The UN General Assembly is set to vote on a draft resolution on Friday that would recognise Palestine as eligible for full membership.
The text says the General Assembly “determines that the state of Palestine is, in its judgment, a peace-loving state within the meaning of Article 4 of the Charter, is able and willing to carry out the obligations of the Charter and should therefore be admitted to membership in the United Nations”.
The draft resolution, put forward by the UAE in its capacity as the Arab Group's chair for May, seeks to grant Palestine the rights and privileges to take part fully and effectively in General Assembly sessions and other UN conferences, “on equal footing with member states”.
According to UN regulations, prospective members of the United Nations must be “peace-loving,” and can only gain full membership with backing from the Security Council and a two-thirds majority in the General Assembly.
Palestine has held permanent observer status at the UN since 2012, allowing it to engage in proceedings without being able to vote.
A copy of the draft resolution, seen by The National, expresses “deep regret and concern” over the April 18 US veto of a Security Council proposal recommending the admission of the state of Palestine to full membership in the UN.
Twelve Security Council members voted in favour of granting Palestine full UN member status, while the UK and Switzerland abstained.
France, Japan, South Korea and Slovenia backed the resolution despite none of them individually recognising a Palestinian state.
But unlike the Security Council, there are no vetoes in the 193-member General Assembly and the resolution is expected to be approved by over 140 states, according to an Arab diplomat, speaking on condition of anonymity.
Slovenia's UN representative Samuel Zbogar told reporters he anticipates greater European support for the measure this time around compared to previous times.
Palestine's UN ambassador optimistic about full membership – video
By voting in favour of the text, the 193 member states would recommend that the UN Security Council “reconsider the matter favourably”.
The Palestinian UN mission in New York said in a letter to UN member states that adoption of the draft text backing full membership at the world body would be an investment in preserving the long-sought-for two-state solution.
It said it would "constitute a clear reaffirmation of support at this very critical moment for the right of the Palestinian people to self-determination, including the right to their independent State."
According to a legislation by US Congress, Washington is prohibited from financing any UN agency that supports full membership for groups lacking the “internationally recognised attributes” of statehood.
"What we're concerned about is the precedent it sets. It's clearly outlined in the UN Charter, the procedure, the process for obtaining full membership in the United Nations, and any kind of a process that goes around that, to us is very concerning," Robert Wood, US deputy ambassador to the UN, told reporters in New York.
"What they [Palestinians] should be doing is sitting down with Israel at the appropriate point, discussing these issues, because we believe, as many other states do, that for this Palestinian membership of the UN to happen, it needs to be the result of the product of bilateral negotiations," he added.
Israel's UN ambassador Gilad Erdan slammed the draft General Assembly resolution, saying granting Palestine the status and rights of a state would go against the UN Charter.
“If it is approved, I expect the United States to completely stop funding the UN and its institutions, in accordance with American law,” said Mr Erdan.
He said that resolution's adoption by the General Assembly would not change anything in Gaza.
The measure also adds a provision in the annex on the issue of voting, stating categorically that in its capacity as an observer State, Palestine "does not have the right to vote in the General Assembly or to put forward its candidature to United Nations organs."
The push for Palestine's full membership in the world body comes seven months into a war between Israel and militant group Hamas.
Two hundred days of Israel Gaza war – in pictures
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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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Polarised public
31% in UK say BBC is biased to left-wing views
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A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
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Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
match info
Maratha Arabians 138-2
C Lynn 91*, A Lyth 20, B Laughlin 1-15
Team Abu Dhabi 114-3
L Wright 40*, L Malinga 0-13, M McClenaghan 1-17
Maratha Arabians won by 24 runs
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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