French President Emmanuel Macron is due to formally recognise Palestinian statehood on Monday, as part of a 10-strong collective declaration at the UN in New York.
Belgium, Malta, Luxembourg, San Marino and Andorra are expected to make announcements at the same time as France in New York, while the UK, Australia and Canada confirmed their decisions in statements on Sunday.
Portugal's Foreign Minister, Paulo Rangel, later announced on Sunday that the country has also recognised the state of Palestine, Reuters reported.
Australia was recognising Palestine alongside Canada, the UK and Portugal as part of an effort to revive momentum for a two-state solution that starts with a ceasefire in Gaza and the release of hostages held there, Prime Minister Anthony Albanese said.
Hamas must have no role in Palestine, the statement said. Canadian Prime Minister Mark Carney’s office called it a “co-ordinated international effort to preserve the possibility of a two-state solution”.
“While Canada is under no illusions that this recognition is a panacea, this recognition is firmly aligned with the principles of self-determination and fundamental human rights reflected in the United Nations Charter, and the consistent policy of Canada for generations,” according to the statement.
UK Prime Minister Keir Starmer said the “moment has now arrived”.
Israel's Prime Minister Benjamin Netanyahu said the creation of a Palestinian state would endanger Israel's survival and pledged to oppose such efforts at the UN.
Collective recognition
France hopes that collective recognition of Palestine will force Israel into accepting a peace deal in Gaza and pave the way for greater stability in the region.
“This is a tipping-point moment,” an adviser to Mr Macron said. “Either we are collectively capable of doing what is necessary to preserve the two-state solution, or we are heading towards even more difficulties and dramas.”
Saudi Crown Prince Mohammed bin Salman is scheduled to give a speech by video conference on Monday. The kingdom will be represented by its Foreign Minister, Prince Faisal bin Farhan.
Saudi Arabia has not commented on the Crown Prince's participation. Leaders from Canada, Australia, Malta and Portugal are expected to be at the UN.
Annexation a 'red line'
Israel has threatened to annex parts of the occupied West Bank and legalise Israeli settlements in retaliation for French recognition of Palestine, which the adviser described as a “red line” and “violation of international law.”
“This is obviously the worst possible violation of UN resolutions,” they said.
Recognition is the beginning of a new chapter for Israel and Palestine, French diplomats say, which will pave the way for the “day after” the war.
In a French-led UN declaration for a two-state solution, adopted in July by 17 countries, there was mention of the introduction of a temporary international stabilisation mission upon invitation of the Palestinian Authority and under the guidance of the UN.
Other plans for Gaza are under discussion. One is led by former British prime minister Tony Blair, who has been mandated by US President Donald Trump to rally efforts behind a plan to establish a transitional power in the strip.
Although the US was previously reported to be seeking the removal of Gaza's entire population, to turn the enclave into a tourist resort, the Blair plan calls for Gazans to remain on their land, a source familiar with the talks told The National.
Mr Macron's adviser said France was working in “close co-operation” with Mr Blair.
“We will continue to work with him and others to converge on the essential, that is to say, securing, rebuilding and the future of the territory, knowing that all of this will of course have to be done transparently and in consultation with Israel and the United States,” the adviser said.
France has observed Israel's latest military operations with alarm, including a new offensive on Gaza city and a strike on Doha.
Mr Macron told Israeli TV on Thursday that he is now open to imposing economic sanctions on Israel.
“Qatar took a lot of risks and gave a lot to help free the hostages,” the adviser said, referring to Doha's role as a mediator on the conflict. “We are grateful for the role they played and want to continue working with them.”
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Lord Smith, former Cabinet minister
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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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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
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Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
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