Live updates: Follow the latest news on Israel-Gaza
Israel has put forward conditions in the latest negotiations over a ceasefire in Gaza that could prevent a deal from being reached, sources said on Monday.
They told The National that Israel has not moved from its position on almost all the contentious issues in the talks, including whether to withdraw all its troops from Gaza or relinquish control of the Rafah border crossing between Gaza and Egypt. Its positions are unlikely to be accepted by Hamas, the sources said.
They said the Israeli positions were presented informally during the latest talks, which are taking place in Cairo and Doha.
US, Egyptian and Qatari mediators are negotiating with representatives from Israel and Hamas ahead of another top-level round of talks expected this week involving CIA director William Burns, his Egyptian and Israeli counterparts, the Qatari Prime Minister and senior Hamas officials.
The latest talks come after Hamas softened its stance on the ceasefire proposals unveiled by US President Joe Biden on May 31. It has dropped its previous demand that it would not sign a deal unless Israel first agreed in writing to a permanent ceasefire.
The Palestinian group now says it wants guarantees by the mediators that talks on reaching a permanent ceasefire begin as soon as the initial 42-day truce prescribed by the proposals takes hold.
Hamas has also said it would accept the release of Palestinians held in Israeli prisons in exchange for the freedom of hostages it is holding to be staggered over the three phases of the proposals.
However, the militant group has demanded that detainees of its choosing are released, including high-profile figures, such as Marwan Al Barghouti, a senior figure from the mainstream Palestinian Fatah faction who is seen widely as a possible successor to Palestinian President Mahmoud Abbas.
Israel has yet to formally respond to the latest Hamas positions but the sources said its conditions have been relayed to the mediators.
Prime Minister Benjamin Netanyahu issued a statement on Sunday that reiterated his opposition to a permanent ceasefire with Hamas, prompting criticism from opposition leaders that he was putting the lives of the hostages held by Hamas at risk.
However, Mr Netanyahu sent his spy chief, Mossad director David Barnea, to Qatar on a lightning visit last week. He sent domestic security chief, Shin Bet’s Ronen Bar, to Cairo on Monday.
The sources said Israel's conditions, which roughly mirror Mr Netanyahu's often repeated comments on the war, were unlikely to be accepted by Hamas.
They include a refusal to fully withdraw from Gaza and an insistence on retaining a postwar security role there, the sources said.
Israel also wants to remain in control of the Rafah crossing between Gaza and Egypt and the narrow strip inside the enclave that runs the entire length of the 13km Egypt-Gaza border.
Israel captured both the Gaza side of the crossing and the border strip in May, angering Egypt, which responded by closing the crossing.
The issue is high on the agenda of the talks that began in Cairo on Monday, said the sources.
“Israel wants the Rafah crossing and the border strip controlled and run by an international contingent, as well as retaining a say in what goes on there,” said one source. “It claims this is necessary to stop the smuggling of weapons through underground tunnels from Egypt and into Hamas's hands.”
Egypt has categorically denied these allegations.
Israel also vehemently objects to the number of Palestinian detainees Hamas wants freed in exchange for the hostages – about 121, including about 40 who died in captivity – and refuses to free some of the high-profile inmates it has, the sources said.
It wants some of those prominent detainees to leave the Palestinian territories upon their release and live in exile, a notion Hamas has rejected in previous rounds of talks.
Israel also wants Palestinians displaced in Gaza as a result of the war to be subjected to security screening before they can return to their homes, said the sources.
Hamas has previously stated it wants them to be allowed to return to their homes unconditionally. Most of Gaza’s 2.3 million residents have been displaced since the war began, according to the UN.
The US proposals include a “full and complete” six-week ceasefire that would see the release of several hostages, including women, the elderly and the wounded, in exchange for the release of hundreds of Palestinian prisoners.
During these 42 days, Israeli forces would also withdraw from densely populated areas of Gaza and allow the return of displaced people to their homes in the north.
Hamas, Israel and the mediators would also negotiate the terms of the second phase that could lead to the release of the remaining male hostages, both civilians and soldiers. Israel would free additional Palestinian prisoners and detainees. The third phase would see the return of any remaining hostages, including those killed, and the start of a years-long reconstruction project.
The Gaza war, which has to date killed more than 38,100 Palestinians, was triggered by a Hamas-led attack in October on southern Israel that killed 1,200. The militants also took about 240 hostages, of whom about 100 were freed during a truce in November.
The relentless Israeli campaign that followed has laid to waste most of Gaza’s built-up areas and created a humanitarian crisis in which many face hunger as the threat of famine looms over northern Gaza.
Hamas's softening of its position on the US proposals, according to special report by the Associated Press published on Monday that quoted officials in the Middle East and the US, was prompted by the level of devastation in Gaza.
However, Mr Netanyahu boasted on Sunday that military pressure – including Israel’s continuing two-month offensive in the southern Gaza city of Rafah – “is what has led Hamas to enter negotiations”. He has repeatedly vowed that he will not stop the war until Hamas is destroyed.
AP said recent internal communications it has seen, including messages signed by several senior Hamas figures in Gaza, have urged the group’s exiled political leadership to accept the US proposals.
The messages described the heavy battlefield losses Hamas has suffered and the dire conditions in the war-ravaged territory, it said.
It was not known if this internal pressure was a factor in Hamas's flexibility, said the AP. But the messages indicated divisions within the group and a readiness among senior militants to reach a deal quickly, even if Hamas's top official in Gaza, Yahya Sinwar, may be in no hurry to do so.
Hamas has repeatedly denied divisions within its top ranks but officials who have dealt with the group for years contend that its military wing, to which Mr Sinwar is close, has the final say on key decisions.
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.”
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Jawan
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAtlee%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shah%20Rukh%20Khan%2C%20Nayanthara%2C%20Vijay%20Sethupathi%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
Everton 1 Stoke City 0
Everton (Rooney 45 1')
Man of the Match Phil Jagielka (Everton)
UAE currency: the story behind the money in your pockets
More on Quran memorisation:
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Confirmed%20bouts%20(more%20to%20be%20added)
%3Cp%3ECory%20Sandhagen%20v%20Umar%20Nurmagomedov%0D%3Cbr%3ENick%20Diaz%20v%20Vicente%20Luque%0D%3Cbr%3EMichael%20Chiesa%20v%20Tony%20Ferguson%0D%3Cbr%3EDeiveson%20Figueiredo%20v%20Marlon%20Vera%0D%3Cbr%3EMackenzie%20Dern%20v%20Loopy%20Godinez%0D%3Cbr%3E%3C%2Fp%3E%0A%3Cp%3ETickets%20for%20the%20August%203%20Fight%20Night%2C%20held%20in%20partnership%20with%20the%20Department%20of%20Culture%20and%20Tourism%20Abu%20Dhabi%2C%20went%20on%20sale%20earlier%20this%20month%2C%20through%20www.etihadarena.ae%20and%20www.ticketmaster.ae.%0D%3Cbr%3E%3C%2Fp%3E%0A
The%20Specs%20
%3Cp%3E%3Cstrong%3ELamborghini%20LM002%3C%2Fstrong%3E%3Cbr%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%205.2-litre%20V12%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20450hp%20at%206%2C800rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E500Nm%20at%204%2C500rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EFive-speed%20manual%3Cbr%3E%3Cstrong%3E0-100kph%3A%3C%2Fstrong%3E%209%20seconds%20(approx)%3Cbr%3E%3Cstrong%3ETop%20speed%3A%3C%2Fstrong%3E%20210kph%20(approx)%3Cbr%3E%3Cstrong%3EYears%20built%3A%3C%2Fstrong%3E%201986-93%3Cbr%3E%3Cstrong%3ETotal%20vehicles%20built%3A%3C%2Fstrong%3E%20328%3Cbr%3E%3Cstrong%3EValue%20today%3A%3C%2Fstrong%3E%20%24300%2C000%2B%3Cbr%3E%3C%2Fp%3E%0A
Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
UAE currency: the story behind the money in your pockets
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Mohammed bin Zayed Majlis
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund