“Next steps” are an easy concept to propose, but they are often painful to deliver. That’s why the recent stirring of European diplomacy, for the establishment of a new phase aiming to deliver a fully fledged Palestinian state, is worth watching.
The challenge, as so often is the case, was laid out last week by UN Secretary General Antonio Guterres. He looked at the devastation in Gaza and the voracious encroachment across the West Bank and called for new means to the end goal.
“The promise of a two-state solution is at risk of vanishing altogether,” he said. “Political will to achieve that goal feels more distant than ever. I urge member states to go beyond declarations and consider concrete steps to save the two-state solution – before it disappears altogether.”
The opportunity ahead for the resurgent European diplomacy is a UN high-level conference on the issue next month, which will be co-chaired by Saudi Arabia and France. The priority outcome is an endorsement of the Arab plan for an end to the war in Gaza and the establishment of peace and security. A very important plank is standing up an international force across Palestine that is charged with security. The introduction of this cordon of security would firmly put the occupation of those lands into the international realm.
French President Emmanuel Macron has been enlivened by the prospect of the meeting, and he has mobilised his country’s foreign ministry as well as its diplomatic strategists to achieve an ambitious outcome. It is notable that Foreign Minister Jean-Noel Barrot has criss-crossed the region in recent weeks in an intensive effort to co-ordinate the French efforts with its regional partners.
When Palestinians gather next week to mark the Nakba, there will just days to finalise the agreed points to emerge from next month’s conference
Just as visible here in Europe is how much the French are reaching out to their partners to ensure there is movement on the matter ahead of next month’s meeting. In particular the French have included their British counterparts at every level, from Foreign Secretary David Lammy, who was in Paris not so long ago, to National Security Adviser Jonathan Powell, who has considerable experience in two-state diplomacy.
There are detractors in the French system who say that Mr Macron’s declaration in early April on recognising the Palestinian state will be hard to fulfil. Almost 150 countries recognise Palestine as a state, but the big outlier is Europe, which is divided in half on the issue.
When Mr Macron said his country must move forward on recognition, he added a moral dimension to it saying it must happen because it would be fair. The intervention has set up the prospect of a diplomatic coup, but it has also raised questions over the French leader’s plan, or the lack of one.
The UK government has strengthened its language on the quest for recognition, too, even as it remains unable to deliver the announcement in the current conditions. The challenge for Mr Lammy and his team is that they also need to respond to domestic political pressure for a declaration, especially from the government backbenches.
When Palestinians gather next week to mark the Nakba of May 15, 1948, there will just days to finalise the agreed points to emerge from next month’s conference.
It will be vital to pull in the incoming German foreign minister, Johann Wadephul, who met Mr Lammy at the end of last month. His appointment this week gives Berlin an opportunity to subtly redefine its role on the Palestinian issue where it has largely been a blocker. It’s also worth watching US President Donald Trump’s visit to the Gulf next week for some indication of how Washington will be positioned at the conference.
It is important for the conference to achieve the overall goals set by Mr Guterres and both the co-chairs, including Saudi Arabia, which will host Mr Trump next week. Working alongside the Saudi leadership now is the best way to enhance Europe’s deep experience and strong advocacy for an even-handed resolution to the situation.
It is heartening to see London and Paris shift gears in their push for a new opportunity, even as the fighting in Gaza once again intensifies.
Driving all this on the European side are concerns about the besieged population in the West Bank. It didn’t take Louis Theroux’s remarkable documentary on the situation there to raise awareness on this point to the viewing public, but it is nonetheless a cultural waking-up point. The programme very much chimed with the public mood in Europe.
It was also good to see the Palestinian Authority take steps towards internal reforms, which shows that solutions are still forming up ahead of the June meeting. A visit to London by Palestinian Prime Minister Mohammad Mustafa proved encouraging for his hosts on the scope for change.
The almost unfathomable task of rebuilding Gaza demands the urgency of great statesmanship. Given the spoilers that lie ahead, the “next steps” on statehood need a joint push from many quarters. The New York meeting is an opportunity to show that it can happen.
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MATHC INFO
England 19 (Try: Tuilagi; Cons: Farrell; Pens: Ford (4)
New Zealand 7 (Try: Savea; Con: Mo'unga)
Pieces of Her
Stars: Toni Collette, Bella Heathcote, David Wenham, Omari Hardwick
Director: Minkie Spiro
Rating:2/5
Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
What is an FTO Designation?
FTO designations impose immigration restrictions on members of the organisation simply by virtue of their membership and triggers a criminal prohibition on knowingly providing material support or resources to the designated organisation as well as asset freezes.
It is a crime for a person in the United States or subject to the jurisdiction of the United States to knowingly provide “material support or resources” to or receive military-type training from or on behalf of a designated FTO.
Representatives and members of a designated FTO, if they are aliens, are inadmissible to and, in certain circumstances removable from, the United States.
Except as authorised by the Secretary of the Treasury, any US financial institution that becomes aware that it has possession of or control over funds in which an FTO or its agent has an interest must retain possession of or control over the funds and report the funds to the Treasury Department.
Source: US Department of State
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's fixtures
- Bournemouth v Southampton, 5.30pm
- Manchester City v West Ham United, 8pm
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Living in...
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.
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)