The result of a vote on the legal consequences of Israel's actions in the Palestinian territories is shown at the United Nations Headquarters, New York, on September 18. AFP
The result of a vote on the legal consequences of Israel's actions in the Palestinian territories is shown at the United Nations Headquarters, New York, on September 18. AFP
The result of a vote on the legal consequences of Israel's actions in the Palestinian territories is shown at the United Nations Headquarters, New York, on September 18. AFP
The result of a vote on the legal consequences of Israel's actions in the Palestinian territories is shown at the United Nations Headquarters, New York, on September 18. AFP

Fourteen countries oppose UN resolution to end Israel's occupation of Palestine


Nada AlTaher
  • English
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A UN General Assembly resolution calling on Israel to end its illegal occupation of Palestine within a year was passed overwhelmingly on Wednesday. Israel’s closest ally, the US, was among the opposing nations.

While 124 countries voted in favour, 14 countries opposed the resolution and 43 abstained.

The resolution urged Israel to "comply with international law and withdraw its military forces, immediately cease all new settlement activity, evacuate all settlers from occupied land, and dismantle parts of the separation wall it constructed inside the occupied West Bank". It also demanded Israel return land and other assets it has seized since 1967.

UN General Assembly meets on Gaza. Image shows the voting board from Wednesday's resolution on Palestine. Photo: United Nations
UN General Assembly meets on Gaza. Image shows the voting board from Wednesday's resolution on Palestine. Photo: United Nations

Apart from the US, Argentina, Hungary and Paraguay also voted against the resolution. Other opposers were: Oceania's Palau, Micronesia, Nauru, Fiji, Tonga, Tuvalu and Papua New Guinea, East Africa's Malawi and Europe's Czechia.

Notably, South America's Argentina has had a long-standing pro-Palestine policy, which it broke off from in a May vote on recognising Palestinian as a state, before designating Hamas a terrorist group two months later.

Argentina's President Javier Milei had been aligning his country closer with Israel and the US in recent months, even visiting Jerusalem in February and making more public his religious views after converting to Judaism three years ago.

Hungary's position on Israel remained unchanged. It has long been a supporter and ally of Israel, and is the only EU member state to not have called on Israel to stop its incursion into Rafah in May, in the continuing war in Gaza, as part of a joint declaration among other EU member states.

More than 41,200 Palestinians have been killed in Israel's war in Gaza, and 95,550 were wounded with at least 10,000 more missing and believed to be under rubble.

Paraguay has strong trade ties with Israel but a complicated relationship with it.

In 2018, President Horacio Cartes said he would relocate his country's embassy from Tel Aviv to Jerusalem – effectively recognising the city as Israel's capital, following the footsteps of Donald Trump, who made the same controversial move.

Paraguay's decision was eventually reversed under new president Mario Abdo Benitez and the embassy was moved back to Tel Aviv, prompting anger from Israel, which closed its embassy in Paraguay.

Six years later, Paraguay’s current President Santiago Peña expressed his support for Israel, saying he will move his embassy to Jerusalem and in turn attended the inauguration of Israel's embassy in the capital Asuncion on Wednesday – the day of the UN vote – where his envoy voted against the resolution to show further support to Israel.

Ahead of the vote, Saudi Crown Prince Mohammed bin Salman said the kingdom condemns "the crimes of the Israeli occupation authority against the Palestinian people". The Crown Prince said the kingdom will not establish diplomatic ties with Israel without an independent Palestinian state with east Jerusalem as its capital.

Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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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Al Watan newspaper
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Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

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Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

Updated: September 19, 2024, 11:23 AM