Live updates: Follow the latest on Israel-Gaza
Nine UN member states voted on Friday against supporting Palestine's bid for full membership in the world body, including the United States.
Most of these countries also voted against Palestine being granted non-member observer state status in 2012.
United States
The US, Israel's strongest ally at the UN, had declared earlier on Friday that it would vote against the resolution in the General Assembly.
Before the vote, Nate Evans, spokesman for the US mission to the UN said Washington would be voting “no” on the resolution and encouraged other member states to do the same.
He added that, “should the General Assembly adopt this resolution and refer the Palestinian membership application back to the Security Council, we expect a similar outcome to what occurred in April”.
On April 18, the US vetoed a Security Council resolution that would have approved Palestine's bid for full membership.
Israel
Israel has consistently voted against Palestine's membership in the UN.
In 2012, it voted, along with the US, against it receiving observer status in the world body.
Before Friday's vote, Israel's ambassador Gilad Erdan physically fed a copy of the UN Charter into a shredder to illustrate what he said was the General Assembly's disregard for the document.
And Israeli Foreign Minister Israel Katz said after the vote that the decision was a “prize for Hamas”.
Czech Republic
The Czech Republic has historically been more pro-Israel and pro-US.
Its UN representative told the 193 member states after the vote on Friday that the people in the region deserve the prospect of a peaceful solution that will permanently resolve the conflict.
Jakub Kulhanek said that UN membership will not bring peace and prosperity to Palestinians, adding that this can only be done at the negotiating table, where all parties will need to “make difficult political decisions and compromises – and that is actually what we should all strive for”.
He encouraged the region to “embark on a path of co-operation including through the Abraham Accords to foster a better future for the Middle East”.
Hungary
Along with the Czech Republic, Hungary is one of Israel's closest allies in Europe.
Viktor Orban, the Hungarian Prime Minister, has had a close relationship with his Israeli counterpart Benjamin Netanyahu for many years.
In October, Hungary voted against a humanitarian ceasefire in Gaza.
Argentina
Argentina has historically strong relations with both Israel and Arab countries, and it recognised the State of Palestine as “free and independent”, “within the borders existing in 1967" in 2010.
New President Javier Milei visited Israel in February and has pledged to move his nation’s embassy to Jerusalem, indicating a significant change in Buenos Aires's foreign policy, following years of supporting Arab nations.
Mr Milei has also announced that his government will declare Hamas a proscribed terrorist group, noting that Argentine citizens were among the hundreds of people taken hostage by the group on October 7.
Micronesia, Papua New Guinea, Palau and Nauru
The Marshall Islands, Micronesia, Nauru, and Palau are small Pacific island states and have historically aligned their votes closely with the US.
In 2010, for example, Micronesia voted in agreement with the US 47 times and diverged only three times.
Palau's voting record has aligned with that of the US about 96.5 per cent of the time.
Richard Gowan, UN director for International Crisis Group, told The National this group of hard “no” voters is “mostly predictable”.
He pointed out that what was striking is that a number of US allies, like Australia, that might have not supported this resolution six months ago, decided to do so on Friday.
“I do think the prolonged war in Gaza has shifted the overall mood in the UN about the need to get to a two-state solution.”
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.”
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
More from Rashmee Roshan Lall
The specs: Volvo XC40
Price: base / as tested: Dh185,000
Engine: 2.0-litre, turbocharged in-line four-cylinder
Gearbox: Eight-speed automatic
Power: 250hp @ 5,500rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 10.4L / 100km
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
57%20Seconds
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Rusty%20Cundieff%0D%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EJosh%20Hutcherson%2C%20Morgan%20Freeman%2C%20Greg%20Germann%2C%20Lovie%20Simone%0D%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
