From left, TV presenter Emad Adeeb, Arab League Secretary General Ahmed Aboul Gheit and GCC Secretary General Jasem Al Budaiwi at the World Governments Summit in Dubai. EPA
From left, TV presenter Emad Adeeb, Arab League Secretary General Ahmed Aboul Gheit and GCC Secretary General Jasem Al Budaiwi at the World Governments Summit in Dubai. EPA
From left, TV presenter Emad Adeeb, Arab League Secretary General Ahmed Aboul Gheit and GCC Secretary General Jasem Al Budaiwi at the World Governments Summit in Dubai. EPA
From left, TV presenter Emad Adeeb, Arab League Secretary General Ahmed Aboul Gheit and GCC Secretary General Jasem Al Budaiwi at the World Governments Summit in Dubai. EPA

US must put pressure on Israel to stop Palestinian displacement, senior Arab officials say


Mina Aldroubi
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The US must put pressure on Israel to stop the displacement of Palestinians from Gaza, or the region will “explode”, Arab League Secretary General Ahmed Aboul Gheit said on Tuesday.

Israel is facing international pressure to agree to a ceasefire with Hamas, as the country prepares for a ground operation in the southern Gazan city of Rafah, where more than a million Palestinians are trapped close to the border with Egypt.

“It is vital that the US orders Israel to stop these policies, otherwise the Middle East will explode in an unprecedented way,” Mr Aboul Gheit said during the World Governments Summit in Dubai.

Rafah has become the last refuge for about half of Gaza's population, who have fled towards the Egyptian border as the conflict rages. Many live in makeshift camps where they face outbreaks of hepatitis and diarrhoea, as well as a scarcity of food and water, the UN said.

“The mentality to displace Palestinians and leave the Gaza Strip empty for Israelis to take over leaves a confrontation for the next 100 years,” Mr Aboul Gheit said.

He said Israel had “become a threat to the continuation of the agreements signed with it, especially with Jordan and Egypt”.

The Jordanian and Egyptian governments have both publicly denounced any plans to displace Palestinians into their territory. Egyptian President Abdel Fatah El Sisi and King Abdullah II “affirmed that any attempt at the expulsion to Jordan or Egypt is rejected” during a meeting in response to the outbreak of the war. Mr El Sisi, whose government controls the Rafah border crossing into Gaza, has said the war must not be resolved “at the expense of others” and rejected any suggestion that Gazans could be relocated across the border into Sinai.

Speaking alongside Mr Aboul Gheit at the summit was Jasem Al Budaiwi, Secretary General of the Gulf Co-operation Council, who said the region relied on Washington to communicate with Israel on ways to end the war.

“There is no doubt that we rely on the US to use its communications and relations with the Israelis to end this barbaric Israeli war,” Mr Al Budaiwi said. “The US has great interests with Israel and we hope this picture can be clarified, which can be reflected in the region.”

Israel is not “seeing the future as their anger has blinded them”, Mr Al Budaiwi warned.

GCC member states hope “all partners of Israel can use their international responsibility to impose their solutions on Israel”, he said.

Mr Aboul Gheit added that the West “has been very unsupportive and unjust towards Palestine”.

Washington is one of Israel's staunchest allies and the administration of US President Joe Biden has repeatedly voiced its support for Israel's military operation and refused to support international resolutions calling for a ceasefire.

However, as Israel continues to press on with its war, Washington has said that the civilian death toll is too high and sent US Secretary of State Antony Blinken on repeated trips to the region to push for de-escalation and a long-term resolution to the conflict.

Mr Al Budaiwi said talks were the only way to end the crisis that has killed more than 28,400 Palestinians in about four months.

The war began after Hamas launched an attack on Israel on October 7 that killed about 1,200 people. Militants took about 250 Israelis hostage and at least 130 are still held in Gaza, according to Israeli figures.

Israel retaliated by launching a full ground and air military operation on the enclave that has now entered its fifth month.

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Children who witnessed blood bath want to help others

Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.

As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.

Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.

“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”

Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.

“Now she wants to be a maxillofacial doctor,” Khulood said. “She said to me ‘it is because a maxillofacial doctor returned your face, mama’. Now she wants to help people see themselves in the mirror again.”

Khulood’s son, Saeed, was nine in 2014 and slept through the attack. While he did not witness the trauma, this made it more difficult for him to understand what had happened. He has ambitions to become an engineer.

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LIVING IN...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

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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The Outsider

Stephen King, Penguin

COMPANY%20PROFILE
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Engine: four-litre V6 and 3.5-litre V6 twin-turbo

Transmission: six-speed and 10-speed

Power: 271 and 409 horsepower

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Citizenship-by-investment programmes

United Kingdom

The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).

All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.

The Caribbean

Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport. 

Portugal

The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.

“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.

Greece

The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.

Spain

The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.

Cyprus

Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.

Malta

The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.

The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.

Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.

Egypt 

A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.

Source: Citizenship Invest and Aqua Properties

Company%20Profile
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TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

Updated: February 13, 2024, 11:57 AM