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The war in Gaza has emboldened Israeli hardliners to reject outright the two-state solution, long seen as the only way to end the decades-long conflict, but it has also shown that there were no concrete steps to move towards that objective even before October 7.
Now that the war has claimed the lives of thousands, the international community is refocusing its attention on the broader Palestinian-Israeli conflict, hoping to revive the goal of having two states that exist side by side in peace – a goal seemingly already defeated by Israel's continuous annexation and occupation of land.
Under the principle of two states – an unrealised goal of the Oslo Accords, which were signed in the White House in 1993 – the Palestinians would be able to establish their own country on land occupied by Israel since the 1967 Arab-Israeli War.
The last major push towards this goal was under US President Barack Obama. But Israel's hardline Prime Minister Benjamin Netanyahu, who was also head of the country then, refused to negotiate with President Mahmoud Abbas's Palestinian Authority, citing the existence of the militant group Hamas.
On Saturday, Mr Netanyahu boasted about what he described as his role in undercutting Oslo. He told reporters in Tel Aviv that the accords were a “fatal mistake” and that they had allowed Hamas to develop the ability to attack Israel from Gaza.
His government has continued to reject the two-state solution since the outbreak of the war.
“Israel's government is doubling down on the rejection of the two-state solution,” said Muriel Asseburg, a scholar on the Palestinian-Israeli conflict and a senior fellow at the German Institute for International and Security Affairs in Berlin.
“For Israelis, it would be more rational after the October 7 massacres to say, let us finally separate from the Palestinians.”
Last month, a survey commissioned by Israel's Mitvim Institute found that 52 per cent of Israelis support “political measures at the end of the military campaign that entails a degree of recognition of independent Palestinian sovereignty”. A quarter of Israelis favour “unilateral separation” from the Palestinians, while 27 per cent back a two-state deal if the normalisation process with Arab countries continues.
In the West Bank and Gaza, a survey conducted at the beginning of December by the Palestinian Centre for Policy and Survey Research found that post-October 7, support for Hamas had more than tripled in the West Bank, while rising slightly in the Gaza Strip.
Despite “the lack of confidence in the seriousness” of western powers in reviving the two-state solution, support for it remained steady at 34 per cent.
Although the Mitvim Institute survey indicates sizeable support for Palestinian independence, more Israeli politicians are arguing that a deal, even a unilateral withdrawal from occupied territory similar to Gaza in 2005, could make Israel more vulnerable to large-scale militant attacks from the West Bank.
Last week, Israeli President Isaac Herzog, a perceived moderate, joined extremist politicians in playing down the possibility of a two-state solution.
A western official who was on a fact-finding mission in the Middle East told The National that his Israeli counterparts kept telling him that Israel could no longer retreat from the West Bank and East Jerusalem, the essential step to achieving the two-state goal.
“They kept saying that Israel would come under attack, although their belief in their security apparatus and their technology has been shattered,” the official said during a stop in Amman.
“They don't want to admit the contradiction.”
But in Ramallah, the Palestinian Authority under Mr Abbas remains keen on a two-state solution because it wants to re-amass political capital and be seen as being able to deliver for its people, the western official said.
“They want to play an interlocutor role between Hamas and the international community and regain their footing as a relevant player.”
Meanwhile, the international push for a two-state solution is not backed by concrete steps.
Despite more vocal calls by US President Joe Biden and European countries for a two-state solution, they “are not preparing concrete steps to move toward that objective”, said Ms Asseburg.
Another problem has been Israel's “step-by-step, de facto annexing more of land”, she added.
In Cairo, one of the few Arab countries with leverage over Hamas, an Egyptian official said that even if Israel agrees to work in good faith with the Palestinians and mediators to reach the two-state goal, the negotiating process is likely to take many years.
“That’s if it ever comes to fruition,” explained the official, who has direct knowledge of regional negotiations between Israel and Arab countries regarding Gaza.
The source said it would take years to rebuild the coastal enclave, especially if Israel goes ahead with its reported plan to pump seawater into Hamas’s underground tunnels, which could render farmlands in Gaza unfit for cultivation.
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
MATCH INFO
Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai
UAE currency: the story behind the money in your pockets
UAE%20v%20West%20Indies
%3Cp%3EFirst%20ODI%20-%20Sunday%2C%20June%204%20%0D%3Cbr%3ESecond%20ODI%20-%20Tuesday%2C%20June%206%20%0D%3Cbr%3EThird%20ODI%20-%20Friday%2C%20June%209%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EMatches%20at%20Sharjah%20Cricket%20Stadium.%20All%20games%20start%20at%204.30pm%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%0D%3Cbr%3EMuhammad%20Waseem%20(captain)%2C%20Aayan%20Khan%2C%20Adithya%20Shetty%2C%20Ali%20Naseer%2C%20Ansh%20Tandon%2C%20Aryansh%20Sharma%2C%20Asif%20Khan%2C%20Basil%20Hameed%2C%20Ethan%20D%E2%80%99Souza%2C%20Fahad%20Nawaz%2C%20Jonathan%20Figy%2C%20Junaid%20Siddique%2C%20Karthik%20Meiyappan%2C%20Lovepreet%20Singh%2C%20Matiullah%2C%20Mohammed%20Faraazuddin%2C%20Muhammad%20Jawadullah%2C%20Rameez%20Shahzad%2C%20Rohan%20Mustafa%2C%20Sanchit%20Sharma%2C%20Vriitya%20Aravind%2C%20Zahoor%20Khan%0D%3C%2Fp%3E%0A
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.”
UAE currency: the story behind the money in your pockets
THE%20SPECS
%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Klopp at the Kop
Matches 68; Wins 35; Draws 19; Losses 14; Goals For 133; Goals Against 82
- Eighth place in Premier League in 2015/16
- Runners-up in Europa League in 2016
- Runners-up in League Cup in 2016
- Fourth place in Premier League in 2016/17
The specs
Engine: 4.0-litre, twin-turbocharged V8
Transmission: nine-speed automatic
Power: 630bhp
Torque: 900Nm
Price: Dh810,000