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.
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.
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.
25%20Days%20to%20Aden
%3Cp%3EAuthor%3A%20Michael%20Knights%3C%2Fp%3E%0A%3Cp%3EPages%3A%20256%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20January%2026%3C%2Fp%3E%0A
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
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.”
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham 0-1 Ajax, Tuesday
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Game is on BeIN Sports
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
RESULT
Uruguay 3 Russia 0
Uruguay: Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')
Man of the match: Diego Godin (Uruguay)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
