The ground beneath the Palestinian territories and Israel is shifting so rapidly that it is impossible to predict what is going to happen next. As I write this, Israeli forces may have decided to launch a ground invasion of Gaza, having determined that they cannot back down now, as Hamas continues to fire rockets into their territory in response to the violence on the streets of Jerusalem between Palestinians and Israelis.
Such an operation, however, will not only further enrage the residents of Gaza – the Palestinian territory under the control of Hamas – but those Arabs living within Israel as well. Whether the situation has slipped out of the Israeli government’s control or not, there is palpable anger on the streets days after Israeli right-wing extremists engaged in violence with ordinary Palestinians, including worshippers, around Al Aqsa Mosque in Jerusalem.
A ground invasion of Gaza could also overturn the balance of power in the country and its immediate neighbourhood, as it potentially entraps Israel on multiple fronts: within Israel itself, in Gaza to its west and in Lebanon to its north. The Iranian regime, which has allies in both Gaza and Lebanon and considers Israel to be a mortal enemy, may even consider firing its own rockets into the country for the first time. That calculation is not yet clear.
For the Israeli leadership, invasion could serve as a means to destroy Hamas by taking down Gaza’s military and civilian infrastructure, while containing its own home front and restoring deterrence. On the other hand, Hamas and its patrons in Tehran may seize the opportunity to defeat Israel through a barrage of missiles from the aforementioned fronts while weaponising Palestinian anger inside Israel.
Hezbollah, Tehran’s proxy group in Lebanon, is no doubt prepared to heat up the Lebanese front, the military logic behind which is that Israel may not be able to withstand attacks on two fronts. In all likelihood, Israel fears the Lebanese front more than it does the one in Gaza, because of the advanced Iranian military supplies delivered to Hezbollah.
In Tehran’s estimation, the international political climate could present it with an opportune moment to engage in confrontation with Israel.
One reason for this is the lack of effectiveness on the part of the members of the so-called Middle East Quartet – the UN, US, EU and Russia – who have historically been involved in mediating the Palestine-Israel peace process.
In the event of a confrontation, Tehran is betting on inaction from the European powers. It is anticipating little more than European sympathy for the Palestinians and its criticism of actions taken by Israel, Hamas and Hezbollah. Britain, France and Germany seem determined to revive the nuclear deal that the global powers had struck with Iran in 2015 before former US president Donald Trump pulled his country out of it. Talks are still under way in Vienna and Tehran is expecting them to maintain their focus on the same.
Russia, meanwhile, has long withdrawn from the role once played by the Soviet Union. It has become pragmatic and is closer to Israel than it was in the past. But for Moscow, the priority right now seems to be the upcoming meeting between Russian Foreign Minister Sergey Lavrov and US Secretary of State Antony Blinken in Reykjavik on Thursday. They are expected to discuss a broad range of issues, including the future of Ukraine and the summit between US President Joe Biden and his Russian counterpart, Vladimir Putin, scheduled for next month.
US President Joe Biden will be under pressure to resolve the ongoing crisis in Palestine and Israel. AP Photo
In Tehran's estimation, the international political climate presents it with an opportune moment to engage in confrontation with Israel
As for the US, Mr Biden will be forced to pay attention to the developments in Israel. This is not just due to America’s strategic relationship with Israel, but also because he will probably view the current crisis through the lens of the nuclear talks in Vienna. The revival of the 2015 deal is a priority for his administration, too.
One of the hurdles for Mr Biden, however, is that he won’t be able to mediate between Iran and Israel with the purpose of deescalating the situation in Gaza, Lebanon or Israel itself – in the unlikely event any of these fronts heat up. At present, there is some sympathy for ordinary Palestinians in the US media but that could change if there is indeed a military confrontation between Israel on the one side and Hamas, Hezbollah and Iran on the other.
Given the inherent bias the US has towards Israel, the Islamic Republic will test the Biden administration and the American media equally on one of the most difficult issues for them. It will put the US president in a spot by trying to force him to choose between his administration's support for Israel and his own determination to revive the nuclear deal with Tehran.
Meanwhile, important though it is to consider the geopolitical ramifications of a potential invasion of Gaza, one must not forget the humanitarian crisis it could engender as well as the possible setbacks for Israel’s neighbouring countries, including Egypt and Lebanon.
With the Biden administration seemingly distracted and with the potential for Israel to make a mistake, Iran could see this as its golden opportunity to achieve its goals.
Raghida Dergham is the founder and executive chairwoman of the Beirut Institute and a columnist for The National
A demonstrator holding a Palestinian flag gestures during a protest over tension in Jerusalem and Israel-Gaza escalation, near Hawara checkpoint near Nablus in the Israeli-occupied West Bank, May 14, 2021. Reuters
A fireball and smoke billow up into the air during an Israeli air strike on Gaza City targeting the Ansar compound, linked to the Hamas movement, in the Gaza Strip. AFP
A nurse at Al Shifa Hospital holds a baby, who was pulled alive from under the rubble while seven other family members perished after an Israeli air strike struck Al Shati Refugee Camp in Gaza City. AFP
This satellite photo released by Planet Labs shows the Gaza Strip. AP Photo
A Palestinian girl sits on the floor next to her wounded grandmother at Al Shifa Hospital, after an Israeli air strike on Al Shati Refugee Camp in Gaza City. AFP
People inspect the damage done to Beit Hanoun after a night of Israeli raids in Gaza City, Gaza. Getty Images
A woman walks beside a broken asphalt, after an Israeli air strike on Beit Hanoun, in the northern Gaza Strip. Getty Images
A car drives through rubble, after an Israeli raid in northern Gaza City. Getty Images
Palestinian girls who fled home due to Israeli air and artillery strikes, wait to fill bottles with water at a school hosting refugees in Gaza city. AFP
Israeli police arrest a Palestinian demonstrator during a protest in Sheikh Jarrah neighborhood in east Jerusalem. EPA
Palestinian protesters hurl stones during clashes with Israeli forces in the Shuafat camp for Palestinian refugees, neighbouring the Israeli settlement of Ramat Shlomo, in Israeli-annexed east Jerusalem. AFP
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
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.”
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
The biog:
Languages: Arabic, Farsi, Hindi, basic Russian
Favourite food: Pizza
Best food on the road: rice
Favourite colour: silver
Favourite bike: Gold Wing, Honda
Favourite biking destination: Canada
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The specs
Engine: 3.9-litre twin-turbo V8 Power: 620hp from 5,750-7,500rpm Torque: 760Nm from 3,000-5,750rpm Transmission: Eight-speed dual-clutch auto On sale: Now Price: From Dh1.05 million ($286,000)
The emirate’s public education system has been in a constant state of change since the New School Model was launched in 2010 by the Abu Dhabi Education Council. The NSM, which is also known as the Abu Dhabi School Model, transformed the public school curriculum by introducing bilingual education starting with students from grades one to five. Under this new curriculum, the children spend half the day learning in Arabic and half in English – being taught maths, science and English language by mostly Western educated, native English speakers. The NSM curriculum also moved away from rote learning and required teachers to develop a “child-centered learning environment” that promoted critical thinking and independent learning. The NSM expanded by one grade each year and by the 2017-2018 academic year, it will have reached the high school level. Major reforms to the high school curriculum were announced in 2015. The two-stream curriculum, which allowed pupils to elect to follow a science or humanities course of study, was eliminated. In its place was a singular curriculum in which stem -- science, technology, engineering and maths – accounted for at least 50 per cent of all subjects. In 2016, Adec announced additional changes, including the introduction of two levels of maths and physics – advanced or general – to pupils in Grade 10, and a new core subject, career guidance, for grades 10 to 12; and a digital technology and innovation course for Grade 9. Next year, the focus will be on launching a new moral education subject to teach pupils from grades 1 to 9 character and morality, civic studies, cultural studies and the individual and the community.
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Favourite place in Dubai: The neighbourhood of Khawaneej. “When I see the old houses over there, near the date palms, I can be reminded of my old times. If I don’t go down I cannot recall my old times.”
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
How to wear a kandura
Dos
Wear the right fabric for the right season and occasion
Always ask for the dress code if you don’t know
Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
Wear hamdania for work, always wear a ghutra and agal
Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
