The UN Security Council meets on the situation in the Middle East, including the Palestinian question, at UN headquarters in New York City. AFP
The UN Security Council meets on the situation in the Middle East, including the Palestinian question, at UN headquarters in New York City. AFP
The UN Security Council meets on the situation in the Middle East, including the Palestinian question, at UN headquarters in New York City. AFP
The UN Security Council meets on the situation in the Middle East, including the Palestinian question, at UN headquarters in New York City. AFP

US vetoes Palestine membership of the UN


Adla Massoud
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The US on Thursday vetoed Palestine's bid for full membership in the world body.

It blocked a draft resolution that recommended to the 193-member UN General Assembly that “the State of Palestine be admitted to membership of the United Nations”.

Britain and Switzerland abstained, while the other 12 council members voted in favour.

President [Joe] Biden has been clear that sustainable peace in the region can only be achieved through a two-state solution with Israel's security guaranteed,” Robert Wood, US deputy ambassador to the UN, told the council.

“This vote does not reflect opposition to Palestinian statehood, but instead is an acknowledgement that it will only come from direct negotiations between the parties.”

Israel's Foreign Minister Israel Katz commended the US for casting a veto to deny the Palestinian Authority full membership of the world body.

“The shameful proposal was rejected. Terrorism will not be rewarded,” he said.

The decision to veto the request prompted criticism from across the world.

The Palestinian presidency condemned the US veto, calling it “unfair, unethical and unjustified”.

Russia's UN envoy Vasily Nebenzya called the US veto a “hopeless attempt to stop the inevitable course of history”.

Carolyn Rodrigues-Birkett, Guyana's representative, expressed deep disappointment that the legitimate aspirations of the Palestinian people were not acknowledged.

“Guyana had hoped that the council's historic sympathy and apparent empathy with the Palestinian cause could have translated into strong political will … given the existential threat Palestinians currently face,” she said.

Palestine currently holds observer status in the world body, meaning it has the right to speak but has no voting power on resolutions. It first applied for full membership in 2011.

Two weeks ago, the delegation from the state of Palestine submitted a letter to UN Secretary General Antonio Guterres requesting the renewal of its application for full membership.

After this request, the UN Security Council established a committee to review the matter, which on Tuesday released a report indicating that the 15 members of the council are split on whether to endorse Palestine as a full member.

Israel's ambassador Gilad Erdan said before the vote that Palestine does not meet the criteria for full UN membership, which he outlined as having a permanent population, defined territory, government and capacity to enter relations with other states.

Riyad Mansour optimistic about Palestine becoming full member of UN – video

“Who is the council voting to 'recognise' and give full membership status to? Hamas in Gaza? The Palestinian Islamic Jihad in Nablus? Who?” he asked.

“The only thing that a forced unilateral recognition of a Palestinian state will do is to make any future negotiations almost impossible.”

The US, Israel's strongest ally on the council, has said that establishing an independent Palestinian state should happen through direct negotiations between Israel and the Palestinians and not at the UN.

Ziad Abu Amr, the special representative for Palestinian Authority President Mahmoud Abbas, asked the US how seeking full UN membership would damage the prospects of peace between Palestinians and Israelis.

“How could this recognition and this membership harm international peace and security?” he said before the Security Council.

“Those who are trying to disrupt and hinder the adoption of such a resolution … are not helping the prospects of peace between Palestinians and Israelis and the prospects for peace in the Middle East in general.”

Mr Abu Amr said full Palestinian UN membership was not an alternative to serious political negotiations to enact a two-state solution and resolve other pending issues.

“This resolution will grant hope to the Palestinian people hope for a decent life within an independent state,” he said.

Current US legislation requires the Biden administration to either veto any such UN resolution or cut off funding to the Palestinian Authority.

“In last month's $1.2 trillion US congressional funding bill, a clause was made to say that the PA would not be able to receive any money from this fund if they obtain full UN membership,” Maya Ungar, UN analyst at the International Crisis Group, told The National.

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Abaya trends

The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

While you're here

Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes

Match info

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

West Ham United 0

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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if you go

The flights

Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300. emirates.com

Seeing the games

Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city. tangol.com

 

Staying there

Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110. faena.com

 

THE BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents. 

Favorite place to go in the UAE: A quiet beach.

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The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Updated: April 19, 2024, 4:07 AM