Jordan's King Abdullah II meets with Israeli Defence Minister Benny Gantz, in Amman, Jordan. Jordanian Royal Palace/Handout via Reuters
Jordan's King Abdullah II meets with Israeli Defence Minister Benny Gantz, in Amman, Jordan. Jordanian Royal Palace/Handout via Reuters
Jordan's King Abdullah II meets with Israeli Defence Minister Benny Gantz, in Amman, Jordan. Jordanian Royal Palace/Handout via Reuters
Jordan's King Abdullah II meets with Israeli Defence Minister Benny Gantz, in Amman, Jordan. Jordanian Royal Palace/Handout via Reuters

Israel's defence minister and Jordan's King Abdullah discuss security ties


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Israel’s defence minister met Jordan's King Abdullah II on Wednesday as part of a reset of ties between the two countries.

The two discussed “security and policy topics,” Benny Gantz’s office said, adding that Mr Gantz “welcomed the expansion of relations between Jordan and the current Israeli government.”

A statement from King Abdullah said the two spoke about “the need to maintain calm in the Palestinian Territories,” and the measures necessary to lay the foundation for peace between Israel and the Palestinians. The two met in the Jordanian capital, Amman.

  • Palestinian workers clear the rubble of Al Jawhara Tower in Gaza City's Al Rimal neighbourhood. AFP
    Palestinian workers clear the rubble of Al Jawhara Tower in Gaza City's Al Rimal neighbourhood. AFP
  • Al Jawhara Tower was targeted by Israeli airstrikes last May. AFP
    Al Jawhara Tower was targeted by Israeli airstrikes last May. AFP
  • An excavator removes debris on a building damaged in Israeli air strikes in Gaza City during fighting between Israel and Hamas. Reuters
    An excavator removes debris on a building damaged in Israeli air strikes in Gaza City during fighting between Israel and Hamas. Reuters
  • Palestinian workers clear the rubble of buildings in Beit Lahia in the northern Gaza Strip. AFP
    Palestinian workers clear the rubble of buildings in Beit Lahia in the northern Gaza Strip. AFP
  • Palestinian workers clear the rubble and debris in Gaza City's Al Rimal neighbourhood. AFP
    Palestinian workers clear the rubble and debris in Gaza City's Al Rimal neighbourhood. AFP
  • An excavator clears the rubble and debris in the Al Rimal neighbourhood. AFP
    An excavator clears the rubble and debris in the Al Rimal neighbourhood. AFP
  • Excavators provided by Egypt help clear the rubble in Gaza City. AFP
    Excavators provided by Egypt help clear the rubble in Gaza City. AFP
  • A Palestinian boy looks on as workers clear the rubble of a building destroyed by Israeli bombing last May, in Rafah in the southern Gaza Strip. AFP
    A Palestinian boy looks on as workers clear the rubble of a building destroyed by Israeli bombing last May, in Rafah in the southern Gaza Strip. AFP
  • Workmen break rubble into pieces as they recycle salvaged construction materials from buildings destroyed during the May 2021 conflict between Hamas and Israel, at a rubble collection area in Gaza City's eastern suburb of Shujaiya. AFP
    Workmen break rubble into pieces as they recycle salvaged construction materials from buildings destroyed during the May 2021 conflict between Hamas and Israel, at a rubble collection area in Gaza City's eastern suburb of Shujaiya. AFP
  • Palestinian volunteers and municipal workers clear the rubble of the Hanadi compound in Gaza City's Rimal district. AFP
    Palestinian volunteers and municipal workers clear the rubble of the Hanadi compound in Gaza City's Rimal district. AFP

The meeting is part of revamped ties between Israel and Jordan, which became strained under the leadership of former Prime Minister Benjamin Netanyahu.

Israel and Jordan made peace in 1994 and maintain close security ties, but relations soured in recent years over tensions at a flashpoint Jerusalem mosque, Israel’s expansion of Jewish settlements in the occupied West Bank and the lack of any progress in the long-moribund peace process. The countries also fell out over a shooting incident by a guard at Israel’s embassy in Amman.

Both Jordan and the Palestinians were adamantly opposed to the Trump administration’s Middle East plan, which would have allowed Israel to annex up to a third of the West Bank. Israel captured east Jerusalem and the West Bank from Jordan in the 1967 war, territories the Palestinians want as part of their future state.

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.”

New UK refugee system

 

  • A new “core protection” for refugees moving from permanent to a more basic, temporary protection
  • Shortened leave to remain - refugees will receive 30 months instead of five years
  • A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
  • To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
  • Under core protection there will be no automatic right to family reunion
  • Refugees will have a reduced right to public funds
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Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

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COMPANY PROFILE

Company name: Happy Tenant

Started: January 2019

Co-founders: Joe Moufarrej and Umar Rana

Based: Dubai

Sector: Technology, real-estate

Initial investment: Dh2.5 million

Investors: Self-funded

Total customers: 4,000

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

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Fixtures
Friday, April 12, Malaysia v UAE
Saturday, April 13, UAE v Nepal
Monday, April 15, UAE v Kuwait
Tuesday, April 16, UAE v Singapore
Thursday, April 18, UAE v Oman

UAE squad
Aryan Lakra (captain), Aaron Benjamin, Akasha Mohammed, Alishan Sharafu, Anand Kumar, Ansh Tandon, Ashwanth Valthapa, Karthik Meiyappan, Mohammed Faraazuddin, Rishab Mukherjee, Niel Lobo, Osama Hassan, Vritya Aravind, Wasi Shah

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550 tonnes of moulded steel were raised last year to cap the dome

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Stands taller than the leaning tower of Pisa

Steel trellis dome is one of the largest single structures on site

The size of 16 tennis courts and weighs as much as 500 elephants

Al Wasl means connection in Arabic

World’s largest 360-degree projection surface

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Power: 190hp

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Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

World Cricket League Division 2

In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.

UAE fixtures

Thursday, February 8 v Kenya; Friday, February v Canada; Sunday, February 11 v Nepal; Monday, February 12 v Oman; Wednesday, February 14 v Namibia; Thursday, February 15 final

Gulf Under 19s final

Dubai College A 50-12 Dubai College B

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

Company profile

Company: Rent Your Wardrobe 

Date started: May 2021 

Founder: Mamta Arora 

Based: Dubai 

Sector: Clothes rental subscription 

Stage: Bootstrapped, self-funded 

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Carzaty%2C%20now%20Kavak%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3ECarzaty%20launched%20in%202018%2C%20Kavak%20in%20the%20GCC%20launched%20in%202022%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20140%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Automotive%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3ECarzaty%20raised%20%246m%20in%20equity%20and%20%244m%20in%20debt%3B%20Kavak%20plans%20%24130m%20investment%20in%20the%20GCC%3C%2Fp%3E%0A

Turkish Ladies

Various artists, Sony Music Turkey 

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How much do leading UAE’s UK curriculum schools charge for Year 6?
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  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
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  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

Company profile

Name: Steppi

Founders: Joe Franklin and Milos Savic

Launched: February 2020

Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year

Employees: Five

Based: Jumeirah Lakes Towers, Dubai

Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings

Second round raised Dh720,000 from silent investors in June this year

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Updated: January 05, 2022, 2:38 PM