US President Donald Trump talks to the media at the White House. EPA
US President Donald Trump talks to the media at the White House. EPA
US President Donald Trump talks to the media at the White House. EPA
US President Donald Trump talks to the media at the White House. EPA


Prince Turki Al Faisal: Mr Trump, it’s time for America to recognise Palestine


Turki Al Faisal
Turki Al Faisal
  • English
  • Arabic

February 03, 2025

On the occasion of Donald Trump’s recent call to relocate Palestinians from Gaza, Prince Turki Al Faisal writes him a letter in The National

Dear President Trump,

The Palestinian people are not illegal immigrants to be deported to other lands. The lands are their lands and the houses that Israel destroyed are their homes, and they will rebuild them as they have done after previous Israeli onslaughts on them.

Most of the people of Gaza are refugees, driven out of their homes in what is now Israel and the West Bank by the previous Israeli genocidal assault on them in the 1948 and 1967 wars. If they are to be moved from Gaza, they should be allowed to return to their homes and to their orange and olive groves in Haifa, Jaffa and other towns and villages from which they fled or were forcibly driven out by the Israelis.

Mr President, many of the tens of thousands of immigrants who came to Palestine from Europe and other places after the Second World War stole Palestinian homes and land, terrorised the inhabitants and engaged in a campaign of ethnic cleansing. Alas, America and the UK, the victors of the war, stood by and even facilitated the murderous evictions of the Palestinians from their homes and lands.

America and the UK did not want to receive the victims of Adolf Hitler’s Holocaust, so they were content with sending them to Palestine. In the book Eight Days at Yalta, the author Diana Preston refers to a conversation between then US president Franklin Roosevelt and his Russian counterpart Joseph Stalin. Preston writes: “Conversation turned to the subject of Jewish homelands. Roosevelt said he was a Zionist… When Stalin asked Roosevelt what present he planned to make [Saudi king] Ibn Saud, he replied his only concession might be to give him six million Jews…”

Fortunately, when Mr Roosevelt did meet Ibn Saud, the king disabused him of that offer and suggested that the Jews should be offered the best lands in Germany as compensation for the Holocaust. Alas, Harry Truman, Roosevelt’s successor, wholeheartedly supported Jewish immigration to Palestine and eventually became instrumental in the creation of Israel.

One hundred and forty-nine countries recognise the Palestinian state. Please make your country the 150th

The violence and bloodshed we witness today are the result of that action and the previous British complicity with Zionist ambitions from 1917 until then.

Mr President, your declared intent to bring peace to Palestine is much lauded in our part of the world. I respectfully suggest that the way to do that is to give the Palestinians their inalienable right to self-determination and a state with its capital in East Jerusalem, as envisaged in UN General Assembly Resolutions 181 and 194 and Security Council Resolutions 242 and 338, and the Arab Peace Initiative.

All the Arab and Islamic countries, as well as the Palestinian Authority, accept the terms of the Arab Peace Initiative to end hostilities and establish relations with Israel. One hundred and forty-nine countries recognise the Palestinian state. Please make your country the 150th. No peace in the Middle East will be realised without addressing this noble issue justly and fairly.

Be remembered as the peacemaker.

Turki Al Faisal

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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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Updated: February 05, 2025, 6:48 AM