Insight and opinion from The National’s editorial leadership
July 30, 2024
To see how precarious the position of minority communities can become after generations of regional conflict, one need only look to the four Arab towns to the south of Mount Hermon, in the Israeli-occupied Golan Heights. Inhabited predominantly by members of the Druze religious community, they were annexed from Syria illegally by Israel in 1967, and most of their residents voluntarily retain Syrian citizenship. Now, the largest of them, Majdal Shams, has become a cause-celebre for the hawkish Israeli right after 12 of its children were tragically killed in a rocket attack launched from nearby Lebanon on July 27.
Israel has pointed the finger at Lebanon’s Hezbollah militant group, claiming it intended to hit an Israeli base on Mount Hermon but missed and hit the town instead. The rocket landed shortly after an Israeli strike in Lebanon killed four Hezbollah fighters.
Hezbollah, for its part, denies responsibility – probably because the killing of 12 Arab children runs counter to its claim of resistance to Israeli oppression against fellow Arabs. It could also complicate relations between the militants and Lebanon’s own quarter-million-strong Druze community, whose leader Walid Joumblatt has endorsed Hezbollah’s cause.
Right-wing members of Israel’s security cabinet soon showed up in Majdal Shams to mourn, despite a request from Yasser Gadban, a local Druze community leader, for them to stay away. “Due to the sensitivity of the situation, we ask that you not turn a massacre into a political event. We are requesting a quiet, religious funeral in accordance with Druze custom,” he wrote in a letter.
One of the ministers, Bezalel Smotrich, who has repeatedly called for war against Lebanon, was surrounded by angry locals on arrival.
About 80 per cent of the Druze community of the Golan Heights has refused to take up Israeli citizenship, either because of their rejection of the occupation or to avoid being accused of collaborating with Israel if the territory ever returns to Syria. This puts them at odds with the rest of Israel’s Druze community of 150,000 people, most of whom have accepted Israeli rule as the surest means of their survival, even as they continue to maintain links with the rest of the community in Lebanon and Syria.
It could also complicate relations between the militants and Lebanon’s own Druze community, whose leader Walid Jumblatt has endorsed Hezbollah’s cause
Yet even in the Golan, a very small but growing number of young Druze are accepting the offer of Israeli citizenship. The longer the status quo of the occupation continues, the more Israeli identity has become an unavoidable part of life.
But it also raises questions of whether Israel is willing to accept the responsibility that comes with its occupation. Israeli society has been quick to claim the victims of Saturday’s attack as its own, yet air raid sirens went off only seconds before the rocket hit, and ambulances took more than an hour to arrive. Many in the town speak of feeling abandoned, and caught in the middle of a conflict that has little to do with them.
That is an experience familiar to many minority groups in this conflict. Israel’s Christian and Muslim Palestinian residents, for example, are no strangers to competing identities and questions of loyalty. Across the Levant, ancient and tightly knit communities have been left divided and vulnerable by decades of redrawn borders, power struggles and extremist violence.
At the same time, the existence of shared communities across these borders is also perhaps the greatest reminder of how much this intensely divided region really has in common. Instead of using the tragedy at Majdal Shams to advance war aims, perhaps this is what the central message of regional leaders ought to be.
2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
ENGLAND TEAM
England (15-1)
George Furbank; Jonny May, Manu Tuilagi, Owen Farrell (capt), Elliot Daly; George Ford, Ben Youngs; Tom Curry, Sam Underhill, Courtney Lawes; Charlie Ewels, Maro Itoje; Kyle Sinckler, Jamie George, Joe Marler Replacements: Luke Cowan-Dickie, Ellis Genge, Will Stuart, George Kruis, Lewis Ludlam, Willi Heinz, Ollie Devoto, Jonathan Joseph
The biog
Favourite colour: Brown
Favourite Movie: Resident Evil
Hobbies: Painting, Cooking, Imitating Voices
Favourite food: Pizza
Trivia: Was the voice of three characters in the Emirati animation, Shaabiyat Al Cartoon
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.”
Sunday, January 20
3pm: Jordan v Vietnam at Al Maktoum Stadium, Dubai
6pm: Thailand v China at Hazza bin Zayed Stadium, Al Ain
9pm: Iran v Oman at Mohamed bin Zayed Stadium, Abu Dhabi
Monday, January 21
3pm: Japan v Saudi Arabia at Sharjah Stadium
6pm: Australia v Uzbekistan at Khalifa bin Zayed Stadium, Al Ain
9pm: UAE v Kyrgyzstan at Zayed Sports City Stadium, Abu Dhabi
Tuesday, January 22
5pm: South Korea v Bahrain at Rashid Stadium, Dubai
8pm: Qatar v Iraq at Al Nahyan Stadium, Abu Dhabi
Motori Profile
Date started: March 2020
Co-founder/CEO: Ahmed Eissa
Based: UAE, Abu Dhabi
Sector: Insurance Sector
Size: 50 full-time employees (Inside and Outside UAE)
Stage: Seed stage and seeking Series A round of financing