Palestinian Minister of State for Foreign Affairs Varsen Aghabekian said the unprecedented attack on Doha last week "is part of Israel’s strategy of expansionist ideology and being capable of doing anything it wants to do and being able to do it with impunity".
Ms Aghabekian was speaking on the sidelines of a preparatory foreign ministers meeting ahead of an emergency Arab-Islamic summit to address the Israeli attack on Qatar on Monday.
"It comes as no surprise to me as a Palestinian, because that’s exactly what Israel stands for and the mentality that rules Israel today," she told The National.
Ms Aghabekian was referring to Israel's escalating attacks in the region, expanding to Syria, Lebanon, Yemen, and Iran in recent months.
Israel has threatened to strike again to reach more Hamas targets abroad, while Qatar described the attack as state terrorism. Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman visited Washington to convey messages of disapproval regarding Israel's decision to strike a key US ally and home to the largest American base in the region.
US President Donald Trump made clear his own disapproval, saying he was "unhappy" with the attack, but Washington has not publicly expressed that Israel's actions have crossed a red line.
On Sunday, Mr Trump told reporters that "Qatar has been a very great ally. Israel and everyone else, we have to be careful. When we attack people, we have to be careful".
“Qatar has been a great ally, and they also lead a very difficult life because they’re right in the middle of everything,” he added.
Mr Trump has walked a cautious line between the two US allies in the Middle East following the Israeli strike on Qatar.
"Israel believes it’s supreme. It can do whatever it wants... and is guarded by superpowers that’ll enable it to do whatever it wishes to do," Ms Aghabekian said.
While the US remains resistant to taking serious steps to hold Israel accountable or further the rights of Palestinians, world views by prominent European states are changing. Countries like France, Finland, Belgium and Canada have said they will be among some countries recognising Palestinian statehood at an upcoming UN conference in New York this month.
"I think the European position has come a long way. It's late, but better late than never, because standing with the right of Palestinians is a legal and moral obligation for all countries," Ms Aghabekian said.
Palestine is recognised as a sovereign state by 147 out of the UN General Assembly's 193 members, and the push now for more states to recognise it demonstrates Israel's growing isolation on the world stage, the Palestinian official believes.
On Friday, the UN General Assembly adopted a resolution charting the road map towards Palestinian statehood. The “New York Declaration on the peaceful settlement of the question of Palestine and the implementation of the two-state solution” sets out a 15-month plan to establish a demilitarised, sovereign Palestinian state, despite Israel's resistance.
Measures like this and others illustrate that the time is right for action, and not just words, Ms Aghabekian said. "Many were saying it’s not the right time, we need a process. But that’ll never come because Israel isn’t a two-stater. So if we have to be at the mercy of the Israelis there will never be a Palestinian state and the whole world is coming to realise that."
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
The Written World: How Literature Shaped History
Martin Puchner
Granta
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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.”
Vikram%20Vedha
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
All the Money in the World
Director: Ridley Scott
Starring: Charlie Plummer, Mark Wahlberg, Michelle Williams, Christopher Plummer
Four stars
SPECS
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