If US President Donald Trump really wants to earn a Nobel Peace Prize, he’s going to need to do better than his 20-point Comprehensive Plan to End Gaza’s Conflict.
With his characteristic exaggeration, Mr Trump called the release of his plan “one of the greatest days in human history”, but poring over Arab, Israeli and US press reveals that most analysts are not inclined to see it that way.
After reading commentaries by writers across the board, it is most striking how widely divergent towards Mr Trump’s effort their views are. While a few in all three regions express hope that the plan represents a pathway to peace, there’s a significant group of Israelis, Arabs and Americans who see it as flawed, albeit for different reasons.
Israeli hardliners, for example, suggest that if Mr Trump’s 20-point plan were implemented, it will inevitably lead to the creation of a Palestinian state that will pose a mortal threat to Israel’s security. Meanwhile, a sizeable number of Arabs express the concern that, if followed, Mr Trump’s plan will make Israel’s occupation permanent, resulting in the dissolution of the Palestinian cause. In fact, the only issues on which there is agreement are that the plan would stop the further devastation in Gaza and allow for the return of Israeli hostages and some Palestinian prisoners.
The reasons behind this wide range of interpretations about the plan’s intentions are many: the Arabs’ lack of trust in both Mr Trump and Israeli Prime Minister Benjamin Netanyahu; the belief of hardline ideological Israelis that Mr Netanyahu will do whatever it takes to remain Prime Minister; the deliberate vagueness of most of the plan’s key points; and, especially galling for Palestinians, the fact that they were handed the plan as a fait accompli without having been asked to provide input and told to accept it or, as Mr Trump put it, “all HELL, like no one has ever seen before, will break out against Hamas”.
Of all of these factors, it’s the vagueness that is problematic for all sides. Israeli hardliners, for example, fret over the mention of an Israeli withdrawal, the presence of Arab peacekeepers, Palestinian police and the possible return of the Palestinian Authority (which, in their minds, means a link between the West Bank and Gaza leading to a Palestinian state).
Palestinians, on the other hand, reading the document closely, see that none of these provisions are guaranteed. And while there is mention of a phased Israeli withdrawal, the plan provides for Israeli forces to remain in a security perimeter inside Gaza. For Palestinians, this means a continuation of the two-decades-long stranglehold Israel has had over all access into and egress from Gaza. They see this plan as too focused on Israeli security, with little regard for justice and Palestinian security.
Another glaring problem is the lack of definition of terms and an enforcement mechanism that will ensure that the terms of the plan are implemented.
What, for example, is the definition of the “technocratic apolitical Palestinian committee” that is to be created to run day-to-day operations in Gaza? Will its members be vetted by the Trump-led board? Will the Israelis be able to veto members? Without any clarity on these points, will this committee be viewed as having legitimacy by Palestinians?
And finally, without a defined neutral mechanism for enforcement, will the US allow Israel to act in Gaza as they have with regard to the ceasefires in Lebanon and Syria – where they act as the sole arbiter and enforcer of the agreements? (Their interpretation of ceasefire appears to be “you cease, while we continue to fire”.)
The plan mentions an economic development plan to attract foreign investment that is to be designed by experts who have helped “birth some of the thriving modern miracle cities in the Middle East” and a special economic zone with preferred tariffs. But one is hard-pressed to understand the relevance of all of this to the plight and immediate needs of Palestinians, which must take precedence over fantasy cities of the future.
One glaring problem is the lack of definition of terms and an enforcement mechanism
There is some detail provided with regard to Hamas members’ decommissioning their weapons, pledging to commit to peaceful coexistence and the formation of an International Stabilisation Force in Gaza. But it’s not clear how this will be administered. And while our polls make clear that Palestinians in Gaza have had enough of this war and Hamas, they also express the desire to be governed by a national unity coalition of Palestinians, and they want accountability for the crimes committed by the Israeli forces.
The bottom line is that far from being “one of the great days in human history”, the Trump plan is just a start. It may eventually end the bombing and return those held captive, but in order to lead to peace, there must be a great deal more discussion that adds flesh to the bones of the plan. That will require openness and trust on all sides. That said, the following are essential.
First, Hamas should not be the arbiter of the Palestinian future. Too many lives have been lost and many more shattered. The fighting must end. Second, Arab and other nations must insist that Israelis be held accountable for the crimes they have committed. They can’t be brushed aside. Third, with a ceasefire agreed to by all sides, the huge influx of aid and support that Palestinians will require should commence.
Fourth, working from the outline provided by the Trump plan, negotiations should begin, with serious Palestinian input at all levels to flesh out the details that can resolve unanswered questions. Fifth, if the US President wants to earn his place in history, he must be willing to crack the whip requiring Israel to adhere to whatever terms are established.
And finally, for this to be prize-worthy, the whip-cracking must also be applied to the West Bank and East Jerusalem – and not only with regard to annexation. If peace is to be achieved, settlement expansion, land confiscation, home demolitions, raids and rampages by settlers must end. This behaviour has weakened the credibility of the PA, won greater support for Hamas and prepared the ground for even greater conflict.
The Trump plan, with its focus on Israel’s security and vague assurances to Palestinians, succeeded in getting Mr Netanyahu and Hamas on board, each side with their own reservations. If it is to lead to peace, there is hard work ahead.
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.”
Shipping%20and%20banking%20
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Results
5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m; Winner: Mcmanaman, Sam Hitchcock (jockey), Doug Watson (trainer)
6.05pm: Handicap (TB) Dh87,500 (T) 1,400m; Winner: Bawaasil, Sam Hitchcott, Doug Watson
6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m; Winner: Bochart, Fabrice Veron, Satish Seemar
7.15pm: Handicap (TB) Dh105,000 (T) 1,200m; Winner: Mutaraffa, Antonio Fresu, Musabah Al Muhairi
7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m; Winner: Rare Ninja, Royston Ffrench, Salem bin Ghadayer
8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m; Winner: Alfareeq, Antonio Fresu, Musabah Al Muhairi
9pm: Handicap (TB) Dh105,000 (T) 2,410m; Winner: Good Tidings, Antonio Fresu, Musabah Al Muhairi
9.35pm: Handicap (TB) Dh92,500 (T) 2,000m; Winner: Zorion, Abdul Aziz Al Balushi, Helal Al Alawi
WHAT%20MACRO%20FACTORS%20ARE%20IMPACTING%20META%20TECH%20MARKETS%3F
%3Cp%3E%E2%80%A2%20Looming%20global%20slowdown%20and%20recession%20in%20key%20economies%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Russia-Ukraine%20war%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Interest%20rate%20hikes%20and%20the%20rising%20cost%20of%20debt%20servicing%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Oil%20price%20volatility%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Persisting%20inflationary%20pressures%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Exchange%20rate%20fluctuations%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shortage%20of%20labour%2Fskills%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20A%20resurgence%20of%20Covid%3F%3C%2Fp%3E%0A
INVESTMENT PLEDGES
Cartlow: $13.4m
Rabbitmart: $14m
Smileneo: $5.8m
Soum: $4m
imVentures: $100m
Plug and Play: $25m
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Jurassic%20Park
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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.
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
COMPANY%20PROFILE
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory