Israel wrought havoc on Gaza but won't be among the countries pledging to rebuild it. Photo: Khalil Hamra / AP
Israel wrought havoc on Gaza but won't be among the countries pledging to rebuild it. Photo: Khalil Hamra / AP
Israel wrought havoc on Gaza but won't be among the countries pledging to rebuild it. Photo: Khalil Hamra / AP
Israel wrought havoc on Gaza but won't be among the countries pledging to rebuild it. Photo: Khalil Hamra / AP

In rebuilding Gaza, everyone but Israel is expected to pay


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  • Arabic

On Sunday, international donors will meet in Cairo to consider a $4 billion (Dh14.7bn) request from the Palestinian Authority for emergency reconstruction aid for Gaza to repair the devastation wrought by Israel over 50 days in the summer.

The fact that this conference is being held at all ought to be seen as a positive step to address a humanitarian disaster. Some significant promises of reconstruction aid will be pledged, even if past experience shows that much of this money may never materialise. This is a permanent feature of donor conferences but made more significant in the case of Gaza by two concerns.

The first is whether construction can take place without Israel easing its blockade to allow the import of cement, steel and other building materials. The other is the question of how long before what is rebuilt is levelled again. The latest onslaught, Operation Protective Edge, was the third since Hamas seized control of the Gaza Strip from the Palestinian Authority in 2007.

Without political progress there will inevitably be a return to what one United Nations official has called “the unsustainable pattern of blockade, rockets and destruction”.

With 60,000 homes destroyed and more than 100,000 people homeless, this is a real emergency as winter draws closer. On the political front, two surprising elements are falling into place. The Palestinian national unity government, bringing together technocrats from the West Bank and Gaza under the Palestinian president, Mahmoud Abbas – which previously existed only on paper – has been reaffirmed.

West Bank ministers travelled to Gaza yesterday to hold their first cabinet meeting there, symbolically ending Hamas’s absolute control of the territory. Hamas still controls the security forces in Gaza, however, and the unity agreement is lacking significant content.

Israel agreed to allow the ministers to travel to Gaza, reversing its previous rejection of the unity government, in accordance with its long-standing policy of isolating Hamas. The formation of the unity government, following the collapse of efforts by the US secretary of state, John Kerry, to revive Israeli-Palestinian peace talks, was one of the markers on the path of war in June.

On the premise that Mr Abbas is now in control of Gaza – more of a pious hope than a reality – the Israelis have reached agreement with the UN and the Palestinian Authority on a system that would allow building materials in to Gaza. There is a further surprise here: the Israelis who have been so suspicious of the UN are now putting their trust in it to ensure that building materials are used for civilian reconstruction.

Having been blamed by senior US figures for the collapse of the peace talks, the Israeli government now apparently wants to be seen as not standing in the way of reconstruction.

The key to understanding these surprises is in the text of the UN-sponsored agreement. According to The Guardian, which has seen the agreement, this puts the UN in charge of a monitoring regime that effectively enforces the Israeli blockade. Building materials are considered “dual use” items which have a potential military application for constructing the tunnels used by Hamas. Major projects have to be approved by Israel, while the details of every home being rebuilt, including names and ID numbers of the residents, must be entered into a database that can be seen by Israel. Concrete mixing plants have to be constantly monitored.

Establishing such a database and recording the journey of every bag of cement would stretch the capacity of most developedcountries. In Gaza, in circumstances of a humanitarian disaster with limited electricity, this is almost certain to break down.

The UN envoy, Robert Serry, has been put in a difficult position. Since Egypt is enforcing the blockade of Gaza at the southern end, the only way to import building materials is through Israel. Washington and Israel are agreed that what the US State Department calls “Israel’s security needs” are paramount in the reconstruction effort. The UN has had to swallow that.

Aid agencies, big and small, are keenly aware that the vital work they do in Gaza and the West Bank can be seen as reducing the burden of occupation on Israel. Since Israel primarily controls access to Gaza by land, air and sea, it should be responsible for the welfare of the Gazans. Yet this burden is borne by US and European taxpayers and other international donors.

It is a short leap of logic for the people of Gaza to see the UN and other aid agencies as complicit in the occupation. The UN is keenly aware of this, but on the positive side, there is at least the possibility of a significant easing of the blockade to enable desperately needed construction to go ahead. If it can make the system work, then life for the people of Gaza could improve.

As the talk turns to money this weekend, the major participants will be setting out stalls that bear little relation to reality. The Israelis can claim to have made an effort to come up with a plan that allows some easing of the blockade, while ensuring that nothing will change the envelope of control it dominates around Gaza. In fact, the monitoring regime will actually increase its control.

As for the PA, it can claim to be in control of Gaza, but everyone knows Hamas is still firmly entrenched. And as for Hamas, it is making a tactical retreat over the unity government, but it believes that its rhetoric and record of resistance gives it a higher standing in Palestinian opinion than Mr Abbas, who is obliged to carry out security coordination with the Israeli military on a daily basis.

From the donors, it can be expected that the headline amounts offered will contain a lot of money previously pledged and repackaged for the event. They would argue that they cannot afford to pour money into such an uncertain situation. The people of Gaza, however, cannot spend the winter without homes.

Alan Philps is a commentator on global affairs

On Twitter: @aphilps

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

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

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Top financial tips for graduates

Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:

1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.

2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.

3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.

4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.

Zimbabwe v UAE, ODI series

All matches at the Harare Sports Club

  • 1st ODI, Wednesday, April 10
  • 2nd ODI, Friday, April 12
  • 3rd ODI, Sunday, April 14
  • 4th ODI, Sunday, April 16

Squads:

  • UAE: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
  • Zimbabwe: Peter Moor (captain), Solomon Mire, Brian Chari, Regis Chakabva, Sean Williams, Timycen Maruma, Sikandar Raza, Donald Tiripano, Kyle Jarvis, Tendai Chatara, Chris Mpofu, Craig Ervine, Brandon Mavuta, Ainsley Ndlovu, Tony Munyonga, Elton Chigumbura
Spain drain

CONVICTED

Lionel Messi Found guilty in 2016 of of using companies in Belize, Britain, Switzerland and Uruguay to avoid paying €4.1m in taxes on income earned from image rights. Sentenced to 21 months in jail and fined more than €2m. But prison sentence has since been replaced by another fine of €252,000.

Javier Mascherano Accepted one-year suspended sentence in January 2016 for tax fraud after found guilty of failing to pay €1.5m in taxes for 2011 and 2012. Unlike Messi he avoided trial by admitting to tax evasion.

Angel di Maria Argentina and Paris Saint-Germain star Angel di Maria was fined and given a 16-month prison sentence for tax fraud during his time at Real Madrid. But he is unlikely to go to prison as is normal in Spain for first offences for non-violent crimes carrying sentence of less than two years.

 

SUSPECTED

Cristiano Ronaldo Real Madrid's star striker, accused of evading €14.7m in taxes, appears in court on Monday. Portuguese star faces four charges of fraud through offshore companies.

Jose Mourinho Manchester United manager accused of evading €3.3m in tax in 2011 and 2012, during time in charge at Real Madrid. But Gestifute, which represents him, says he has already settled matter with Spanish tax authorities.

Samuel Eto'o In November 2016, Spanish prosecutors sought jail sentence of 10 years and fines totalling €18m for Cameroonian, accused of failing to pay €3.9m in taxes during time at Barcelona from 2004 to 2009.

Radamel Falcao Colombian striker Falcao suspected of failing to correctly declare €7.4m of income earned from image rights between 2012 and 2013 while at Atletico Madrid. He has since paid €8.2m to Spanish tax authorities, a sum that includes interest on the original amount.

Jorge Mendes Portuguese super-agent put under official investigation last month by Spanish court investigating alleged tax evasion by Falcao, a client of his. He defended himself, telling closed-door hearing he "never" advised players in tax matters.

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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Day 1, Dubai Test: At a glance

Moment of the day Sadeera Samarawickrama set pulses racing with his strokeplay on his introduction to Test cricket. It reached a feverish peak when he stepped down the wicket and launched Yasir Shah, who many regard as the world’s leading spinner, back over his head for six. No matter that he was out soon after: it felt as though the future had arrived.

Stat of the day - 5 The last time Sri Lanka played a Test in Dubai – they won here in 2013 – they had four players in their XI who were known as wicketkeepers. This time they have gone one better. Each of Dinesh Chandimal, Kaushal Silva, Samarawickrama, Kusal Mendis, and Niroshan Dickwella – the nominated gloveman here – can keep wicket.

The verdict Sri Lanka want to make history by becoming the first team to beat Pakistan in a full Test series in the UAE. They could not have made a better start, first by winning the toss, then by scoring freely on an easy-paced pitch. The fact Yasir Shah found some turn on Day 1, too, will have interested their own spin bowlers.

Iraq negotiating over Iran sanctions impact
  • US sanctions on Iran’s energy industry and exports took effect on Monday, November 5.
  • Washington issued formal waivers to eight buyers of Iranian oil, allowing them to continue limited imports. Iraq did not receive a waiver.
  • Iraq’s government is cooperating with the US to contain Iranian influence in the country, and increased Iraqi oil production is helping to make up for Iranian crude that sanctions are blocking from markets, US officials say.
  • Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, pumped last month at a record 4.78 million barrels a day, former Oil Minister Jabbar Al-Luaibi said on Oct. 20. Iraq exported 3.83 million barrels a day last month, according to tanker tracking and data from port agents.
  • Iraq has been working to restore production at its northern Kirkuk oil field. Kirkuk could add 200,000 barrels a day of oil to Iraq’s total output, Hook said.
  • The country stopped trucking Kirkuk oil to Iran about three weeks ago, in line with U.S. sanctions, according to four people with knowledge of the matter who asked not to be identified because they aren’t allowed to speak to media.
  • Oil exports from Iran, OPEC’s third-largest supplier, have slumped since President Donald Trump announced in May that he’d reimpose sanctions. Iran shipped about 1.76 million barrels a day in October out of 3.42 million in total production, data compiled by Bloomberg show.
  • Benchmark Brent crude fell 47 cents to $72.70 a barrel in London trading at 7:26 a.m. local time. U.S. West Texas Intermediate was 25 cents lower at $62.85 a barrel in New York. WTI held near the lowest level in seven months as concerns of a tightening market eased after the U.S. granted its waivers to buyers of Iranian crude.
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The Old Slave and the Mastiff

Patrick Chamoiseau

Translated from the French and Creole by Linda Coverdale

SPEC%20SHEET
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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

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.”

Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

The specs

Engine: 1.6-litre 4-cyl turbo and dual electric motors

Power: 300hp at 6,000rpm

Torque: 520Nm at 1,500-3,000rpm

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Fuel consumption: 8.0L/100km

Price: from Dh199,900

On sale: now