Palestinian police prevent demonstrators from gathering following the death of activist Nizar Banat, on July 5, 2021. AFP
Palestinian police prevent demonstrators from gathering following the death of activist Nizar Banat, on July 5, 2021. AFP
Palestinian police prevent demonstrators from gathering following the death of activist Nizar Banat, on July 5, 2021. AFP
Palestinian police prevent demonstrators from gathering following the death of activist Nizar Banat, on July 5, 2021. AFP


The mortal danger of a totalitarian Palestine


  • English
  • Arabic

July 08, 2021

The details of Nizar Banat’s death are chilling, bearing the hallmarks of an assassination by the state.

A fierce critic of the Palestinian Authority, led by Mahmoud Abbas, Banat was in his home in the early morning in late June when security officers burst into his home and, according to his family, pepper-sprayed everyone before proceeding to beat him on his head and body with batons.

The officers detained Banat and sped away with him. He appeared to have lost consciousness on the ride, due to the severity of the beatings. He was pronounced dead upon his arrival at a local hospital.

Banat was an activist who criticised the PA for its rampant and well-known corruption and authoritarianism. He planned on running in parliamentary elections that were originally slated for this summer, but postponed indefinitely by Mr Abbas after the latest assault on Gaza by Israel. Mr Abbas, who is 85, likely made the decision out of fear of losing power to Hamas and independent candidates after a decade of mismanagement of the Palestinian issue and strong co-operation with Israel on security matters with nothing to show for it.

Banat had decried the delay of the vote, the security co-operation with Israel and Palestinian corruption, even calling on Western supporters of the PA to halt financial aid to the body because of its mismanagement and human rights violations.

Much like a stereotypical totalitarian regime, Mr Abbas’s security forces are meek against their external adversaries, and lions against their own people – to borrow a phrase once applied to Hafez Al Assad. The brutality of Banat’s killing shows the deep rot in the PA’s body politic.

People rally in support of Palestinian President Mahmoud Abbas in the West Bank city of Hebron, on July 3, 2021. On the same day a protest against Abbas was held in Ramallah. EPA
People rally in support of Palestinian President Mahmoud Abbas in the West Bank city of Hebron, on July 3, 2021. On the same day a protest against Abbas was held in Ramallah. EPA
The brutality of Banat’s killing shows the deep rot in the PA’s body politic

The accusations of corruption, nepotism and authoritarianism against the PA are nothing new, of course. They are exemplified by the authority’s remorseless response in the aftermath of the killing, which a state-appointed coroner has described as “unnatural”. The prospects of anyone facing justice appear particularly remote, given the response to the protests that have erupted over the past two weeks, with security forces and plainclothes policemen reportedly rounding up demonstrators and attacking them.

The savagery of what happened to Banat appears aimed at sending a message to the PA’s critics. Mr Abbas has spent much of the past few months manoeuvring to ensure he retains his hold on power, surrounded as he is largely by a clique of lackeys, fending off challengers from within and outside of his party. The postponement of the elections was the final act of defiance against any semblance of democratic change and renewal, and now the authority appears to exist solely to perpetuate his continued role at the helm.

For there is no achievement or progress on the Palestinian issue that Mr Abbas can point to in order to justify his continued presence. Israeli settlement activities continue, and there is little progress to show for the continued security co-operation with the occupation. Younger cadres and political rivals chafe at the incompetent one-man rule that has yielded nothing but the continuation of a miserable status quo, with no prospect of a Palestinian state. The lethargy, though not all of it is Mr Abbas’s fault, has strengthened the normalisation movement in the Arab world.

Yet all the politics are secondary to the singular fact that a human being was robbed of his life and dignity in front of his family. All of his hopes, dreams, fears and plans for the future were erased in an instant with the utmost brutality, because Nizar Banat had the temerity to demand better from those in charge, because he spoke truth to power and because he asked that Palestinians be spared at least one form of the oppression they endured – that carried out by their own people, those who claim to represent them in their plight.

The Palestinian cause has attracted its fair share of opportunists and tyrants who have used it to further and cement their hold over their people. It is a tale as old as Israel’s founding, and has been used to justify decades of emergency rule and totalitarianism not only in Palestine but in other Arab countries, too. In more recent times, the cause has been used as a cudgel by militant groups like Hezbollah, who have used it to justify crushing the Syrian uprising and starving Syrian civilians, with the justification that the road to Jerusalem goes through Aleppo.

Mr Abbas and his forces are little different. He has been in charge for so long that he believes he is Palestine, and his acolytes will murder an innocent civilian who simply asked for an end to corruption because as far as they are concerned any defiance of the leadership is a betrayal of the cause. Instead of liberators, they have become tormenters.

Rest in peace, Nizar Banat. You deserved better.

RESULT

Esperance de Tunis 1 Guadalajara 1 
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 5’

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.”

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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Company%20Profile
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COMPANY PROFILE

Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar

Based: Dubai, UAE

Founded: 2014

Number of employees: 36

Sector: Logistics

Raised: $2.5 million

Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE

MATCH INFO

Jersey 147 (20 overs) 

UAE 112 (19.2 overs)

Jersey win by 35 runs

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Keep it fun and engaging

Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.

“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.

His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.

He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.

Pathaan
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GRAN%20TURISMO
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Neill%20Blomkamp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20David%20Harbour%2C%20Orlando%20Bloom%2C%20Archie%20Madekwe%2C%20Darren%20Barnet%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

The Specs:

The Specs:

Engine: 2.9-litre, V6 twin-turbo

Transmission: 8-speed automatic

Power: 444bhp

Torque: 600Nm

Price: AED 356,580 incl VAT

On sale: now.

Updated: July 08, 2021, 4:00 AM