Arab and Islamic countries, including the UAE, have condemned in the strongest terms the Israeli Knesset’s approval of a motion calling for the imposition of so-called “Israeli sovereignty” over the occupied West Bank.
The non-binding vote in Israel's parliament, the Knesset, was backed by members of Israeli Prime Minister Benjamin Netanyahu's right-wing coalition, as well as some opposition politicians.
Widely viewed in Israel as purely symbolic, the decision nonetheless makes clear the readiness of many in the country to shun a two-state solution, the diplomatic route backed by most of the international community to achieve peace between Israelis and Palestinians.
The Knesset's decision comes as security in the West Bank deteriorates, with widespread Israeli army operations, militant attacks, settler violence and land grabs all happening at an accelerated rate. There is a widespread belief that Israel's expanded presence in the region, whether in the form of the military or settlers, has already led to a de facto annexation in many parts.
The move is “a flagrant and unacceptable violation of international law and a flagrant violation of relevant Security Council resolutions”, the UAE, Bahrain, Egypt, Indonesia, Jordan, Nigeria, Palestine, Qatar, Saudi Arabia, Turkey, the Arab League, and the Organisation of Islamic Co-operation said in a joint statement.
Israel has no sovereignty over the occupied Palestinian territory, they said, adding that “this unilateral Israeli action has no legal effect and cannot alter the legal status of the occupied Palestinian territory, particularly East Jerusalem, which remains an integral part of that territory”.
They also emphasised that such Israeli measures “will only fuel the growing tension in the region, exacerbated by the Israeli aggression on the Gaza Strip and the resulting humanitarian catastrophe”.
They called on the international community, including the UN Security Council, to assume their “legal and moral responsibilities” and take urgent action to halt illegal Israeli policies “aimed at imposing a fait accompli by force, undermining the prospects for achieving a just and lasting peace, and eliminating the prospect of a two-state solution”.
They also renewed their commitment to the two-state solution based on international resolutions and the Arab Peace Initiative, and the establishment of an independent, sovereign Palestinian state on the June 4, 1967, lines, with East Jerusalem as its capital.
Palestinian politician Ghassan Khatib told The National that he thought the Knesset move had two main objectives. “I don’t think it’s symbolic at all," he said.
"Its first purpose is for internal politics because it helps improve relations between the government and some members of the Knesset. The second is as a statement to Palestinians and the international community that this is now the position.
“It is not an isolated move on Israel’s part. All their rhetoric and behaviour is taking us in the same direction: annexing the territories. Not mainly through Knesset decisions, although this is part of it, but also and probably more importantly with practical steps,” he added.
Mr Khatib said that the anger of Arab states is “significant” and shows that Israel “has chosen annexation of West Bank over developing relations with Arab countries”.
The Palestine Liberation Organisation’s deputy chairman Hussein Al Sheikh also condemned the decision, calling it in a post on X “not only a direct assault on the rights of the Palestinian people, but also a dangerous escalation that harms the prospects for peace, stability and the two-state solution”.
“These unilateral Israeli actions blatantly violate international law and the ongoing international consensus regarding the status of the occupied Palestinian territories, including the West Bank,” he said.
Mr Al Sheikh is widely viewed as one of the most influential PLO politicians after President Mahmoud Abbas. Earlier in the week, he met US ambassador to Israel Mike Huckabee, a notable change in approach after US President Donald Trump's ambassador in the first term was snubbed by Palestinian leadership in anger at the US leader's pro-Israel, pro-settler positions.
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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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How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
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Liverpool 2 (Mane 50', 54')
Red card: Andreas Christensen (Chelsea)
Man of the match: Sadio Mane (Liverpool)
TICKETS
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
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MATCH INFO
Champions League last 16, first leg
Tottenham v RB Leipzig, Wednesday, midnight (UAE)
Drivers’ championship standings after Singapore:
1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68
Brief scores:
Pakistan (1st innings) 181: Babar 71; Olivier 6-37
South Africa (1st innings) 223: Bavuma 53; Amir 4-62
Pakistan (2nd innings) 190: Masood 65, Imam 57; Olivier 5-59
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Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law