Arab League states issued a unified call backing a peace initiative proposed in 2002 at this week's UN conference on a two-state solution for Israel and Palestine co-chaired by Saudi Arabia and France.
The Arab Peace Initiative offers full normalisation of ties between Israel and the Arab world in exchange for a complete withdrawal from territories occupied since 1967, a just solution for Palestinian refugees under UN General Assembly Resolution 194, and the establishment of a sovereign Palestinian state with East Jerusalem as its capital. Israel has long rejected the proposal.
“What we’re seeing today in Gaza, the withdrawal of stability and security in the region, is indeed the outcome of the ongoing occupation,” Arab League chief Ahmed Aboul Gheit said in a statement delivered to the conference by a spokesperson. “This is the price being paid by Palestinians, a price paid in blood.”
He added that the Arab League remains committed to the peace initiative proposed by Saudi Arabia and adopted at its summit in Beirut 23 years ago.
“This vision hasn’t, however, been reciprocated,” Mr Aboul Gheit said. “Rather, it has been countered by arrogance and nationalism based on religious sectarian views that will lead the region to an unknown future.”
Arab and Muslim countries at the UN conference in New York also joined a growing chorus of states calling on Hamas to disarm and relinquish control in Gaza, signalling rising frustration with the group.
“In the context of ending the war in Gaza, Hamas must end its rule … and hand over its weapons to the Palestinian Authority, with international engagement and support, in line with the objective of a sovereign and independent Palestinian state,” read a joint declaration.
Kuwait's Minister of Foreign Affairs Abdullah Ali Al Yahya said that extending the PA's authority over all Palestinian territory was “a fundamental step in building an independent Palestinian state”.
Khalifa Al Marar, UAE Minister of State at the Ministry of Foreign Affairs, called for international efforts to stop the war in Gaza and the adoption of a “clear, binding and irreversible road map” to establish an independent, sovereign Palestinian state.
“Every day that passes without a solution deepens the wounds and distances the chances of peace,” he warned.
Palestinian Prime Minister Mohammad Mustafa appealed for the UN conference to be “a turning point in which positions and declarations are translated into immediate and unprecedented practical steps to stop the genocide and end the Israeli occupation”.
“The world must act to stop the aggression, starvation and displacement, and send a clear message: Enough disregard for the life and dignity of Palestinians – Palestinians are human beings,” he said.
Abdoulkader Houssein Omar, Djibouti's Minister for Foreign Affairs and International Co-operation, said any lasting settlement of the Arab-Israeli conflict “cannot forgo” the foundation laid by the 2002 Arab Peace Initiative, which he described as a “constructive, balanced framework” and an “unavoidable model” for a just and comprehensive solution consistent with international law.
The UN conference aimed to resurrect long-stalled peace efforts and pave the way towards an independent Palestinian state. Foreign ministers from 15 nations, including Canada, Australia and New Zealand, issued a joint declaration on Tuesday expressing their willingness to recognise a Palestinian state and their commitment to a two-state solution.
Out of 193 member states of the UN, 143 already recognise the State of Palestine, which has observer status at the world body.
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
Company%20Profile
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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.”
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
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- Option 2: 50% across three years
- Option 3: 30% across five years
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Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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