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The "uncommitted" movement announced on Thursday it would not be endorsing Vice President Kamala Harris as the Democratic candidate for president.
“Vice President Harris's unwillingness to shift on unconditional weapons policy or to even make a clear campaign statement in support of upholding existing US and international human rights law has made it impossible for us to endorse her,” the group said in a statement.
The anti-war movement garnered about 30 delegates after earning more than 740,000 protest votes in the Democratic primaries, during which voters cast “uncommitted” ballots or left them blank to show support for a ceasefire in Gaza as well as an arms embargo on Israel.
When Ms Harris became the Democratic nominee, after President Joe Biden withdrew from the race in July, uncommitted leaders were initially optimistic that she could shift policy on Gaza. Her campaign also stepped up efforts to reach Arab and Muslim voters.
The lack of an endorsement from the uncommitted movement and potential loss of the Arab and Muslim-American vote may present a challenge for the Harris campaign as it tries to clinch swing states such as Michigan and Pennsylvania.
As the war approaches its first anniversary, more than 41,200 Palestinians have been killed, according to local authorities, and much of Gaza reduced to rubble. The war began after Hamas militants infiltrated southern Israel and killed about 1,200 people, according to Israeli tallies, taking another 250 hostage.
Layla Elabed, co-director of the uncommitted movement, said it not only comprises Arab and Muslim Americans, but has grown to include labour unions, progressive groups and climate change activists.
"We need a policy shift and we need promises around a policy shift from Vice President Harris in order to be able to mobilise uncommitted voters in key swing states like Michigan to vote for her in November," Ms Elabed told The National.
"But despite all of that work, and despite the fact that we actually have an infrastructure to turn out votes, it's fallen on deaf ears."
Imposing an arms embargo on Israel is a central demand of the uncommitted movement as well as Arab-American groups and allies, who argue there is ample evidence that Israel is deliberately attacking Palestinian civilians and infrastructure in Gaza.
Ms Elabed said that the group had been told by officials that Ms Harris had moved on the Gaza issue as much as she could.
While some say Ms Harris has made it a point during her campaign to recognise Palestinian suffering, the Vice President has at times shut down anti-war protesters during campaign events and has continued to push the same Biden administration messaging, which has not moved the needle on Gaza ceasefire efforts.
The tension with the Harris campaign was on full display during the Democratic National Convention in Chicago last month, when organisers refused the uncommitted movement's request to allow a Palestinian-American speaker on stage. Meanwhile, the parents of an Israeli-American hostage received a prime-time speaking slot.
Uncommitted delegates who were attending the DNC held a sit-in outside the main convention hall in protest. The leaders of the movement requested that Ms Harris meet delegates by September 15. She did not.
Ms Elabed said that while the group will not endorse Ms Harris, it continues to oppose Donald Trump, the former president and Republican nominee. It will also not recommend voting for a third-party candidate, which could give the advantage to Mr Trump.
Many Arab-American voters support Green Party candidate Jill Stein due to her pro-Palestinian stance, a poll carried out by the Arab-American Anti-Discrimination Committee found in July.
The movement, Ms Elabed said, would continue to mobilise voters to head to the polls, as there are other important issues as well as progressive candidates on the ballot. She also said efforts would be made to continue to call on Ms Harris to adopt a different policy on Gaza.
"It was a difficult decision," Ms Elabed said, "because obviously, our movement is also committed to blocking Trump."
The statement from the movement said members would continue efforts to push “for life-saving policy change which ends the bombing of Gaza and ends US support for the Israeli military's war crimes”.
Patrick deHahn contributed to this report from New York
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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.”
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The Lowdown
Kesari
Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra
Pieces of Her
Stars: Toni Collette, Bella Heathcote, David Wenham, Omari Hardwick
Director: Minkie Spiro
Rating:2/5
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
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