Raghida Dergham is the founder and executive chairwoman of the Beirut Institute, and a columnist for The National
December 17, 2023
One achievement US President Joe Biden’s administration can claim in its relations with Israel is that it appears to have thwarted an Israeli plan to attack Lebanon after Israel vowed to flatten Lebanon into a wasteland, similar to Gaza. The Biden team has insisted that, at this stage at least, there is no need to entwine Hezbollah, the militant political party in Lebanon, with Hamas in Gaza, even though Israel claims both pose a threat to its existence.
Israeli Prime Minister Benjamin Netanyahu and his war cabinet have reluctantly refrained from any move to launch a war on Lebanon (beyond strikes in the border area) on the condition Hezbollah’s provocations can be restrained. But any such agreements are going to be conditional and temporary. Indeed, there are profound differences between the US and Israeli visions for the “day after” and permanent solutions, and there are no signs of a breakthrough on the near horizon.
Mr Netanyahu, with considerable popular support despite deep divisions over issues like how to rescue Israeli hostages in Gaza, has finally revealed his government’s intentions. Last week, in several unequivocal statements, he clarified his opposition to the Oslo Accords of the 1990s, which promised Palestinians their own state. He called them a “mistake” that should not be repeated.
Israel has never been genuinely committed to the Oslo Accord's promise of establishing a Palestinian state. It has consistently sidestepped the two-state solution while pocketing the security commitments implemented by the Palestinian Authority. And it has always asserted that Jordan should serve as an alternative homeland for Palestinians, dismissing Jordan's sovereignty and contrary to US and international positions.
When Yitzhak Rabin came to power as Israel’s prime minister for a second time in 1992, he did so as a leader who perceived the creation of a Palestinian state alongside Israel to be in Israel's interest. He was an advocate of peace, co-existence and the two-state solution, and he was assassinated for it by Israeli extremists three years into his term.
Since then, Israel has continued to circumvent the two-state solution without rejecting it publicly or explicitly, until Mr Netanyahu’s remarks last week.
The common ground between Mr Netanyahu and his extremist coalition on one side, and Hamas on the other, is their rejection, both historical and ongoing, of the two-state solution. At a fundamental level, there has always been – consciously or not – a partnership between them. Israel played a role in the creation of Hamas, aiding its funding for years to sustain its fight against the Palestinian Authority led by Mahmoud Abbas — an advocate of Oslo, the two-state solution and the establishment of a Palestinian state alongside Israel.
The common ground between Netanyahu and Hamas is their rejection, both historical and ongoing, of the two-state solution
Today, however, given Hamas's predicament in the aftermath of its attack on October 7 and Israel's retaliation against Gaza, the group’s political leadership may want to portray itself as ready to make radical changes. This could explain the recent discussions or verbal slips about accepting the two-state solution and a willingness to join the PLO. Hamas's messages to Israel, the US, and the world right now seem to convey a readiness to reinvent itself, opting for some measure of moderation, though the real motives are not yet clear.
It is likely Hamas wants to rebuild itself with the aim of gaining control over the West Bank, not just Gaza. Its leaders want to develop a strategic plan to reconstruct the organisation, positioning it to assume leadership and act as an alternative to the PLO. While Hamas currently speaks the language of engagement and partnership with the PLO, its true intent is more likely to replace the organisation, especially as it believes it has more support than the Palestinian Authority does from ordinary Palestinians.
This is concerning, given the suspicious relationship between Israel and Hamas. Historically, Hamas's actions have often provided Israel with pretexts to impose an extreme agenda. The ongoing displacement of Gazan Palestinians in the aftermath of October 7 aligns with a longstanding right-wing Israeli conviction that Sinai is a viable alternative to Gaza.
In the same vein, should Hamas succeed in gaining control of the West Bank, it would inevitably provide Israel with a pretext to force the displacement of Palestinians there to Jordan, the "alternative homeland".
But it is not right to say Hamas is the sole cause; the primary catalyst is Israel's extremist policies, the audacity of Israeli settlers and a brazen government solely focused on retaining power at any cost to Israel, and not just at the expense of Palestinian civilians.
Mr Netanyahu has justified, with astonishing audacity, his actions against Gazans by comparing them to what the US has done in its own wars. It is true that American wars were never “clean”. After the 9/11 terrorist attacks on New York and Washington, then president George W Bush engaged in the failed war in Afghanistan and hastily invaded and occupied Iraq as retribution for the attacks and those who supported them. But Mr Netanyahu has ignored Mr Biden’s own allusions that many of America’s actions in those wars were mistakes.
Today, we find ourselves on the brink of a regional or even global war if Israel is allowed to expand the conflict further. The success of Mr Biden's team in preventing Israel from executing any plan to strike Lebanon means putting a spoke in the wheel of a regional war that risks drawing in Hezbollah’s patron, Iran. Deterring Israel means deterring Iran, and vice versa.
Live updates: Follow the latest news on Israel-Gaza
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.”
Sarfraz Ahmed (c), Fakhar Zaman, Imam-ul-Haq, Abid Ali, Babar Azam, Haris Sohail, Shoaib Malik, Mohammad Hafeez(subject to fitness), Imad Wasim, Shadab Khan, Hasan Ali, Faheem Ashraf, Junaid Khan, Shaheen Shah Afridi, Mohammad Hasnain
Two additions for England ODIs: Mohammad Amir and Asif Ali
A fuel tax protest by French drivers appealed to wider anti-government sentiment
Unlike previous French demonstrations there was no trade union or organised movement involved
Demonstrators responded to online petitions and flooded squares to block traffic
At its height there were almost 300,000 on the streets in support
Named after the high visibility jackets that drivers must keep in cars
Clashes soon turned violent as thousands fought with police at cordons
An estimated two dozen people lost eyes and many others were admitted to hospital
Countries offering golden visas
UK Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
SPECS
Engine: Two-litre four-cylinder turbo Power: 235hp Torque: 350Nm Transmission: Nine-speed automatic Price: From Dh167,500 ($45,000) On sale: Now
Manchester City (0) v Liverpool (3)
Uefa Champions League, quarter-final, second leg
Where: Etihad Stadium
When: Tuesday, 10.45pm
Live on beIN Sports HD
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Girls full-contact rugby may be in its infancy in the Middle East, but there are already a number of role models for players to look up to.
Sophie Shams (Dubai Exiles mini, England sevens international)
An Emirati student who is blazing a trail in rugby. She first learnt the game at Dubai Exiles and captained her JESS Primary school team. After going to study geophysics at university in the UK, she scored a sensational try in a cup final at Twickenham. She has played for England sevens, and is now contracted to top Premiership club Saracens.
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Seren Gough-Walters (Sharjah Wanderers mini, Wales rugby league international)
Few players anywhere will have taken a more circuitous route to playing rugby on Sky Sports. Gough-Walters was born in Al Wasl Hospital in Dubai, raised in Sharjah, did not take up rugby seriously till she was 15, has a master’s in global governance and ethics, and once worked as an immigration officer at the British Embassy in Abu Dhabi. In the summer of 2021 she played for Wales against England in rugby league, in a match that was broadcast live on TV.
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Erin King (Dubai Hurricanes mini, Ireland sevens international)
Aged five, Australia-born King went to Dubai Hurricanes training at The Sevens with her brothers. She immediately struck up a deep affection for rugby. She returned to the city at the end of last year to play at the Dubai Rugby Sevens in the colours of Ireland in the Women’s World Series tournament on Pitch 1.
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UAE currency: the story behind the money in your pockets
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
How to come clean about financial infidelity
Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching