Protesters hold a Palestinian flag, at Sana'a University, Yemen. EPA
Protesters hold a Palestinian flag, at Sana'a University, Yemen. EPA
Protesters hold a Palestinian flag, at Sana'a University, Yemen. EPA
Protesters hold a Palestinian flag, at Sana'a University, Yemen. EPA


US sits on sidelines as global momentum builds for a two-state solution


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July 30, 2025

Britain's announcement that it might finally recognise the State of Palestine dominated headlines this week, overshadowing a UN summit that could prove consequential in securing a two-state solution to the Israeli-Palestinian conflict.

Prime Minister Keir Starmer's declaration that the UK would probably recognise Palestine at the UN General Assembly in September was notable, especially given Britain's historical role in creating Israel and its 1917 Balfour Declaration endorsing the Zionist movement.

But, in a style typical of the prevaricating Labour leader, he sucked the oxygen out of his own announcement by leaving space for a U-turn if Israel somehow manages to address the humanitarian catastrophe it has engineered in Gaza.

Meanwhile at the UN, France and Saudi Arabia this week hosted a conference aimed at generating momentum towards a two-state solution ahead of the General Assembly.

France has already said it will recognise Palestine in September – no ifs or buts – and Saudi Arabia has long pushed for Palestinian statehood and made it a condition of establishing relations with Israel.

A largely overlooked piece of news came late on Tuesday in the form of a joint declaration from France and 14 other western countries that are allies of Israel saying they have, or they would be willing to, recognise Palestinian statehood at the General Assembly.

Among them: Canada, New Zealand and Australia, none of which currently recognise Palestine. Canadian Prime Minister Mark Carney on Wednesday said Canada "intends" to recognise the Palestinian state at the UN General Assembly.

We are at a tipping point, and other countries are sure to join in. If those on the list do indeed recognise the State of Palestine, it would mean that more than 150 of the UN's 193 member states recognise it - with Israel, Germany and the US among the few major nations still refusing to do so.

It is a strong statement. As my colleague Adla Massoud reported from the UN, the declaration also condemns the October 7 attacks, calls for the release of all hostages and the disarmament of Hamas. Washington has vetoed several Security Council ceasefire resolutions exactly because they omitted these important aspects.

Instead of acknowledging any of this, the US chose to react with fury to France and Saudi Arabia having the temerity to host a two-state summit, calling it an "insult" and an "unproductive and ill-timed" publicity stunt. The US and Israel both boycotted the event.

"Far from promoting peace, the conference will prolong the war, embolden Hamas, and reward its obstruction and undermine real-world efforts to achieve peace," State Department spokeswoman Tammy Bruce said.

Israel and the US say recognising Palestine now serves only as a reward to Hamas after the October 7, 2023, attacks that saw about 1,200 people killed and some 250 kidnapped.

But such condemnation wilfully neglects the reality on the ground in Gaza, where more than 60,100 people have been killed in Israel's assault. Many more are feared to have died from less-immediate causes, such as from diseases being left untreated due to Israel's systematic destruction of the enclave's hospitals.

For all his talk of being a deal-maker and his determination to win a Nobel Peace Prize, President Donald Trump has been unable to secure a new ceasefire in Gaza, where starvation is now claiming lives on a daily basis, and his thinking remains rigidly pro-Israel on the issue.

What seems clear to most of the world – but still not to the US – is that the pre-October 7 orthodoxy on recognising Palestine no longer holds. The promise of statehood was always dangled as a reward for a successful outcome to hypothetical talks in the future, even though Israel pushed the prospects of a two-state solution ever further out through its illegal settlements in the West Bank.

For each month that passes without international recognition of Palestine, Israel annexes more land and settlers commit more crimes. The aim is to make a Palestinian state inviable, which is why recognition now is vital.

Israel has always enjoyed broad support in the US but after nearly two years of collective punishment in Gaza, that is slipping, particularly among younger people. Another crack appeared this week when Republican Representative Marjorie Taylor Greene, a leading voice in Mr Trump's Make America Great Again movement, said Israel is committing "genocide" in Gaza.

The firebrand congresswoman has long been accused of espousing anti-Semitic conspiracy theories, but her comments on Gaza could signal a turning point in the conversation among Republicans.

Something has to change and Washington's unblinking support for Israel is increasingly putting it at odds with the rest of the world, which is now seeing an opening to act without Uncle Sam's blessing.

Internally displaced Palestinians carry bags of flour near a food distribution point in Zikim, northern Gaza Strip. EPA
Internally displaced Palestinians carry bags of flour near a food distribution point in Zikim, northern Gaza Strip. EPA

EU Russia

The EU imports 90 per cent  of the natural gas used to generate electricity, heat homes and supply industry, with Russia supplying almost 40 per cent of EU gas and a quarter of its oil. 

Her most famous song

Aghadan Alqak (Would I Ever Find You Again)?

Would I ever find you again
You, the heaven of my love, my yearning and madness;
You, the kiss to my soul, my cheer and
sadness?
Would your lights ever break the night of my eyes again?
Would I ever find you again?
This world is volume and you're the notion,
This world is night and you're the lifetime,
This world is eyes and you're the vision,
This world is sky and you're the moon time,
Have mercy on the heart that belongs to you.

Lyrics: Al Hadi Adam; Composer: Mohammed Abdel Wahab

Scoreline

Real Madrid 1
Ronaldo (53')

Atletico Madrid 1
Griezmann (57')

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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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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Super 30

Produced: Sajid Nadiadwala and Phantom Productions
Directed: Vikas Bahl
Cast: Hrithik Roshan, Pankaj Tripathi, Aditya Srivastav, Mrinal Thakur
Rating: 3.5 /5

The biog

First Job: Abu Dhabi Department of Petroleum in 1974  
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work

UAE Premiership

Results

Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes

Final
Abu Dhabi Harlequins v Jebel Ali Dragons, Friday, March 29, 5pm at The Sevens, Dubai

Updated: July 31, 2025, 11:10 AM