Live updates: Follow the latest on Israel-Gaza
Former Palestinian foreign minister Nasser Al Qudwa has outlined details of a proposal for peace in Gaza that he drew up with former Israeli prime minister Ehud Olmert.
The plan is meant to act as a “vision” to overcome the main obstacles to a two-state solution, and contains suggestions previously discussed or agreed on by key players in the Palestinian-Israeli conflict, Mr Al Qudwa told The National.
It includes creating a demilitarised Palestinian state with only an internal policing system, a five-nation trusteeship of Old Jerusalem and an Arab peacekeeping force in Gaza after the war ends.
“We're not reinventing the wheel,” Mr Al Qudwa said.
Mr Olmert had first suggested coming up with a plan similar to one he presented to Palestinian Authority President Mahmoud Abbas in 2008, including the five-nation trusteeship of Old Jerusalem, Mr Al Qudwa said.
“These are talks for people in power. We never claimed to be in a position of authority. This plan is coming from a real place of wanting the bloodshed to end and of wanting a real solution to be reached,” he told The National.
In 2021, Mr Al Qudwa, the nephew of late Palestinian president Yasser Arafat, was expelled from the ruling Fatah party, led by Mr Abbas, over political differences. He later joined forces with prominent Palestinian politician Marwan Barghouti, now serving a life sentence in an Israeli prison, who planned to run against Mr Abbas in elections that fell apart.
Other elements of the proposal include Israel's annexation of 4.4 per cent of Palestinian land in exchange for a safe corridor that connects the occupied West Bank to Gaza.
“We didn’t specify what these areas are because we’re not in a position of power and this matter requires detailed negotiations. The exchange needs to be equal in value,” Mr Al Qudwa said.
Online conversations
Talks about a joint proposal began during an “online exchange of messages” after a conversation with Mr Olmert and New York Times columnist Thomas Friedman two months ago, Mr Al Qudwa said.
Details, such as which states would be part of the trusteeship of Old Jerusalem and which Arab countries would be involved in peacekeeping in Gaza, would be ironed out later in “detailed discussions”.
The plan was initially supposed to be presented to key Arab states for their input before being made public, Mr Al Qudwa said. “But it was leaked by Palestinian parties seeking to undermine it,” he added.
Despite this, Mr Al Qudwa and Mr Olmert are working to gather public and state support for their plan. But several obstacles stand in the way – primarily Israel's Prime Minister Benjamin Netanyahu, who rejects a peace plan based on a two-state solution.
“There are no magical solutions. We agree that we're in a very bad place – especially our people in Gaza,” Mr Al Qudwa said.
In an interview with CNN on Sunday, Mr Olmert emphasised the need to move past the current conflict.
“This is the time for moving away from the bleeding of this terrible confrontation that we had into a direction that may offer a new horizon, and that's what we're trying to do,” he said.
In May, Hamas agreed to a US proposal to reach a ceasefire in Gaza, where nearly 41,000 Palestinians have been killed and more than 94,000 injured since the war began in October last year.
The UN-approved plan includes Israel's complete withdrawal from Gaza in exchange for the release of the remaining hostages by Hamas – but Mr Netanyahu has insisted that Israeli troops remain in parts of Gaza, including the Rafah border crossing and Salah Al Din corridor, despite US opposition.
Mr Al Qudwa said Mr Netanyahu has a vested interest in preventing peace.
“Netanyahu knows exactly that the continuation of this war means that he continues to remain in power. Otherwise, if it stopped, he might go to jail,” he said, referring to corruption charges facing the Israeli Prime Minister.
“So this is a matter of life and death for him – and he’s in the position of higher power.”
Mr Olmert criticised Mr Netanyahu's leadership.
“The ultimate test of great leadership is the ability to do the opposite of what you've promised when the situation demands it,” he said.
“This is not what Netanyahu will do. He is not a great leader. He is not Churchill, not Roosevelt, and not even Chamberlain.”
Mr Al Qudwa said his role is not to ensure or guarantee the implementation of the peace proposal, but to advocate for it and do what he can to make it happen.
“We have a saying in Palestine: 'We don't wash the dead and guarantee their entry to heaven. We merely wash them.'”
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Results
5pm: Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Gurm, Antonio Fresu (jockey), Eric Lemartinel (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m; Winner: Al Nafece, Al Muatasm Al Balushi, Mohammed Ramadan
6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m; Winner: Ashton Tourettes, Adrie de Vries, Ibrahim Aseel
6.30pm: Arabian Triple Crown – Group 3 (PA) Dh300,000 (T) 2,200m; Winner: Ottoman, Adrie de Vries, Abdallah Al Hammadi
7pm: Liwa Oasis – Group 2 (PA) 300,000 (T) 1,400m; Winner: Hakeemat Muscat, Szczepan Mazur, Ibrahim Al Hadhrami
7.30pm: Handicap (TB) Dh80,000 (T) 1,600m; Winner: Ganbaru, Antonio Fresu, Musabah Al Muhairi
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
The Case For Trump
By Victor Davis Hanson
UAE currency: the story behind the money in your pockets
Avatar%20(2009)
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJames%20Cameron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ESam%20Worthington%2C%20Zoe%20Saldana%2C%20Sigourney%20Weaver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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.”
First Person
Richard Flanagan
Chatto & Windus
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
Facebook | Our website | Instagram