The UN General Assembly adopted a Palestinian draft resolution on Wednesday that calls on Israel to end its “unlawful presence” in Gaza and the occupied West Bank within a year.
A total of 124 countries voted in favour, while 14, including the US, opposed the resolution. Britain, Switzerland, Ukraine, India and Germany were among the 43 countries to abstain.
The resolution demands sanctions and an arms embargo against Israel, as well as the return of “the land and other immovable property, as well as all assets seized from any natural or legal person since its occupation started in 1967, and all cultural property and assets taken from Palestinians and Palestinian institutions”.
The measure is grounded in an advisory opinion from the International Court of Justice, which on July 19 ruled that Israel's presence in the occupied Palestinian territories is illegal and should be brought to an end “as rapidly as possible”.
The ICJ's ruling, however, is non-binding.
Israel's ambassador to the UN Danny Danon responded to the outcome of the vote by stating: “This is a shameful decision that backs the Palestinian Authority’s diplomatic terrorism.” "Instead of marking the anniversary of the October 7 massacre by condemning Hamas and calling for the release of all 101 of the remaining hostages, the General Assembly continues to dance to the music of the Palestinian Authority, which backs the Hamas murderers,” he said.
After the resolution’s adoption, Riyad Mansour, Palestine's UN ambassador said the resolution marked a turning point "in our struggle for freedom and justice".
"It sends a clear message that Israel’s occupation must end as soon as possible, and that the Palestinian people’ right to self-determination must be realised,” he added.
Mr Mansour who opened the assembly meeting on Tuesday, said that no occupying power can have a veto right over the inalienable rights of the people under its occupation.
“Those who think the Palestinian people will accept a life of servitude, a life of apartheid, are the ones who are not being realistic,” Mr Mansour said. “The solution is right before our eyes … It is an independent and sovereign state of Palestine on the 1967 borders, with East Jerusalem as its capital, living side by side, in peace and security with Israel.”
The measure also calls for Israel to pay reparations to Palestinians “for the damage caused to all the natural and legal persons concerned in the occupied Palestinian territory”.
Washington's UN envoy, Linda Thomas-Greenfield, said the adoption of a one-sided resolution that “selectively” interprets the substance of the ICJ’s opinion “does not advance what we all want to see, and that is progress towards two states, living in peace, side by side”.
“This proposed resolution advances the flawed – and indeed, false – idea that adopting a text here in New York can somehow resolve what is easily one of the most complex and persistent diplomatic challenges of our time,” Ms Thomas-Greenfield said.
The United Kingdom abstained from the vote, stating that its decision was not due to a lack of support for the central findings of the International Court of Justice's advisory opinion.
"Rather because the resolution does not provide sufficient clarity to effectively advance "our shared aim of a peace" premised on a negotiated two state solution, a safe and secure Israel alongside a safe and secure Palestinian State as a state committed to the international rule of law," said Barbara Woodward, Britain's ambassador to the UN.
Unlike in the Security Council, no country in the General Assembly has veto power.
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5) Angelo Peruzzi, Inter Milan to Lazio (£15.7m
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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GROUPS AND FIXTURES
Group A
UAE, Italy, Japan, Spain
Group B
Egypt, Iran, Mexico, Russia
Tuesday
4.15pm: Italy v Japan
5.30pm: Spain v UAE
6.45pm: Egypt v Russia
8pm: Iran v Mexico
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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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.”
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE