Palestinian hopes for achieving an independent state comprising the West Bank, Gaza and East Jerusalem have been lifted by France, Britain, Portugal, Canada, Australia and a number of other countries formally recognising the state of Palestine in recent days, after nearly 80 years of its existence.
The 1948 UN resolution that divided Palestine to create the state of Israel also created a Palestinian state, but only 147 if its 193 member states had formally recognised Palestinian statehood and the Palestinian people's right to self determination by 2023, the year the Israeli war in Gaza began.
Countries have increasingly been moved to act by the high civilian toll and misery inflicted by Israel's conduct of the war, which began with a deadly attack on southern Israel by Hamas-led militants from Gaza, as well as by the increasing Israeli settlement activity and violence against Palestinians in the West Bank.
The US – Israel’s staunchest backer – and a few other states that depend on it for support, remain the exception.
Critics say Palestinian recognition rewards Hamas for its attack and that a political solution between Palestine and Israel is a prerequisite for recognising Palestinian statehood. However, its proponents, like French President Emmanuel Macron, say it is “an essential move towards peace”.
But if Palestine is already recognised as a state at the UN, what does it matter what a few more states say? Is their recognition an empty gesture, or will it have real impact?
'A right not a reward'
Palestinian statehood is not a reward or punishment, but a right, enshrined in law and members of the UN General Assembly are obliged to uphold that law, according to experts in international law.
Ardi Imseis, a former UN officer and legal advocate in cases before the International Court of Justice (ICJ), says it is a step towards Palestinian freedom.
“There are a few options available to the Palestinian people and international community members who support Palestinian rights,” said Mr Imseis, who is a professor of law at Queen's University in Canada.
UN-backed investigators declared Israel's continuing attacks on Gaza a genocide. More than 65,400 people have been killed and 167,000 wounded since October 2023, and Israeli has only intensified its offensive with an attack on Gaza city, forcing its estimated one million population to flee. In the West Bank, which has been under Israeli occupation since 1967, Israel has killed thousands of Palestinians, arrested at least 10,000 many of them arbitrarily, built illegal settlements, and demolished homes.
Israeli Prime Minister Benjamin Netanyahu has insisted, “There will be no Palestinian state”, while his Finance Minister Bezalel Smotrich, a settler who is pushing for annexation of the West Bank, has called it a “foolish idea”.
Mr Imseis said this is why now is the time for all efforts to be made towards the recognition of Palestine as a state.
“We are at a stage where all hands have to be on deck … we do not have the luxury to say that process isn't worth it,” he said, and called for every single feasible legal action to be taken by the Palestinian people and their supporters to protect their right to exist.
What difference will it make?
While Palestine does exist as a state, it remains under Israeli occupation. When countries do not recognise Palestine as a state, they are denying that the West Bank and Gaza are occupied or under siege.
This also means that the likes of the UK, and Canada, which up until recently did not recognise Palestine as a state, dealt with Israel as if the West Bank was a part of it.
Mr Imseis says this is a crucial mistake and an infringement of international law. But by recognising Palestine as a state, the countries that do so enter into diplomatic relations with it, and that has legal consequences.
This forces them to change their bilateral relations with Israel economically, politically and diplomatically.
Who is responsible?
The state of Palestine has taken measures to assert its rights through the UN system, the International Court of Justice and the International Criminal Court.
But Israel continues to deny Palestinians their sovereignty and right of self determination, whether through the occupation and de facto annexation of the West Bank, or permanently displacing them from their homes by force, as seen during the Nakba in 1948.
So, just like the UN had partitioned Palestine, it is also being seen as responsible for ensuring that Palestinians attain their freedom.
What message does this send?
While the recognition of Palestine as a state might not have an immediate impact on the future of Palestinians, it does send a strong message.
With the international community now carrying some of the burden that sowed the seeds which led to Palestine's occupation, and where it is today, the momentum that is being built by the increasing number of states willing to take a stance that Israel disapproves of is telling.
“Third states are the only hope,” Mr Imseis said.
By recognising Palestine as a state, he said, they are saying to Israel: “We will not recognise your claim to sovereignty in occupied Palestine, any more than we would recognise your claim to sovereignty in our own territory.”
But the path to freedom does not end here – it just means that there is a more solid ground from which a real solution could emerge. It might not be achieved in this generation, but it will certainly happen, he said.
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
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Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
MATCH INFO
Barcelona 4 (Messi 23' pen, 45 1', 48', Busquets 85')
Celta Vigo 1 (Olaza 42')
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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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UAE currency: the story behind the money in your pockets
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”