The regional anguish caused by Israel’s war on Gaza, and ongoing assault on Rafah in particular, could be heard loud and clear in Dubai yesterday.
“We have a firm belief in the justice of the Palestinian cause, which we absorbed from our upbringing and from our Arab conscience,” Dr Anwar Gargash, diplomatic adviser to the UAE President, told the audience at the Arab Media Forum, adding that the “heinous attack in Gaza and Rafah cannot be overlooked by the world”. Recent diplomatic developments show that the world is indeed looking very closely at this grisly spectacle. The forum discussed at length the need for an end to the war in Gaza and the role of media outlets in raising awareness at this crucial time.
This week alone, the UN Security Council is preparing for another emergency session – having already called for an immediate ceasefire in Gaza earlier this year. Ireland, Norway and Spain have formally recognised Palestine as a state, with more EU members reportedly set to follow. Yesterday, this new relationship proceeded apace with Palestinian Prime Minister Mohammad Mustafa visiting Spanish Prime Minister Pedro Sanchez in Madrid.
Yet the continuing obstinacy of leading Israeli politicians and commanders suggests either a profound misreading of the turning diplomatic tide or an all-eggs-in-one-basket approach in which the US is depended upon for cover.
Indeed, the fraying relationship with Europe is indicative of the siege mentality that appears to have taken hold of Israel’s establishment. Arguably, the country has more to lose given that the EU is Israel’s largest trading partner. The response to three European countries recognising Palestine has been instructive: Spain’s consulate in Jerusalem was ordered to stop providing consular services for Palestinians, and the country’s three ambassadors were summoned to watch a Hamas attack video.
Elsewhere, Israel’s relationships with other countries are deteriorating. In addition to more EU members expected to support Palestinian statehood, Mexico wants to join the ICJ genocide case against Israel and – more dangerously – tensions on the ground with Egypt have boiled over into gunfire. Meanwhile, fighting across the Lebanese border continues as civilians on both sides of the frontier are displaced.
As international court cases gather steam and EU criticism mounts, Israel is increasingly dependent upon the US for support. But the gathering global criticism of the chaos in Gaza means Israel’s isolation leaves the US and its President, Joe Biden, increasingly exposed for the incoherence of their position. The chasm between the American approach to Gaza and Russia’s war on Ukraine is clear; in February 2022, Mr Biden and the US government backed a similar call for Moscow’s forces to immediately end their attack and withdraw from Ukraine.
Israel’s establishment may be playing for time in the hope that a change in government in the US come November will deliver an administration less concerned about being shown up on the global stage. This week’s scene of former Republican presidential hopeful Nikki Hayley signing Israeli artillery shells with the ghoulish message “finish them” might reassure more hawkish Israeli leaders, but it bodes ill for the country’s wider relationships and doesn’t deliver long-term solutions.
The fact is the approach Israel’s current leadership is taking is not only running out of road; it is sowing the seeds of future discord wither otherwise friendly countries. More importantly, despite the bitterly heavy price Palestinians are paying, their plight is now recognised globally. However, in the end, the interests of all sides, particularly Palestinians and Israelis, lie in a political solution for both peoples to live in peace.
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'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Griselda
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ARGENTINA SQUAD
Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez
SPECS
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PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
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.”
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Book%20Details
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COMPANY%20PROFILE
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Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc