Top Palestinian officials on Tuesday welcomed a report by Human Rights Watch that accused Israel of committing the crime of "apartheid" by seeking to maintain Jewish "domination" over Palestinians and its own Arab population.
The explosive allegations were fiercely denounced by Israel.
Palestinian President Mahmoud Abbas called for international action on what he said were “war crimes”.
"It is urgent for the international community to intervene, including by making sure that their states, organisations and companies are not contributing in any way to the execution of war crimes and crimes against humanity in Palestine," he said.
Palestinian Prime Minister Mohammad Shtayyeh also welcomed the report.
It “articulately defines Israeli policies and atrocities against the Palestinian people using the proper legal definition for crimes and criminals,” he said on Tuesday.
HRW said its finding that Israel is "committing the crimes against humanity of apartheid and persecution" against Palestinians was based on robust sourcing including government planning materials and statements by public officials.
The 213-page report finds that the Israeli government is the "single authority" with primary control "over the area between the Jordan River and the Mediterranean Sea".
Currently under investigation by the International Criminal Court for alleged war crimes, Israel blasted HRW's accusations as "preposterous and false", accusing the New York-based group of having "a long-standing anti-Israeli agenda".
"The purpose of this spurious report is in no way related to human rights, but to an ongoing attempt by HRW to undermine the State of Israel's right to exist as the nation state of the Jewish people," Strategic Affairs Minister Michael Biton said.
Israel's Foreign Ministry told AFP the HRW report amounted to a "propaganda pamphlet" from an organisation that has been "actively seeking for years to promote boycotts against Israel".
The ministry said HRW's Israel programme was being "led by a known [BDS] supporter, with no connection to facts or reality on the ground," referring to the pro-Palestinian Boycott, Divestment and Sanctions movement.
The report's author, HRW Israel and Palestine Director Omar Shakir, was expelled from Israel in 2019 over accusations he backs BDS.
Mr Shakir denies that his work and pro-Palestinian statements he made before being appointed to the HRW post in 2016 constitute active support for BDS.
He said HRW also sent the ICC its 2018 report about possible crimes against humanity by Mr Abbas's Palestinian Authority and the Islamist militant Hamas.
But, he told AFP there have been warnings for years that "apartheid is around the corner".
"I think it's quite clear that that threshold has been crossed," Mr Shakir said from Jordan.
Within Israeli controlled territory, there is "an overarching Israeli government policy to maintain the domination by Jewish Israelis over Palestinians," HRW said.
The group said its findings apply to Israeli treatment of Palestinians in the occupied West Bank, the blockaded Gaza Strip, occupied East Jerusalem as well as to Arab Israelis – a term referring to Palestinians who stayed on their land following Israel's creation in 1948.
HRW said that while apartheid was initially coined with respect to the institutional persecution of blacks in South Africa, it was now a universally recognised legal term.
An apartheid system is defined by "an effort to maintain domination by one racial group over another, a context of systematic oppression by the dominant group over the marginalised group [and] inhuman acts," the group said.
Israel has occupied the West Bank since 1967, the same year it annexed east Jerusalem.
Since then, Jewish settlers in both areas have absorbed increased amounts of land.
Palestinians in East Jerusalem and across much of the West Bank are regularly denied building permits, while Jewish home construction has steadily grown.
While HRW is the first major international organisation to level the controversial apartheid charge against Israel, it is following a move made last year by Israeli civil society group B'Tselem.
The settler watchdog charged that the "Israeli regime implements laws, practices and state violence designed to cement the supremacy of one group – Jews – over another – Palestinians."
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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