Pro-Palestinian protesters in Malta's capital Valletta. Reuters
Pro-Palestinian protesters in Malta's capital Valletta. Reuters
Pro-Palestinian protesters in Malta's capital Valletta. Reuters
Pro-Palestinian protesters in Malta's capital Valletta. Reuters

Group of western nations ‘express willingness’ to recognise Palestinian statehood


Adla Massoud
  • English
  • Arabic

A group of nations, including Canada, Australia and New Zealand, have said they are willing to recognise a Palestinian state, joining France and other western nations that already have done so.

Foreign ministers from 15 nations issued a joint declaration on Tuesday during a UN conference, hosted by France and Saudi Arabia, that is pushing for a two-state solution to the Israeli-Palestinian conflict.

Other countries included Andorra, Malta, Iceland, Portugal, San Marino and Finland. Slovenia, Spain, Ireland, Portugal and Norway have already recognised Palestine but used the statement to express their commitment to a two-state solution.

Earlier on Tuesday, British Prime Minister Keir Starmer said the UK would move towards recognising a Palestinian state unless Israel ends the Gaza war. The UK did not sign the joint statement.

We “have already recognised, have expressed or express the willingness or the positive consideration of our countries to recognise the State of Palestine”, the ministers wrote.

The foreign ministers invited all countries that have not done so to join “this call”.

They also expressed their “determination to work on an architecture for the 'day after' in Gaza which guarantees the reconstruction of Gaza, the disarmament of Hamas and its exclusion from the Palestinian governance”.

In addition, they urged countries who have not done so yet to establish relations with Israel and expressed their willingness to enter discussions on Israel's regional integration.

The document is intended to complement not replace – the outcome of the recent UN conference on the two-state solution.

The conference which produced the first UN-backed text, was endorsed by Arab states, who officially condemned the October 7 attacks. It is a move seen as signalling a readiness to normalise ties with Israel and support broader regional peace and stability.

Malta’s Prime Minister Robert Abela said his country would recognise a Palestinian state during the UN General Assembly in September. “Our position reflects our commitment to efforts for a lasting peace in the Middle East,” he said in a Facebook post.

French President Emmanuel Macron said last week that his country would recognise Palestine as a state, as anger mounts over the death toll in Gaza and the growing number of people starving in the coastal enclave.

Although more than 140 countries already recognise the State of Palestine, none of them carry the weight of Britain and France, nuclear-armed allies of Israel with permanent seats on the UN Security Council.

France's Foreign Minister Jean-Noel Barrot welcomed London joining “the momentum created by France” to “stop the endless cycle of violence”.

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Grand slam winners since July 2003

Who has won major titles since Wimbledon 2003 when Roger Federer won his first grand slam

Roger Federer 19 (8 Wimbledon, 5 Australian Open, 5 US Open, 1 French Open)

Rafael Nadal 16 (10 French Open, 3 US Open, 2 Wimbledon, 1 Australian Open)

Novak Djokovic 12 (6 Australian Open, 3 Wimbledon, 2 US Open, 1 French Open)

Andy Murray 3 (2 Wimbledon, 1 US Open)

Stan Wawrinka 3 (1 Australian Open, 1 French Open, 1 US Open)

Andy Roddick 1 (1 US Open) 

Gaston Gaudio 1 (1 French Open)

Marat Safin 1 (1 Australian Open)

Juan Martin del Potro 1 (1 US Open)

Marin Cilic 1 (1 US Open)

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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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Match info

What: Fifa Club World Cup play-off
Who: Al Ain v Team Wellington
Where: Hazza bin Zayed Stadium, Al Ain
When: Wednesday, kick off 7.30pm

Updated: July 30, 2025, 3:50 AM