Benjamin Netanyahu, Israel's prime minister, addresses Congress. (Andrew Harrer / Bloomberg)
Benjamin Netanyahu, Israel's prime minister, addresses Congress. (Andrew Harrer / Bloomberg)
Benjamin Netanyahu, Israel's prime minister, addresses Congress. (Andrew Harrer / Bloomberg)
Benjamin Netanyahu, Israel's prime minister, addresses Congress. (Andrew Harrer / Bloomberg)

Netanyahu believes he is bigger than Israel itself


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In September 2012, Benjamin Netanyahu stood before the United Nations General Assembly in New York with a chart showing a cartoon bomb to demonstrate Iran’s progress towards a nuclear warhead. Red marker pen in hand, Mr Netanyahu suggested that by the end of 2013 Iran would have enriched enough uranium to create a nuclear weapon.

That threshold has still not been reached, as far as reliable estimates show. The performance before the UN was dismissed by experts as ludicrous, but it probably achieved the goal of influencing US opinion on a topic that Mr Netanyahu has always pursued with zeal.

This week the Israeli prime minister has been grandstanding again, this time before the US congress. He had no visual aids with him, but a cartoonist from the Saudi newspaper Al Watan has filled the gap. In the cartoon, Mr Netanyahu is shown holding up a bomb, but this time it is under the dome of the US Capitol.

The truth captured in this carton is simple: Mr Netanyahu has thrown a grenade into US politics, killing off a tradition of bipartisan support for Israel and its prime minister. Instead, support for Israel is turning into a Republican stick to beat Barack Obama with.

Some Democrats boycotted Mr Netanyahu’s appearance, on the grounds that with two weeks to go before an election, he should not be allowed to use the occasion to campaign for a new term as Israeli prime minister. Others felt it was shameful to invite a foreign leader to criticise their president and to lobby against a presumed deal with Iran that is still under negotiation.

Anyone listening to the speech had to conclude that Mr Netanyahu was dead-set against negotiations with Iran and favoured harsh sanctions. Why he thought an endless sanctions regime would force Iran to surrender – rather than the more likely outcome of actually pursuing a nuclear weapon – was not stated.

For the record, the prime minister said he favoured a “better” deal than Mr Obama was pursuing, but offered no clue what this involved.

Bizarrely, Israeli spin doctors tried to convince the US media that the speech presented an unspoken concession because he failed to insist that Iran should have zero uranium enrichment capacity. If he came to Washington to offer support to the president, then this was surely the most coded message in the history of diplomacy.

The Republicans, who control both houses of Congress and invited Mr Netanyahu, have rushed to capitalise by trying to fast-track legislation that would allow it to block any nuclear deal with Iran.

This has shocked Democrats and forced them into a difficult position. They now have to choose between loyalty to their president or a foreign leader. The US negotiators are now being presented in Iran as pawns for Israel, which adds another argument for Iranian hardliners. As for the American Jewish community, it is facing a choice between blind support of Israel and an increasingly attractive option of showing support through what might be called constructive criticism.

For decades, bipartisan support for Israel has been recognised inside Israel as the bedrock of the relationship with Washington. This has allowed pro-Israeli votes to pass with barely a dissenting voice in the Senate. Those days have gone.

One reason for the fraying of bipartisanship is Mr Netanyahu’s polarising character. In 2001 he boasted that he could easily move America in the direction he chose.

But after nine years in power – in two separate stints – he is following the path of other politicians who come to believe they are bigger than the countries that elect them. By making Israel a political issue he may change the terms of the relationship forever.

It is worth looking at how this happened. It is generally assumed that support for Israel is falling in America, particularly among young people on university campuses and indeed among Jews who oppose Mr Netanyahu.

The latest Gallup poll, however, shows 70 per cent of Americans have a favourable opinion of Israel, against 17 per cent who favour the Palestinian Authority. This is actually higher than decades ago – it was below 50 per cent in 1989. What has changed is that support among Democrats has remained stable, but has shot up among Republicans.

The difference between the two parties is even more pronounced when the issue is the Israeli prime minister. Sixty per cent of Republicans view him favourably, against 31 per cent of Democrats.

This surge in support on the Right for Israel has a lot to do with Republicans who have been checking out of the real world to inhabit a virtual universe where Mr Obama is a secret Muslim and Sharia is about to be imposed by the federal government.

Mark Mellman, a political consultant, sees three reasons for the Republican love-in with Israel: the rise of evangelical Christians who are theologically pro-Israel; the “Clash of Civilisations” ideology that presents Israel as a bulwark against domination by Islam, and the hyper-partisan atmosphere in Washington where vocal support for Israel has become a badge of tribal identity among Republican leaders.

There are two ways to interpret the polling figures. One is that when the White House is no longer home to a president whose middle name is Hussein the partisan tide will retreat to leave a solid foundation of public support for Israel. A more realistic view is that Mr Netanyahu’s grenade thrown in to the US Capitol will leave lasting scars, and reflexive alignment with Israel will be a feature of the political right for whom patriotism is supporting a foreign leader in need of a campaign fillip.

Alan Philps is a commentator on global affairs

On Twitter: @aphilps

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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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- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

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All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.

Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.

Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.

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Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.

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Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)

Matches can be watched on BeIN Sports

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How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
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What are the regulations?
  • Fly it within visual line of sight
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Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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