Foreign ministers from the EU, Japan, the UK, France, Canada, the US, Germany and Italy pose for a 'family photo' at the G7 meeting in La Malbaie, Quebec, Canada. AP
Foreign ministers from the EU, Japan, the UK, France, Canada, the US, Germany and Italy pose for a 'family photo' at the G7 meeting in La Malbaie, Quebec, Canada. AP
Foreign ministers from the EU, Japan, the UK, France, Canada, the US, Germany and Italy pose for a 'family photo' at the G7 meeting in La Malbaie, Quebec, Canada. AP
Foreign ministers from the EU, Japan, the UK, France, Canada, the US, Germany and Italy pose for a 'family photo' at the G7 meeting in La Malbaie, Quebec, Canada. AP

G7 fails to find consensus on two-state solution to Palestine-Israel conflict


Willy Lowry
  • English
  • Arabic

Foreign ministers from the world’s seven leading democracies failed to agree on the need for a two-state solution to the Palestinian-Israeli conflict this week, instead calling for a “political horizon” for Palestinians.

The ministers underscored the imperative of finding a “negotiated solution” to the conflict that “meets the legitimate needs and aspirations of both peoples and advances comprehensive Middle East peace, stability and prosperity”.

The US was the lone country to object to directly referencing a two-state solution, a source told The National.

Canadian Foreign Minister Melanie Joly speaks during the G7 foreign ministers meeting in La Malbaie, Quebec, Canada. Reuters
Canadian Foreign Minister Melanie Joly speaks during the G7 foreign ministers meeting in La Malbaie, Quebec, Canada. Reuters

This outcome is in stark contrast to previous statements that followed meetings held during former US president Joe Biden's time in office, when the group repeatedly called for a two-state solution.

Speaking to reporters at the site of the G7 meeting in La Malbaie, Quebec, Canadian Foreign Minister Melanie Joly said Ottawa's position on the issue remained clear: “We believe in a two-state solution, period.”

When asked whether France still supports a two-state solution, the country's Foreign Minister Jean-Noel Barrot said “of course”. Italy's Foreign Minister also publicly endorsed a two-state solution.

The ministers repeated their call for the release of hostages held by Hamas in Gaza and also raised concerns about “growing tensions and hostilities in the West Bank”, where Israeli settlers have assaulted Palestinians and Israeli troops have carried out scores of raids in an attempt to root out militant groups.

The group also expressed support for Lebanon and Syria, and reiterated the importance of their “sovereignty and territorial integrity”. Israel has launched strikes against targets in both countries, as concerns mount that the Gaza war will continue to spill over into other countries.

The G7 ministers were unified in their concern over the role Iran plays in the region and said that Tehran must “never be allowed to develop and acquire a nuclear weapon”. The statement comes after US President Donald Trump said he had sent a letter to Iranian leadership expressing a desire to restart negotiations on a nuclear deal.

On the Russia-Ukraine war, the group welcomed recent developments brokered by the US, in which Kyiv agreed to a 30-day ceasefire.

“We called for Russia to reciprocate by agreeing to a ceasefire on equal terms and implementing it fully,” they said. Russian President Vladimir Putin said on Thursday that he supports the idea of a ceasefire but wanted a meeting with Mr Trump to iron out details.

The group also discussed implementing more sanctions on Russia if it does not agree to the ceasefire.

  • To mark the third year of the Ukraine-Russia war, The National looks back at some of the striking images captured during the conflict. Getty Images
    To mark the third year of the Ukraine-Russia war, The National looks back at some of the striking images captured during the conflict. Getty Images
  • Ukrainians working at the site of a rocket strike on the 'Okhmadyt' children's hospital in Kyiv in 2024. EPA
    Ukrainians working at the site of a rocket strike on the 'Okhmadyt' children's hospital in Kyiv in 2024. EPA
  • A woman walks past a memorial wall dedicated to fallen defenders of Ukraine in downtown Kyiv in 2024. EPA
    A woman walks past a memorial wall dedicated to fallen defenders of Ukraine in downtown Kyiv in 2024. EPA
  • A damaged town sign in Orikhiv, near the frontline in the Zaporizhzhia region, in 2024. EPA
    A damaged town sign in Orikhiv, near the frontline in the Zaporizhzhia region, in 2024. EPA
  • Gravediggers prepare the burial site for victims of a Russian missile strike in Hroza in 2023. Getty Images
    Gravediggers prepare the burial site for victims of a Russian missile strike in Hroza in 2023. Getty Images
  • Widow Lubov Doroshenko, 67, returns to her destroyed home in 2023 in Bohorodychne. Getty Images
    Widow Lubov Doroshenko, 67, returns to her destroyed home in 2023 in Bohorodychne. Getty Images
  • A Ukrainian serviceman of the 24 Separate Mechanized Brigade fires a mortar towards Russian positions, at an undisclosed location in the Donetsk region in 2023. EPA
    A Ukrainian serviceman of the 24 Separate Mechanized Brigade fires a mortar towards Russian positions, at an undisclosed location in the Donetsk region in 2023. EPA
  • Emergency workers search the remains of a residential building that was struck by a Russian missile in Dnipro in 2023. Getty Images
    Emergency workers search the remains of a residential building that was struck by a Russian missile in Dnipro in 2023. Getty Images
  • Ukrainian national flags waving over the graves of fallen Ukrainian soldiers in a military cemetery in Kharkiv in 2023. EPA
    Ukrainian national flags waving over the graves of fallen Ukrainian soldiers in a military cemetery in Kharkiv in 2023. EPA
  • A woman walks by destroyed buildings 20 miles west from the front lines of fighting in the Donetsk Region in 2023. Getty Images
    A woman walks by destroyed buildings 20 miles west from the front lines of fighting in the Donetsk Region in 2023. Getty Images
  • A view taken through the broken glass of a window overlooking the site of a damaged residential building in Dnipro in 2023. EPA
    A view taken through the broken glass of a window overlooking the site of a damaged residential building in Dnipro in 2023. EPA
  • Numbers mark the graves of unidentified people killed during fighting at the cemetery in Mariupol in 2022. EPA
    Numbers mark the graves of unidentified people killed during fighting at the cemetery in Mariupol in 2022. EPA
  • Ukrainian servicemen shoot from a captured Russian 152, 4mm howitzer Msta-B on a front line near Kupyansk city in 2022. EPA
    Ukrainian servicemen shoot from a captured Russian 152, 4mm howitzer Msta-B on a front line near Kupyansk city in 2022. EPA
  • A prothesis is adjusted on an Azov Regiment serviceman at a rehabilitation centre in Kyiv in 2022. EPA
    A prothesis is adjusted on an Azov Regiment serviceman at a rehabilitation centre in Kyiv in 2022. EPA
  • Cars drive past the shell of a rocket in Shevchenkove, Kharkiv region, in 2022. EPA
    Cars drive past the shell of a rocket in Shevchenkove, Kharkiv region, in 2022. EPA
  • A Ukrainian serviceman rests while travelling with a team of humanitarian volunteers in the Kherson area in 2022. EPA
    A Ukrainian serviceman rests while travelling with a team of humanitarian volunteers in the Kherson area in 2022. EPA
  • A destroyed bridge in Kupiansk in 2022. Getty Images
    A destroyed bridge in Kupiansk in 2022. Getty Images
  • A girl arrives at an evacuation point for people fleeing Mariupol, Melitopol and the surrounding towns under Russian control in 2022. Getty Images
    A girl arrives at an evacuation point for people fleeing Mariupol, Melitopol and the surrounding towns under Russian control in 2022. Getty Images
  • The mother of Ukrainian serviceman Andrii Verkhoglyad holds her son's portrait during his funeral ceremony at St. Michael's Golden-Domed Monastery in Kyiv in 2022. EPA
    The mother of Ukrainian serviceman Andrii Verkhoglyad holds her son's portrait during his funeral ceremony at St. Michael's Golden-Domed Monastery in Kyiv in 2022. EPA
  • Self-proclaimed Donetsk People's Republic militia monitors a section of the road near Avdiivka, Donetsk region, in 2022. EPA
    Self-proclaimed Donetsk People's Republic militia monitors a section of the road near Avdiivka, Donetsk region, in 2022. EPA
  • Firefighters work to extinguish a fire at a warehouse after it was hit by Russian shelling in Kharkiv in 2022. Getty Images
    Firefighters work to extinguish a fire at a warehouse after it was hit by Russian shelling in Kharkiv in 2022. Getty Images
  • A Ukrainian soldier waves the Ukrainian national flag while standing on top of an armoured personnel carrier in Hostomel in 2022. Getty Images
    A Ukrainian soldier waves the Ukrainian national flag while standing on top of an armoured personnel carrier in Hostomel in 2022. Getty Images
  • A man pushes his bike through debris and destroyed Russian military vehicles in Bucha in 2022. Getty Images
    A man pushes his bike through debris and destroyed Russian military vehicles in Bucha in 2022. Getty Images
  • Residents of Irpin flee heavy fighting in 2022. Getty Images
    Residents of Irpin flee heavy fighting in 2022. Getty Images
  • A child on a swing outside a residential building damaged by a missile in Kyiv in 2022. Getty Images
    A child on a swing outside a residential building damaged by a missile in Kyiv in 2022. Getty Images

Speaking to reporters, US Secretary of State Marco Rubio said that regardless of Mr Putin saying he was open to the possibility of a ceasefire, “we're not going to make our foreign policy decisions on the basis of what a leader says at a press conference”.

The meeting in Canada came at a time of unprecedented tension between Ottawa and Washington. Mr Trump has repeatedly called for the annexation of Canada and expressed a desire to see it become the “51st state”. He also has placed major tariffs on Canada and threatened tariffs on the European Union and a host of other countries.

Several of the ministers wore small maple leaf pins on their lapels in an apparent show of solidarity with Canada. On Thursday, the German embassy in Ottawa posted a video on social media showing German Foreign Minister Annalena Baerbock and EU foreign affairs chief Kaja Kallas standing side by side, one in red, one in white, and gazing out over the icy waters of the Saint Lawrence River. The caption read: “We’ve got your back.”

Ms Joly met her American counterpart Mr Rubio on Thursday morning, and said they had a long, frank conversation.

“Canada's sovereignty is not up to debate. Period. There's no argument. There's no conversation about it. There's no need to talk about it. You're here. You respect us,” she said she had told him.

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.”

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Company profile

Name: Thndr

Started: October 2020

Founders: Ahmad Hammouda and Seif Amr

Based: Cairo, Egypt

Sector: FinTech

Initial investment: pre-seed of $800,000

Funding stage: series A; $20 million

Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC,  Rabacap and MSA Capital

Company Profile

Company name: Fine Diner

Started: March, 2020

Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka

Based: Dubai

Industry: Technology and food delivery

Initial investment: Dh75,000

Investor: Dtec Startupbootcamp

Future plan: Looking to raise $400,000

Total sales: Over 1,000 deliveries in three months

PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

If you go

The flights

There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.

The trip

Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.

The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.

 

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Updated: March 14, 2025, 6:08 PM