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Arab and foreign officials called for a long-term solution to the Palestinian-Israeli conflict on Tuesday during an emergency summit in Cairo, at which leaders and representatives from Arab countries endorsed an Egyptian plan for the reconstruction of Gaza.
Egypt’s President Abdel Fattah El Sisi outlined the summit’s goals as seeking an Arab mandate on the plan for the rebuilding of the shattered enclave after 15 months of war with Israel.
"Egypt calls for the adoption of this plan and the mobilisation of regional and international support for it," he said. “The peace treaty between Egypt and Israel, which was reached through American mediation, should be seen as a model to follow. The time has come to launch a serious and effective political process, leading to a lasting solution to the Palestinian issue, and I am confident [US] President Trump is capable of achieving this."
Ahmed Aboul Gheit, Arab League Secretary General, said the gathering of regional leaders represented a vital milestone in the history of the Israel-Palestine conflict. The summit is focused on preventing “a new Nakba against the Palestinian people,” he added.
Arab states have taken great steps to bring about a two-state solution since the Arab Peace Initiative in 2002, highlighting the collective will for a just settlement to the conflict which has been rumbling for decades, Mr Aboul Gheit said.
Palestinians have been historically subjected to injustice and should not be subjected to more, he added, warning that if Gazans are displaced, it would be the end of the work done by all stakeholders to ensure Palestinian statehood. That “goal, although elusive, remains a possibility”, Mr Aboul Gheit stated.
UN Secretary General Antonio Guterres affirmed that a "resumption of hostilities in Gaza is a threat to the stability of the entire region”, and said “we must avoid at all costs the resumption of hostilities that would plunge millions back into an abyss of suffering, and further destabilise the region”.
The UN chief called for a resumption of ceasefire negotiations “without delay”, and for all hostages to be released “immediately and unconditionally”.
Jordan's King Abdullah II outlined four key objectives of the emergency summit. The first is to unequivocally reject any plans for the displacement of Palestinians. The second is to present a comprehensive reconstruction plan for Gaza to all stakeholders. The third is to establish a clear framework for supporting the Palestinian Authority's efforts in managing Gaza, maintaining its connection to the West Bank, and ensuring the provision of essential services and food. The fourth is to prevent further escalation of violence in the West Bank, particularly during Ramadan.
King Abdullah also stressed the importance of maintaining the ceasefire agreement in Gaza and guaranteeing the implementation of all phases. He rejected Israel's decision to block the entry of aid into Gaza and said it was "against international law".
Palestinian Authority President Mahmoud Abbas invited Mr Trump "to support the reconstruction of Gaza" without displacing its residents. He expressed the PA's support for Egypt's plan and called for a unified government to rule over both the West Bank and Gaza.
Mr Abbas said he was fully prepared to hold legislative and presidential elections in the West Bank, Gaza, and East Jerusalem next year, but claimed Israel had previously blocked such efforts.
"We endorse the Egyptian-Arab-Palestinian Gaza reconstruction plan with our people continuing to live on their land and we support its endorsement by this summit and enlisting international support for it ... and work towards the success of the international conference on reconstruction that Egypt is hosting next month," he said.
Two newly appointed and elected leaders were present at the summit: Lebanon’s President Joseph Aoun and Syria’s Ahmad Al Shara. Mr Aoun said there can be no peace with Israel without a Palestinian state. He also vowed to "liberate" his own country from Israeli occupation.
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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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Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
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Day 3, Abu Dhabi Test: At a glance
Moment of the day Just three balls remained in an exhausting day for Sri Lanka’s bowlers when they were afforded some belated cheer. Nuwan Pradeep, unrewarded in 15 overs to that point, let slip a seemingly innocuous delivery down the legside. Babar Azam feathered it behind, and Niroshan Dickwella dived to make a fine catch.
Stat of the day - 2.56 Shan Masood and Sami Aslam are the 16th opening partnership Pakistan have had in Tests in the past five years. That turnover at the top of the order – a new pair every 2.56 Test matches on average – is by far the fastest rate among the leading Test sides. Masood and Aslam put on 114 in their first alliance in Abu Dhabi.
The verdict Even by the normal standards of Test cricket in the UAE, this has been slow going. Pakistan’s run-rate of 2.38 per over is the lowest they have managed in a Test match in this country. With just 14 wickets having fallen in three days so far, it is difficult to see 26 dropping to bring about a result over the next two.
MATCH INFO
Karnatake Tuskers 114-1 (10 ovs)
Charles 57, Amla 47
Bangla Tigers 117-5 (8.5 ovs)
Fletcher 40, Moores 28 no, Lamichhane 2-9
Bangla Tiger win by five wickets
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
