Palestinian President Mahmoud Abbas, right, with Ismail Haniyeh in the Gaza Strip on March 18, 2007. EPA
Palestinian President Mahmoud Abbas, right, with Ismail Haniyeh in the Gaza Strip on March 18, 2007. EPA
Palestinian President Mahmoud Abbas, right, with Ismail Haniyeh in the Gaza Strip on March 18, 2007. EPA
Palestinian President Mahmoud Abbas, right, with Ismail Haniyeh in the Gaza Strip on March 18, 2007. EPA


Palestinians need their leaders to offer them hope for a better future


  • English
  • Arabic

July 28, 2023

When it comes to elections, as with many things, the experiences of Palestinians and Israelis could hardly be more different. Israeli voters have gone to the polls five times in less than four years. Palestinians living in the West Bank have had the same government for more than 15 years, the last legislative elections there having taken place in 2006.

Organising a vote while under military occupation would be a challenge – to put it mildly – for most nations. Nevertheless, many Palestinians, younger ones especially, have grown tired and apathetic towards politics as their society and economy degrade. The sense of drift and disillusionment is palpable. This is why reports of rare talks in Turkey this week between the two main Palestinian factions – Fatah, which governs the Palestinian Authority in the West Bank, and Hamas, the militant political party ruling Gaza – could be significant.

As Israel’s current political leadership lurches increasingly towards the far right, and its citizens find themselves more polarised than at any time in the state’s history, Palestinians urgently need effective representation and leadership. The major Israeli raids on Jenin in June and July were only the latest examples of how vulnerable Palestinians are to abuses from occupation forces and attacks from militant settlers. Political and strategic paralysis among the various Palestinian factions has not only led to morale-sapping stasis, but also left a gap that has been filled by militants – such as the Lion’s Den group in Nablus – who seem to answer only to themselves, not the PA nor its leader, President Mahmoud Abbas.

People stand on a destroyed street after an Israeli army raid in the West Bank city of Jenin on July 5. EPA
People stand on a destroyed street after an Israeli army raid in the West Bank city of Jenin on July 5. EPA

Details about the talks in Turkey are few, and neither Fatah nor Hamas have publicly confirmed that any meeting took place. However, speaking after meeting Turkish President Recep Tayyip Erdogan in Ankara earlier this week, Mr Abbas said efforts were under way “to achieve the unity of the Palestinian land and people”. He said Fatah has sent invitations to the heads of various Palestinian factions for an urgent meeting on Sunday in Cairo. Moves towards some kind of joint approach may be afoot.

Fatah and Hamas have rarely engaged publicly. A meeting between them in June last year in Algeria was the first of its kind between the two in more than five years. The Cairo event on Sunday would also take place in a changing region where dialogue and engagement between former rivals is becoming more commonplace.

The need for progress in Palestinian politics is pressing. Just over two weeks ago, residents of Jenin city and its adjacent refugee camp – weary from days of serious violence and years of occupation – expressed frustration with the PA after Mr Abbas visited the area for the first time in more than a decade. The PA has become increasingly unpopular in recent years with a poll conducted last year showing that only 27 per cent of people were satisfied with its performance. Other factions have yet to offer solutions that can serve the Palestinian people best. Unity talks could be a first step out of the cul-de-sac the Palestinian leadership finds itself in, but only if all sides recognise that progress will require more than overcoming their differences. They must find a vision for Palestine that restores hope for all Palestinians.

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Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

MATCH INFO

Liverpool 2 (Van Dijk 18', 24')

Brighton 1 (Dunk 79')

Red card: Alisson (Liverpool)

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

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.”

Results
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INDIA'S%20TOP%20INFLUENCERS
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UAE%20SQUAD
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The specs

Engine: 4.0-litre V8

Power: 503hp at 6,000rpm

Torque: 685Nm at 2,000rpm

Transmission: 8-speed auto

Price: from Dh850,000

On sale: now

UAE currency: the story behind the money in your pockets
The specs: 2018 Nissan Altima


Price, base / as tested: Dh78,000 / Dh97,650

Engine: 2.5-litre in-line four-cylinder

Power: 182hp @ 6,000rpm

Torque: 244Nm @ 4,000rpm

Transmission: Continuously variable tranmission

Fuel consumption, combined: 7.6L / 100km

Fresh faces in UAE side

Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.

Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.

Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.

Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.

Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.

Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital

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Updated: July 28, 2023, 3:00 AM