New cabinet in Occupied Territories lays reconciliation deal to rest



On Wednesday, the newly formed Palestinian government headed by Salam Fayyad was sworn in by President Mahmoud Abbas at his Ramallah headquarters. This signals that the Palestinian reconciliation agreement is practically dead and buried and that the current Palestinian geographical and political division will be further bolstered in the foreseeable future, editorialised the London-based newspaper Al Quds Al Arabi yesterday.

As recently as two months ago, President Mahmoud Abbas and the head of Hamas's political bureau Khalid Meshaal met in Doha where they signed a new deal to put an end to the conflict surrounding the formation of a Palestinian government that would be the culmination of a wider reconciliation agreement that was ratified in Cairo.

The Doha agreement stipulated that the president would form the new cabinet himself. It was a way of avoiding complications, as Hamas was strongly opposed to a renewed term at the premiership for Mr Fayyad. Ministerial portfolios were to be distributed subsequently with the consent of both sides.

That agreement only lasted a few days and the announcement of Mr Fayyad's new government this week implies that it is buried once and for all.

"A quick look at the new ministerial formation gives the impression that Mr Fayyad was unable to convince Mr Abbas of his point of view and exclude two former ministers whom he had objected to in the past; the minister of religious endowments and the foreign minister," argued the paper. "Both men were reappointed to the new cabinet, which means that Mr Abbas is still the main decision-maker in the matter."

The Palestinian people didn't give much weight to the newborn cabinet. They firmly believe that it is inconsequential.

"In fact, this government amounts to no more than a municipal council that oversees local issues while the occupation authorities hold all the strings. They can suffocate Mr Abbas and his team anytime they wish to. Israel has been seizing every chance to degrade these ministers at checkpoints and has no qualms about lingering to renew the Passover permit for the Palestinian president himself,"

Palestinian autonomy hasn't evolve into an independent state as prescribed in the Oslo Accords. What's more, the PA has gradually lost most of its powers and Mr Abbas's authority is void.

The PA is to be congratulated for this new ministerial modification, but what the Palestinians want in reality is a modification of policies and strategic positions that would eventually end the stalemate and lay the foundation for a comprehensive uprising against the settlements, the oppression, the Judaisation of Jerusalem, the humiliation of Palestinian citizens and the occupation.

Annan's failure in Syria could lead to civil war

The worst case has started to happen as the Syrian regime fails to seriously cooperate with UN-Arab League envoy Kofi Annan's blueprint, wrote columnist Mazen Hammad in the Qatari newspaper Al Watan.

"The Syrian regime has not even implemented point one of the six-point plan, let alone enforced a ceasefire and pulled back military concentrations around population centres, thus bringing the crisis to the edge of serious escalation," the writer noted.

Over the past weeks, the Syrian opposition has started to receive more advanced weapons, the cost of which is paid for by Arab countries in coordination with the US, the writer quotes the Washington Post.

The US said it had not delivered lethal weapons such as anti-tank weaponry, but it might do so in the near future.

The weaponry for the Syrian rebels is being stockpiled in Damascus and Idlib near the Turkish border and in Zabadani on the Lebanese border. After the Syrian rebels warned that their supplies of ammunition had significantly decreased, stockpiles of arms - mostly from the black markets of neighbouring countries or through some elements at the Syrian regime's army - flowed to the rebels.

No doubt, the crisis has reached a tipping point, and the worst is yet to come. The regime has once again missed an opportunity to end the conflict, which might lead soon to a civil war.

Countdown begins to Egyptian elections

Amid unprecedented political and popular dynamism, the countdown to Egypt's presidential elections begins, editorialised the UAE-based newspaper Al Khaleej yesterday.

"Placards, debates, discussion panels, election conferences, presidential candidates touring the people and political impulse in Tahrir Square, all bode well for a new era," the writer observed.

Egyptians have never been this excited, as the time for the presidential elections draws nearer. Finally, Egyptians can now elect the president they please, one who works for the people and their causes, and for Egypt to regain the leading role it once had.

In the time left before the elections, political platforms must be the decisive litmus test. An authentic platform shapes the present and future of Egypt, "a free, sovereign and strong Egypt untrammelled by western aid".

Political programmes should lay down realistic development plans for the poor and the unemployed, plans that seek to engage all forces in shaping the future of Egypt, without monopolising decision making by any force to the exclusion of others.

"All eyes now focus on Egypt. All eyes eager to see a new president emerging from the womb of a supposedly new epoch, to lead the country towards a new dynamism."

* Digest compiled by The Translation Desk

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Company name: Hoopla
Date started: March 2023
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Men from Barca's class of 99

Crystal Palace - Frank de Boer

Everton - Ronald Koeman

Manchester City - Pep Guardiola

Manchester United - Jose Mourinho

Southampton - Mauricio Pellegrino

The specs

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MATCH INFO

Fixture: Thailand v UAE, Tuesday, 4pm (UAE)

TV: Abu Dhabi Sports

What to watch out for:

Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways

The hulls of three ships will be used for the roof

The hulls will painted to make the largest Italian tricolour in the country’s history

Several pillars more than 20 metres high will support the structure

Roughly 15 tonnes of steel will be used

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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)

Star Wars: Ahsoka

Director: Various
Starring: Rosario Dawson, Natasha Liu Bordizzo, Lars Mikkelsen
Rating: 4/5

Sweet Tooth

Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5

Match info

Liverpool 4
Salah (19'), Mane (45+2', 53'), Sturridge (87')

West Ham United 0

If you go...

Etihad flies daily from Abu Dhabi to Zurich, with fares starting from Dh2,807 return. Frequent high speed trains between Zurich and Vienna make stops at St. Anton.

Super Saturday race card

4pm: Mahab Al Shimaal Group 3 | US$350,000 | (Dirt) | 1,200m
4.35pm: Al Bastakiya Listed | $300,000 | (D) | 1,900m
5.10pm: Nad Al Sheba Turf Group 3 | $350,000 | (Turf) | 1,200m
5.45pm: Burj Nahaar Group 3 | $350,000 | (D) | 1,600m
6.20pm: Dubai City of Gold Group 2 | $300,000 | (T) | 2,410m
6.55pm: Al Maktoum Challenge Round 3 Group 1 | $600,000 | (D) | 2,000m
7.30pm: Jebel Hatta Group 1 | $400,000 | (T) | 1,800m

Multitasking pays off for money goals

Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.

That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.

"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.

Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."

People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.

"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."

RESULT

Uruguay 3 Russia 0
Uruguay:
 Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')

Man of the match: Diego Godin (Uruguay)

UAE and Russia in numbers

UAE-Russia ties stretch back 48 years

Trade between the UAE and Russia reached Dh12.5 bn in 2018

More than 3,000 Russian companies are registered in the UAE

Around 40,000 Russians live in the UAE

The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023

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Netherlands v UAE, Twenty20 International series

Saturday, August 3 - First T20i, Amstelveen
Monday, August 5 – Second T20i, Amstelveen​​​​​​​
Tuesday, August 6 – Third T20i, Voorburg​​​​​​​
Thursday, August 8 – Fourth T20i, Vooryburg

Ten10 Cricket League

Venue and schedule Sharjah Cricket Stadium, December 14 to 17

Teams

Maratha Arabians Leading player: Virender Sehwag; Top picks: Mohammed Amir, Imad Wasim; UAE players: Shaiman Anwar, Zahoor Khan

Bengal Lions Leading player: Sarfraz Ahmed; Top picks: Sunil Narine, Mustafizur Rahman; UAE players: Mohammed Naveed, Rameez Shahzad

Kerala Kings Leading player: Eoin Morgan; Top picks: Kieron Pollard, Sohail Tanvir; UAE players: Rohan Mustafa, Imran Haider

Pakhtoons Leading player: Shahid Afridi; Top picks: Fakhar Zaman, Tamim Iqbal; UAE players: Amjad Javed, Saqlain Haider

Punjabi Legends Leading player: Shoaib Malik; Top picks: Hasan Ali, Chris Jordan; UAE players: Ghulam Shabber, Shareef Asadullah

Team Sri Lanka Cricket Will be made up of Colombo players who won island’s domestic limited-overs competition

MATCH DETAILS

Barcelona 0

Slavia Prague 0

Story behind the UAE flag

The UAE flag was first unveiled on December 2, 1971, the day the UAE was formed. 

It was designed by Abdullah Mohammed Al Maainah, 19, an Emirati from Abu Dhabi. 

Mr Al Maainah said in an interview with The National in 2011 he chose the colours for local reasons. 

The black represents the oil riches that transformed the UAE, green stands for fertility and the red and white colours were drawn from those found in existing emirate flags.

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

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.”

COMPANY PROFILE

Company name: Sav
Started: 2021
Founder: Purvi Munot
Based: Dubai
Industry: FinTech
Funding: $750,000 as of March 2023
Investors: Angel investors

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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38 days

273,600 calories consumed

28kg of fruit

40kg of vegetables

45 pairs of running shoes

1 yoga matt

1 oxygen chamber

The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

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Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

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Fuel economy: 19.6L / 100km

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Name: Hassan Mohsen Elhais

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Brief scores:

Manchester City 3

Bernardo Silva 16', Sterling 57', Gundogan 79'

Bournemouth 1

Wilson 44'

Man of the match: Leroy Sane (Manchester City)

How to improve Arabic reading in early years

One 45-minute class per week in Standard Arabic is not sufficient

The goal should be for grade 1 and 2 students to become fluent readers

Subjects like technology, social studies, science can be taught in later grades

Grade 1 curricula should include oral instruction in Standard Arabic

First graders must regularly practice individual letters and combinations

Time should be slotted in class to read longer passages in early grades

Improve the appearance of textbooks

Revision of curriculum should be undertaken as per research findings

Conjugations of most common verb forms should be taught

Systematic learning of Standard Arabic grammar