Raghida Dergham is the founder and executive chairwoman of the Beirut Institute, and a columnist for The National
October 14, 2023
Israel is unlikely to emerge victorious in the war in Gaza, and Hamas is equally unlikely to surpass the psychological victory it achieved on October 7. The US may manage to navigate a way out of the crisis without becoming directly involved, perhaps through a new plan to address the Palestinian-Israeli conflict that involves Arab and European participation, and implicit understandings with Iran.
People (mainly in the US and Europe) who are uncritically supportive of Israel will not understand those (mainly in the Arab and Islamic worlds, but also in the West) who contextualise Hamas's shock attack within the history of the Israeli occupation of Palestinian land and siege of the Gaza Strip. Both sides denounce each other without trying to understand or listen to the opposing viewpoint. But it is important also to note the astonishment felt by everyone about what Hamas has done by carrying out such a complex and daring operation. Indeed, most of the world did not anticipate such a failure in Israel's intelligence capabilities and performance.
The Israeli response, led by the devastating bombardment of Gaza and the forced displacement of civilians, has eroded some of the initial sympathy felt in the West. Now, the world is divided between those who support Israel's bid to crush Hamas at any cost and those warning against the folly of this and the political and military costs, not just the exorbitant human cost.
Any resolution will ultimately depend on Iran's final decision regarding Hamas's call to Tehran and its allies to activate all "resistance fronts", starting with Hezbollah in southern Lebanon. But at the time of writing, Iran has moved cautiously in the diplomatic arena to avoid slipping off the tightrope. Six days on from Hamas's operation, it remained off the battlefield and advised Hezbollah to exercise prudence.
Iran's priority is its nuclear programme. Tehran may not want to jump into the fire with Israel when it is reported to be six months away from getting that programme to a level where it can deliver a bomb. It will also have read the message sent by the US in the form of the deployment of the USS Gerald Ford aircraft carrier to the region: that Washington would be prepared to resort to force, potentially targeting nuclear facilities, if Tehran miscalculated. Iran’s supreme leader, Ayatollah Ali Khamenei, has openly denied involvement in Hamas's operations, indicating American deterrence is still working.
Meanwhile, US President Joe Biden’s administration has, it seems, also worked to address the other side of this challenge by trying to convince Israel to scale back its plans for a ground invasion of Gaza, work with Egypt to secure a safe passage for civilians from Gaza, pressure Hamas through Qatar's leverage and engage with Arab and European leaders to formulate an alternative peace plan. The latter would likely start with freezing this crisis in its tracks and moving towards new negotiations under US sponsorship.
Washington’s anxiety over getting dragged into participating in a military conflict because of decisions made by Israel or Iran is evident. Then there is the unavoidable humanitarian catastrophe resulting from an Israeli ground invasion of the Gaza Strip. Indeed, the US has a heavy burden on its shoulders. It may succeed in leveraging its military, political, and diplomatic weight in Israel, a country it has committed itself time and again to defending.
Washington’s anxiety over getting dragged into a military conflict because of decisions made by Israel or Iran is evident
The Biden administration, moreover, was working for a qualitative shift in Arab-Israeli relations. But what it missed and is paying the price for today is that this qualitative shift is impossible if it ignores the Palestinians and their rights. Hamas's achievement is that it has awakened everyone involved and managed to undermine the assumption that the Palestinian issue had been settled among Arab governments, in the Arab and Muslim streets and on the international stage.
A forced displacement of Palestinians from Gaza would be in line with a broader policy held by the most extremist camp in Israel of advocating for the expulsion of all Palestinians – even those in the West Bank and Israel proper. This camp believes Palestinians, even those with Israeli citizenship, pose a permanent demographic challenge. From this perspective, the epic proportions of Hamas's attack may ultimately serve extremist Israeli goals more than Palestinian aspirations, by providing the pretext needed for forced displacement.
That displacement would also put Egypt in a predicament. Cairo will be aware that some in Israel advocate for the resettlement of Gazan refugees in Sinai. Yet closing the border to Palestinian civilians to thwart the Israeli strategy is not an easy option, as its humanitarian cost is high and would unfold under the world's watchful eyes. Egypt is caught between a rock and a hard place, and President Abdel Fattah El Sisi, like Mr Biden, has a presidential election to worry about.
If the Biden administration wishes to seize the diplomatic and political initiatives, it must have the courage to compel its ally, Israel, to adopt a new approach towards the Palestinians.
And the Palestinians themselves, particularly the Palestinian Authority (PA), are now under more scrutiny than ever. If the PA continues in its stagnation and obsolete methods, it will miss a historic opportunity inadvertently provided by Hamas. Palestinian President Mahmoud Abbas must rejuvenate himself and surround himself with younger advisers instead of dwelling on the past and the methods of rejection and boycotting negotiations with Israel. This is an opportunity for him to tell the youth of Hamas, not just the youth of his own party Fatah, that now is the opportune time to engage together in a new peace process with Israel, with Arab participation and perhaps later with Iranian blessing.
The Israelis, for their part, must find a way to oust Prime Minister Benjamin Netanyahu and open an opportunity for a realistic and honest review of the miseries brought about by religious and political extremism on them and others. It is time for the Israeli people to hold themselves and their leaders accountable and to seize this bitter moment to create a pathway to justice for the Palestinians, freeing themselves from the siege mentality and living in peace with their neighbours – if they change their ways.
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area. Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife. Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items. According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”. He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale. Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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.”
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
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
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
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
Favourite book: What I know for sure by Oprah Winfrey
Favourite quote: “Social equality is the only basis of human happiness” Nelson Madela. Hometown: Emmen, The Netherlands
Favourite activities: Walking on the beach, eating at restaurants and spending time with friends
Job: Founder and Managing Director of Mawaheb from Beautiful Peopl
MATCH INFO
Day 1 at Mount Maunganui
England 241-4
Denly 74, Stokes 67 not out, De Grandhomme 2-28
New Zealand
Yet to bat
Who has lived at The Bishops Avenue?
George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
Land was originally the Bishop of London's hunting park, hence the name
The road was laid out in the mid 19th Century, meandering through woodland and farmland
Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Recipe
Garlicky shrimp in olive oil
Gambas Al Ajillo
Preparation time: 5 to 10 minutes
Cooking time: 5 minutes
Serves 4
Ingredients
180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped
Method
▶ Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.
▶ Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.
▶ Once the prawns turn pink, after 1 or 2 minutes of cooking, remove from the heat and season with sea salt flakes.
▶ Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.
The specs
Engine: 3.9-litre twin-turbo V8
Power: 640hp
Torque: 760nm
On sale: 2026
Price: Not announced yet
HAEMOGLOBIN DISORDERS EXPLAINED
Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.
Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.
The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.
The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.
A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Zombieland: Double Tap
Director: Ruben Fleischer
Stars: Woody Harrelson, Jesse Eisenberg, Emma Stone
Four out of five stars
Landfill in numbers
• Landfill gas is composed of 50 per cent methane
• Methane is 28 times more harmful than Co2 in terms of global warming
• 11 million total tonnes of waste are being generated annually in Abu Dhabi
• 18,000 tonnes per year of hazardous and medical waste is produced in Abu Dhabi emirate per year
• 20,000 litres of cooking oil produced in Abu Dhabi’s cafeterias and restaurants every day is thrown away
• 50 per cent of Abu Dhabi’s waste is from construction and demolition
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
Sellers should focus on providing high-quality used goods at attractive prices to buyers.
It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
Be creative and look around your home for valuable items that you no longer need but might be useful to others.
Saturday, October 26: ‘The Time That Remains’ (2009) by Elia Suleiman Saturday, November 2: ‘Beginners’ (2010) by Mike Mills Saturday, November 16: ‘Finding Vivian Maier’ (2013) by John Maloof and Charlie Siskel Tuesday, November 26: ‘All the President’s Men’ (1976) by Alan J Pakula Saturday, December 7: ‘Timbuktu’ (2014) by Abderrahmane Sissako Saturday, December 21: ‘Rams’ (2015) by Grimur Hakonarson
Tips for SMEs to cope
Adapt your business model. Make changes that are future-proof to the new normal
Make sure you have an online presence
Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
