Journalists report from a vantage point overlooking northern Gaza. Getty Images
Journalists report from a vantage point overlooking northern Gaza. Getty Images
Journalists report from a vantage point overlooking northern Gaza. Getty Images
Journalists report from a vantage point overlooking northern Gaza. Getty Images

Israel's security cabinet passes resolution to shut down foreign broadcasters


Anjana Sankar
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Israel's security cabinet approved regulations that would allow the government to close foreign broadcasters who allegedly harm national security.

A statement by Prime Minister Benjamin Netanyahu's security cabinet said it had authorised action against Lebanese pro-Iranian channel Al Mayadeen for “making wartime efforts to harm (Israel's) security interests and to serve the enemy's goals”.

The decision comes as Communications Minister Shlomo Karhi pushed for the Qatari Al Jazeera and Lebanese Al Mayadeen networks in Israel to be closed, according to a report by The Jerusalem Post.

The Lebanese Shiite group Hezbollah has taken part in several attacks against Israel following their strikes on Gaza with Al Mayadeen airing reports from inside Israeli territory.

Following the Israeli security cabinet decision, Communications Minister Shlomo Karhi was working with police on a proposed blocking of Al Mayadeen websites and seizure of equipment linked to the station, a ministry representative said.

Israel has signalled it will hold off on a threatened closure of the local bureau of Al Jazeera, leaving the powerful Qatar-owned satellite station unmentioned in a government decision about emergency media regulations for the Gaza war, Reuters reported.

The omission pointed to a balancing act by Israel, which has been angered by Qatari ties to its arch-foes Iran and Hamas. However, it is looking to Doha to persuade the Palestinian militant group to free scores of hostages held in the Gaza Strip, said the report.

Last month, Israel's National Security Adviser, Tzachi Hanegbi publicly thanked Qatar for its role in negotiations to secure the release of some of the 240 hostages inside Gaza, around half of whom have foreign citizenship.

But Foreign Minister Eli Cohen has condemned Qatar for not doing enough on the issue, saying Doha “finances and harbours Hamas leaders”.

A directive issued to the media by the Israeli Chief Army censor – a role created to combat foreign propaganda – requires all media outlets to submit all materials related to the activities of the Israeli army and the Israeli security forces, before broadcast.

The list of topics that need prior permission for coverage includes the identification of troops, preparation of the forces including assembly areas and placement in the field, troop movements, duration of the military operation, stocks of equipment and ammunition and operational successes and difficulties.

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Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

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.”

Updated: November 14, 2023, 6:08 AM