Likud maintaining enough of a lead to try to form the next coalition.

If the veteran leader fails at that, however, he and his rivals may have to keep working together in a caretaker cabinet.

HIJRA

Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy

Director: Shahad Ameen

Rating: 3/5

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

 

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7.40pm: Conditions Dh240,000 1,600m - Winner: Walking Thunder, Connor Beasley, Ahmed bin Harmash

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1) Beware of cheques presented late on Thursday

2) Visit an RTA centre to change registration only after receiving payment

3) Be aware of people asking to test drive the car alone

4) Try not to close the sale at night

5) Don't be rushed into a sale 

6) Call 901 if you see any suspicious behaviour

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.”

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Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills

Last 10 winners of African Footballer of the Year

2006: Didier Drogba (Chelsea and Ivory Coast)
2007: Frederic Kanoute (Sevilla and Mali)
2008: Emmanuel Adebayor (Arsenal and Togo)
2009: Didier Drogba (Chelsea and Ivory Coast)
2010: Samuel Eto’o (Inter Milan and Cameroon)
2011: Yaya Toure (Manchester City and Ivory Coast)
2012: Yaya Toure (Manchester City and Ivory Coast)
2013: Yaya Toure (Manchester City and Ivory Coast)
2014: Yaya Toure (Manchester City and Ivory Coast)
2015: Pierre-Emerick Aubameyang (Borussia Dortmund and Gabon)
2016: Riyad Mahrez (Leicester City and Algeria)

Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

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