Under the leadership of prime minister Benjamin Netanyahu, Israel will try to ride out the French initiative until Mr Obama’s successor is installed next year. Gil Cohen-Magen / AFP Photo
Under the leadership of prime minister Benjamin Netanyahu, Israel will try to ride out the French initiative until Mr Obama’s successor is installed next year. Gil Cohen-Magen / AFP Photo

Netanyahu frets over how to tackle French peace plan



In a familiar muddying of the waters, Israeli prime minister Benjamin Netanyahu has spent the past week talking up peace while fiercely criticising Friday’s summit in France – the only diplomatic initiative on the horizon.

As foreign ministers from 29 nations arrived for a one-day meeting in Paris, Mr Netanyahu dusted off the tired argument that any sign of diplomatic support for Palestinians would encourage from them “extreme demands”.

France hopes the meeting will serve as a prelude to launching a peace process later in the year. French president Francois Hollande said he hoped to achieve a “peace [that] will be solid, sustainable and under international supervision”.

With astounding chutzpah, Israeli official Dore Gold compared the summit to the “height of colonialism” a century ago, when Britain and France carved up the Middle East between them.

Earlier, Mr Netanyahu and his new defence minister, the far-right Avigdor Lieberman, had publicly committed themselves to an “unceasing search for a path to peace”.

In a two-minute interview on CNN, spokesman David Keyes managed to mention the formula “two states for two peoples” no less than five times.

Rather than the French initiative, Mr Netanyahu averred, Israelis and Palestinians should be left to engage in the kind of face-to-face talks “without preconditions” that have repeatedly failed. That is because Israel, as the much stronger party, has been able to void them by imposing its own conditions.

Mr Netanyahu, it seems, is keen on any peace process, just so long as it’s not the current one launched in Paris.

Part of the reason for bringing Mr Lieberman into the government was to provide more diplomatic wriggle room. With Mr Lieberman cementing Mr Netanyahu’s credentials with the far-right, he is now free to spout vague platitudes about peace knowing that his coalition partners are unlikely to take him at his word and bolt the government.

But while the domestic front has been secured, rumbles of dissent reverberate abroad.

Europe is increasingly fearful that an emboldened Israeli government may soon annex all or major parts of the West Bank, stymying any hope of creating even a severely truncated Palestinian state.

The Paris conference is a sign of the mounting desperation in Europe to restrain Israel.

While France is not about to engineer a breakthrough, Mr Netanyahu is nonetheless worried.

It is the first time Israel has faced being dragged into talks not presided over by its Washington patron. That risks setting a dangerous precedent.

Although US secretary of state John Kerry attended, he was decidedly cool towards the summit. Yet Mr Netanyahu worries that this time Washington may not be able – or willing – to watch his back.

If the conference leads to talks later in the year, that will be when Barack Obama is preparing to bow out as president. Mr Netanyahu is afraid of surprises. Israeli officials have been in near-panic that Mr Obama may seek payback for the years of humiliation he endured from Mr Netanyahu.

One way might be for Washington to agree to French oversight of the talks, following a tight timetable and establishing diplomatic “teams” to solve final-status issues.

Even if negotiations fail, as seems inevitable, parameters for future talks might be established.

Mr Netanyahu also knows that the wider atmosphere is likely to leave him singled out as the intransigent party.

A report by the Quartet, due soon, is expected to criticise Israel for its past failure to take steps towards peace. And a report last week by a joint team of US and Israeli defence experts suggested Israel’s “security concerns” about Palestinian statehood are not as intractable as claimed.

Mr Netanyahu wants instead to deflect attention to a “regional peace summit”. The key has been Egypt’s support for a revival of direct negotiations between Israel and the Palestinians, based on the Arab Peace Plan of 2002. It promised Israel normal relations with the Arab world in return for ending the occupation.

Israel’s sudden interest in the plan is odd, given that it has not been discussed in cabinet since the Saudis unveiled it 14 years ago.

In truth, Mr Netanyahu backs the idea because he knows reaching a region-wide agreement would be impossible with the Middle East in turmoil.

Israeli officials have already insisted that parts of the 2002 plan need “updating”. Israel, for example, wants sovereignty over the Golan, Syrian territory it seized in 1967, and which currently promises newfound oil riches.

At the summit, the Saudi foreign minister said Israeli efforts to “water down” the plan would be opposed. Egyptian officials have hurried to distance themselves from the Netanyahu proposal and throw their weight behind the Paris process.

Still, Israel will try to ride out the French initiative until Mr Obama’s successor is installed next year. Then, Mr Netanyahu hopes, he can forget about the threat of two states once and for all.

Jonathan Cook is an independent journalist in Nazareth

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.”

Look north

BBC business reporters, like a new raft of government officials, are being removed from the national and international hub of London and surely the quality of their work must suffer.

What are the main cyber security threats?

Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.

Which products are to be taxed?

To be taxed:

Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category

Not taxed

Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.

Products excluded from the ‘sweetened drink’ category would contain at least 75 per cent milk in a ready-to-drink form or as a milk substitute, baby formula, follow-up formula or baby food, beverages consumed for medicinal use and special dietary needs determined as per GCC Standardisation Organisation rules

House-hunting

Top 10 locations for inquiries from US house hunters, according to Rightmove

  1. Edinburgh, Scotland 
  2. Westminster, London 
  3. Camden, London 
  4. Glasgow, Scotland 
  5. Islington, London 
  6. Kensington and Chelsea, London 
  7. Highlands, Scotland 
  8. Argyll and Bute, Scotland 
  9. Fife, Scotland 
  10. Tower Hamlets, London 

 

The specs: 2018 Renault Koleos

Price, base: From Dh77,900
Engine: 2.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 170hp @ 6,000rpm
Torque: 233Nm @ 4,000rpm
Fuel economy, combined: 8.3L / 100km

Super Saturday race card

4pm: Mahab Al Shimaal Group 3 | US$350,000 | (Dirt) | 1,200m
4.35pm: Al Bastakiya Listed | $300,000 | (D) | 1,900m
5.10pm: Nad Al Sheba Turf Group 3 | $350,000 | (Turf) | 1,200m
5.45pm: Burj Nahaar Group 3 | $350,000 | (D) | 1,600m
6.20pm: Dubai City of Gold Group 2 | $300,000 | (T) | 2,410m
6.55pm: Al Maktoum Challenge Round 3 Group 1 | $600,000 | (D) | 2,000m
7.30pm: Jebel Hatta Group 1 | $400,000 | (T) | 1,800m

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
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Price: On request

ICC Women's T20 World Cup Asia Qualifier 2025, Thailand

UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

UAE currency: the story behind the money in your pockets
Results:

2.15pm: Handicap (PA) Dh60,000 1,200m.

Winner: AZ Dhabyan, Adam McLean (jockey), Saleha Al Ghurair (trainer).

2.45pm: Maiden (PA) Dh60,000 1,200m.

Winner: Ashton Tourettes, Sam Hitchcott, Ibrahim Aseel.

3.15pm: Conditions (PA) Dh60,000 2,000m.

Winner: Hareer Al Reef, Gerald Avranche, Abdallah Al Hammadi.

3.45pm: Maiden (PA) Dh60,000 1,700m.

Winner: Kenz Al Reef, Gerald Avranche, Abdallah Al Hammadi.

4.15pm: Sheikh Ahmed bin Rashid Al Maktoum Cup (TB) Dh 200,000 1,700m.

Winner: Mystique Moon, Sam Hitchcott, Doug Watson.

4.45pm: The Crown Prince Of Sharjah Cup Prestige (PA) Dh200,000 1,200m.

Winner: ES Ajeeb, Sam Hitchcott, Ibrahim Aseel.

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

MATCH INFO

Northern Warriors 92-1 (10 ovs)

Russell 37 no, Billings 35 no

Team Abu Dhabi 93-4 (8.3 ovs)

Wright 48, Moeen 30, Green 2-22

Team Abu Dhabi win by six wickets