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Within days of the October 7 Hamas attacks, a who's who of senior US officials had visited Israel to reassure the Israeli government that President Joe Biden had their back, no matter what. One year on, it has become obvious the feeling is not mutual.
Time and again, Prime Minister Benjamin Netanyahu's administration has stymied US-led attempts to win a ceasefire, humiliating Mr Biden and making him appear subservient as America provides Israel with most of the weapons it is using to wage war in Gaza and Lebanon.
Since its founding in 1948, Israel has received more US aid than any other country. In April, Mr Biden signed off an emergency security package worth $14.3 billion.
Perhaps the most embarrassing moment for the Biden administration came during the UN General Assembly last month, where US, French and allied diplomats spent days frantically working on a three-week ceasefire between Israel and Hezbollah.
But instead of weighing an end to the violence, Mr Netanyahu gave a fiery speech at the UN podium before approving – while still on US soil – the strike that would kill Hezbollah’s leader of three decades, Hassan Nasrallah.
That rebuff followed several other futile diplomatic efforts. In May, after months of unsuccessful attempts to broker a truce between Israel and Gaza, Mr Biden staked considerable political capital during an election year on Mr Netanyahu by declaring that Israel had put forward its own ceasefire proposal for Gaza.
In a detailed presentation from the White House, the US President spoke about how the phased ceasefire would bring an end to the violence. Again, Mr Netanyahu quickly rejected the plan.
On Friday, a reporter asked Mr Biden if he thought he had little influence over Mr Netanyahu.
“No,” the President said. “Look, our teams are in contact 12 hours a day, we are constantly in contact.”
Mr Biden, a self-described Zionist, has suffered politically for his support of Israel, facing anger from Arab and Muslim-American voters and dissent from within his own administration. Mr Netanyahu, a right-wing populist, shares little political common ground with Mr Biden and has appeared perfectly happy to ignore the US President or fob him off with vague promises, such as committing early on to end the war in Gaza by the end of 2023.
Despite this, the US has been reluctant to use its military support to Israel to put pressure on it to scale back attacks in Gaza, where more than 41,700 people have been killed. The toll is mounting in Lebanon too, where at least 2,000 people have been killed since October 8.
“We don't leverage our allies, and if we don't leverage most of our allies there is no way we're going to leverage the Israelis,” Aaron David Miller, a former Middle East analyst at the State Department, told The National.
“The last 12 months have demonstrated with a terrifying clarity the limitations of American power, and not just with Israel, with [Yahya] Sinwar, [Hassan] Nasrallah and Iran.”
Since the beginning of the conflict, the Biden administration has said it hoped to prevent the war in Gaza from spiralling into a regional conflagration. The failure of that stated policy goal is clear to see as Israel attacks Iran-backed targets in Syria, Yemen, Lebanon, Gaza and Iran itself.
Daniel Levy, president of the US-Middle East Project and a former Israeli peace negotiator, said the Biden administration has focused on “holding allies together” rather than looking for ways to navigate out of the current crisis.
“At one stage their preferred outcome was de-escalation, and they went about it in a way that was indeed feckless, amateurish,” Mr Levy told The National.
Secretary of State Antony Blinken has made 10 trips to the Middle East since October 7. Each visit has been marked by some sort of Israeli repudiation and he has typically left the region with tension between Washington and Israel higher than when he arrived.
State Department spokesman Matthew Miller defended US efforts over the last year.
“We don't expect any country in the world to do exactly what the United States thinks is in their best interest,” Mr Miller told reporters. “All we can do is be clear what we think is the right path forward … Independent, sovereign countries get to make their own choices and as I said, they have to live with the consequences of them.”
Thus far, the US has not imposed any real consequences on Israel, save for temporarily halting a shipment of large bombs in May over fears they would be used to kill civilians.
“Through a combination of diplomacy and deterrence, we have been able to calm tensions when they've been threatening to spiral out of control and prevent the outbreak of an all out regional war,” Mr Miller said.
“And now, obviously, is one of those times where, again, at a very fraught moment, we're going to continue to pursue diplomacy and deterrence to try to prevent escalation into that full conflagration.
Men’s singles
Group A: Son Wan-ho (Kor), Lee Chong Wei (Mas), Ng Long Angus (HK), Chen Long (Chn)
Group B: Kidambi Srikanth (Ind), Shi Yugi (Chn), Chou Tien Chen (Tpe), Viktor Axelsen (Den)
Women’s Singles
Group A: Akane Yamaguchi (Jpn), Pusarla Sindhu (Ind), Sayaka Sato (Jpn), He Bingjiao (Chn)
Group B: Tai Tzu Ying (Tpe), Sung Hi-hyun (Kor), Ratchanok Intanon (Tha), Chen Yufei (Chn)
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
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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Brief scoreline:
Manchester United 2
Rashford 28', Martial 72'
Watford 1
Doucoure 90'
The specs
Engine: 6.2-litre V8
Power: 502hp at 7,600rpm
Torque: 637Nm at 5,150rpm
Transmission: 8-speed dual-clutch auto
Price: from Dh317,671
On sale: now
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
Essentials
The flights
Whether you trek after mountain gorillas in Rwanda, Uganda or the Congo, the most convenient international airport is in Rwanda’s capital city, Kigali. There are direct flights from Dubai a couple of days a week with RwandAir. Otherwise, an indirect route is available via Nairobi with Kenya Airways. Flydubai flies to Kinshasa in the Democratic Republic of Congo, via Entebbe in Uganda. Expect to pay from US$350 (Dh1,286) return, including taxes.
The tours
Superb ape-watching tours that take in all three gorilla countries mentioned above are run by Natural World Safaris. In September, the company will be operating a unique Ugandan ape safari guided by well-known primatologist Ben Garrod.
In the Democratic Republic of Congo, local operator Kivu Travel can organise pretty much any kind of safari throughout the Virunga National Park and elsewhere in eastern Congo.