Jews are barred from praying at the Al Aqsa Mosque complex under a 'status quo' agreement, although they can visit. Reuters
Jews are barred from praying at the Al Aqsa Mosque complex under a 'status quo' agreement, although they can visit. Reuters
Jews are barred from praying at the Al Aqsa Mosque complex under a 'status quo' agreement, although they can visit. Reuters
Jews are barred from praying at the Al Aqsa Mosque complex under a 'status quo' agreement, although they can visit. Reuters

Muslim Elders join UAE in condemning Ben-Gvir's comments on synagogue at Al Aqsa


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The UAE, Egypt and the Muslim Council of Elders led condemnation of Israel’s National Security Minister yesterday after he said he would build a synagogue in Al Aqsa Mosque compound if he could.

Itamar Ben-Gvir claimed on Monday that Jews had the right to pray on the complex in East Jerusalem. "If I could do anything I wanted, I would put an Israeli flag on the site," Mr Ben-Gvir told Israel's Army Radio, and said "yes" when asked whether he would build a synagogue there.

Al Aqsa Mosque is considered the third-holiest site in Islam after Makkah and Madinah.

The Muslim Council of Elders which brings together Muslim leaders from across the world to promote peace, said Mr Ben-Gvir's statement was a "blatant provocation to the feelings of Muslims" and against international law.

National Security Minister Itamar Ben-Gvir pictured during a previous tour of the Al Aqsa compound. EPA
National Security Minister Itamar Ben-Gvir pictured during a previous tour of the Al Aqsa compound. EPA

The UAE, in a statement carried by the Ministry of Foreign Affairs, "condemned and denounced in the strongest terms" the minister's comments and stressed “the need for Israel to respect the historical and legal status quo in Jerusalem and not to tamper with it”. It also reaffirmed its position on the “need to provide full protection for Al Aqsa Mosque and stop serious and provocative violations”.

Egypt said comments such as Mr Ben-Gvir's complicate the situation in the Palestinian territories and obstruct efforts towards a ceasefire in the Gaza Strip. More than 40,400 people have been killed in the Israeli bombardment of the strip, which began in October in response to a Hamas-led attack on southern Israel.

Al Aqsa compound sits inside occupied East Jerusalem and access to the site operates on a "status quo" arrangement, whereby Jews are allowed to visit but are barred from prayer at the site.

Jordan's Foreign Ministry, the custodian of Muslim holy sites in Jerusalem including Al Aqsa Mosque, said Monday's statement was "a violation of international law and an unacceptable incitement that requires a clear international position to condemn and confront it".

Israeli Prime Minister Benjamin Netanyahu's office restated his country's official position, which accepts decades-old rules restricting non-Muslim prayer at the mosque compound, which Jews revere as the site of two ancient temples.

Mr Ben-Gvir has long played agitator at the Al Aqsa complex, regularly turning up to the site with illegal settlers to storm it. This month he accompanied 1,000 Israeli settlers with security forces to pray there.

Israel's education and defence ministers criticised his behaviour.

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The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

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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.”

Opening day UAE Premiership fixtures, Friday, September 22:

  • Dubai Sports City Eagles v Dubai Exiles
  • Dubai Hurricanes v Abu Dhabi Saracens
  • Jebel Ali Dragons v Abu Dhabi Harlequins
Updated: August 27, 2024, 6:12 PM