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Israel’s “relentless bombardment” in the Gaza Strip is doing a “huge amount” of damage to the country’s reputation, Ireland’s former deputy prime minister has said.
Simon Coveney, who also served as the country’s foreign minister, said he believed stability would not come until a two-state solution was achieved as he explained how “ordinary Irish people feel a sense of injustice in terms of the Palestinian cause”.
Speaking to The National as he embarks on a new advisory role in the region, Mr Coveney described the Gaza war was an “open sore” that “keeps delivering conflict, mayhem, terrorism and extremism”.
“The international community has to help the Israeli leadership and the Palestinian leadership bring that to an end,” he said.
The veteran politician held key roles in the Irish government such as trade, defence and housing, represented Ireland on the UN Security Council, and, as deputy prime minister (Tanaiste) and foreign minister, was a major player in the UK-EU Brexit negotiations.
Over a 25-year career in front-line politics, he advanced Ireland’s global trade ambitions, while also grappling with challenges at home, such as the continuing housing crisis.
Mr Coveney stepped down from politics in 2024 and has now taken a role as senior adviser with Dubai-based advisory firm Emerging Markets Intelligence and Research (EMIR) to support senior leaders in navigating the choppy geopolitical waters.
In a wide-ranging interview to mark the appointment, Mr Coveney also spoke about US President Donald Trump’s Gulf visit and how to tackle the “mood of unrest” in democracies.
The Irish view on Gaza
Turning to Gaza, he said the October 7 attack in 2023 by Hamas was “unforgivable” and he couldn't see the group as part of a governance model for a Palestinian state, but he also said Israel’s response had ignored obligations under international law. Israel says it only targets terrorists.
“Gaza is very different to any other part of the world because people can't flee the fighting,” he said. “No one is allowed in or out.”
Ireland has been an early and vocal supporter of Palestine with many other countries now following suit and, while Mr Coveney said he didn’t want to “exaggerate Ireland's role”, he felt the country was consistent in calling out issues whether it is Russia in Ukraine, Israel in Gaza or elsewhere, stating Ireland had that ability but many countries did not.
“Because of where they are geographically located and because of relationships they have, Ireland has … some protections as part of the European Union.”
He also pointed to the long history of Irish peacekeeping troops in the region that further helps to colour how Ireland sees the conflict. “Ordinary Irish people feel a sense of injustice in terms of the Palestinian cause.”
Mr Coveney called for a ceasefire, release of all hostages and a “massive delivery programme of aid into a population literally starving”.
Longer term, he said there has to be a Palestinian state. “Many Israelis will say to me, how can you say that? That's effectively rewarding the atrocities of October 7. I don't see it that way. I have no vested interest. I don't believe, until the Palestinian issue is resolved, that we will see the kind of stability that's needed in this region.”
The Trump effect
Before retiring from Irish politics last year, Mr Coveney served as trade minister. He said the narrative about Mr Trump skipping Israel on his visit to the Gulf last week was “overplayed” as the trip was largely about getting business deals over the line.
“I still think this US administration is probably a stronger ally of Israel than we've ever seen in the past.”
The interview came before Donald Trump's recent threat to impose a “straight” 50 per cent tariff on the EU from June 1 but asked whether Mr Trump’s policies could push the EU closer to the Gulf, Mr Coveney said it has already “forced the EU to look to diversify trade” as the bloc was seeking to become more resilient. He pointed to the opening of trade talks between the EU and UAE and the first digital trade agreement being put in place in Singapore.
On Brexit and populism
On the recent agreement between the UK and EU that sought to set out post-Brexit relations, Mr Coveney said it was important not to “exaggerate what's been agreed here” but it was a “very significant and very positive”.
“This isn't rejoining in everything but name,” he said. “There is no suggestion of the UK rejoining the single market or the customs union.”
Mr Coveney said Britain had been in an “unhappy place politically” since Brexit but cautioned against reading too much into the polls that put Nigel Farage’s Reform UK party on top.
“Reform is a serious force in UK politics. [But] any talk of … Nigel Farage as prime minister I think is certainly premature.”
That said, Mr Farage’s rise is not isolated. France, Italy, Germany and others have seen a rise in what some have styled as populism. Mr Coveney said there was undoubtedly a “mood of unrest” across democracies that “can't be ignored”.
“You can call them populist or you can call it inward-looking nationalism or whatever you want to call it but there are messages that land and that feed on people's fears. Significant movement of people in a way that's not controlled and managed is one of those areas,” he said.
“We are listening but the capacity to deliver at the pace that people demand isn't always there in democratic systems that can be challenged legally. People want faster solutions than often democracies can deliver and that creates frustration and then people vote for alternatives that are promising quicker fixes.”
Looking back at his career, Mr Coveney said he had been involved in politics since his mid-20s and it was a privilege to serve but he doesn’t miss it. Now he was keen on spending more time “in this fascinating part of the world”.
As part of his new role, he will spend one week a month in the region.
Abandon
Sangeeta Bandyopadhyay
Translated by Arunava Sinha
Tilted Axis Press
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Rawat Al Reef, Adrie de Vries (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m; Winner: Noof KB, Richard Mullen, Ernst Oertel
6pm: Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Seven Skies, Bernardo Pinheiro, Qaiss Aboud
6.30pm: Handicap (PA) Dh80,000 (T) 2,200m; Winner: Jabalini, Szczepan Mazur, Ibrahim Al Hadhrami
7pm: UAE Arabian Derby – Prestige (PA) Dh150,000 (T) 2,200m; Winner: Dergham Athbah, Richard Mullen, Mohamed Daggash
7.30pm: Emirates Championship – Group 1 (PA) Dh1,000,000 (T) 2,200m; Winner: Somoud, Richard Mullen, Jean de Roualle
8pm: Abu Dhabi Championship – Group 3 (TB) Dh380,000 (T) 2,200m; Winner: Irish Freedom, Antonio Fresu, Satish Seemar
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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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Jawan
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