More than 200 leading cultural names have united in a call for the release of Marwan Barghouti, one of the most senior and popular Palestinian leaders, who has spent more than two decades in an Israeli prison.
The group calling for his release in the “Free Marwan Now” campaign's open letter includes a range of prominent figures such as actors Mark Ruffalo and Javier Bardem, actress Tilda Swinton, and former footballer Gary Lineker, who has faced criticism for his support of Palestinians.
Musicians Sting, Annie Lennox and Brian Eno were also on the list, in addition to English business magnate, Sir Richard Branson. “We express our grave concern at the continuing imprisonment of Marwan Barghouti, his violent mistreatment and denial of legal rights while imprisoned,” the letter read.
“We call upon the United Nations and the governments of the world to actively seek the release of Marwan Barghouti from Israeli prison.”
Barghouti, 66, a long-time political dissident and former Fatah leader, was jailed in 2004 after being convicted of the murders of five people. He denies the charges against him. A popular figure, he has been seen as influential enough to be considered a viable successor to Palestinian President Mahmoud Abbas.
He has been described as “the Palestinian Mandela”. The campaign resembles the cultural movement that surrounded Nelson Mandela and apartheid in South Africa. In 2002, Mr Mandela said: “What is happening to Barghouti is the same as what happened to me.”
While in prison, Barghouti released a 255-page book, written secretly behind bars and smuggled out by lawyers and family members, detailing his experience in jail. His family members have also consistently spoken out on the abuses he has suffered.
He was reportedly beaten while being transferred between detention centres in mid-September. “He lost consciousness and suffered fractures in four ribs as a result of the beating,” the Palestinian prisoners' society said a month later.
Barghouti was among the names requested by Hamas to be released from Israeli jail as part of a ceasefire deal that saw an exchange of captives between the group and Israel. Israel has persistently refused to release him.
In August, he appeared in a video for the first time in years as far-right Israeli National Security Minister Itamar Ben-Gvir threatened him inside his cell. The undated video shows Mr Ben-Gvir entering the solitary confinement section of an Israeli prison and confronting a visibly frail Barghouti dressed in a plain white T-shirt.
Mr Ben-Gvir has openly called for the execution of Palestinian prisoners. There is also a growing concern that the Israeli government may pass laws that will allow the death penalty to be imposed on Palestinian prisoners including Barghouti.
Barghouti began confronting the Israeli occupation from an early age, joining Fatah as a 15-year-old. He was deported by Israel in 1987 and only allowed to return to Palestine in 1993 after the Oslo Accords. As head of Tanzim, Fatah’s armed wing, he played a prominent role in the Second Intifada, which began in the year 2000. He became one of Israel’s most wanted men and, in 2002, he was arrested.
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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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
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