PLO advances disarmament plan for Palestinian refugee camps in Lebanon

A plan to disarm Lebanon's Palestinian refugee camps is to move a step further as a senior Palestinian delegation visits Beirut to arrange "practical steps", The National has been told.

Despite the absence of Hamas and Palestinian Islamic Jihad from the decision-making process, the delegation led by deputy head of the Palestine Liberation Organisation (PLO) Azzam Al Ahmad is in Beirut to discuss the next steps for implementing a multiphase plan to disarm Lebanon’s 12 Palestinian refugee camps in the coming weeks, a Palestinian source close to the Palestinian Authority told The National on Monday.

“We aim to establish and agree on the operational steps for implementing the camp disarmament plan in line with the agreement between Presidents Aoun and Abbas,” the source said. “This visit is meant to organise those practical steps from both the Lebanese and Palestinian sides.”

However, the Palestinian Authority (PA) has not held any formal talks with Hamas or Palestinian Islamic Jihad regarding the disarmament of the refugee camps, the source confirmed.

“We have not held talks with Hamas or Islamic Jihad, though we did discuss the developments with some factions during President Abbas’s visit,” the source added.

The National previously reported that Hamas in Lebanon has criticised the Palestinian Authority’s decision to disarm the camps in co-ordination with Lebanese authorities, saying it was made without their input.

“We call on the Lebanese government to open a responsible dialogue with the Joint Palestinian Action Committee, which includes all Palestinian factions and forces, to discuss the Palestinian situation in all its aspects,” Hamas’s representative in Lebanon, Ali Baraka, told The National in late May.

“Limiting the discussion to the security framework alone could open the door to the trap of resettlement or displacement, which is what [Israel] seeks,” he said.

Hamas spokesperson Jihad Taha also criticised the initiative, describing the decision as “representing only the Palestinian Authority”.

According to the source close to the PA, the disarmament plan will begin in the three Beirut-area camps of Shatila, Bourj Al Barajneh, and Mar Elias, before expanding into the Bekaa and northern Lebanon. The final phase would see the camps in the south disarmed, ending with Ain Al Hilweh – the largest and most heavily armed of the 12 camps and the most likely challenge.

The issue of disarming Palestinian refugee camps in Lebanon, which fall outside Lebanese state control, has long been a contentious one. Armed groups such as Hamas and Palestinian Islamic Jihad – aligned with Hezbollah and committed to armed resistance against Israel – have previously used Lebanon as a launch pad for attacks across the border.

The Palestinian Authority is internationally recognised as the governing body of parts of the Palestinian territories, but its legitimacy is contested by many Palestinians. In Lebanon, Palestinian refugee camps are not governed by the PA, but by inter-factional committees – some of whom do not pledge loyalty to the PA.

While some Palestinians view weapons as essential for self-defence, citing memories of the 1975–1990 Lebanese Civil War, others say arms have become tools of internal strife and criminal activity.

Under a long-standing understanding, the Lebanese army does not enter the Palestinian camps, leaving security to be handled by the factions themselves. That agreement, however, may be coming to an end.

Lebanese security sources and Fatah officials previously told The National that the plan to disarm the camps will involve lifting the army’s non-intervention policy.

“The discussions during the visit are focused on camp security and preventing the camps from becoming havens for fugitives,” the Palestinian source said. “The Palestinian Authority does not want Palestinians to form a ‘state within a state,’ and we are ready to co-operate with any proposal put forward by the Lebanese authorities.”

Serhan Serhan, deputy secretary of Fatah in Lebanon, echoed that position.

“We believe and trust that the Lebanese army will stabilise Lebanon, and we are part of Lebanon,” he said. “We are ready to co-operate.”

Terror attacks in Paris, November 13, 2015

- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France

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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.”