US president-elect Donald Trump's nominated Middle East envoy Steve Witkoff is already playing a key role in negotiations for a ceasefire between Israel and Hamas, even though his job does not officially begin until next week.
The billionaire real estate developer was in the Middle East at the weekend, when he visited Prime Minister Benjamin Netanyahu and joined mediators in Qatar as Israel and Hamas negotiate a final draft of the text for a ceasefire and hostage-detainee exchange deal.
The proposed deal is not substantively different from the one first put forward by the Biden administration in May last year. Israel and Hamas have accused each other of sabotaging the agreement whenever it appeared to be near finalised.
Mr Trump, who takes office on Monday, last week said “all hell will break out in the Middle East” if the remaining hostages are not released by the time he is sworn in. According to The Times of Israel and other Israeli outlets, Mr Witkoff leaned hard on Mr Netanyahu to accept the deal when the two met in Israel on Saturday.
Speaking alongside Mr Trump in Florida last week, Mr Witkoff, 67, made his first appearance on the world stage as the incoming Middle East envoy.
He said he was “really hopeful” that he and his team would “have some good things to announce” by Mr Trump's January 20 inauguration in Washington.
Mr Trump, also a New York real estate developer, gave the first hint that Mr Witkoff might play a key role in a second Trump presidency during the Republican National Convention in Milwaukee last year.
In a speech at the RNC, Mr Witkoff paid tribute to his friend and made it clear that the two men shared a deep and meaningful bond, describing him as a “kind and compassionate man”.
Mr Witkoff is the president-elect’s golf partner and was with Mr Trump when he was the target of a second attempted assassination at his golf club in West Palm Beach, Florida, in September. His son recently named his child after Mr Trump, a move that touched the president-elect.
“Congratulations to Zach and Sophi Witkoff on the birth of their son, Don James Witkoff (DJW), named after me (Thank you),” Mr Trump said on Truth Social.
Before his selection for Middle East envoy, Mr Witkoff was not known to have any diplomatic or Middle East experience. Mr Trump described him as “a highly respected leader in business and philanthropy, who has made every project and community he has been involved with stronger and more prosperous".
“Steve will be an unrelenting voice for peace, and make us all proud,” the president-elect said in a statement.
The fact that Mr Witkoff shares such a strong and public bond with Mr Trump will probably allow those with whom he interacts to know that he speaks on the president's behalf, which is key for any diplomat to be successful.
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Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
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Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
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.”
Day 2, stumps
Pakistan 482
Australia 30/0 (13 ov)
Australia trail by 452 runs with 10 wickets remaining in the innings
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