Last week an Arab League committee proposed a change in their 2002 peace initiative in which they promised to normalise relations with Israel following a complete Israel withdrawal from territories occupied in 1967, and an agreed upon resolution of the issue of the Palestinian refugees. Modifying this somewhat, what the Arab League committee did last week was reaffirm that the 1967 borders should be the basis for a final peace between Israel and Palestine, while acknowledging the notion that "land swaps" would be an acceptable part of such a deal.
This gave Israel a major concession, allowing it to keep massive settlement blocs that have been established since 1967 - some along the '67 border, others surrounding Jerusalem, and still others jutting out into the heart of the West Bank, dividing many areas of the Palestinian territories.
While some Palestinians decried the Arab League committee's decision as an unwarranted concession, some in the Israeli peace camp heralded the move as an important breakthrough. For his part, the Israeli prime minister, Benjamin Netanyahu, poured cold water on the offer, dismissing it as inconsequential and stating that the most important issues that have separated Israel from the Arabs have never been territorial.
In the aftermath of this Arab League meeting, I listened to a senior Arab official present an assessment of the current state of the Israeli-Palestinian conflict. He began by noting "facts" that define the state of play: Israel has moved to the right, with a government beholden to the hard-line settler movement that is unwilling to surrender what they believe is their divinely inherited land; Palestinians are divided, with neither side demonstrating a willingness to commit to reconciliation (Hamas also rejected the Arab League plan); the US cannot be an "honest broker" given the politics of Washington; and the Arab world is in chaos, with the Muslim Brotherhood in assent in places and Iran the preoccupation in others.
After laying out this rather depressing portrait, the conversation moved to a discussion of the current state of the peace process and the steps being taken to restart negotiations. What was most interesting to me was the near total disconnect between this phase of the discussion and the presentation of the "facts" that had preceded it.
Here's what he said: Israel's governing coalition has a determined hardline pro-settler bent that is not able to make territorial concessions; the Palestinian movement is hopelessly fractured; and the US is deemed incapable of pressing the Israelis to change course. Given all of this, he said, one can reasonably ask: "What is the point of offering Israel more concessions for a peace they won't accept, especially when these concessions will result in cutting Jerusalem off from its Palestinian environs and create even deeper fissures in the Palestinian polity?"
Ignoring reality in the Israeli-Palestinian context has consequences. In the lead up to the post-Gulf War Madrid Peace Conference, for example, the Arab states agreed to end their secondary economic boycott of Israel in exchange for Israel's participation in the conference and their agreement to freeze settlements in the occupied territories. Twenty years later, peace talks have ended and the number of settlers in the territories has tripled. The Arabs have no leverage left to use with Israel, and without the US using its muscle to enforce the promised "freeze", the peace process drags on and settlements continue to grow.
None of this speaks for inaction, but it does urge caution and a change in direction.
One way forward is to look again at what the US president, Barack Obama, said in his recent speech in Jerusalem where he committed to support Israel, while challenging Israelis to recognise and deal with Palestinians' need for justice. The president's remarks were, I believe, born of his belief in the need to acknowledge the importance of reality in shaping policy.
Given this, the right course of action for the Obama administration is for the president to put muscle behind his words.
Mr Obama's Jerusalem speech had two parts. He committed his administration to fully supporting Israel's security, and he pressed Israelis to deal forthrightly with the matter of Palestinian rights. Having delivered on the former (with unprecedented amounts of security assistance) he needs to deliver on the latter.
If the way forward, as Mr Obama also said, is for the Israeli people to demand a change in direction, then the US must make a commitment to help change the politics inside Israel. If the US only makes more political concessions to the Netanyahu government and then presses the Arabs to make still more concessions, how will this ever change Israel's calculations?
The president has given Israelis love. Now he must deliver tough love and hard truths.
Recognising that peace isn't possible with only one half of Palestinians in agreement, the US should provide an opening to the Palestinians to push for reconciliation, making it clear that if Hamas accepts the well-established conditions for a Palestinian unity government, it will support such an agreement and urge the other members of the Quartet and Congress to support it as well.
Given current realities, peace may not be immediately possible. But if current conditions in both internal Israeli and Palestinian politics can be changed and if the United States can demonstrate that it can be an effective agent of this change, then doors, now closed, may be opened.
James Zogby is the president of the Arab American Institute
On Twitter: @aaiusa
THE SPECS
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The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
UAE%20v%20West%20Indies
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Kibsons%20Cares
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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
COMPANY%20PROFILE
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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.”
The%20specs
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Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
Secret Pigeon Service: Operation Colomba, Resistance and the Struggle to Liberate Europe
Gordon Corera, Harper Collins
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Intercontinental Cup
Namibia v UAE Saturday Sep 16-Tuesday Sep 19
Table 1 Ireland, 89 points; 2 Afghanistan, 81; 3 Netherlands, 52; 4 Papua New Guinea, 40; 5 Hong Kong, 39; 6 Scotland, 37; 7 UAE, 27; 8 Namibia, 27
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5