After decades spent trying to kill the idea of Palestinian statehood, Israel’s Prime Minister, Benjamin Netanyahu, is now watching it take shape in real time.
The two-state conference co-hosted by France and Saudi Arabia demolished the very foundation of his legacy by rallying countries to formally recognising a Palestinian state. Most telling is that four of the five permanent members of the UN Security Council – France, the UK, China and Russia – now recognise Palestine. The US stands as the lone holdout, aligned with an ever-dwindling circle of allies.
For more than 30 years, Mr Netanyahu built his political career on one central pledge: there would never be a Palestinian state while he held power. He portrayed himself as Israel’s shield against “illusions” of peace. At rallies, in Knesset debates and from international podiums, he promised Israelis that Palestinian sovereignty would be stopped dead in its tracks.
To his supporters, he was the leader who would secure Israel’s borders forever. To his critics, he was the architect of endless occupation and the master of delay. His strategy was blunt but effective: build more settlements, undermine the Oslo Accords, stall talks until the world gave up and keep alliances with hard-right partners who openly rejected Palestinian nationhood. He then sold this obstruction as strength, telling Israelis it was the only way to guarantee survival.
For years, it worked. US administrations indulged him. European governments voiced objections but never applied real pressure. What was once framed as a path to peace gradually slipped into the past, a relic of the 1990s.
Then came October 7. Hamas’s horrific attack was Israel’s darkest day in decades, exposing a total collapse of security and intelligence. For any other leader, it might have been the end. Mr Netanyahu was caught unprepared, responsible for a failure of historic proportions. But instead of taking responsibility, he turned it into a political shield. “This is not the time to talk about a Palestinian state,” he declared. Gaza, he argued, proved Palestinians could not govern themselves and should never be given the chance.
His argument collapsed under the weight of the war that followed. Israel’s assault on Gaza left it flattened and tens of thousands dead. Those images filled screens worldwide. From London to Washington to Paris, crowds marched demanding an end to the war. His old narrative, that Palestinians were unfit for sovereignty, lost traction. In its place grew a conviction that denying them a state was itself intolerable.
The US stands as the lone holdout, aligned with an ever-dwindling circle of allies
That conviction is what has brought the issue to the UN today through France and Saudi Arabia. For Mr Netanyahu, this is the nightmare scenario. He had gambled that the horror of October 7 would bury the two-state idea forever. Instead, it has pushed it back to the centre of world politics. His attempt to slam the door has only forced it open wider.
The strike on the Qatari capital Doha earlier this month showed just how rattled his government has become. The attack was less about defence than about lashing out after a series of states moved to recognise Palestine. It looked like a tantrum, a symbolic outburst from a government losing control of the narrative. Rather than intimidating critics, it deepened the impression that Israel’s leadership is acting recklessly and without vision.
Meanwhile, Mr Netanyahu’s domestic troubles are closing in. He faces corruption trials that have dragged on for years. Many Israelis blame him for the October 7 disaster. His fragile coalition survives only by appeasing far-right partners who demand permanent occupation, settlement expansion and rejection of compromise. To hold on, he has doubled down on the hard line he knows best: expand borders, erase the Palestinian question by force and distract from his failures.
This, too, is backfiring. Allies who once shielded Israel are shifting their positions. European states that long hesitated are now moving in a new direction. The Gaza war has made it impossible to pretend the status quo is sustainable.
For Palestinians, today is both painful and historic. They continue to suffer devastation in Gaza and the occupied West Bank. Yet from the rubble has come new momentum. Recognition by more western states at the UN shows that Palestinian statehood is being treated not just as a demand but as a fact. International law, treaties and diplomatic relations will begin to fill the vacuum left by Israel’s occupation.
Mr Netanyahu wanted to be remembered in books as the man who secured Israel forever, expanded its borders and killed the idea of Palestine. Instead, history may record him as the leader whose failures, from the intelligence collapse of October 7 to the destruction of Gaza and the corruption trials, convinced much of the world that Palestine could no longer be denied.
He tried to bury Palestine. But on this day, in New York, it is clear: he may be the man who gave it a new life.
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
THE SPECS
Engine: 3.6-litre V6
Transmission: eight-speed automatic
Power: 285bhp
Torque: 353Nm
Price: TBA
On sale: Q2, 2020
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
Turkish Ladies
Various artists, Sony Music Turkey
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
Brief scores:
Manchester City 3
Aguero 1', 44', 61'
Arsenal 1
Koscielny 11'
Man of the match: Sergio Aguero (Manchester City)
RESULT
Chelsea 2
Willian 13'
Ross Barkley 64'
Liverpool 0
Killing of Qassem Suleimani
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.”