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Israeli Prime Minister Benjamin Netanyahu left for Washington on Sunday morning to meet US President Donald Trump, making him the first world leader to visit the new American administration.
The visit is the leader's first international trip since the International Criminal Court issued an arrest warrant against him in November for alleged war crimes and crimes against humanity in Gaza.
Before leaving Israel, Mr Netanyahu said his meetings with the President “will deal with important, critical issues facing Israel and the region: victory over Hamas, achieving the release of all our hostages and dealing with the Iranian terror axis in all its aspects”.
Being the first foreign leader to meet Mr Trump since the latter's return to the White House showed “the strength of the Israeli-American alliance”, said Mr Netanyahu, as well as their “personal friendship”.
The visit comes at a critical time for the Middle East, during which the US-Israeli relations will be pivotal in shaping the region, which has been upturned by the Gaza war.
Pressure is also increasing on the Israeli leader to sustain a ceasefire-hostage deal struck with Hamas in January that has so far seen four exchanges of Israeli hostages for Palestinian detainees.
Polling suggests that the majority of Israelis favour the government prioritising the release of hostages over continuing fighting in Gaza, but far-right ministers in Mr Netanyahu’s government are bitterly opposed to the deal, saying it endangers national security, ends the war before Israel achieves objectives in Gaza and stops the dream of resettling the strip.
Mr Netanyahu also faces pressure from Mr Trump, who is widely believed to be in support of maintaining the deal. Before coming into office, the president warned that there would be “all hell to pay” if Israeli hostages were not returned before his inauguration.
According to the timeline of the deal, currently in its first of three phases, parties are supposed to start negotiating to prepare for the second phase of the deal, during which Israel and Hamas are supposed to work towards a permanent ceasefire in Gaza.
Despite a potential conflict over the future of the deal, Mr Trump is widely viewed to be sympathetic to causes championed by the Israeli right, particularly expanding illegal settlements in the occupied West Bank and possibly annexing the entire region itself. Mr Trump has appointed senior officials who openly support such moves.
Israeli Finance Minister Bezalel Smotrich, one of the main opponents of the hostage deal, called on Prime Minister Benjamin Netanyahu to use his upcoming meeting with Mr Trump to “strengthen [Israel’s] grip and sovereignty” over the occupied West Bank.
Mr Smotrich, who along with many Israelis celebrated the victory of Mr Trump, described him as “a lover of Israel”. In his previous term in office, Mr Trump recognised Israeli sovereignty over occupied East Jerusalem and the occupied Golan Heights.
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
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UAE currency: the story behind the money in your pockets
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.”
