What Egypt's diplomacy can do for Palestine

The Sinai Peninsula is a difficult territory to manage. Located in the easternmost point of Egypt, the area's history is as long as it is complex. One of its most notable landmarks is the compound of the Greek Orthodox Saint Catherine's Monastery. The site has played an important role in the history of both Christianity and Islam. Today it remains a monument to the area's diverse heritage, with its monastic buildings and historic mosque.

The Sinai’s story is no less complex in modern times. It was the site of pivotal 20th century wars with Israel, during which time it came to include the heavily militarised and geopolitically significant border between Egypt, Gaza and Israel.

Cairo now possesses one of the most important diplomatic portfolios related to the Palestine-Israel conflict. On Sunday, its influence came to light once again when Egyptian Foreign Minister Sameh Shoukry met his Israeli counterpart, Gabi Ashkenazi, in Cairo to discuss a permanent truce with Gaza, building on a temporary ceasefire that was agreed to on May 21. In Jerusalem, Prime Minister Benjamin Netanyahu held talks with Egypt's chief of intelligence, Abbas Kamel, on areas of concern for Israel that might stand in the way of achieving a lasting ceasefire.

Foreign Minister Shoukry also met the leader of Hamas, Yehiyeh Sinwar, left. AP

The 'peace process' has delivered more 'process' than 'peace'

Cairo's diplomats and officials will be instrumental in getting Israel and Hamas onboard with a prolonged truce, and in securing the aid that Gaza's people so desperately need. Reconstruction costs following Israeli strikes in Palestine will cost tens of millions of dollars.
Egypt can help make this happen. With its other Arab partners, it also has a chance to break new ground on an even more important issue: finding permanent solutions to the challenges that make a continuous cycle of conflict in Gaza inevitable. Crises and wars in Palestine have a pattern of enacting a flurry of international activity, calls for ceasefire and aid. Necessary in the moment, these immediate goals do little to address the longstanding issues, including ending the occupation of Palestine, that ultimately provide the basis for future battles.

Decades of stalled international progress on the "peace process" have delivered more "process" than "peace". However, it does not mean solutions cannot be found. Younger generations across the world are engaging with the issue, including in the US which has historically used its veto at the UN Security Council to block tangible change. The signing of the Abraham Accords last year led to Israel establishing ties with four Arab countries, creating new avenues for diplomatic engagement that should not be squandered.
The time for a just resolution for Palestinians has not yet passed. There are no easy solutions, but creative thinking and longstanding diplomatic relationships are the surest ways in which the case for permanent and just resolutions can be kept alive.

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Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

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10pm: Handicap Dh190,000 1,400m - Winner: Rodaini, Connor Beasley, Ahmed bin Harmash

UAE currency: the story behind the money in your pockets

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.”